Paramount Global shares slid more than 7% shortly before market close Tuesday after National Amusements, the media conglomerate’s parent company, scrapped merger discussions with Skydance Media, according to multiple outlets, bringing an end to a tedious, months-long negotiation process.
Paramount reportedly reached a tentative agreement with Skydance in early April. (Photo by Patrick ... [+]
National Amusements owner and controlling Paramount shareholder, Shari Redstone, ended discussions with Skydance, according to The Wall Street Journal, which noted Redstone will likely look to sell off National Amusements without merging Paramount with another company.
Paramount Global shares closed down 7.8% at $11.04, erasing small gains made by the stock in late May.
Skydance did not immediately respond to Forbes’ request for comment.
This is a developing story. Check back for updates.