After a week of toing and froing, media mogul Edgar Bronfman Jr has dropped his $6 billion bid to acquire Paramount Global.
“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.
“We continue to believe that Paramount Global is an extraordinary company, with an unrivalled collection of marquee brands, assets and people,” the statement continued. “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. We congratulate the Skydance team and thank the special committee and the Redstone family for their engagement during the go-shop process.”
Following Bronfman’s withdrawal, Paramount’s special committee announced an end to the “go-shop” period in its merger with Skydance Media and said it expects the deal to close in the first half of 2025.
In its own statement, the committee said: “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.”
Skydance’s bid will see the company invest $8 billion into Paramount, First, it will acquire National Amusements Inc, and then merge that company with Paramount Global.
