Bronfman withdraws bid for Paramount, paving way for Skydance deal

Edgar Bronfman Jr., former CEO of Warner Music Group, has officially withdrawn his bid to acquire Paramount Global. The decision comes after weeks of negotiations and a revised offer of $6 billion submitted last week.

Congratulates Skydance on successful bid

In a statement, Bronfman expressed his admiration for Paramount but acknowledged that the challenges of the deal and the competitive landscape made it difficult to proceed. He also congratulated Skydance Media on their successful bid and thanked the special committee and the Redstone family for their engagement throughout the process.

Bronfman’s withdrawal paves the way for Skydance Media, led by David Ellison, to complete its acquisition of Paramount Global. The deal, valued at roughly $8 billion, involves buying National Amusements, the controlling shareholder of Paramount, and merging Skydance into the company.

Create a powerful new media conglomerate

The acquisition is expected to create a powerful new media conglomerate, combining Skydance’s successful track record in film and television production with Paramount’s extensive library of content and distribution channels. The deal also includes plans to pay down Paramount’s debt and provide significant value to existing shareholders.