The long-running bidding war for Paramount Global may finally be over after billionaire businessman Edgar Bronfman Jr. dropped out of the race yesterday.

The media investor and his bidding group entered the M&A saga at the last minute last week by Bid of $4.3 billion (later increased to $6 billion) to acquire National Amusements from majority shareholder Shari Redstone. But Paramount’s special committee announced yesterday that the go-shop period – which was extended specifically to consider Bronfman Jr.’s offer – is now officially over following the consortium’s relatively quick exit.

The door is now open again for Skydance Media to continue with its Merger agreement worth $8 billionwhich received the approval of the Special Committee in July.

Special committee chairman Charles Phillips Jr. said the group “thoroughly reviewed viable opportunities for Paramount for nearly eight months” and agreed that Skydance stood out because of “its immediate value and potential for continued participation in value creation in a rapidly evolving industry landscape.”

This decision should come as a relief to David Ellison’s company, which has been negotiating with Paramount since late 2023. (According to a WSJ reportSkydance was not happy with last week’s spoiler offer and asked Paramount to break off talks with Bronfman Jr.)

The Skydance transaction is expected to close sometime in the first half of 2025, subject to regulatory approvals. According to the company’s previously outlined plans for “New Paramount,” Ellison will serve as CEO/Chairman of the combined company, with controversial Former NBCU boss Jeff Shell is slated to become president.

Image courtesy of Hannah Wernecke/Unsplash