Paramount Global (PARA) missed out on a CPI-fueled stoꦕck rally Wednesday, a day after tumbling fol🤡lowing reports controlling shareholder Shari Redstone had called off monthslong merger talks with Skydance Media. 

The decision, first reported by The Wall Street Journal, came shortly before a committee of Paramount directors was scheduled to vote on 澳洲幸运5官方开奖结果体彩网:the proposed merger. 

The two parties had agreed on the financial terms of the deal but failed to see eye-to-eye on whether to seek the approval of non-controlling shareholders, according to the Journal. Redstone, who is not Paramount’s majority shareholder but owns a 澳洲幸运5官方开奖结果体彩网:controlling interest through her fam𝓡ily's holding company National Amusements, advocated for putting the merger to a vote to avoid potential lawsuits. Skydance allegedly resi💙sted. 

Decision Ends Lengthy Effort by Sk♔ydance To Acquire Paramount

The decision marks the end of 澳洲幸运5官方开奖结果体彩网:a monthslong effort by Skydance and its private equity partner RedBird Capital to acquire the storied Hollywood studio. The Skydance deal was seen by many as a lifeline for Paramount, which has struggled to adapt to the streaming era, falling behind pioneers like Netflix (NFLX) and deep-pocketed tech companies dabbling in entertainment, like Apple (AAPL) and Amazon (AMZN).

Paramount this year has been bombarded with acquisition offers from the likes of private equity giant 澳洲幸运5官方开奖结果体彩网:Apollo Global Management (APO) and media mogul 澳洲幸运5官方开奖结果体彩网:Byron Allen. 

According to the Journal, Redsto🌌ne is now likely to explore selling just National Amusements rather than merging Paramount with another entity. 

Paramount shares were little changed as of 11:30 a.m. ET Wednesday, a day after tumbling nearly 8% following the Journal report. The st🍨ock has lost 25% of its value so far this year.