Shari Redstone

Paramount and its main shareholder had previously accepted a bid from Skydance Media

Ellison’s Skydance Media would pay $1.75B for Paramount’s holding company National Amusements

Parent company National Amusements has issued a statement saying they were "not been able to reach mutually acceptable terms"

The two have agreed to the terms of a merger deal that could be announced in the next few days

Company to be run by a trio of executives until a successor is found

The two companies will reunite under the ViacomCBS Inc. banner.