Investing.com-- A group led by media executive Edgar Bronfman dropped out of the bidding process for Paramount Global (NASDAQ:PARA), Bloomberg reported on Monday, with the move coming just days after Bronfman submitted a bid for the studio.
Bronfman had last week bid about $6 billion for Paramount, looking to supersede the studio’s merger agreement with Skydance Media, which it had signed in early-July.
But the deal had included a “go shop” period that allowed Paramount to solicit other offers. The studio’s board had signaled it was engaging with Bronfman’s offer, and had extended the go shop period for Bronfman until early-September.
Bronfman’s dropping out now presents no more hurdles for the Skydance-Paramount merger, which will see a consortium consisting of Skydance, RedBird Capital and KKR investing more than $8 billion in Paramount and acquiring media heiress Shari Redstone’s minority stake in the firm, held through National Amusements.