Edgar Bronfman Jr Withdraws Paramount Bid, Clearing Skydance Path

Media veteran Edgar Bronfman Jr has withdrawn from the race to bid for Paramount Global, allowing Skydance Media to proceed with its takeover. Bronfman's group cited discomfort among high net worth individuals about sharing financial details as a reason. Bronfman's $6 billion bid could not meet the required $6.3 billion equity financing, causing key partners to drop out.

In a significant development, media veteran Edgar Bronfman Jr on Monday pulled out from the race to acquire Paramount Global, clearing the way for Skydance Media to potentially take control of Shari Redstone's media empire.

Bronfman announced that his bidding group had notified Paramount's special committee of its decision to withdraw. 'We continue to believe that Paramount Global is an extraordinary company, with unrivaled assets and people. While there may have been differences, we are united in the belief that Paramount's best days are ahead,' stated Bronfman.

According to sources, Bronfman's $6 billion bid was hampered as high net worth individuals balked at sharing their financial details, and he failed to muster the $6.3 billion equity financing required, with key partners dropping out last minute. This withdrawal effectively paves the way for an $8.4 billion agreement between Paramount and Skydance, which had been under threat.

(With inputs from agencies.)