Media companies Paramount and Skydance are in talks about a potential merger, according to a new report.
The two companies have been in talks about a potential deal in recent weeks. The New York Times reported Tuesday noted that entertainment mogul and Skydance founder David Ellison met with Paramount’s board to discuss his vision for the deal.
Paramount has been exploring a potential sale since last year and is in talks with some of the world’s largest media conglomerates, including Warner Bros. Discovery, about a potential merger.
Negotiations between Warner Bros. and Paramount broke down earlier this year.
Paramount owns major media brands including CBS, Nickelodeon, and MTV.
The company’s stock price has fallen double digits since the beginning of the year, and S&P Global lower the rating It went into junk status at the end of last month.
In its fourth-quarter earnings report to investors last year, the company said linear TV advertising revenue fell 15%, but it promised to return to profitability from streaming by the end of 2025.
Skydance is a leading entertainment company that produces movies, television shows, and video games.
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