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

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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.

FILE - The main gate to Paramount Studios is seen on Melrose Avenue, July 8, 2015, in Los Angeles. Bronfman, executive chairman of streaming service Fubo, told Paramount’s special committee of directors Monday night that he would not proceed with his bid.

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. 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,. She had battled to maintain control of the company that owns CBS, which is behind blockbuster films such as “Top Gun” and “The Godfather.”

Skydance, based in Santa Monica, California, has helped produce some major Paramount hits in recent years, including Tom Cruise films like “Top Gun: Maverick” and installments of the “Mission Impossible” series.

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