- Edgar Bronfman Jr. has withdrawn from his bid to buy Paramount, clearing the way for the sale of Skydance Media.
- Bronfman, the former CEO of Warner Music Group, withdrew his bid just before the merger deadline.
- Paramount’s sale to David Ellison’s Skydance Media is currently expected to proceed without any hitches.
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Edgar Bronfman Jr. has abandoned a last-minute bid to buy Paramount, putting the media giant back on track for a sale to David Ellison’s Skydance Media.
Bronfman, the former CEO of Warner Music Group, said in a statement that his team informed Paramount on Monday night that it was withdrawing from the bidding process.
Bronfman is 11th period The proposal came just before the merger of Paramount and Skydance Media was scheduled to close last week.
This is breaking news, please check back for the latest updates.