Paramount stock plummets after Shari Redstone kills Skydance deal

Wall Street JournalIt's a surprising development, considering an independent special committee of Paramount's board recently recommended the economics of the Skydance deal after months of back-and-forth talks. The Journal said the committee was slated to vote on the Paramount merger with Skydance on Tuesday afternoon.

Skydance, which has previously collaborated with Paramount on the production of popular film franchises, including "Mission Impossible," "Top Gun: Maverick," and "Transformers,"multiple times after nonvoting shareholders expressed concerns over the terms of its first deal, which was valued at $5 billion.

At the time, the CEOs unveiled a plan to cut $500 million worth of costs, which will include layoffs, in addition to exploring potential asset sales and partnerships with competitors for streaming joint ventures.

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