Warner Discovery (WBD) has reportedly halted talks to take over Paramount Global, according to a report on US TV networks.
WDB had been considering merger talks for several months before deciding to walk away from Paramount Global, CNBC said in the report, citing sources familiar with the matter.
In Australia, Paramount owns Network 10 and Paramount+.
Skydance Media, the film and TV studio run by CEO David Ellison, is still performing due diligence on a potential transaction, according to two sources who spoke to CNBC.
Earlier this month the Wall Street Journal reported that Comcast and Paramount were having talks about a joint venture or partnership that would enable their Paramount+ and Peacock streaming services to be joined together.
The CNBC report said that spokespeople for Comcast, Paramount Global, Skydance Media and Warner Bros. Discovery had declined to comment.
Warner Bros. Discovery Chief Executive Officer David Zaslav had a preliminary conversation with Paramount Global CEO Bob Bakish, CNBC reported in December.
Warner Bros. Discovery Chief Executive Officer David Zaslav
The companies engaged in more serious merger discussions in January, but talks cooled off this month, it said.
WBD shares fell 10% on Friday after the company missed analyst targets for earnings and revenue. The stock has fallen 47% in the past year and is near a 52-week low, said the report.
A post on thewaltdisneycompany.com earlier this month said that WBD, Fox and Warner Bros had reached an agreement to form a new joint venture to launch a sports streaming service this autumn to capture younger viewers who are not tuned in to television.
Paramount Global CEO Bob Bakish
