Edgar Bronfman Jr. walked away from his bid for Paramount after the company's special committee demanded his consortium submit a final offer Monday, according to people familiar with the matter.
Bronfman dropped his 11th hour bid just a week after the media executive made an initial offer of $4.3 billion for Shari Redstone's National Amusements, the controlling shareholder of Paramount.
Bronfman said last week in a letter to the Paramount special committee that he had rounded up 19 financial backers, as first reported by The Wall Street Journal.
Spokespeople for Bronfman, Skydance and the Paramount special committee declined to comment.
The special committee said late Monday the go-shop period was now over.
Persons:
Edgar Bronfman Jr, Bronfman, Centerview, David Ellison's Skydance, Shari Redstone's, Skydance, Spokespeople, Bronfman's, RedBird Capital Partners —
Organizations:
Paramount, Centerview Partners, David Ellison's Skydance Media, Bronfman's, Fortress Investment Group, BC Partners, Wall Street, wouldn't, RedBird Capital Partners