(Bloomberg) — Paramount Global Chair Shari Redstone has decided to end negotiations for a merger between the legendary media company and David Ellison’s Skydance Media, according to people familiar with the matter.
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The shares tumbled about 8% on the news.
A special committee of the board met earlier on Tuesday to discuss a complicated deal proposed by Ellison, which would have seen Redstone sell her family’s controlling stake in the iconic media giant that owns Paramount Pictures, CBS and MTV to Ellison for $2.25 billion, the people said.
Charles Phillips, the lead independent director, objected to the proposed offer, the people said, and ultimately Redstone backed down. She will likely now pursue a sale of National Amusements Inc., the holding company that owns 77% of the Paramount voting stock, the people said, asking not to be identified discussing non-public information.
Representatives for Paramount and Skydance didn’t respond to a request for comment. The Wall Street Journal earlier reported on the end of the discussions.
–With assistance from Hannah Miller.
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