Media exec Bronfman pulls out of race to acquire Paramount By Reuters

By Dawn Chmielewski

(Reuters) -Media veteran Edgar Bronfman Jr pulled out of the race to take control of Paramount Global, he said on Monday.

Bronfman’s bid relied on participation of high net worth individuals, who were uncomfortable sharing their personal financial information with the Paramount special committee and its advisors, a source close to the matter told Reuters.

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

Last week, a Bronfman-led investor group had proposed to take control of Paramount through a $6 billion bid, in which it would buy the media firm’s controlling shareholder, National Amusements.

That offer for Paramount – home to its namesake film studio, the CBS broadcast network and cable networks such as Nickelodeon and Comedy Central – had threatened to derail an $8.4 billion agreement reached by Paramount and Skydance in July.

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