One of the biggest media takeover battles has come to an end with Paramount Global, Inc. PARA PARA and confirmed late Monday that the “go-shop” period has ended.

What happened: The special committee of the Paramount board said media veteran Edgar Bronfman, Jr informed her that the investor consortium he led had decided to withdraw its proposal. “Therefore, the transaction agreement with Skydance Media, LLC is complete as far as all parties are concerned,” Paramount said in a statement.

Bronfman, media manager and managing partner of Accretive LLC, previously directed Warner Music Group before selling to access industries. The scion of a wealthy Canadian Jewish family had submitted a $4.3 billion offer for Paramount’s holding company National Amusements, which is owned by the media executive Shari Redstonelast week. The offer was increased to $6 billion a few days later.

During the go-shop period, representatives of Paramount’s special committee contacted over 50 parties regarding a potential transaction.

Charles Phillips, Jr., The Chairman of the Special Committee said: “After nearly eight months of thoroughly reviewing the viable opportunities for Paramount, our Special Committee continues to believe that the transaction we have agreed to with Skydance offers immediate value and the potential for continued participation in value creation in a rapidly evolving industry landscape.”

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Why it is important: Bronfman, who had relied on wealthy individuals to sign the deal, had to back out because some of his coalition partners felt uncomfortable sharing their personal information with Paramount’s special committee, Reuters reported, citing sources.

Following the merger of CBS and Viacom in December 2019, the combined company was renamed Paramount in February 2022. Paramount began talks with Warner Bros. Discovery, Inc. WBD about a sale in December 2023. Later, in January 2024, Skydance CEO David EllisonSon of Oracle founder LArry Ellisonis said to be considering a cash offer to take over Paramount’s parent company National Amusements. Shortly after the media entrepreneur Byron Allen Paramount made a $30 billion offer, including debt and equity.

Paramount’s board reportedly entered into exclusive merger talks with Skydance in April 2024, and the two parties announced a deal on July 7. Skydance’s investor coalition consists of the Ellison family And RedBird Capital Partners, The company also agreed to invest $2.4 billion in cash to acquire National Amusements, $4.5 billion in stock/cash merger consideration payable for publicly traded Class A and Class B stock, and $1.5 billion in common equity to supplement Paramount’s balance sheet.

The Skydance deal is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions.

Paramount Class B shares on the Nasdaq ended Monday’s session down 0.26% at $11.33, according to data from Benzinga Pro.

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