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Edgar Bronfman Jr. walked away from his bid for Paramount after the company's special committee demanded his consortium submit a final offer Monday, according to people familiar with the matter. Bronfman dropped his 11th hour bid just a week after the media executive made an initial offer of $4.3 billion for Shari Redstone's National Amusements, the controlling shareholder of Paramount. Bronfman said last week in a letter to the Paramount special committee that he had rounded up 19 financial backers, as first reported by The Wall Street Journal. Spokespeople for Bronfman, Skydance and the Paramount special committee declined to comment. The special committee said late Monday the go-shop period was now over.
Persons: Edgar Bronfman Jr, Bronfman, Centerview, David Ellison's Skydance, Shari Redstone's, Skydance, Spokespeople, Bronfman's, RedBird Capital Partners — Organizations: Paramount, Centerview Partners, David Ellison's Skydance Media, Bronfman's, Fortress Investment Group, BC Partners, Wall Street, wouldn't, RedBird Capital Partners
Edgar Bronfman Jr. exited his bid to own Paramount, clearing the path for a Skydance Media sale. Bronfman, a former CEO of Warner Music Group, withdrew his bid just before the merger deadline. A sale to David Ellison's Skydance Media is now likely to proceed without obstacles. AdvertisementEdgar Bronfman Jr. just walked away from his last-minute bid to own Paramount, putting the media giant back on track to be sold to Skydance Media. "We congratulate the Skydance team and thank the special committee and the Redstone family for their engagement during the go-shop process."
Persons: Edgar Bronfman Jr, Bronfman, David Ellison's, , " Bronfman Organizations: Paramount, Media, Warner Music Group, Service, Skydance Media, Business
When the media executive Edgar Bronfman Jr. submitted his last-ditch bid on Monday to take control of Paramount, his approach was greeted with surprise and skepticism. Who would take his unconventional coalition of investors seriously, especially when an $8 billion deal with Skydance was on the table? The bid has transformed Paramount’s sale into a battle of family dynasties. But the deal is now threatened by the bid from Bronfman — a grandson of the Seagram mogul Samuel Bronfman — whose early foray steering the family business into media several decades ago has left a cloud over his career. The son of one billionaire is now pitted against the son of another.
Persons: Edgar Bronfman Jr, Skydance, David Ellison, Larry Ellison, Shari Redstone, Bronfman, Samuel Bronfman —, , ” Terry Kawaja Organizations: Paramount, Oracle, Seagram, Luma Partners
Edgar Bronfman Jr.'s offer for a controlling stake in Paramount Global could keep Shari Redstone close to the company, if his bid is successful. Both Bronfman's bid and Skydance's bid would also include money to buy out a percentage of Paramount Global common shareholders. At $6 billion, Bronfman's bid would give cash to about 20% of Class B holders at $16 per share. The Paramount Global special committee will determine if Bronfman's offer is a superior proposal for shareholders by Aug. 28. Spokespeople for Redstone, Bronfman, the Paramount Global special committee and Skydance all declined to comment.
Persons: Edgar Bronfman Jr, Shari Redstone, Bronfman, Sumner Redstone, Bronfman's, Skydance, Jon Miller, Skydance . Miller, , Jason Ostheimer, Miller, Shari Redstone haven't, David Ellison Organizations: Paramount Global, Paramount, National Amusements, Skydance Media, Skydance, Redstone, Bronfman Locations: Bronfman, Miller, Redstone
According to Wolfe, Expedia has returned just 3% over the last twelve months and an estimated 2024 price-to-earnings ratio of 10. The online travel agency is rated overweight by analysts polled by FactSet, who have a consensus price target implying 11% potential upside. Walgreens is another long-term favorite that popped up on Wolfe's screens. The stock has 25.3 % potential upside, according to analysts' consensus price target of $12.57, according to FactSet. Other stocks that made Wolfe's "Greatest Hits List" included coffee chain Starbucks , automaker General Motors and medical device maker Medtronic .
Persons: Wolfe, Jerome Powell, Chris Senyek, Expedia, FactSet, Bernstein, Richard Clarke, Clarke, Edgar Bronfman Jr, Bronfman's Organizations: Wolfe Research, Federal, Dow, Nasdaq, Walgreens Boots, Walgreens, Amazon, Paramount Global, Skydance Media, National Amusements, Paramount, General Motors Locations: Deerfield , Illinois
Media power struggle: Paramount deal in jeopardy?
  + stars: | 2024-08-23 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMedia power struggle: Paramount deal in jeopardy? Matt Belloni, Puck founding partner, joins 'Squawk Box' to discuss the state of play for Paramount, whether Edgar Bronfman's $6 billion bid for National Amusement and a stake in Paramount should be taken seriously, and more.
Persons: Matt Belloni, Puck, Edgar Bronfman's Organizations: Media, Paramount, National Amusement
As part of the bid, Bronfman would acquire a minority stake in Paramount. However, after placing the bid, Bronfman raised more funds to support a higher bid, said the person, who asked to remain anonymous to speak about specifics of the offer. On Wednesday, Bronfman upped the bid and submitted a revised offer of $6 billion, the person said. The agreement included a 45-day "go shop" period during which Paramount could solicit other offers. Money manager Mario Gabelli reportedly filed a lawsuit looking for Paramount to turn over its books related to the Skydance deal — a possible first step toward a lawsuit challenging the deal.
Persons: Edgar Bronfman Jr, Bronfman, Shari Redstone's, Edgar Bronfman , Jr, Skydance, Mario Gabelli, Scott Baker Organizations: Paramount Global, Skydance, Paramount, Skydance Media, Bronfman Consortium, RedBird Capital Partners, KKR, National, Amusements, nonvoting Paramount, Warner Music, Seagram, Wall Street Locations: Paramount's
Around the dinner table in the early 2000s, David Katzman would quiz his kids about their dream startups. ModelFit employees told BI that Gelband used the Pelvicore Pro only with the permission of its creator, the physical therapist Christina Christie. Once, in October 2018, David Katzman met with Facebook's ad team to discuss SDC's before-and-after advertisements, which violated the tech company's policies. SDC employees worked on Pvolve marketing campaigns, and Pvolve employees took trips on David Katzman's jet. "He didn't come from anything, and he spent years and years building up the business," the person close to Pasterino told BI.
Persons: Stephen Pasterino, Pasterino, he'd, hadn't, Rachel Katzman, who'd, Katzman, Pvolve, Jennifer Aniston, David Katzman, bankrolled, , Laura Quintana, Stephen, Erik Connolly, Connolly, John Mayer, Nietzsche, Dan Gilbert, David, Gilbert, Usher, Jordan, decanting, Justin Gelband, ModelFit, Taylor Swift, Gelband, Vanessa Packer, Bryan Bedder, we'll, didn't, Woody Allen's, Vera Wang, Katzman's, I've, Cynthia Hannah, Blanca Padilla, Pasterino's, Justin Gelband's, Tracy Anderson's, cofounders, Packer, Christina Christie, Christie, Jordan Katzman, David Katzman's, Camelot, Julie Cartwright, Pvolve's, Cartwright, Hannah Bronfman, Nadine Leopold, Tim P, Pvolve didn't, Quintana, Rachel, SmileDirectClub, Jamie Dimon, Olivia Culpo, Craig Barritt, Bethenny Frankel, Madelaine Petsch, Lola tampons, They'd, Mara, ThreeForm, loaning, Hannah, Christie Brinkley, Monica Schipper, she'd, Rebecca Minkoff, Lindsay Pinchuk, Pamela, couldn't, Kathryn Delacruz, Madison Krause, Krause, Delacruz, " Krause, Pvolve's attorney's, Aniston's, Aniston, Jennifer, Jennifer Aniston's, Connelly, SDC's cofounders, — Pasterino, ThreeForm hasn't, Sarah VanZalen, there's, Erewhon, WWD, Tim Michaels, franchisors, Michaels, they've, Aperol Organizations: SoHo, Pvolve, Los Angeles ., Depot, DeeKay Enterprises, Quicken Loans, Cleveland Cavaliers, Camelot Venture Group, New, ModelFit, GQ, Getty, Hamptons, Beverly Hills Hotel, Cosmopolitan, BI, Gray Institute, SDC, Camelot, Lionsgate, Facebook, Whitby, Ventures, . Press, Miss, Employees, Naboisho Conservancy, Katzman's, Southampton, Pvolve Facebook, LinkedIn, Health, Forbes, Workers, Industry Locations: Pvolve, New York, Chicago, Los Angeles, Hammonton , New Jersey, Atlantic City, Jersey Shore, Franklin , Michigan, Michigan, Detroit, Las Vegas, Beverly, SoHo, Ibiza, France, Paris, Vogue, California, ModelFit, Covent, London, Riverdale, New Jersey, Pasterino, Italy, Kenya, Naboisho, Nashville, San Diego, New York City, shuttering, Ann Arbor , Michigan, ThreeForm, Angeles, Malibu
It’s unclear how far along the talks between IAC and National Amusements are. A bid to take control of Paramount would be a coda of sorts for Mr. Diller, 82, who tried to acquire Paramount Pictures in the early ’90s. Mr. Diller was named head of Paramount Pictures in 1974 at the age of 32. After Mr. Redstone outbid him for the company, Mr. Diller set his sights on continuing to build his new media empire, striking a series of audacious deals to expand IAC. “They won,” Mr. Diller said in a statement after losing out to Mr. Redstone.
Persons: Edgar Bronfman Jr, Steven Paul, Diller, Sumner Redstone, Shari, rejuvenating, Michael Eisner, wunderkind Jeffrey Katzenberg, ” Mr, Shari Redstone Organizations: IAC, National, Hollywood, Paramount, Paramount Pictures, Disney, , Amusements, Skydance, National Amusements
Competing bids for Paramount: What's next for the company?
  + stars: | 2024-06-11 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCompeting bids for Paramount: What's next for the company? Matt Belloni, Puck founding partner, joins 'Squawk Box' to discuss the competing bids for Paramount after news of former head of Warner Music Edgar Bronfman Jr. expressing interest in a bid for Paramount Global, what's next for Paramount, and more.
Persons: Matt Belloni, Puck, Warner Music Edgar Bronfman Jr, what's Organizations: Paramount, Warner Music, Paramount Global
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRabbi Ingber: The toxicity and level of infection in our elite academic institutions is remarkableRabbi David Ingber, Romemu founding rabbi and senior director for Jewish Life and The Bronfman Center at the 92nd Street Y, joins 'Squawk Box' to discuss recent protests on Columbia University over the Israel-Hamas war, rise of antisemitism on college campus, and more.
Persons: Ingber, David Ingber Organizations: Jewish, Bronfman Center, Columbia University Locations: Israel
AdvertisementAfter a period of "wild west" investing in AI, Blank believes activity will favor AI companies that respect artists' consent and compensation. It recently co-led a $1 million seed round in Conduiit, which centralizes entertainment companies' production finance operations. Endeavor Venture InvestmentsEndeavor Venture Investments is the venture arm of entertainment and sports behemoth Endeavor. SWaN & LegendThe Virginia-based VC firm has a broad consumer portfolio that includes a number of entertainment investments. With Hollywood in contraction, SWaN has largely hit pause on new entertainment investments to get its portfolio companies on a strong footing.
Persons: Michael Blank, Blank, Jon Miller, Miller, Slack, Garnet Heraman, BDMI, Urs Cete, Michael, TMRW, Tiger Woods, Rory McIlroy, Elysian Park Ventures Jay Adya, Grant Lamos, Tom Brady, Gotham Chopra, Michael Strahan, Jay Adya, Morgan, Kushaan Ahuja, Drew Glover, Glover, Alex Harris, they've, Noah Doyle, Payback India, Jed Katz, Rich Greenfield, Rich, Ilya Pozin, Jamie Seltzer, LightShed, Steve Cohen's, it's, Sri Chandrasekar, Tripp Shriner, Ishan Sinha, That's, Wondery, Ian Doody, Raine, Gordon Rubenstein, Joe Ravitch, Jeff Sine, , Fred Schaufeld, SWaN, that's, Oscar, Jose, Schaufeld, Sam Wick, Alex J, Investcorp, Paul Yoo, Edgar Bronfman Jr, Daniel Leff, Waverley, Leff Organizations: Service, Creative Artists, Connect Ventures, Business, Hollywood, Veteran, TPG, Integrated Media Co, Advancit, CAA, Bertelsmann, Waverley, Octopus Ventures, Accel, Facebook, Venture, Aperture Venture, Bertelsmann Digital Media Investments, Fremantle, Connect, CAA Connect Ventures, New Enterprises Associates, TMRW Sports, Disney, Universal, Elysian Park Ventures, Elysian, Sports, Endeavor Venture, Endeavor Venture Investments, behemoth Endeavor, Dapper Labs, Fiat Ventures, Fiat Ventures Fiat Ventures, Fiat, Payback, Rent, LightShed, Rich Greenfield Influential, LightShed Ventures, Pluto, Apple, Octopus Ventures Octopus Ventures, Investments, Corp, Etsy, Re, Point72 Ventures New York Mets, Range Media Partners, Point72 Ventures, Sri, Powerhouse, Athletic, The New York Times Co, Evolution Media, Creative Artists Agency, Astro, Rave Digital Media, Accel Entertainment, Jose Andrés Media, Berliner, UTA Talent, UTA, UTA Ventures, Ventures, VR, Amazon, PFL Locations: blockchain, , Conduiit, fintech, London, Australia, Papercup, Los Angeles, Virginia, UTA.VC
Top Israeli official has a warning for US universities
  + stars: | 2023-11-16 | by ( Matt Egan | ) edition.cnn.com   time to read: +4 min
New York CNN —Nir Barkat, Israel’s minister of economy and industry, is warning American universities to crack down on antisemitism. “You’re going to see many funders of Ivy League and other universities shy away from that behavior,” he said. The Israeli official said there must be an attitude change and a willingness to “fight them everywhere – including on the campuses.”“Terror is multiplication. You multiply the will to create terror and the ability to create terror,” Barkat said. The Israeli official praised President Joe Biden for “unwavering support,” including his wartime visit to Israel.
Persons: New York CNN — Nir Barkat, ” Barkat, Barkat, “ You’re, , Marc Rowan, Jon Huntsman, Dick Wolf, Edgar Bronfman , Jr, Liz Magill, ” Magill, , Joe Biden Organizations: New, New York CNN, “ Schools, CNN, Ivy League, University of Pennsylvania, FBI, Columbia, Harvard, , Columbia University, Penn, Israel Locations: New York, Manhattan, United States, Israel, Barkat, Washington
New York CNN —Private equity executive Edgar Bronfman, Jr., whose family includes well-known supporters of Israel, is calling for the leaders the University of Pennsylvania to step down due to their response to the Hamas terror attacks against Israel, CNN has learned. College campuses have experienced a surge in tensions since the October 7 terror attack by Hamas and as the Israel-Hamas war continues. Last week, UPenn said it alerted the FBI to a series of threatening antisemitic emails sent to university staff. UPenn declined to comment on the Bronfman email. “This blurring of Hate speech as free speech is exactly what the University has enabled – even encouraged,” Bronfman wrote.
Persons: Edgar Bronfman , Jr, Bronfman, Liz Magill, Scott Bok “, , , ” Bronfman, Magill, Marc Rowan, Dick Wolf, Jon Huntsman, Cliff Asness, Bok, UPenn, ” Magill, , Edgar Bronfman Sr Organizations: New, New York CNN, University of Pennsylvania, CNN, Ivy League, , Penn, Wharton , New York University, Bard, Harvard, Georgetown . College, FBI, University of Virginia, Waverly Capital, University, Warner Music Group, Seagram, Lauder Institute, Wharton, World Jewish Congress Locations: New York, Israel, Wharton ,, Palestine
Peter C. Newman, a maverick journalist and historian who skewered the political establishment in Canada while evolving into a fervent nationalist there, his adopted country, to which he had fled as a boy from Nazi-occupied Europe, died on Sept. 7 in Belleville, in southeast Ontario. His death, in a hospital, was caused by complications of Parkinson’s disease, which he developed after a stroke last year, said his wife, Alvy Newman. In a long and prolific career, Mr. Newman had stints as editor of the Toronto-based Maclean’s magazine and of The Toronto Star while churning out nearly three dozen books, some delving into the inner sanctums of four Canadian prime ministers, the Canadian-based Bronfman liquor dynasty and the Canadian media mogul Conrad Black. He also wrote a history of the Hudson’s Bay Company, founded in 1670; a three-volume dissection of “The Canadian Establishment” (1975); and a memoir that began with his Jewish family’s escape from Europe under fire from a dive bomber.
Persons: Peter C, Newman, Alvy Newman, Bronfman, Conrad Black Organizations: The Toronto Star, Canadian, Hudson’s, Company Locations: Canada, Nazi, Europe, Belleville, Ontario, Toronto
Now, though, his latest fight with Twitter shows the perils of always leading with bravado: While scandal is unlikely to sink the CEO, he's making extra work for himself — more than he usually does. Musk's negotiations to buy Twitter were subsequently halted when he pushed for concessions the platform was unwilling to give. Duncan Levin, a criminal defense attorney who represents controversial clients, such as Harvey Weinstein, Clare Bronfman, and Anna Delvey, told Insider: "No one is scandal-proof. Musk's ability to bounce back from repercussions is the result of a complex interplay of a fierce, cultlike fandom and his transformational leadership style, experts told Insider. What's more, he's highly intelligent and ahead of most people, a former manager at Tesla previously told Insider.
The scandal behind the alleged Nxivm sex-slave ringSeveral high-profile people face charges for their involvement in a secretive organization that allegedly recruited and branded women as sex slaves. Prosecutors allege that Raniere kept a group of 15 to 20 women as sex slaves, branded with his initials. Allison MackFormer "Smallville" actress Allison Mack pleaded guilty to racketeering for her alleged role in the Nxivm sex cult case. Catherine and India OxenbergActress Catherine Oxenberg took ESP courses with her daughter India. Keith Raniere faces charges of racketeering conspiracy, sex trafficking, wire fraud conspiracy, possession of child pornography, forced labor conspiracy, and conspiracy to commit identity theft.
Persons: Nxivm, Keith Raniere, Nancy Salzman, ESPs, Raniere, " Salzman, Allison Mack, Clare, Sara Bronfman Clare, Sara Bronfman, heiresses, Catherine Oxenberg, Catherine, Sarah Edmondson, she'd Organizations: Forbes, Nxivm, Prosecutors, New York Times Locations: Catherine, India, Nxivm, Mexico
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