Edgar Bronfman abandons Paramount acquisition, clearing path for Skydance deal | Wilnesh News

Media veteran Edgar Bronfman drops out of race on Monday Paramount Worldwideclearing the way for Skydance Media to take control of Shari Redstone’s media empire.

Bronfman said in a statement that his bidding group notified Paramount’s select committee of its decision to withdraw from the process on Monday night.

“We continue to believe that Paramount Global is an extraordinary company with unmatched established brands, assets and talent,” Bronfman said in a statement. “While there may be differences, we believe that everyone involved in the sales process We all believe that Paramount’s best days are ahead.”

A source close to Bronfman told Reuters that Bronfman’s bid relies on participation from high-net-worth individuals who are unwilling to share their personal financial information with Paramount’s special committee and its advisers.

Last week, an investment group led by Bronfman proposed a $6 billion bid to acquire National Amusements, Paramount’s controlling shareholder.

Bronfman was unable to come up with the equity financing needed for his bid, according to another person familiar with the matter. Several of Bronfman’s key equity partners in the deal pulled out at the last minute, dashing his hopes of mounting a serious challenge to the Skydance takeover, the sources added.

Bronfman’s bid, which called for about $6.3 billion in equity financing commitments, fell short of that number, the sources said, without specifying how much Bronfman had raised.

The proposal had threatened Paramount Pictures, which owns the eponymous film studio, the CBS broadcast network and cable networks such as Nickelodeon and Comedy Central. The $8.4 billion deal reached between the industry and Skydance in July.

A spokesperson for Paramount’s special committee could not immediately be reached for comment. Skydance declined to comment.