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The consortium led by media executive Edgar Bronfman bidding on a takeover of Paramount Global (see 2408220055) has withdrawn its bid, the media company said Monday night.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 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).