A week after proposing a $4.3 billion deal to acquire Paramount Global, Canadian media exec Edgar Bronfman Jr. has dropped his bid, making way for the company’s previously announced merger with Skydance to move forward.
“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 on Monday.
“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.”
In July, Skydance announced an $8 billion merger with Paramount in a deal that valued the studio at $28 billion. After Bronfman announced his intentions to walk away, Paramount’s special committee announced that it was no longer courting suitors and that it expects the deal to close in the first half of 2025.
“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,” the committee said in a statement.
Bronfman’s proposal was eventually sweetened to $6 billion and would have involved partnerships with big tech, according to Bloomberg. His withdrawal from the deal came on the same day another Bloomberg report indicated that Paramount is considering the potential sale of a dozen TV stations it considers “non-core.”
