Shari Redstone’s National Amusements has decided to halt discussions regarding a potential merger with David Ellison’s Skydance Media, as reported by the Wall Street Journal.

This development holds significance as the merger talks between Redstone and Skydance were viewed as a crucial opportunity for Paramount Global, the struggling entertainment conglomerate under the control of National Amusements.

The negotiations between Paramount and Skydance have been ongoing since December, with a 30-day exclusive negotiating period initiated in April to facilitate a possible agreement. However, despite efforts to reach a deal, the exclusive window expired, leading to the cessation of discussions.

The discussions primarily revolved around a two-step arrangement, where Skydance would first acquire National Amusements, followed by a merger between Skydance and Paramount.

Following the news reported by the Journal, Paramount’s shares experienced a 10% decline. It is now anticipated that Redstone will shift focus towards selling National Amusements separately, foregoing the attempt to merge with Paramount. The Journal indicated that National Amusements has attracted interest from two distinct groups – one led by Hollywood producer Steven Paul and another by media executive Edgar Bronfman Jr., supported by private equity firm Bain Capital.

Notably, Redstone and Skydance declined to provide immediate comments on the matter.

In a separate development, former President Donald Trump is scheduled to convene with GOP senators in Washington D.C. on Thursday afternoon. The meeting aims to discuss Trump’s upcoming plans for the summer, while senators will have the opportunity to present their suggestions for a strategic governing agenda in 2025.

Meanwhile, Israel has claimed that Hamas rejected a proposal concerning hostages and a potential ceasefire. The Israeli proposal was turned down by Hamas, as tensions continue in the region.