Edgar Bronfman walked away from bidding for Paramount|Patrick Pelster|CC BY-SA 3.0 DE

Edgar Bronfman withdrew his bid for National Amusement, the parent company of Paramount Global, yesterday, clearing the path for David Ellison’s Skydance Media to acquire Shari Redstone’s media empire for $8 billion.

Last week, Bronfman offered $6 billion, while Skydance offered $8 billion to acquire National Amusements and merge Skydance with Paramount at a $4.75 billion valuation.

Skydance’s deal involves $1.5 billion to reduce Paramount’s debt and over $4 billion to buy out nonvoting shares at $15 each.