Apollo Global Management

Skydance’s merger talks with Paramount collapsed in epic fashion on Tuesday after Paramount’s controlling shareholder canceled the deal, ending an attempt to turn around the troubled studio. The deal fell through just as it was about to be finalized.

At their annual meeting on Tuesday, Paramount executives unveiled a plan to reduce costs and seek a partner for their streaming service. As a result, shares dropped nearly 5% as prospects for a merger with Skydance Media diminished.