Media veteran Edgar Bronfman Jr. has withdrawn from the race to take management of Paramount World, he stated Monday.
Bronfman’s bid relied on the participation of high-net-worth people who had been uncomfortable sharing their private monetary info with Paramount’s particular committee and its advisers, a supply near the matter informed Reuters.
“We proceed to consider that Paramount World is an distinctive firm with an unmatched assortment of manufacturers, property and other people,” Bronfman stated in a press release. “Whereas there could have been variations, we consider that everybody concerned within the sale course of is united within the perception that Paramount’s greatest days are forward.”
Final week, an investor group led by Bronfman provided to take management of Paramount by means of a $6 billion bid wherein it will purchase the media agency’s controlling shareholder, Nationwide Amusements.
That bid for Paramount — house to its namesake film studio, the CBS broadcast community and cable networks like Nickelodeon and Comedy Central — threatened to blow $8.4 billion. agreement reached by Paramount and Skydance in July.
Spokesmen for Paramount’s particular committee couldn’t instantly be reached for remark. Skydance declined to remark.
