By Despite months of negotiations, merger talks between Paramount and Skydance have fallen apart at the last minute with Paramount‘s controlling shareholder, Shari Redstone and her National Amusements, Inc. company, breaking them off.
According to The New York Times, the deal was close to fruition with Paramount’s special committee set to vote on it. Before they could, lawyers for National Amusements emailed the committee to say it was ending the discussions.
The email said National Amusements and Skydance had come to an agreement on economic terms, but could not agree on outstanding “noneconomic terms”.
National Amusements issued a statement saying they were: “grateful to Skydance for their months of work in pursuing this potential transaction and looks forward to the ongoing, successful production collaboration between Paramount and Skydance.”
It’s not clear what’s next for Paramount. Those in charge at Paramount are said to be exploring a joint venture that would considerably cut costs that come with running the current Paramount+ service.
A potential deal to sell Redstone’s controlling stake to media investor Edgar Bronfman Jr. and Redstone’s friend and Crystal Sky Pictures CEO Steven Paul is also possible.
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