Suing Redstone Over Paramount Mess Just Got Harder: Chris Hughes

For a brief moment, Paramount Global shareholders enjoyed the possibility that Edgar Bronfman would usurp the fiddly merger agreed with producer David Ellison’s Skydance Media LLC. But Bronfman’s last-minute counterbid is over. His withdrawal not only gifts Paramount to Ellison — it does so wrapped in a pretty bow.

Bronfman dangled a deal that mimicked the attractive elements of Ellison’s pitch without the key downside. The Seagram spirits heir sought to buy Shari Redstone’s controlling stake in the storied studio, cut debt and make a cash offer for part of the holdings of nonvoting shareholders who own most of the $8 ...