Edgar Bronfman Exits $6B Paramount Bid, Paves Way for Skydance Merger

The Paramount Global ball is back in Skydance’s court as Edgar Bronfman has suddenly discontinued his $6 billion bid for the Shari Redstone-run media giant.

“Tonight, our bidding group informed the special committee that we will be exiting the go-shop process. It was a privilege to have the opportunity to participate,” Bronfman announced Monday evening.

We continue to believe that Paramount Global is an extraordinary company, with an unrivaled collection of marquee brands, assets and people. 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. We congratulate the Skydance team and thank the special committee and the Redstone family for their engagement during the go-shop process.