Investing.com– A bunch led by media government Edgar Bronfman dropped out of the bidding course of for Paramount International (NASDAQ:), Bloomberg reported on Monday, with the transfer coming simply days after Bronfman submitted a bid for the studio.
Bronfman had final week bid about $6 billion for Paramount, seeking to supersede the studio’s merger settlement with Skydance Media, which it had signed in early-July.
However the deal had included a “go store” interval that allowed Paramount to solicit different provides. The studio’s board had signaled it was participating with Bronfman’s provide, and had prolonged the go store interval for Bronfman till early-September.
Bronfman’s dropping out now presents no extra hurdles for the Skydance-Paramount merger, which is able to see a consortium consisting of Skydance, RedBird Capital and KKR investing greater than $8 billion in Paramount and buying media heiress Shari Redstone’s minority stake within the agency, held by Nationwide Amusements.
