Skydance Media talks conclude without an agreement, while Sony and Apollo present a new bid for Paramount

Paramount Global has decided to let its exclusive talks with Skydance Media come to an end without finalizing a deal, according to a report by The New York Times on May 3, 2024. This marks the conclusion of the exclusive negotiation period, which was intended to explore a potential agreement between the two companies.

Following the announcement, shares of Paramount rose by 3% during after-hours trading, signaling a positive market reaction to the end of the negotiations. Paramount’s special committee, which was established to assess offers for the company, had been in exclusive discussions with Skydance for an extended period, but no agreement has been reached.

In the same week, Sony Pictures Entertainment and private equity firm Apollo Global Management submitted a combined offer of $26 billion for Paramount, which includes cash and the assumption of debt. Despite the new bid, Paramount has yet to respond to the proposal, leaving the door open for further developments.

While Skydance Media declined to comment, the end of exclusive talks allows other potential bidders to pursue acquisitions, possibly shifting the direction of Paramount’s future negotiations. The company now faces new opportunities for discussions beyond its previous talks with Skydance.