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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff

Path clears for Paramount merger with Skydance after Bronfman drops bid

Paramount Skydance Edgar Bronfman Jr Shari Redstone Warner Music National Amusements Paramount Global
Marlon Brando has his hand kissed by a guest in a still from a scene in The Godfather
Paramount is the maker and owner of many classic films, including The Godfather (pictured), Titanic and Breakfast at Tiffany’s. Photograph: Paramount Pictures/Allstar

The veteran media executive Edgar Bronfman Jr has abandoned a $6bn (£4.5bn) bid for Paramount Global, clearing the path for the conglomerate’s multibillion-dollar merger with the production group Skydance Media.

Bronfman, the former chief executive of Warner Music, had gathered a consortium of investors in an attempt to gazump the proposed merger between Paramount and Skydance, which had been paused to allow Paramount to consider other offers.

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