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Warner Bros. Discovery Inc. reportedly put on hold its negotiations for acquiring Paramount Global. In the latest update on the development of the ongoing merger talks, the New York City-headquartered mass media and entertainment firm has hit pause for a deal that may form an imposing streaming and broadcast giant.
As per Fast Company, Warner Bros. Discovery stopped all work on a potential agreement until further notice. The decision to halt the buyout came three months after the merger talks started.
Effects of Suspended Negotiations
The news emerges as shares of the two firms have declined in recent months. It was mentioned that Warner Bros. Discovery’s shares dropped by 26% year to date, while Paramount Global saw 23% of its value fall since Jan. 1.
In any case, suspending the buyout negotiations places Paramount at a crossroads as it has already hired financial advisers to manage the bids. However, with Warner Bros., its leading bidder, having decided to step back, the merger is now facing uncertainties.
Prediction: What May Happen Next
Fast Company listed some possibilities and mentioned companies that may jump into the picture. It stated that Skydance Media may re-activate its offer to purchase Shari Redstone’s stake in National Amusements, which controls Paramount Global.
Apple Inc. or Amazon may also express interest in acquiring Paramount Global to boost their streaming businesses. The publication also mentioned Byron Allen and Comcast as groups that may place their bid for the media company.
Meanwhile, CBR further reported that Skydance Media will continue to put its due diligence into practice for a potential transaction with Paramount while its talks with Warner Bros. are on hold. If Skydance takes over the company, it plans to take it private.
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