Edgar Bronfman Jr. withdraws offer for Paramount, allowing Skydance merger to go ahead

FILE - The main gate to Paramount Studios is seen on Melrose Avenue, July 8, 2015, in Los Angeles. FILE - Edgar Bronfman Jr., Chairman and CEO of Warner Music Group, discusses his company and the music industry at The Paley Center for Media in New York, Sept. 17, 2007. FILE - The main gate to Paramount Studios is seen on Melrose Avenue, July 8, 2015, in Los Angeles. FILE - The main gate to Paramount Studios is seen on Melrose Avenue, July 8, 2015, in Los Angeles. FILE - Edgar Bronfman Jr.

Paramount agreed last month to a merger deal with Skydance that will inject desperately needed cash into a legacy studio that has struggled to adapt to a shifting entertainment landscape. The deal signals the rise of a new power player, Skydance founder David Ellison, the son of billionaire Larry Ellison, who founded the software company Oracle.

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Paramount extends its Skydance go-shop period to consider acquisition bid from Edgar BronfmanThe decision to consider the bid from Seagram heir Edgar Bronfman comes after Paramount had agreed to merge with Skydance.
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