National Amusements ends talks with Skydance over Paramount deal, sources say

The Paramount logo is displayed at Columbia Square along Sunset Blvd in Hollywood, California on March 9, 2023.

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National Amusements has stopped discussions with Skydance about a proposed merger Big globalCNBC's David Faber reported this on Tuesday.

National Amusements, owned by Paramount's controlling shareholder Shari Redstone, had previously agreed to the terms of a merger with a consortium that includes David Ellison's Skydance and private equity firms RedBird Capital and KKR. The deal was awaiting Redstone's signature, CNBC previously reported. National Entertainments, which Redstone controls, owns 77% of Class A Paramount shares.

The about-face on the proposed deal comes not only days after Skydance and Paramount agreed to terms of the merger, but also after Paramount's annual shareholder meeting, where company leadership laid out plans for the future.

Paramount shares closed nearly 8% lower on Tuesday after the report.

This is the latest news. Check back later for updates.

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