Tonight, our bidding group informed the special committee that we will be exiting the go-shop process. It was a privilege to have the opportunity to participate.
We continue to believe that Paramount Global is an extraordinary company, with an unrivaled collection of marquee brands, assets and people. 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 believed his bid was competitive, because it didn't include a $4.5 billion valuation for Skydance, that would have diluted Paramount shareholders.
It was unclear whether the money Bronfman planned to raise from an investor group of dozens was ever going to materialize in time for consideration, if at all.
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