Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Tuesday, August 27th. I'm Julie Morgan. Edgar Bronfman Jr. On And Campbell lets go of Pop Secret.

Edgar Bronfman Jr. has dropped out of bidding for Paramount Global.

According to media reports from the NBC, Bloomberg, and the Wall Street Journal, Bronfman said in a state from

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B that the bidding group informed the special committee that they'll be exiting the

the go shop process and that it was a privilege to have the opportunity to participate.

He said that they continued to believe that Paramount Global is an extraordinary company

with an unrivaled collection of marquee brands, Assets, and People.

The decision to exit likely ends the bidding war with Sky Dance,

which is run by David Ellison.

Last week, Bromfmann submitted a $6 billion offer for national amusements, the Redstone Family Company that controls Paramount.

His exit also comes after Skydance last week accused Paramount of breaching the terms of its deal by extending the time

it has to engage with other bidders. Loeb's is the latest company to dial back its diversity, equity, and inclusion programs.

Conservative activist Robbie Starbuck is claiming credit for the move.

Loz will combine its business resource groups representing diverse employees into one organization

and will only sponsor community events related to affordable housing, disaster relief,

and skilled trades education.

The company had eight business resource groups,

according to its 2022 diversity report,

representing associates from the black Latino and LGBTQ communities

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