01:47 PM EDT, 08/06/2024 (MT Newswires) -- Sony Group ( SONY ) is no longer pursuing a bid for Paramount Global ( PARAA ) after the media conglomerate agreed to be acquired by Skydance Media, Nikkei reported Tuesday without attribution.

Paramount and Skydance agreed last month to a two-step transaction. Skydance will acquire the company's controlling shareholder, National Amusements, for $2.4 billion and pay an additional $4.5 billion to other shareholders.

Paramount has a 45-window to consider other offers.

Sony ( SONY ) had partnered with Apollo Global Management to make a $26 billion offer for Paramount in May. They were rebuffed by the Redstone family, which owns Paramount through National Amusements.

Sony ( SONY ) didn't immediately respond to a request for comment from MT Newswires.

(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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