Paramount Global ( PARA ) missed out on a CPI-fueled stock rally Wednesday, a day after tumbling following reports controlling shareholder Shari Redstone had called off monthslong merger talks with Skydance Media.

The decision, first reported by The Wall Street Journal , came shortly before a committee of Paramount directors was scheduled to vote on the proposed merger .

The two parties had agreed on the financial terms of the deal but failed to see eye-to-eye on whether to seek the approval of non-controlling shareholders, according to the Journal . Redstone, who is not Paramount’s majority shareholder but owns a controlling interest through her family’s holding company National Amusements, advocated for putting the merger to a vote to avoid potential lawsuits. Skydance allegedly resisted.

Decision Ends Lengthy Effort by Skydance To Acquire Paramount

The decision marks the end of a monthslong effort by Skydance and its private equity partner RedBird Capital to acquire the storied Hollywood studio. The Skydance deal was seen by many as a lifeline for Paramount, which has struggled to adapt to the streaming era, falling behind pioneers like Netflix ( NFLX ) and deep-pocketed tech companies dabbling in entertainment, like Apple ( AAPL ) and Amazon ( AMZN ).

Paramount this year has been bombarded with acquisition offers from the likes of private equity giant Apollo Global Management ( APO ) and media mogul Byron Allen .

According to the Journal , Redstone is now likely to explore selling just National Amusements rather than merging Paramount with another entity.

Paramount shares were little changed as of 11:30 a.m. ET Wednesday, a day after tumbling nearly 8% following the Journal report. The stock has lost 25% of its value so far this year.