Paramount Set for Skydance Takeover After Bronfman Withdraws Bid

Group 1 - Edgar Bronfman Jr. has withdrawn from bidding for Shari Redstone's media empire, paving the way for a sale to David Ellison's Skydance Media [1][2] - The special committee has decided to close the "go-shop" period and proceed with the Skydance Media deal [2] - The committee reached out to over 50 third parties to gauge interest in bidding for Paramount [3] Group 2 - Paramount agreed to a deal with Skydance and RedBird Capital Partners for over $8 billion, including debt, to acquire controlling shareholder National Amusements and form "New Paramount" [4] - Paramount shares have decreased by 23% year-to-date and are down an additional 4.7% to $10.80 in premarket trading [4]