Entertainment
Bronfman drops out of Paramount bidding; Skydance to claim prize
Billionaire entertainment executive Edgar Bronfman Jr. has bowed out of his long-shot bid to gain control of Paramount Global, clearing the way for David Ellison’s Skydance Media to claim the prize.
Late Monday, Paramount’s lead independent director announced the auction for the company had ended and the takeover by Skydance would move forward. If Skydance wins the approval of federal regulators, Ellison and his team could take over in about a year.
“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,” Charles E. Phillips Jr., who is chair of Paramount’s special committee, said in a statement.
The move comes less than a week after Phillips and other independent directors extended a deadline for the “go shop” period to review Bronfman’s $6-billion bid to acquire the Redstone family investment firm, National Amusements Inc., and also provide a $1.5-billion cash infusion to help the struggling media company.
“Tonight, our bidding group informed the special committee that we will be exiting the go-shop process,” Bronfman said in a statement. “It was a privilege to have the opportunity to participate. We continue to believe that Paramount Global is an extraordinary company, with an unrivaled collection of marquee brands, assets and people.”
It wasn’t immediately clear why Bronfman exited in advance of Paramount’s Sept. 5 deadline for Paramount’s independent board members to decide which bidder would come away with the beleaguered media company that owns CBS, Comedy Central, Nickelodeon, MTV and the historic Melrose Avenue film studio. The special committee was poised to scrutinize Bronfman’s proposal this week.
But there were indications that Bronfman’s bid wouldn’t measure up to Skydance Media’s $8.4-billion proposal, which controlling shareholder Shari Redstone and Paramount’s board had approved in July.
The bid from Ellison’s Skydance had several advantages.
Not only were the financial terms larger, Ellison had a big head start over other interested bidders. The tech scion initially reached out to Redstone last summer to pitch his interest in buying out her family and investing in the company her father had managed for decades when it was known as Viacom. Paramount board members first began debating Ellison’s deal in December.
By exiting before the special committee formally reached its decision, Bronfman may have wanted to spare himself and fellow investors the embarrassment of being rejected in the high-profile auction.
“On behalf of the Special Committee we thank Mr. Bronfman and his investor group for their interest and efforts,” Phillips said.
Paramount executives declined to comment late Monday. But last week, the special committee said that Bronfman’s bid would be the only offer beyond Skydance’s that the board was willing to consider. The bidding window closed for all other bidders on Aug. 21.
Bronfman’s decision also removes some friction in the process for Paramount.
Just last week, after the special committee members extended the go-shop deadline for Bronfman, Skydance registered its displeasure.
In a letter to Paramount’s special committee, lawyers for the firm accused the committee of violating the terms of Skydance’s agreement to buy National Amusements and Paramount, according to sources familiar with the situation.
“While there may have been differences, we believe that everyone involved in the sale process is united in the belief that Paramount’s best days are ahead,” Bronfman said in his statement. “We congratulate the Skydance team and thank the special committee and the Redstone family for their engagement during the go-shop process.”
The former top Seagram and Warner Music executive had tried to capitalize on a provision in the Skydance agreement that established a 45-day window for Paramount’s board to solicit offers that were “superior” to that of Skydance.
After weeks of trying to put together a group of investors, Bronfman on Aug. 19 delivered his proposal to Phillips, Paramount’s lead independent director.
Bronfman’s primary pitch was that his group’s takeover would be more straightforward than the deal championed by Ellison, and thus better for Paramount shareholders. It mirrored many of the provisions of the Skydance proposal.
Bronfman said he would match Skydance’s proposal to buy out National Amusements for $2.4 billion. Once the firm’s debts of about $650 million were paid, the Redstone family would come away with $1.75 billion.
Both bids would inject $1.5 billion into Paramount’s battered balance sheet, allowing the firm to pay down debt, when the deal closes. Federal regulators must weigh in, a process that’s expected to take about a year.
But Skydance had the edge on an important ingredient that helped it win the support of Paramount’s board. This past spring, Skydance said it would carve out $4.5 billion to buy shares from Paramount investors, including nonvoting Class B shares at $15 a share.
Bronfman scrambled to identify funds — a proposed $1.7-billion set-aside — to offer Class B investors $16 a share.
His bid also would have covered the $400-million breakup fee that would have been owed to Skydance if Paramount favored Bronfman’s bid.
Bronfman’s proposal aimed to eliminate a controversial step in the Ellison deal, in which Ellison merged his Santa Monica-based Skydance company with Paramount.
Some Paramount shareholders have grumbled over the $4.75-billion valuation of Skydance, alleging the entertainment firm isn’t worth nearly that much. Skydance co-owns some of the Paramount studio’s biggest blockbusters, including “Mission: Impossible,” “Top Gun: Maverick” and “Star Trek.” Ellison’s company also has been building an animation studio under John Lasseter, former Pixar creative executive.
Several sources speculated that Paramount’s board’s willingness to entertain Bronfman’s proposal stemmed from Redstone’s desire to protect her family from costly shareholder lawsuits.
The sales process already has sparked litigation, and the Paramount directors’ efforts to beat the bushes may have been aimed at demonstrating that Skydance was the only viable bidder.
Skydance Media is backed by Ellison’s father, Larry Ellison, and Redbird Capital Partners.
Entertainment
Stagecoach 2026: How to watch Friday’s livestream with Cody Johnson, Ella Langley, Bailey Zimmerman
Choosin’ to stay home instead of trekking out to Indio for this weekend’s Stagecoach festival? Don’t worry, you’ll be able to listen to all the country music your heart desires. You can get your country heartbreak on with Ella Langley, Bailey Zimmerman and Cody Johnson, and then rock out with Counting Crows. If you prefer EDM, you can catch Diplo and Dillstradamus (Dillon Francis and Flosstradamus) as Friday’s closing acts.
The festival will be livestreamed on Amazon Music, Amazon Prime Video and Twitch beginning at 3 p.m. On Sirius XM’s The Highway (channel 56), you can listen to exclusive interviews and live performances along with a special edition of the Music Row Happy Hour. The station Y’Allternative will also be covering the festival on Friday evening.
Here are updated set times for the Stagecoach livestream Friday performances (times presented are PDT):
Channel 1
3:05 p.m. Noah Rinker; 3:25 p.m.; Adrien Nunez; 4 p.m. Ole 60; 4:25 p.m. Avery Anna; 5 p.m. Chase Rice; 5:55 p.m. Nate Smith; 6:50 p.m. Ella Langeley; 7:50 p.m. Bailey Zimmerman; 8:55 p.m. the Red Clay Strays; 10 p.m. Cody Johnson; 11:30 p.m. Diplo
Channel 2
3:05 p.m. Neon Union; 3:25 p.m. Larkin Poe; 4 p.m. Marcus King Band; 4:50 p.m. Lyle Lovett; 5:35 p.m. BigXthaPlug; 6:30 p.m. Noah Cyrus; 7 p.m. Wynonna Judd; 8 p.m. Counting Crows; 8:50 p.m. Sam Barber; 10 p.m. Dan + Shay; 10:45 p.m. Diplo featuring Juicy J; 11:05 p.m. Rebecca Black; 11:45 p.m. Dillstradamus
Sirius XM Music Row Happy Hour
1 p.m. Avery Anna; 2 p.m. Nate Smith; 2:30 p.m. Josh Ross; 3 p.m. Cody Johnson; 3:30 p.m. Gabriella Rose; 5:15 p.m. Nate Smith; 7:50 p.m. Bailey Zimmerman; 9:30 p.m. Cody Johnson; 11 p.m. Diplo
Sirius XM Y’Allternative
5 p.m. Ole 60; 6 p.m. Larkin Poe; 7 p.m. Marcus King Band; 8 p.m. Sam Barber
Movie Reviews
Movie Review: The Mortuary Assistant – HorrorFuel.com: Reviews, Ratings and Where to Watch the Best Horror Movies & TV Shows
Forget the “video game movie” curse; The Mortuary Assistant is a bone-chilling triumph that stands entirely on its own two feet. Starring Willa Holland (Arrow) as Rebecca Owens, the film follows a newly certified mortician whose “overtime shift” quickly devolves into a grueling battle for her soul.
What Makes It Work
The film expertly balances the stomach-churning procedural work of embalming with a spiraling demonic nightmare. Alongside a mysterious mentor played by Paul Sparks (Boardwalk Empire), Rebecca is forced to confront both ancient evils and her own buried traumas. And boy, does she have a lot of them.
Thanks to a full-scale, practical River Fields Mortuary set, the film drips with realism, like you can almost smell the rot and bloat of the bodies through the screen.
The skin effects are hauntingly accurate. The way the flesh moves during surgical scenes is so visceral. I’ve seen a lot of flesh wounds in horror films and in real life, and the bodies, skin, and organs. The Mortuary Assistant (especially in the opening scene) looks so real that I skipped supper after watching it. And that’s saying something. Your girl likes to eat.
Co-written by the game’s creator, Brian Clarke, the movie dives deeper into the demonic mythology. Whether you’ve seen every ending or don’t know a scalpel from a trocar, the story is perfectly self-contained. If you’ve never played the game, or played it a hundred times, the film works equally well, which is hard to do when it comes to game adaptations.
Nailed It
This film does a lot of things right, but the isolation of the night shift is suffocating. Between the darkness of the hallways and the “residents” that refuse to stay still, the film delivers a relentlessly immersive experience. And thankfully, although this movie is filled with dark rooms and shadows, it’s easy to see every little thing. Don’t you hate it when a movie is so dark that you can’t see what’s happening? It’s one of my pet peeves.
The oh-so-awesome Jeremiah Kipp directs the film and has made something absolutely nightmare-inducing. Kipp recently joined us for an interview, took us inside the film, discussed its details and the game’s lore, and so much more. I urge you to check out our interview. He’s awesome!
The Verdict
This isn’t just a cash-grab; it’s a high-effort adaptation that respects the source material while elevating the horror genre. With incredible special effects and a powerhouse cast, it’s the kind of movie that will make you rethink working late ever again. Dropping on Friday the 13th, this is a must-watch for horror fans. It’s grisly, intelligent, and genuinely terrifying.
Entertainment
Former Live Nation executive says he was fired after raising ‘financial misconduct’ concerns
A former executive at Live Nation, the world’s largest live entertainment company, is suing the company, alleging that he was wrongfully terminated after he raised concerns about alleged financial misconduct and improper accounting practices.
Nicholas Rumanes alleges he was “fraudulently induced” in 2022 to leave a lucrative position as head of strategic development at a real estate investment trust to create a new role as executive vice president of development and business practice at Beverly Hills-based Live Nation.
In his new position, Rumanes said, he raised “serious and legitimate alarm” over the the company’s business practices.
As a result, he says, he was “unlawfully terminated,” according to the lawsuit filed Thursday in Los Angeles County Superior Court.
“Rumanes was, simply put, promised one job and forced to accept another. And then he was cut loose for insisting on doing that lesser job with integrity and honesty,” according to the lawsuit.
He is seeking $35 million in damages.
Representatives for Live Nation were not immediately available for comment.
The lawsuit comes a week after a federal jury in Manhattan found that Live Nation and its Ticketmaster subsidiary had operated a monopoly over major concert venues, controlling 86% of the concert market.
Rumanes’ lawsuit describes a “culture of deception” at Live Nation, saying its “basic business model was to misstate and exaggerate financial figures in efforts to solicit and secure business.”
Such practices “spanned a wide spectrum of projects in what appeared to be a company-wide pattern of financial misrepresentation and misleading disclosures,” the lawsuit states.
Rumanes says he received materials and documents that showed that the company inflated projected revenues across multiple venue development projects.
Additionally, Rumanes contends that the company violated a federal law that requires independent financial auditing and transparency and instead ran Live Nation “through a centralized, opaque structure” that enables it to “bypass oversight and internal checks and balances.”
In 2010, as a condition of the Live Nation-Ticketmaster merger, the newly formed company agreed to a consent decree with the government that prohibited the firm from threatening venues to use Ticketmaster. In 2019 the Justice Department found that the company had repeatedly breached the agreement, and it extended the decree.
Rumanes contends that he brought his concerns to the attention of the company’s management, but his warnings were “repeatedly ignored.”
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Stagecoach 2026: How to watch Friday’s livestream with Cody Johnson, Ella Langley, Bailey Zimmerman