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

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NEW YORK (AP) — The merger between entertainment giant Paramount and media company Skydance is set to go ahead after Edgar Bronfman Jr. withdrew a

FILE - The main gate to Paramount Studios is seen on Melrose Avenue, July 8, 2015, in Los Angeles. NEW YORK — The merger between entertainment giant Paramount and media company Skydance is set to go ahead after Edgar Bronfman Jr. withdrew a competing offer.

Bronfman, the former chairman and CEO of Warner Music, had intitially offered $4.3 billion for Shari Redstone’s National Amusements, the controlling shareholder of Paramount, according to multiple media reports. He then upped that bid to $6 billion. Shari Redstone’s National Amusements has owned more than three-quarters of Paramount’s Class A voting shares through the estate of her late father, Sumner Redstone. She had battled to maintain control of the company that owns CBS, which is behind blockbuster films such as “Top Gun” and “The Godfather.”

The proposed combined company of Paramount and Skydance is valued at around $28 billion. The deal is expected to close in September 2025, pending regulatory approval.

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