Edgar Bronfman Jr. abandoned his pursuit of Paramount on Monday, dropping his 11th-hour bid roughly a day before the deadline to submit a final offer for the owner of CBS and MTV.

Mr. Bronfman’s decision to suspend his bid all but ensures that Paramount will be acquired by Skydance, an up-and-coming Hollywood studio that has spent most of this year courting, cajoling and cudgeling Paramount into a deal. Skydance reached an $8 billion merger agreement in July, but that deal included a “go shop” window that allowed Paramount to seek other buyers.

In a statement, Mr. Bronfman said his bidding group had notified a special committee of Paramount’s board of directors Monday that the group would be dropping its pursuit, adding that it was “a privilege to have the opportunity to participate” in the deal making process.

“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 ahead,” Mr. Bronfman said. “We congratulate the Skydance team and thank the special committee and the Redstone family for their engagement during the go-shop process.”

Mr. Bronfman said in his statement that Paramount was “an extraordinary company,” calling it “an unrivaled collection of marquee brands, assets and people.”

This is a developing story. Check back for updates.

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