Weeks of speculation have come to a halt after Paramount Global, owner of the iconic Paramount Pictures studio, announced the termination of its potential merger with Skydance Media. The news, first reported by The Wall Street Journal, left many wondering about Paramount’s future trajectory.

National Amusements, the holding company that controls Paramount Global and is led by media mogul Shari Redstone, issued a statement on Tuesday citing an inability to reach “mutually acceptable terms” with Skydance Media. While the specific reasons remain undisclosed, whispers in the industry suggest a potential sticking point could have been Skydance’s refusal to include legal protections for Redstone in a shareholder lawsuit. According to The Hollywood Reporter, this hesitancy may have been a deal-breaker for National Amusements.

The failed merger follows a period of flux for Paramount. Rumors of a potential union with Warner Bros. Discovery surfaced last year, and with the Skydance deal off the table, Paramount finds itself back on the market. The Wall Street Journal suggests Redstone might explore an outright sale of National Amusements, severing ties with Paramount entirely. This comes on the heels of the company’s leadership shakeup in April, when CEO Bob Bakish stepped down after an eight-year run. Paramount has since established a three-person Office of the CEO, with Chris McCarthy, Brian Robbins, and George Cheeks taking the reins.

Paramount’s path forward remains uncertain. With a sizeable debt load and a television division facing challenges, the company has garnered interest from other potential suitors. Apollo Global Management, Sony, and media entrepreneur Byron Allen have all reportedly expressed interest in acquiring Paramount.