Former Warner Music Group chairman and CEO Edgar Bronfman Jr. drops his $6 billion bid to buy Paramount, clearing the way for its merger with Skydance
Edgar Bronfman Jr.Bronfman, executive chairman of streaming service Fubo, told Paramount’s special committee of directors Monday night that he would not proceed with his bid.“While there may have been differences, we believe that everyone involved in the sale process is united in the belief that Paramount’s best days are ahead,” he said.
Since then, during what’s known as a “go shop” period, a special committee of Paramount’s board had reached out to more than 50 third parties to determine whether they were interested in making offers. The go shop period was extended for Bronfman, but has now closed.’s National Amusements has owned more than three-quarters of Paramount’s Class A voting shares through the estate of her late father, .
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