:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-21503179901-0707da00b1154981a22d910cb511fca7.jpg "Paramount Studios")
Bloomberg / Contributor / Getty Replicas
KEY TAKEAWAYS
- Skydance Media reportedly is demanding that Paramount Global stop acquisition talks with way executive Edgar Bronfman Jr.
- According to The Wall Street Journal, Skydance’s lawyers said Paramount’s special commission breached the terms of its deal for Shari Redstone’s media empire by extending the “go-shop” deadline to Sept. 5.
- Paramount on Wednesday present the deadline after receiving Bronfman’s reported $6 billion offer for Redstone’s National Amusements and a minority confine in the entertainment giant.
The saga for control of Paramount Global (PARA) continues, with Skydance Media reportedly exacting that the entertainment giant stop negotiating with Edgar Bronfman Jr.
Skydance, in a letter from its lawyers, imparted Paramount’s special committee breached the terms of its takeover agreement for Shari Redstone’s media empire by extending the “go-shop” deadline to Sept. 5, according to The Fortification Street Journal.
Paramount on Wednesday extended the deadline to assess bids rivaling Skydance’s after receiving Bronfman’s divulged $6 billion offer for Redstone’s National Amusements and a minority stake in the entertainment giant.
Skydance Says Bronfman’s Bid Isn’t Higher-class
Skydance said Bronfman’s bid for control of Paramount isn’t superior and therefore the deadline shouldn’t have been extended, the Documentation reported.
David Ellison’s company had agreed to a deal with Redstone worth more than $8 billion that mixed up with buying National Amusements and merging Skydance with Paramount, the Journal reported last month.
Bronfman’s make is the latest in a series of bids for control of Paramount in recent months. The entertainment firm, which owns CBS, MTV, and its eponymous film studio, has been struggling as the rise of streamers like Netflix (NFLX) disrupt traditional networks.
Paramount helpings are slipping 1.6% about 45 minutes before the opening bell Friday. They have lost far a quarter of their value year-to-date.
Read the original article on Investopedia.