Edgar Bronfman drops Paramount bid

Alex Millauer/ Shutterstock; BI

Edgar Bronfman Jr. exits his bid to own Paramount, clearing the path for Skydance Media sale.Bronfman, the ex-CEO of Warner Music Group, withdrew his bid just before the merger deadline.Paramount’s sale to David Ellison’s Skydance Media is now likely to proceed without obstacles.

Edgar Bronfman Jr. just walked away from his last-minute bid to own Paramount, setting the media giant back on track to be sold to David Ellison’s Skydance Media.

Bronfman, the former CEO of Warner Music Group, said in a statement that his team informed Paramount on Monday evening that it would be exit the bidding process.

Bronfman made an eleventh-hour offer just before Paramount’s merger with Skydance Media was set to close last week.

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