Discussions over a merger between National Amusements, the ultimate owner of Paramount Global, and Skydance Media have ended, without a seal being signed.
In a statement issued Tuesday National Amusements said the The two companies “have not been able to reach mutually acceptable terms regarding the potential transaction with Skydance Media for the acquisition of a controlling stake in NAI”.
The announcement ends month of on-off speculation over the future of Paramount Global, its studios, streaming and network television business.
National Amusements is controlled by Shari Redstone, who is said to have favoured a tie up with Skydance’s David Ellison, over a rival bid from Sony. She had said the Skydance, who produced the Paramount hit Top Gun: Maverick, would have been the best stewards for the company.
It now seems likely that Redstone will pursue a direct sale of National Amusements without also merging it into another company.
Ellison has thanked his employees for their effort during the months-long bid to merge the company into Paramount Global.
“While I was focused on this effort, you all doubled down on Skydance. In just a short time since we went back to work after a historic two-guild strike, you have delivered more TV product in our company’s history, hit video game franchises, Emmy-winning sports content, and a feature film slate that is our industry’s finest. For all of this and more, I thank you,” he said in a memo to staff.
