Paramount Global officially goes to Skydance Entertainment - and Edgar Bronfman Jr. has withdrawn his USD 6 billion offer. Just one week after announcing an offer, first of 4.3 billion dollars and then 6 billion dollars, for the purchase of Paramount Global, he has withdrawn his offer, as he officially announced in a statement to the industry service deadline. The special committee at Paramount, which had accepted a review of the offer, has since confirmed that Bronfman is no longer in the running. He did not give a reason, but wished Skydance good luck as the future owner of Paramount, saying that the "best days" were still ahead of the studio.
After Bronfman was the only party to take advantage of Paramount's 45-day go-shop period following its commitment to Skydance, during which time members of Paramount management reportedly put out feelers to more than 50 potential bidders, the agreement between Skydance and Paramount Global is now finalised.
The media conglomerate, which also includes the film studio and various television channels as well as the streaming service Paramount+, is being sold for a total of 8 billion dollars to the production and film company of David Ellison, whose bid had been supported by his father, Larry Ellison of Oracle.
