Paramount Global announces end of "go-shop" process

Paramount Global’s Special Committee Announces End Of “Go-Shop” Process

NEW YORK — The Special Committee of the Board of Directors (the “Special Committee”) of Paramount Global (NASDAQ: PARA, PARAA) (“Paramount” or “the Company”) today confirmed that it has been informed by Edgar Bronfman, Jr. that the acquisition proposal from his consortium of investors (the “Bronfman Consortium”) has been withdrawn. Therefore, the “Go-Shop” period as defined in the Transaction Agreement with Skydance Media, LLC has concluded with respect to all parties.

During the go-shop period, representatives of the Special Committee contacted more than 50 third parties to determine whether they had an interest in making a proposal to acquire Paramount.

“On behalf of the Special Committee we thank Mr. Bronfman and his investor group for their interest and efforts,” said Charles E. Phillips, Jr., Chair of the Special Committee.

“Having thoroughly explored actionable opportunities for Paramount over nearly eight months, our Special Committee continues to believe that the transaction we have agreed with Skydance delivers immediate value and the potential for continued participation in value creation in a rapidly evolving industry landscape,” he added.

The Skydance transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions.

Centerview Partners LLC serves as financial advisor to the Paramount Special Committee and Cravath, Swaine & Moore LLP serves as legal counsel.