Former Warner Music Chairman Edgar Bronfman, Jr. is withdrawing his bid for Paramount Global, according to a report on Monday.

The report, from the New York Times, comes about a week after Bronfman submitted a $4.3 billion offer to acquire National Amusement’s majority stake in Paramount’s common stock, a bid that was later revised to just over $6 billion.

“Tonight, our bidding group informed the special committee that we will be exiting the go-shop process,” Bronfman said in a statement released to reporters late Monday evening. “It was a privilege to have the opportunity to participate. We continue to believe that Paramount Global is an extraordinary company, with an unrivaled collection of marquee 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 ahead.”

The withdrawal of the offer likely means a bid made by Skydance Media will move forward as planned. In the note sent to reporters, Bronfman sent his well-wishes to Skydance as they pursue their offer as first proposed in July.

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