(Reuters) – U.S. media entrepreneur Edgar Bronfman Jr. has withdrawn his bid to acquire Paramount Global, paving the way for Skydance Media to buy Shari Redstone’s media empire and end a tumultuous bidding war.
“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,” Edgar Bronfman said in a statement released Monday evening, also informing Paramount’s special committee of his decision to withdraw from the process.
Edgar Bronfman has failed to raise the equity financing required for its bid, a source familiar with the matter said.
An investor group led by the entrepreneur proposed last week to take control of Paramount in a $6 billion bid that would buy out the company’s majority shareholder, holding company National Amusements.
The bid for Paramount threatened to derail the $8.4 billion deal Paramount struck with Skydance in July.
“After extensively studying Paramount’s options for nearly eight months, our special committee continues to believe that the transaction agreed to with Skydance offers immediate value and the opportunity to continue to participate in value creation in a rapidly evolving industry landscape,” said Charles Phillips Jr., chairman of Paramount’s special committee.
Paramount expects to close the deal with Skydance in the first half of 2025, subject to regulatory approval.
(Reporting by Kanjyik Ghosh and Dawn Chmielewski; Editing by Kate Entringer; Editing by Mara Vîlcu)
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