Media veteran Edgar Bronfman on Monday said in a statement that his bidding group had pulled out of the race to take control of Paramount Global and exited the go-shop process.
Shares of Paramount -- home to movie studio Paramount Pictures, CBS, MTV and Nickelodeon -- rose 0.6%, to $11.40, in midday trading Monday, despite questions surrounding the certainty of the mogul's financing.
I sold Chimera. They were an underperforming REIT, even on their best days. I actually have received total proceeds of $10,967 and have recognized a total gain of $1,090.40. Warner Bro. Discovery, as my unrealized loss right now, is $1,600.
Edgar Bronfman Jr. wants Paramount to partner with a tech company for streaming, per Bloomberg. Bronfman entered a bidding war with Skydance over control of Paramount with a $6 billion surprise bid.
Edgar Bronfman's plans for Paramount Global include partnering with technology companies like Amazon.com or Apple to improve its streaming TV business, Bloomberg News reported on Saturday, citing people familiar with his thinking.
Edgar Bronfman Jr. is open to having Shari Redstone stay involved at Paramount if the special committee accepts his consortium's bid for a controlling stake. Skydance's David Ellison has also held conversations with Redstone about her future with the company.
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