Skydance Set to Seal Paramount Merger as Bronfman Drops Out (1)

Producer David Ellison’s Skydance Media is set to become the new owner of Paramount Global after Seagram Co. heir Edgar Bronfman Jr. dropped out, ending one of the industry’s most dramatic acquisition contests.

The storied Hollywood studio said it expects to complete the deal with Skydance in the first half of 2025 as it confirmed Bronfman’s retreat late Monday. It also ended its “go-shop” period that allowed it to look for other bidders. Paramount shares slid 5.4% in early trading Tuesday in New York.

Ellison, the son of Oracle Corp. co-founder Larry Ellison, is aiming to provide a ...