Bronfman Withdraws Paramount Bid, Stock Falls 7%, Skydance Deal Proceeds

Aug 27, 2024, 01:18 AM

Edgar Bronfman Jr. has withdrawn his bid to acquire Paramount Global, ending a chaotic bidding war and paving the way for Skydance Media to proceed with its acquisition of the entertainment company. Bronfman's decision to exit the race came just before the deadline to submit a final offer, following his $6 billion proposal that challenged Skydance's offer of more than $8 billion. The withdrawal clears the path for Skydance, led by David Ellison, to take control of Shari Redstone's media empire. Paramount's board had extended the 'go-shop' period to evaluate Bronfman's bid, but with his exit, the process concludes, and the merger with Skydance is expected to be finalized in the first half of 2025. Paramount's stock fell 7% following the news of Bronfman's withdrawal.