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Warner Bros is no longer pursuing a merger with Paramount.

Warner Bros. Discovery has paused merger discussions with Paramount Global as the company trades at a 52-week low, sources told CNBC.

Discovery has gone "pencils down" on a potential acquisition of Paramount Global, halting talks after several months of kicking the tires on merging the media companies, according to people familiar with the matter. Skydance Media, the film and TV studio run by David Ellison, is still performing due diligence on a potential transaction, two of the people said. Discovery Chief Executive Officer David Zaslav had a preliminary conversation with Paramount Global CEO Bob Bakish, CNBC reported in December.

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