Edgar Bronfman drops Paramount bid

Core Viewpoint - Edgar Bronfman Jr. has withdrawn his bid to acquire Paramount, facilitating the sale of the media company to Skydance Media led by David Ellison [1][2][3] Group 1 - Bronfman, the former CEO of Warner Music Group, informed Paramount of his decision to exit the bidding process just before the merger deadline [3] - The withdrawal of Bronfman's bid removes obstacles for Paramount's sale to Skydance Media, which is now likely to proceed smoothly [1][2] - Bronfman made a last-minute offer prior to the scheduled closing of Paramount's merger with Skydance Media [3]