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Path clears for Paramount merger with Skydance after Bronfman drops bid

Ex-Warner Music chief had formed consortium to gazump planned deal but some would-be investors withdrew

Last week, he emerged with a $4.3bn bid for National Amusements – the vehicle that holds the media tycoon Shari Redstone’s controlling stake in Paramount. However, Paramount, which is one of Hollywood’s best-known companies and also owns TV networks including CBS, Nickelodeon and the UK’s Channel 5, said on Tuesday that Bronfman had withdrawn his offer. “We thank Mr Bronfman and his investor group for their interest and efforts,” said Charles E. Phillips Jr, chair of Paramount’s special committee, which had been exploring other offers on behalf of the business.

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