The merger between entertainment giant Paramount and media company Skydance is set to go ahead after Edgar Bronfman Jr. withdrew a competing offer.

Bronfman, executive chairman of streaming service Fubo, told Paramount’s special committee of directors Monday night that he would not proceed with his bid.

Bronfman, the former chairman and CEO of Warner Music, had initially offered $4.3 billion for Shari Redstone’s National Amusements, the controlling shareholder of Paramount, according to multiple media reports. He then upped that bid to $6 billion.

Paramount agreed last month to a merger with Skydance. The proposed combined firm is valued at $28 billion. The deal is expected to close in September 2025, pending regulatory approval. — Associated Press