Edgar Bronfman Jr. dropped out of the bidding process for Paramount Global on Monday night, ending a months-long saga for control of the media giant. The pullout, barring any unforeseen issues or regulatory challenges, means Paramount will end up being acquired by David Ellison’s Skydance Media, whose $8 billion offer was approved by Paramount’s board last month.
So will end a torturous process to sell one of the jewels in Hollywood’s crown, Paramount Pictures, home to “Titanic” and “Interstellar,” home to the “Mission: Impossible” and “Transformer” franchises, but also the cradle of legendary films from “The Godfather” to “Forrest Gump” to “Rosemary’s Baby.”