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

NEW YORK (AP) — The merger between entertainment giant 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,” he said.

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. He then upped that bid to $6 billion.