Edgar Bronfman drops 11th bid for Paramount-Bloomberg by Investing.com

Investing.com– A group led by media executive Edgar Bronfman has dropped out of the bidding process for Paramount Global (NASDAQ: ), Bloomberg reported Monday, the move comes just days after Bronfman submitted a bid for the studio.

Bronfman last week bid about $6 billion for Paramount, seeking to replace the studio’s merger deal with Skydance Media, which he signed in early July.

But the deal included a “go shop” period that allowed Paramount to solicit other offers. The studio’s board signaled it was committed to Bronfman’s offer and extended Bronfman’s go shop period until early September.

Bronfman’s resignation now poses no obstacles to the Skydance-Paramount merger, which will see a consortium of Skydance, RedBird Capital and KKR invest more than $8 billion in Paramount and buy media heiress Shari Redstone’s minority stake in the company, owned through National. Entertainments.