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Edgar Bronfman Jr. has dropped out of bidding for Paramount Global (NASDAQ:PARA) after submitting a $6 billion proposal in an effort to challenge Skydance Media’s deal.
“Tonight, our bidding group informed the special committee that we will be exiting the go-shop process,” Bronfman said in a statement, according to media reports from CNBC, Bloomberg and the Wall Street Journal. “It was a privilege to have the opportunity to participate. We continue to believe that Paramount Global is an extraordinary company, with an unrivaled collection of marquee brands, assets and people.”
Bronfman’s decision to exit likely ends the bidding war between the Seagram Co. heir and Sky Media, which is run by David Ellison, son of billionaire tech maverick and Oracle co-founder Larry Ellison.
Bronfman last week submitted a $6 billion offer for National Amusements, the Redstone family company that controls Paramount (PARA), and was still working on getting the final signatures for his financing package, Bloomberg reported on Saturday.
Bronfman’s exit also comes after Skydance last week accused Paramount (PARA) of breaching the terms of its deal by extending the time it has to engage with other bidders.
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