Shari Redstone ends talks with Skydance over merger with Paramount

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Shari Redstone has ended talks with Skydance Media over a merger that would have handed control of Paramount from her family to billionaire David Ellison.

The decision, confirmed by two people familiar with the matter, ends a chaotic sale process that has left the future of Paramount hanging in the balance for the past several months.

Shares in Paramount dropped more than 10 per cent on the news, which was first reported by The Wall Street Journal.

This is a developing story