Paramount Global has declared the end of the go-shop period, i.e. the window of time in which the Shari Redstone-controlled group with its National Amusement could consider further bids than Skydance’s, and said the transaction will close in the first half of 2025.
The possibility of a rival bid led by Edgar Bronfman Jr had previously prompted the Special Committee, set up to guide the merger process, to extend the ‘go-shop’ until 5 September.
“Having thoroughly explored opportunities for action for Paramount over the course of nearly eight months, our Special Committee continues to believe that the agreed transaction with Skydance offers immediate value and the potential to continue to participate in value creation in a rapidly evolving industry landscape,” said Charles E. Phillips, Jr. chairman of the Special Committee
Skydance’s proposal, which involves a total investment of $8 billion in Paramount, will take place in two phases. Skydance will first acquire Shari Redstone’s National Amusements Inc., which will relinquish control of a business it has been running for more than three decades, and then carry out a full merger with Paramount Global.
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