By Cynthia Littleton

Edgar Bronfman Jr. has abruptly dropped his bid for Paramount Global, as his group barely had time to submit a final offer that could be a viable alternative to Skydance Media's pending takeover deal.

“Tonight, our bidding group informed the special committee that we will be exiting the go-shop process. It has been a privilege to have the opportunity to participate,” Bronfman said in a statement Monday night.

"We continue to believe that Paramount Global is an extraordinary company, with an unmatched collection of great brands, assets and people. While there may have been differences, we believe that everyone involved in the sale process is united in the belief that Paramount's best days are yet to come. We congratulate the Skydance team and thank the special committee and the Redstone family for their commitment throughout the go-shop process," Bronfman said.