Edgar Bronfman drops Paramount bid

• Edgar Bronfman Jr. exits his bid to own Paramount, clearing the path for Skydance Media sale.
• Bronfman, the ex-CEO of Warner Music Group, withdrew his bid just before the merger deadline.
• Paramount's sale to David Ellison's Skydance Media is now likely to proceed without obstacles.

Edgar Bronfman Jr. just walked away from his last-minute bid to own Paramount, setting the media giant back on track to be sold to David Ellison's Skydance Media.

Bronfman, the former CEO of Warner Music Group, said in a statement that his team informed Paramount on Monday evening that it would be exit the bidding process.

Bronfman made an eleventh-hour offer just before Paramount's merger with Skydance Media was set to close last week.

This is a breaking news story. Please check back for updates.