05:57 PM EDT, 08/22/2024 (MT Newswires) -- Paramount Global ( PARAA ) has been accused by Skydance Media of breaching the terms of its deal following the extension of Paramount's "go shop" period, the Wall Street Journal reported Thursday.

The period during which the Paramount special committee can solicit and review bids for the company has been extended until Sept. 5, the report said.

The extension came after Paramount received a $6 billion deal proposal from Edgar Bronfman Jr. for Shari Redstone's National Amusements, the company that controls Paramount.

The report cited a Skydance letter saying that Paramount has breached the transaction agreement by not halting all negotiations with Bronfman's team by the end of Wednesday.

Bronfman and the Paramount special committee declined to comment, the publication said.

Paramount and Skydance did not immediately reply to MT Newswires' request for comment. Bronfman could not be reached.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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