Media exec Bronfman pulls out of race to acquire Paramount

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Media exec Bronfman pulls out of race to acquire Paramount

The Paramount Studios in Los Angeles on April 29, 2024.

Eric Thayer | Bloomberg | Getty Images

Media veteran Edgar Bronfman on Monday said in a statement that his bidding group had pulled out of the race to take control of Paramount Global and exited the go-shop process.

Bronfman’s bid relied on participation of high net worth individuals, who were uncomfortable sharing their personal financial information with the Paramount special committee and its advisors, a source close to the matter told Reuters.

Last week, Bronfman had proposed to take control of Paramount through a $6 billion bid, in which it would buy the media firm’s controlling shareholder, National Amusements.

That offer for Paramount — home to its namesake film studio, the CBS broadcast network and cable networks such as Nickelodeon and Comedy Central — had threatened to derail an $8.4 billion agreement reached by Paramount and Skydance in July.

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