Paramount enters exclusive merger talks with Skydance, WSJ says

Paramount’s board and Skydance Media have agreed to go into exclusive merger discussions, Jessica Toonkel of Wall Street Journal reports, citing people familiar with the situation. The New York Times first reported the pact. Under the agreement, Paramount won’t entertain any offers from other companies for 30 days while the two firms try to work out a deal, the Journal says. The paper says Warner Bros. Discovery (WBD) and Apollo Global Management (APO) have expressed interest in all or parts of Paramount over the past few months. The agreement to go into exclusivity with Skydance means Paramount is pausing conversations with other potential bidders, it notes.