Bronfman Jr. Exits Paramount Bid, Clearing Path for Skydance Merger

Edgar Bronfman Jr. withdrew his bid for Paramount after the special committee accelerated the deadline for final offers. Initially believing he had until Tuesday to secure financing, Bronfman faced a revised deadline that left him unable to provide necessary documentation for due diligence. His consortium, which included Fortress Investment Group and BC Partners, had aimed to increase their bid to approximately $6 billion but fell short as some investors withdrew due to concerns over potential leaks of private financing details. Bronfman's offer would have matched Skydance's bid of $23 per share for Class A holders but lacked the financial backing to compete effectively. With Bronfman exiting the race, Skydance is now positioned to finalize its merger with Paramount, which is anticipated to close in the first half of 2025, pending regulatory approval. This development marks the conclusion of a complex negotiation process for Paramount, which has seen various proposals and challenges over the past months. The withdrawal of Bronfman has led to a significant drop in Paramount's stock price, reflecting investor sentiment regarding the future of the company under Skydance's potential leadership.