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Edgar Bronfman Jr. has dropped out of bidding for Paramount International (NASDAQ:PARA) after submitting a $6 billion proposal in an effort to problem Skydance Media’s deal.
“Tonight, our bidding group knowledgeable the particular committee that we are going to be exiting the go-shop course of,” Bronfman mentioned in a assertion, in accordance with media studies from CNBC, Bloomberg and the Wall Avenue Journal. “It was a privilege to have the chance to take part. We proceed to consider that Paramount International is a unprecedented firm, with an unmatched assortment of marquee manufacturers, belongings and other people.”
Bronfman’s determination to exit seemingly ends the bidding conflict between the Seagram Co. inheritor and Sky Media, which is run by David Ellison, son of billionaire tech maverick and Oracle co-founder Larry Ellison.
Bronfman final week submitted a $6 billion provide for Nationwide Amusements, the Redstone household firm that controls Paramount (PARA), and was nonetheless engaged on getting the ultimate signatures for his financing bundle, Bloomberg reported on Saturday.
Bronfman’s exit additionally comes after Skydance final week accused Paramount (PARA) of breaching the phrases of its deal by extending the time it has to interact with different bidders.
