Summary by Moomoo AI
Paramount Global announced on August 26, 2024, that the acquisition proposal from Edgar Bronfman, Jr.'s consortium of investors has been withdrawn, concluding the 'Go-Shop' period as defined in the Transaction Agreement with Skydance Media, LLC. During this period, the Special Committee of Paramount's Board of Directors reached out to over 50 third parties to gauge interest in acquiring the company. Charles E. Phillips, Jr., Chair of the Special Committee, expressed gratitude towards Bronfman and his group for their interest and efforts. He reiterated the committee's belief that the agreed transaction with Skydance delivers immediate value and potential for continued value creation in a changing industry. The Skydance transaction is anticipated to close in the first half of 2025, pending regulatory approvals and customary closing conditions. Financial advisory services for the Special Committee are provided by Centerview Partners LLC, with Cravath, Swaine & Moore LLP as legal counsel. Paramount will file a registration statement on Form S-4 with the SEC, which will include an information statement and a prospectus regarding the proposed transactions.
