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## Skydance’s Merger with Paramount Global in Jeopardy

After weeks of negotiations, Skydance’s proposed merger with Paramount Global seems to be on the verge of falling through. Paramount’s special board committee appears to have lost interest in the offer, which would have involved the acquisition of controlling shareholder Shari Redstone’s stake in the company by David Ellison-led studio with financial partners RedBird Capital and KKR. The plan was to merge Skydance into Paramount while maintaining it as a publicly-traded entity with new leadership.

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Skydance had been granted a 30-day exclusive negotiating window and had recently put forward a revised offer to appeal to Paramount common shareholders who had expressed opposition to the initial proposal. However, with the negotiation window set to close soon, the future of the deal remains uncertain.

Another offer from Apollo and Sony Pictures, totaling $26 billion in cash, is also on the table. Despite the financial appeal of this alternate proposal, concerns about regulatory hurdles due to Apollo’s ownership of broadcast TV stations and Sony’s foreign status have emerged. Redstone is reportedly not enthusiastic about this offer.

The conclusion of the Skydance talks comes amidst a tumultuous period for Paramount, marked by the departure of CEO Bob Bakish and the appointment of a new leadership team. The company is navigating uncharted waters as it seeks to chart a course forward under the guidance of Brian Robbins, George Cheeks, and Chris McCarthy.

With the fate of the proposed mergers uncertain and internal changes underway, Paramount faces a critical juncture in defining its future direction. The newly appointed executives are crafting a strategic plan to propel the company towards success in a rapidly evolving landscape.

As Paramount shares take a hit and key stakeholders maintain silence on the unfolding developments, the industry watches closely to see how the studio navigates the challenges ahead.

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