Media mogul Edgar Bronfman Jr. has dropped his bid to acquire Paramount Global (PARA) parent company National Amusements, after upping his original offer of $4.5 billion to $6 billion last week. Bronfman previously served as the chairman and CEO of Warner Music Group (WMG) and is currently the executive chairman of FuboTV (FUBO).

Yahoo Finance senior entertainment reporter Alexandra Canal breaks down the latest news in the Paramount saga as Bronfman's withdrawal paves the way for Skydance Media to seal its merger deal with Paramount.

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This post was written by Luke Carberry Mogan.