- Edgar Bronfman Jr. exits his bid to own Paramount, clearing the path for Skydance Media sale.
- Bronfman, the ex-CEO of Warner Music Group, withdrew his bid just before the merger deadline.
Edgar Bronfman Jr. just walked away from his last-minute bid to own Paramount, setting the media giant back on track to be sold to David Ellison's Skydance Media.
Bronfman, the former CEO of Warner Music Group, said in a statement that his team informed Paramount on Monday evening that it would be exit the bidding process.
Bronfman made an eleventh-hour offer just before Paramount's merger with Skydance Media was set to close last week.
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