In a statement, Mr. Bronfman said his bidding group had notified a special committee of Paramount's board of directors Monday that the group would drop its pursuit, adding that it was a privilege to have the opportunity to participate in the deal-making process. Mr. Bronfman emphasized that Paramount's best days are ahead, reflecting optimism for the company's future despite stepping back from the bidding process.
While there may have been differences, we believe that everyone involved in the sale process is united in the belief that Paramount's best days are ahead. Bronfman expressed appreciation for the engagement he had with the special committee and the Redstone family. His statements highlighted a sense of camaraderie among those involved, indicating a shared respect for the opportunities Paramount still holds.
Bronfman called Paramount 'an extraordinary company,' referring to it as an unrivaled collection of marquee brands, assets, and people. Despite the abandonment of his bid, his admiration for the company remained clear, suggesting that he sees value in Paramount's existing framework and potential for future growth.
Mr. Bronfman congratulated the Skydance team, indicating an amicable end to his pursuit and acknowledging the work put into the merger discussions. His statement reflects a professionalism and respect for the competitive process, even as he steps back.
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