The merger between Paramount and media company Skydance is set to go ahead after Edgar Bronfman Jr. withdrew a competing offer. Bronfman, executive chairman of streaming service Fubo, told Paramount’s special committee of directors Monday night that he would not proceed with his bid. “While there may have been differences, we believe that everyone involved in the sale process is united in the belief that Paramount’s best days are ahead,” Bronfman said.
Paramount Global has closed its ‘go-shop’ period after Edgar Bronfman Jr’s investor consortium withdrew its acquisition proposal. Paramount’s Special Committee of the Board of Directors confirmed the withdrawal and the end of the solicitation process that was part of the deal with Skydance Media. 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.