David Ellison’s Skydance Media is set to acquire Paramount Global, following the withdrawal of Edgar Bronfman Jr., the Seagram Co. heir, from the bidding process.

The acquisition, expected to be finalized in the first half of 2025, follows the conclusion of Paramount’s “go-shop” period, which sought alternative offers.

Paramount, currently burdened with over $14 billion in debt and facing significant industry challenges, is anticipated to undergo a transformation under Ellison’s leadership. Bronfman’s group, which had previously submitted a $6 billion bid, withdrew after failing to meet the strict deadlines required for the acquisition.

The merger will see Skydance, valued at $4.75 billion, integrated into Paramount in an effort to rejuvenate the struggling entertainment giant.

The acquisition aims to leverage Skydance’s creative resources and management strategies to revitalize Paramount’s position in the competitive media landscape.