Media veteran Edgar Bronfman Jr dropped out of the bidding process for Paramount Global, paving the way for Skydance Media to acquire the Hollywood studio.
Bronfman notified the special committee of Paramount's board of his decision on Monday night.
Paramount said in a statement that the special committee had concluded the "go shop" period, in which it contacted more than 50 parties to determine their interest in acquiring Paramount.
"On behalf of the special committee we thank Mr. Bronfman and his investor group for their interest and efforts," said Charles E. Phillips, Jr., Chair of the Special Committee.
"Having thoroughly explored actionable opportunities for Paramount over nearly eight months, our Special Committee continues to believe that the transaction we have agreed with Skydance delivers immediate value and the potential for continued participation in value creation in a rapidly evolving industry landscape," he added.
The Skydance transaction is expected to close in the first half of 2025, pending regulatory approvals, the company said.
