Edgar Bronfman Jr. drops bid, paving way for Paramount's takeover by Skydance Media

[August 27, 2024]  (Reuters) - Media veteran Edgar Bronfman Jr. has withdrawn from the race for Paramount Global, clearing the way for Skydance Media to take control of Shari Redstone's empire and ending one of the most chaotic media bidding wars in recent history.  

A view of Paramount Studios's water tank in Los Angeles, California, U.S., September 26, 2023. REUTERS/Mario Anzuoni/File Photo

Paramount and David Ellison's Skydance signed a merger deal in early July. The agreement included a 45-day "go-shop" period to consider other offers. A special board committee extended the deadline for Bronfman Jr.'s consortium to Sept. 5.

The special Paramount board committee has said it has concluded the "go-shop" period and expects the deal with Skydance to close in the first half of 2025.

(Reporting by Yuvraj Malik, Priyanka.G and Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila, Devika Syamnath, Shinjini Ganguli, Alan Barona and Pooja Desai)

[© 2024 Thomson Reuters. All rights reserved.]
This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.