Bronfman Pulls Out, Skydance Set to Control Paramount

Edgar Bronfman Jr has withdrawn from the bidding war for Paramount Global, leaving Skydance Media poised to take control of the media empire. Bronfman's group couldn't secure the necessary equity financing, leading to their exit. Paramount's special committee expects the Skydance deal to close by mid-2025.

Edgar Bronfman Jr announced on Monday that he is withdrawing from the race to acquire Paramount Global, paving the way for Skydance Media to assume control of Shari Redstone's media dynasty. This development effectively concludes one of the most turbulent bidding wars in recent media history.

Bronfman stated that despite differing opinions, everyone involved believes in the promising future of Paramount Global. Paramount's special committee, which had reached out to over 50 potential buyers, confirmed the end of its "go shop" period and anticipates finalizing the Skydance agreement by the first half of 2025, pending regulatory approval.

A source familiar with the matter revealed that Bronfman could not secure the necessary equity financing, leading some key partners to back out at the last moment. Bronfman's group had proposed a $6 billion bid but ultimately couldn't compete with Skydance's $8.4 billion deal. Charles Phillips Jr., head of Paramount's special committee, expressed confidence in the value and future potential of the Skydance transaction.

(With inputs from agencies.)