Paramount Global's ongoing negotiations to merge with David Ellison's Skydance Media have hit a crucial stage, with reports indicating that the deal is unlikely to close within the initial 30-day window. The merger talks are described as sensitive, and due diligence continues as both parties work through the details. If the merger proceeds, former NBCUniversal chief Jeff Shell is expected to take on the CEO role at Paramount, while former CNN chief Jeff Zucker may take over CBS. Additionally, the deal includes a deleveraged recap with a multibillion-dollar PIPE. Meanwhile, other potential buyers, including Sony and Apollo, are reportedly interested in Paramount, with Sony offering assets like gaming, music, and global operations that could enhance Paramount's distribution scale.