Bronfman Consortium Drops Paramount Global Bid
The consortium led by media executive Edgar Bronfman bidding on a takeover of Paramount Global (see 2408220055) has withdrawn its bid, the media company said Monday night. That ends the "go shop" period laid out in the terms of Skydance…
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Media's bid for the company, Paramount said. During the go shop period, Paramount was free to solicit other bids. Charles Phillips, chair of the Paramount board M&A special committee, said the Skydance bid "delivers immediate value and the potential for continued participation in value creation in a rapidly evolving industry landscape." Paramount said the Skydance transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions. A Skydance/Paramount deal is not expected to face significant FCC or antitrust headwinds (see 2407080025).