WARNER BROS. DISCOVERY ENDS PARAMOUNT MERGER TALKS, CNBC SAYS

(Bloomberg) -- Warner Bros. Discovery Inc. ended its pursuit of a merger with rival Hollywood studio Paramount Global, CNBC reported, citing people familiar with the matter.

Another potential suitor, Skydance Media, is doing due diligence on a potential combination with Paramount, the film and TV company that owns CBS, Nickelodeon and other channels, CNBC said.

Paramount is controlled by its chair, Shari Redstone, and her family. The company has also received a $14 billion buyout bid from TV mogul Byron Allen.

A spokesperson for Warner Bros. declined to comment.

Shares of Paramount were up 1.6% to $11.27 at 11:53 a.m. in New York.