(Bloomberg) — Seagram Co. heir Edgar Bronfman Jr. has dropped out of a bidding war for Paramount Global after submitting a $6 billion proposal for the entertainment company last week and challenging an offer of more than $8 billion from Skydance Media.
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“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,” Bronfman said in a statement. “We continue to believe that Paramount Global is an extraordinary company, with an unrivaled collection of marquee brands, assets and people.”
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