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Edgar Bronfman Jr., chairman of FuboTV, raised his competing bid for National Amusements on August 21.
According toThe Wall Street Journal,Paramount extended the go-shop period by 15 days.
However, Bronfman Jr and co. mustve gotten cold feet, and onAugust 26, they dropped their bid.
You probably have questions.
Who is Edgar Bronfman Jr.?
Whats a go-shop period?
Is Skydance winning again?
Furthermore, what is a FuboTV?
Dont worry, we have answers including thelatest development.
Why did he drop the bid?
There isnt a specific reason cited but he does mention some differences that may have led to the withdrawal.
Tonight, our bidding group informed the special committee that we will be exiting the go-shop process.
It was a privilege to have the opportunity to participate, Bronfman Jr. said on Monday toThe Wrap.
So does that mean Skydance won?
Yes, David Ellison and Skydance Medias bid of $8 billion is seemingly full steam ahead.
Why is Paramount up for sale?
Technically, its National Amusements thats on the auction block.
The company most famously headed by Sumner Redstone bought Viacom in 1987 and Paramount in 1993.
Shari Redstone took over National Amusements when Sumner died in 2020.
Of course, its a lot more complicated than that.
ReadUnscriptedby James B. Stewart and Rachel Abrams for the whole sordid story.
By the end of that year, it was just below $10 billion.
Shari Redstone is now selling her familys controlling interest in Paramount Global.
Wait, didnt Skydance already win this?
Yep, they technically did win the bid twice.
That kicked off a 45-day go-shop period, during which competitors could venture to match or outdo Skydances offer.
Famously, $6 billion is less than $8 billion.
But the Bronfman deal did have some upsides.
It wouldnt require Paramount to merge with another company, and Bronfman argued it has more value to shareholders.
Ellisons deal required Paramount to buy his company in an all-stock transaction, which could lessen shareholder value.
So … who is Edgar Bronfman Jr.?
Would you be shocked to learn hes the son of Edgar Bronfman Sr.?
Hes also the grandson of Samuel Bronfman, former owner of Seagrams.
Seagrams was, for a time, the worlds largest liquor-distilling firm.
Any relation to other famous Bronfmans?
InfluencerHannah Bronfmanis his daughter.
Which streaming service is FuboTV again?
FuboTV focuses primarily on live sports.
On August 17, the companywon an injunctionagainst Venu, the joint sports-streaming venture by Fox, Warner Bros.
Discovery, and the Walt Disney Company.
