Media executive Bronfman withdraws from race to acquire Paramount by Reuters

By Dawn Chmielewski

(Reuters) – Media veteran Edgar Bronfman Jr has withdrawn from the race to take control of Paramount Global, he said on Monday.

Bronfman’s bid relied on the participation of high-net-worth individuals who found it difficult to share their personal financial information with Paramount’s special committee and its advisers, a source close to the matter told Reuters.

“We continue to believe that Paramount Global is an extraordinary company with an unparalleled collection of brands, assets and people,” Bronfman said in a statement. “While there may have been differences, we believe everyone involved in the sale process is united in the belief that Paramount’s best days are ahead.”

Last week, an investor group led by Bronfman proposed taking control of Paramount in a $6 billion bid that would buy the media company’s controlling shareholder, National Amusements.

That bid for Paramount — home to its namesake film studio, broadcast network CBS and cable networks like Nickelodeon and Comedy Central — had threatened to derail the $8.4 billion deal Paramount and Skydance reached in July.

Spokesmen for Paramount’s special committee could not immediately be reached for comment. Skydance declined to comment.