Paramount Concludes 'Go-Shop' Period As Edgar Bronfman Pulls Out, Paving Way For $8.4B Merger With Oracle Scion David Ellison's Skydance
Paramount Concludes 'Go-Shop' Period As Edgar Bronfman Pulls Out, Paving Way For $8.4B Merger With Oracle Scion David Ellison's Skydance
One of the biggest media takeover battles has come to an end with Paramount Global, Inc. (NASDAQ:PARA) (NASDAQ:PARAA) confirming late Monday that the "Go-Shop" period has ended.
最大的媒體接管之戰之一已經在週一晚些時候確認結束,Paramount Global, Inc. (納斯達克:PARA) (納斯達克:PARAA)確認"Go-Shop"期限已結束。
What Happened: The special committee of Paramount's board said media veteran Edgar Bronfman, Jr informed it that the proposal from the consortium of investors led by him has opted to withdraw their proposal. "Therefore, the 'Go-Shop' period as defined in the Transaction Agreement with Skydance Media, LLC has concluded with respect to all parties," Paramount said in a statement.
發生了什麼: Paramount董事會的特別委員會表示,媒體資深人士愛德華·布朗曼通知該委員會,由他領導的一組投資者聯合體已選擇撤回他們的提案。"因此,根據與Skydance Media, LLC的交易協議所定義的'Go-Shop'期限已就所有方面達成了結," Paramount在一份聲明中表示。
Bronfman, a media executive and managing partner at Accretive LLC, previously headed Warner Music Group before its sale to Access Industries. The scion of a wealthy Canadian Jewish family had tabled a $4.3 billion bid for Paramount's holding company National Amusements, owned by media executive Shari Redstone, last week. The offer was raised to $6 billion a few days later.
布朗曼是一位媒體高管,也是Accretive LLC的董事總經理,在Warner Music Group被出售給Access Industries之前曾擔任負責人。這位加拿大猶太富裕家族的後裔在上週向Paramount母公司National Amusements(由媒體高管莎麗·雷德斯通所有)提交了一份43億美元的競購要約。幾天後,提議提高到了60億美元。
During the Go-Shop period, the representatives of Paramount's special committee contacted over 50 parties regarding a potential transaction.
在'Go-Shop'期間,Paramount特別委員會的代表就潛在交易與50多個相關方取得了聯繫。
Charles Phillips, Jr., chair of the special committee, said, "Having thoroughly explored actionable opportunities for Paramount over nearly eight months, our Special Committee continues to believe that the transaction we have agreed with Skydance delivers immediate value and the potential for continued participation in value creation in a rapidly evolving industry landscape."
Charles Phillips, Jr.,特別委員會主席,表示: "在近8個月的時間裏,我們的特別委員會已經徹底探索了Paramount的可操作機會,繼續相信我們與Skydance達成的交易提供了即時價值以及在快速變化的行業格局中持續參與價值創造的潛力。"
Why It's Important: Bronfman, who had relied on high net-worth individuals to seal the deal had to back off as some of his coalition partners were uncomfortable sharing their personal information with Paramount's special committee, Reuters said, citing sources.
爲何重要: 據路透社稱,布朗曼曾依靠高淨值個人來達成交易,但由於他部分聯合合作伙伴不願與Paramount的特別委員會分享個人信息,因此不得不後退。
Following the merger of CBS and Viacom in Dec. 2019, the combined company was renamed as Paramount in Feb. 2022. Paramount began talks with Warner Bros. Discovery, Inc. (NASDAQ:WBD) regarding a sale in December 2023. Later, in Jan. 2024, Skydance CEO David Ellison, son of Oracle founder Larry Ellison, was said to be exploring an all-cash bid to acquire Paramount parent National Amusements. Shortly after media entrepreneur Byron Allen tabled a $30 billion offer for Paramount, including debt and equity.
在2019年12月CBS和Viacom合併後,合併後的公司於2022年2月更名爲Paramount。Paramount於2023年12月開始與Warner Bros. Discovery, Inc. (納斯達克:WBD)就出售進行談判。隨後,2024年1月,Skydance首席執行官大衛·埃裏森——Oracle創始人拉里·埃裏森的兒子,據稱正在考慮以全現金方式收購Paramount母公司National Amusements。不久之後,傳媒企業家拜倫·艾倫提交了一份包括債務和股權在內的300億美元的Paramount要約。
Paramount's board reportedly entered into exclusive merger talks with Skydance in April 2024 and the two parties announced a deal on July 7. The Skydance investor coalition comprised of the Ellison Family and RedBird Capital Partners, and it agreed to invest $2.4 billion to acquire National Amusements for cash and $4.5 billion for the stock/cash merger consideration to be paid for publicly traded Class A shares and Class B shares, as well as $1.5 billion of primary capital to be added to Paramount's balance sheet.
據報道,派拉蒙董事會在2024年4月與Skydance進行了獨家合併談判,雙方於7月7日宣佈達成交易。Skydance的投資者聯盟由埃裏森家族和紅鳥資本合作,並同意投資24億美元以現金方式收購National Amusements,並支付450億美元作爲股票/現金合併考慮,用於公開交易的A類股和B類股,以及15億美元的主要資金用於增加派拉蒙的資產負債表。
The Skydance deal is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions.
Skydance交易預計將在2025年上半年完成,須獲得監管部門批准和其他習慣性的交割條件。
Paramount's Class B shares trading on the Nasdaq ended Monday's session down 0.26% at $11.33, according to Benzinga Pro data.
根據Benzinga Pro數據,派拉蒙在納斯達克上交易的B類股於週一收盤時下跌了0.26%,報11.33美元。
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