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After months of negotiations, the merger talks between Paramount Universal (PARA.US) and Warner Bros. Discovery Corporation have fallen through, with technology tycoon Ellison emerging as the ultimate winner.
Paramount Global (PARA.US) has been in talks with Warner Bros. Discovery for several months regarding a potential merger, but they decided to abandon the negotiations due to not receiving a specific quote.
Paramount Gave Up on Warner Bros. Merger After Months of Talks
Shari Redstone to Depart Paramount (NASDAQ:PARA) Board
Wells Fargo Maintains Paramount Global-B(PARA.US) With Hold Rating, Maintains Target Price $11
Paramount's parent company's controlling shareholder Shari Redstone may leave the board of directors after the merger is completed.
According to sources cited by Bloomberg on November 5th, after Paramount Global completes its merger plan with Skydance Media, Shari Redstone will no longer remain on Paramount Global's board of directors. The report states that Redstone and her son Tyler Korff may choose to join the new company's board of directors, but currently have no plans to do so. Skydance founder David Ellison will become the new Paramount's chairman and CEO, former NBCUniversal CEO Jeff.
Express News | Market news: Paramount's director SHARI REDSTONE will resign after the Sky Dance merger.