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    Edgar Bronfman Jr. Drops Pursuit of Paramount

    Mr. Bronfman had frantically put a bid together over the last week even as Paramount raised questions about his financing.Edgar Bronfman Jr. abandoned his pursuit of Paramount on Monday, dropping his 11th-hour bid roughly a day before the deadline to submit a final offer for the owner of CBS and MTV.Mr. Bronfman’s decision to suspend his bid all but ensures that Paramount will be acquired by Skydance, an up-and-coming Hollywood studio that has spent most of this year courting, cajoling and cudgeling Paramount into a deal. Skydance reached an $8 billion merger agreement in July, but that deal included a “go shop” window that allowed Paramount to seek other buyers.In a statement, Mr. Bronfman said his bidding group had notified a special committee of Paramount’s board of directors Monday that the group would drop its pursuit, adding that it was “a privilege to have the opportunity to participate” in the deal-making process.Mr. Bronfman said in a statement that “Paramount’s best days are ahead.” Mike Blake/Reuters“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,” Mr. Bronfman said. “We congratulate the Skydance team and thank the special committee and the Redstone family for their engagement during the go-shop process.”Mr. Bronfman said in his statement that Paramount was “an extraordinary company,” calling it “an unrivaled collection of marquee brands, assets and people.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Who Is Edgar Bronfman Jr., Paramount’s 11th-Hour Suitor?

    His bid to buy Paramount pits one son of a billionaire against the son of another.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?Later in the week, the answer came emphatically: Paramount.The bid has transformed Paramount’s sale into a battle of family dynasties. Skydance’s founder, David Ellison, who is the son of the Oracle founder Larry Ellison, has struck an agreement with Shari Redstone to take over Paramount, a media empire assembled by her father. 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.Bronfman, no stranger to doubters, somehow corralled billions in commitments for the bid, refined his list of investors and persuaded a special committee of Paramount’s board of directors to extend the “go shop” window in the company’s agreement with Skydance in order to consider it.The son of one billionaire is now pitted against the son of another.“He’s been craving a media empire since the 1980s, and Paramount is a great studio with a lot of upside potential,” Terry Kawaja, the founder of Luma Partners, a boutique bank, said of Bronfman.“If you’re the billionaire son of a billionaire, it’s the ultimate asset.”Across Wall Street and Hollywood, Bronfman is a polarizing figure. Depending on whom you ask, he’s either the hapless heir who steered Seagrams into a catastrophic merger with Vivendi in 2000 or the misunderstood mogul who fought his way back from a bad deal to prove his mettle with success at Warner Music Group.Bronfman’s résumé is further complicated by a conviction for insider trading in 2011 under French law, which resulted in a $6.8 million fine and a 15-month suspended sentence. At the time of his conviction, he said his trades were aboveboard.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Samsung Recalls 1 Million Stoves That Started 250 Fires and Killed Pets

    Thirty models of Samsung stoves were part of the recall over fires started by accidental contact.A recall has been issued for more than one million Samsung stoves after hundreds of reports of them being turned on accidentally, leading to fires that injured dozens and killed at least seven pets, the Consumer Product Safety Commission said in a statement on Thursday.Customers who own one of the 30 recalled models of Samsung electric ranges that the company has been selling since 2013 will be able to get a free set of knob locks or covers to minimize the risk of ignition by accidental contact with humans or pets, the company said in a statement announcing its voluntary recall on Thursday.More than 1.1 million electric ranges were included in the recall. The ranges were involved in about 250 fires, which led to about 40 injuries. Eight of the injuries needed medical attention, and there were 18 instances of “extensive property damage,” the commission’s statement said.When asked exactly how many pets died, and why it took 11 years since the company started selling the flawed ranges before the recall was issued, a spokeswoman for the commission declined to comment, referring to Samsung and the commission’s website for questions.Christopher Langlois, a spokesman for Samsung, said consumers should be mindful of the risks of accidental contact with range knobs for any stove. They should keep their stove tops clean and clear, keep children and pets away, and make sure that stoves are turned off after cooking, the company said in a statement.Samsung is asking people who have aone of its ranges to contact the company to see if they are eligible for the free, self-install knob locks or covers that reduce the possibility of accidental ignition.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Why Google, Microsoft and Amazon Shy Away From Buying A.I. Start-Ups

    Google, Microsoft and Amazon have made deals with A.I. start-ups for their technology and top employees, but have shied from owning the firms. Here’s why.In 2022, Noam Shazeer and Daniel De Freitas left their jobs developing artificial intelligence at Google. They said the tech giant moved too slowly. So they created Character.AI, a chatbot start-up, and raised nearly $200 million.Last week, Mr. Shazeer and Mr. De Freitas announced that they were returning to Google. They had struck a deal to rejoin its A.I. research arm, along with roughly 20 percent of Character.AI’s employees, and provide their start-up’s technology, they said.But even though Google was getting all that, it was not buying Character.AI.Instead, Google agreed to pay $3 billion to license the technology, two people with knowledge of the deal said. About $2.5 billion of that sum will then be used to buy out Character.AI’s shareholders, including Mr. Shazeer, who owns 30 percent to 40 percent of the company and stands to net $750 million to $1 billion, the people said. What remains of Character.AI will continue operating without its founders and investors.The deal was one of several unusual transactions that have recently emerged in Silicon Valley. While big tech companies typically buy start-ups outright, they have turned to a more complicated deal structure for young A.I. companies. It involves licensing the technology and hiring the top employees — effectively swallowing the start-up and its main assets — without becoming the owner of the firm.These transactions are being driven by the big tech companies’ desire to sidestep regulatory scrutiny while trying to get ahead in A.I., said three people who have been involved in such agreements. Google, Amazon, Meta, Apple and Microsoft are under a magnifying glass from agencies like the Federal Trade Commission over whether they are squashing competition, including by buying start-ups.“Large tech firms may clearly be trying to avoid regulatory scrutiny by not directly acquiring the targeted firms,” said Justin Johnson, a business economist who focuses on antitrust at Cornell University. But “these deals do indeed start to look a lot like regular acquisitions.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    The Stranger in Seattle Gets a New Owner, With Plans for Expansion

    Noisy Creek, a new media company, has bought The Stranger and The Portland Mercury, two of the country’s best known alternative weeklies.For decades, many American cities had at least one thriving alternative-weekly newspaper chronicling the local art and music scene and reporting on the community.Many of those publications withered in recent years, but two of the country’s best known alt-weeklies, The Stranger in Seattle and The Portland Mercury, now have plans for expansion.Noisy Creek, a new company put together by Brady Walkinshaw, a former chief executive of the nonprofit climate news website Grist and a former Democratic legislator in Washington State, said on Tuesday that it had purchased The Stranger and The Portland Mercury, as well as the events site EverOut and the ticketing business Bold Type Tickets, from Index Newspapers.Mr. Walkinshaw declined to disclose the financial details of the purchase, but he said that he was the majority shareholder. Index will keep a 20 percent stake in the company. A group of about 20 individual investors helped finance the deal, Mr. Walkinshaw said.Mr. Walkinshaw said he planned to hire more people and grow the editorial budgets at the publications. He also said that all of the current employees had been offered jobs at the new company. Hannah Murphy Winter, a former Rolling Stone editor, will become the editor in chief of The Stranger.“Alternative weeklies at their best can really, in an edgy, provocative way, be the gateway to what people do culturally in a community, whether it’s music, art, performance,” Mr. Walkinshaw said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Founder of Kakao, South Korean Tech Giant, Arrested Over K-Pop Deal

    Kim Beom-Su, the billionaire behind Kakao, was taken into custody on Tuesday on allegations of stock manipulation during a bidding war over a major K-pop agency.The billionaire founder of South Korean technology giant Kakao, Kim Beom-Su, was arrested on Tuesday on allegations of stock manipulation related to the company’s investment in one of the country’s largest K-pop agencies.A high-profile bidding war broke out over the agency, SM Entertainment, early last year. Prosecutors allege Kakao manipulated SM Entertainment’s stock price to hinder Hybe, the company behind BTS, from acquiring the agency, whose roster of artists includes Girls’ Generation.Last year, prosecutors indicted Kakao’s chief investment officer and the company itself on stock manipulation charges. The Seoul Southern District Court confirmed that Mr. Kim had been arrested on Tuesday morning.Mr. Kim, who has not been formally charged, has denied the allegations.In a statement released last week, Kakao said that during a company meeting, Mr. Kim had said, “The allegations are not true. I have never instructed or condoned any illegal acts.”Asked for comment about Mr. Kim’s arrest, a Kakao spokeswoman said that “the current situation is unfortunate.”Kim Beom-su is a founder of one of South Korea’s biggest technology companies, Kakao.Agence France-Presse, via Getty ImagesKakao’s messaging and payment apps have become crucial infrastructure in South Korea, and the company is worth about $13 billion in market value. KakaoTalk, a messaging app, is installed on over 90 percent of phones in South Korea.The deal with SM Entertainment was intended to help Kakao establish a foothold in K-pop and expand abroad, tapping the South Korean culture wave. Around the time of the deal, Kakao said the investment would help accelerate its “vision of going ‘Beyond Korea’ and ‘Beyond Mobile.’” More

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    Google Close to Its Biggest Acquisition Ever, Despite Antitrust Scrutiny

    The search giant’s negotiations to buy Wiz, a cybersecurity start-up, for $23 billion, come as the Biden administration has taken a hard line against consolidation in tech and other industries.Google, which became one of the world’s the most valuable companies through its search engine and other consumer internet services, is nearing its largest-ever acquisition to improve what it can offer to business customers.Google is in talks to buy Wiz, a New York-based cybersecurity start-up, according to three people with knowledge of the discussions, who were not authorized to discuss them. Wiz was last valued at $12 billion.The companies have valued the deal at roughly $23 billion, said one of the people, easily making it Google’s most expensive acquisition and nearly double what the company paid for Motorola Mobility in 2012.While a deal looks likely, talks could still fall apart, the people said.Google and Wiz did not respond to requests for comment. The Wall Street Journal earlier reported that the companies were discussing a deal.Google has moved forward with negotiations despite the possibility that regulators might try to block the deal. But the company may be willing to fight to beef up its cloud-computing division, which lags behind Amazon Web Services and Microsoft Azure.Google was sued by the Justice Department in two separate antitrust cases, one targeting its ubiquitous search engine and another seeking to break up its digital advertising-technology business. A verdict in the search case is expected this summer.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Skydance Reaches Deal to Merge With Paramount

    The deal, approved by Paramount’s board, ushers in a new chapter for the company, which owns CBS and the movie studio behind “Top Gun.”Paramount’s board on Sunday signed off on a deal to merge with Skydance, according to two people familiar with the negotiations, ushering in a new era for CBS, Nickelodeon and the film studio behind the “Top Gun” and “Mission: Impossible” franchises.The deal is a turning point for the Redstone family, whose fortunes have been intertwined with the rise and fall of the traditional entertainment industry during the decades of its tumultuous ownership of Paramount and its predecessors. Ms. Redstone, Paramount’s board chair, is cashing in much of her ownership in the company she fought to preserve and control.The merger will anoint a new mogul in Hollywood. David Ellison, the tech scion behind Skydance, will become the top power broker at Paramount. The deal is in some ways the story of media writ large, with a family that made its fortune in traditional entertainment largely replaced by one enriched by technology — Mr. Ellison is the son of the Oracle founder Larry Ellison. The Ellisons’ considerable resources was a major selling point for the Redstones, who were seeking to fortify Paramount for the long-term.In recent years, Paramount has become the poster child of a traditional media industry that has been limping along in the shadows of the streaming giant Netflix and tech companies like Amazon, which have plenty of cash to spend on their media bets. Paramount has tried to replace its fading cable TV enterprise with streaming businesses like Paramount+, but those efforts are still nowhere near as profitable as traditional TV operations.The full value of the merger was not immediately clear because the deal is complex. Skydance and its financial backers will acquire National Amusements, the company that holds the Redstone family’s voting stock in Paramount, for roughly $1.75 billion. Paramount is also merging with Skydance, leaving the studio and its backers in charge of a media empire that includes film, TV and news properties.Paramount’s market capitalization — the value the stock market places on the company — is around $8.2 billion. Skydance’s last disclosed valuation was north of $4 billion.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More