Media industry veteran Edgar Bronfman Jr. announced on Monday that he has withdrawn from the race to take control of Paramount Global.
Bronfman’s bid relied on the participation of wealthy individuals who were reluctant to share their personal financial information with Paramount’s special committee and its advisers, people familiar with the matter told Reuters.
“We continue to believe that Paramount Global is an extraordinary company with unparalleled, recognizable brands, assets and people,” Bronfman said in a statement. “While there may have been differences of opinion, I believe everyone involved in the sale process is united in their belief that Paramount’s best days are yet to come.”
Last week, a group of investors led by Bronfman proposed buying out Paramount’s controlling shareholder, National Amusements, and taking control of the company for $6 billion.
The proposal for Paramount, which owns the namesake film studio, CBS broadcasting station and cable networks such as Nickelodeon and Comedy Central, threatened to derail its $8.4 billion takeover plan. Paramount and Skydance reach agreement In July.
A spokesman for Paramount’s special committee could not immediately be reached for comment, and Skydance declined to comment.
