The long-running bidding war for Paramount Global may finally be over after billionaire businessman Edgar Bronfman Jr. exited the race yesterday.

The media investor and his bidding group made a last-minute entry into the M&A saga last week by submitting a US$4.3-billion bid (which was later upped to US$6 billion) to take over controlling shareholder Shari Redstone’s National Amusements. But Paramount’s special committee announced yesterday that the go-shop period—which was extended specifically to review the Bronfman Jr. offer—has now officially concluded after the consortium’s fairly quick departure.

The door is now open again for Skydance Media to proceed with its US$8-billion merger agreement, which earned the special committee’s stamp of approval in July. 

Special committee chair Charles Phillips Jr. said that the group has “thoroughly explored actionable opportunities for Paramount over nearly eight months” and has agreed that Skydance stands out, thanks to “the immediate value and the potential for continued participation in value creation in a rapidly evolving industry landscape.”

That decision should come as a relief to David Ellison’s company, which has been negotiating with Paramount since late 2023. (According to a WSJ report, Skydance was not pleased about this past week’s spoiler bid, and urged Paramount to halt talks with Bronfman Jr.)

The Skydance transaction should close sometime in the first half of 2025, pending regulatory approvals. As per the company’s previously outlined plans for “New Paramount”, Ellison will become CEO/chairman of the merged entity, with controversial ex-NBCU chief Jeff Shell in line to serve as president.

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