Edgar Bronfman Jr. has declared his $6bn bid for Paramount Global abandoned due to funding issues, which facilitates Paramount's merger with Skydance Media.
Despite increasing his offer to $6bn, Bronfman couldn't secure enough equity as partners withdrew, resulting in his exit from the acquisition process.
Bronfman emphasized the potential of Paramount Global, stating 'we continue to believe that Paramount Global is an extraordinary company,' reflecting strong confidence in its future.
The failed bid by Bronfman permits Paramount to advance in its merger plans with Skydance, valuing Paramount Global at $28bn under the new agreement.
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