Edgar Bronfman Jr. abandons Paramount bid
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The news: Edgar Bronfman Jr. has withdrawn his bid for Paramount, clearing the way for David Ellison’s Skydance Media to advance its acquisition of the storied Hollywood studio.
The context: Bronfman Jr. abandoned his late-stage offer for Paramount on Tuesday, Sydney time, after submitting a bid of USD6 billion ($8.85 billion) to rival that of Ellison’s Skydance, according to multiple media outlets.
The bid emerged during a 45-day go-shop period written into the USD8 billion merger of Paramount and Skydance agreed to in July, which allowed Paramount to explore its options with rival bidders.
What they said: “Tonight, our bidding group informed the special committee that we will be exiting the go-shop process. It was a privilege to have the opportunity to participate,” Bronfman said in a statement provided to Bloomberg, the Wall Street Journal and the New York Times.
“We continue to believe that Paramount Global is an extraordinary company, with an unrivaled collection of marquee brands, assets and people.”
