Paramount Global PARA PARA saw a premarket decline on Tuesday, with Class A and Class B shares falling 3.06% and 4.68%, respectively, according to Benzinga Pro. This decline followed immediately on the heels of the end of the “go shop” period late Monday.

What happened: The company’s board of directors announced that Edgar Bronfman, Jr., a media veteran and managing partner at Accretive LLChas withdrawn his consortium’s proposal. Bronfman had previously made a $4.3 billion offer for Paramount’s holding company National entertainmentwhich was later increased to $6 billion.

Charles Phillips, Jr., Chairman of the Special Committee, stated that the Committee continues to believe that the agreed transaction with Skydance Media, LLC offers immediate added value and potential for continuous participation in value creation in a rapidly evolving industry landscape.

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Why it is important: The withdrawal of Bronfman’s offer comes after some of his coalition partners expressed unease about sharing their personal information with Paramount’s special committee, according to Reuters. Paramount, which was renamed after the 2022 merger of CBS and Viacom, began talks with Warner Bros. Discovery, Inc. WBD regarding a sale in December 2023.

The company entered into exclusive merger talks with Skydance in April and announced a deal on July 7. Skydance’s investor coalition, including Ellison Family and RedBird Capital Partners, has agreed to invest $2.4 billion to acquire National Amusements. The deal is expected to close in the first half of 2025.

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Image: Shutterstock/ 4kclips

This story was created with Benzinga Neuro and edited by Pooja Rajkumari