For months, Paramount has been in talks with several corporations about a possible sale or merger.

This includes discussions with Warner Bros. Discovery, Appollo Global Management, and others. Some of these conversations have gone smoothly, while others, such as Warner Bros. Discovery, have backed out of a potential merger with Paramount.

According to Variety, Paramount Global has declined an offer to sell itself to Apollo Global Management for $27 billion. This offer was apparently made over the weekend as a cash deal, but Shari Redstone, Paramount’s majority owner, declined to consider it.

READ MORE: Paramount’s Owners Are Reportedly Not Interested In A $11 Billion Offer To Buy The Studios From Apollo Global Management

This comes as The New York Times reports that Paramount and Skydance Media are close to a merger. According to the article, Paramount and Skydance Media are working on a contract that would allow Skydance a 30-day window for exclusive negotiations as the two parties try to clinch a deal.

Exclusive windows such as these are prevalent in discussions like this. It does not guarantee that a deal will be reached; but, windows like this occur when both parties believe a settlement is quite likely.

READ MORE: Paramount Is For Sale, And Here’s Everyone Who’s Reportedly Interested In Buying Or Merging With Them

Shari Redstone, a media executive, currently controls Paramount Global. Redstone also controls National Amusements, which owns 77% of Paramount’s voting stock. According to reports, the Redstone family is also considering selling its 77% stake in Paramount. With that ownership, the Redstone family must approve any transaction, and it has been stated that they are more interested in this proposal than others, such as Appollo Global Management’s plan to buy only the studios.

Any new owner of National Amusements would have authority of Paramount’s cable television networks, which include Nickelodeon, Comedy Central, MTV, and several movie theaters.

According to reports, Paramount and Skydance have been in talks since November 2023.

The announcement comes as the entertainment business faces difficult times, with cable TV viewership decreasing and the majority of streamers struggling to make a profit. Paramount’s streaming service, Paramount+, is one of the companies struggling to stay afloat.