Share Redstone's National Amusements has stopped talks with Skydance on proposed merger deal with Paramount Global, CNBC reported Tuesday.
National Amusements has stopped talks with Skydance on a proposed merger with Paramount Global , sources told CNBC's David Faber.Eric Thayer | Bloomberg | Getty Images
Last week, Paramount's current leadership, the so-called "Office of the CEO" — CBS CEO George Cheeks, Paramount Media Networks CEO Chris McCarthy and Paramount Pictures CEO Brian Robbins — mapped out the company's strategic priorities in the event the company was not sold. The trio outlined a plan that included exploring streaming joint venture opportunities with other media companies, eliminating $500 million in costs and divesting noncore assets. The plan that was presented to shareholders was Redstone's alternative option if she chose not to sell.
This is why it was no surprise when Paramount and Skydance agreed to merger terms earlier in June, CNBC reported.
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