Path clears for Paramount merger with Skydance after Bronfman drops bid
by Kalyeena Makortoff from on (#6Q92T)
Ex-Warner Music chief had formed consortium to gazump planned deal but some would-be investors withdrew
The veteran media executive Edgar Bronfman Jr has abandoned a $6bn (4.5bn) bid for Paramount Global, clearing the path for the conglomerate's multibillion-dollar merger with the production group Skydance Media.
Bronfman, the former chief executive of Warner Music, had gathered a consortium of investors in an attempt to gazump the proposed merger between Paramount and Skydance, which had been paused to allow Paramount to consider other offers.
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