12:02 PM EDT, 05/03/2024 (MT Newswires) -- (Updates with Paramount declining to comment in the third paragraph.)

Skydance Media is prepared to withdraw its offer for Paramount Global ( PARAA ) unless it receives a commitment from controlling shareholder Shari Redstone, following a recent offer for Paramount from Apollo Global Management ( APO ) and Sony Pictures (SONY), CNBC reported Friday, citing a person familiar with the matter.

The exclusivity window for discussions between Skydance and Paramount ends Friday and won't be extended, according to CNBC, citing people familiar with the matter.

Paramount declined to comment to MT Newswires, while Skydance did not respond to a request for comment by 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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