Edgar Bronfman Withdraws from $6 Billion Paramount Bid, Paving Way for Skydance

Edgar Bronfman Jr. has withdrawn his bid to acquire Paramount Global, enabling Skydance Media to move forward with its acquisition. Bronfman's decision comes after he failed to secure the necessary $6.3 billion equity financing and faced last-minute withdrawals from key equity partners. His $6 billion bid aimed to challenge Skydance Media's $8 billion offer, but concerns over sharing personal financial information with Paramount's special committee contributed to his withdrawal.

The Skydance transaction, valued at approximately $28 billion, is expected to close in the first half of 2025, pending regulatory approvals and other customary closing conditions. Paramount's special committee, which had contacted over 50 parties to gauge interest in acquiring the company, will now focus on finalizing the agreement with Skydance. The resolution of this bidding war concludes a period of intense negotiations and positions Skydance to take control of the media empire.