Edgar Bronfman Jr. withdraws bid for Paramount Global as Skydance deal moves forward

Edgar Bronfman Jr. has unexpectedly withdrawn his last-minute attempt to acquire Paramount Global. This decision came as the deadline approached for his group to submit a firm offer that could rival Skydance Media’s pending acquisition deal.

Late Monday, Paramount Global’s special committee, overseeing its lengthy M&A process, released a statement announcing the conclusion of the company’s “go-shop” period and expressing its intention to proceed with the Skydance Media agreement. The committee mentioned in a statement that they had “contacted more than 50 third parties” to gauge interest in bidding for the iconic owner of Paramount Pictures, CBS, MTV, Nickelodeon, BET, VH1, Comedy Central, and more.

“Having thoroughly explored actionable opportunities for Paramount over nearly eight months, our Special Committee continues to believe that the transaction we have agreed with Skydance delivers immediate value and the potential for continued participation in value creation in a rapidly evolving industry landscape,” Phillips said.

Paramount Global indicated that the Skydance deal is anticipated to be finalized in the first half of 2025, as the company stated earlier this month during its second-quarter earnings report, which revealed weak results and highlighted the need for the transaction. In the Q2 report on Aug. 8, Paramount Global wrote down nearly $6 billion in value due to the declining prospects of its linear cable networks group.

Earlier on Monday evening, Bronfman acknowledged the conclusion of his efforts.

“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 said in a statement.