“People close to the situation that I’ve been speaking to of late indicate that the likelihood of a bid, at least for the full company, seems to be fading a bit,” said CNBC’s David Faber. “That does not mean that there would not be some sort of bid potentially forthcoming.”

Paramount was in negotiaions with a consortium of Sony Pictures and buyout firm Apollo Global Management, with the pair expressing an interest in acquiring Paramount Global in a deal valued at $26 billion (€24bn). A special committee of Paramount’s board had allowed an exclusivity period to expire in its deal discussions with Skydance earlier this May.