Bronfman Jr. Withdraws Paramount Bid

Edgar Bronfman Jr. has withdrawn his bid for Paramount Global, clearing the way for Skydance Media to proceed with its $8 billion acquisition. Bronfman’s decision followed his inability to secure sufficient financing, with some backers dropping out due to concerns over privacy and potential press leaks. Paramount’s special committee had extended the deadline for Bronfman’s bid but ultimately closed the 'go-shop' period after his withdrawal. The Skydance deal, backed by David Ellison and RedBird Capital Partners, is now expected to close in the first half of 2025. Bronfman had initially offered $4.3 billion, later raising it to $6 billion, in a bid to take a minority stake in the company. This development concludes a protracted and complex takeover process for Paramount.