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Shari Redstone pulled the plug Tuesday on a deal to sell Paramount Global-parent National Amusements to Skydance Media — even as a special committee of the media giant’s board was expected to meet to vote on a merger proposal.

The media heiress walked away from a $1.7 billion offer from the David Ellison-led independent studio for Redstone’s 77% stake in her family-run business, the Wall Street Journal reported.

National Amusements confirmed the deal was dead, saying the company has “not been able to reach mutually acceptable terms, regarding the potential transaction with Skydance Media.” 

“NAI is grateful to Skydance for their months of work in pursuing this potential transaction and looks forward to the ongoing, successful production collaboration between Paramount and Skydance,” the rep said.

Shares of Paramount plunged nearly 8% shortly after news broke that the deal fell through.

NAI said the company supports the recently announced strategic plan being executed by Paramounts Office of the CEO.

Paramount’s three co-CEOs recently unveiled a plan to slash costs and find a partner for its money-losing streaming service, Paramount+.

Redstone will now likely pursue a sale of just National Amusements, without merging Paramount with another company, according to The Wall Street Journal, which first reported the news.

NAI has received interest from two other suitors, an investor consortium led by Hollywood producer Steven Paul, and media exec Edgar Bronfman Jr., who is backed by private equity firm Bain Capital.

Under Skydance’s proposed deal, the production company behind hits like “Top Gun: Maverick” and “Mission: Impossible – Dead Reckoning Part One,” would have snapped up National Amusements for around $1.7 billion in cash.

The second part of the deal would have entailed Skydance merging with Paramount, owner of Paramount Pictures, CBS, MTV and Nickelodeon, in a stock deal.

That step was subject to review by a committee of Paramount directors, who had recently approved the economic terms of the merger but continued to negotiate with Skydance about other deal points, The Journal said.

The outlet said that some of those points included pushing for a deal to be subject to a vote of all other shareholders. The Journal reported that National Amusement was supportive of a vote.

Skydance said such a vote is “a nonstarter,” according to The Journal.

The committee was scheduled to vote on the Paramount merger with Skydance on Tuesday afternoon, but it is not clear if the vote happened.

A spokesperson for Paramount Global declined to comment. Skydance did not immediately respond to a Reuters request for comment.

With Post wires

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Sports

Sovereignty rallies to win Jim Dandy at Saratoga

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Sovereignty rallies to win Jim Dandy at Saratoga

SARATOGA SPRINGS, N.Y. — Kentucky Derby and Belmont Stakes champion Sovereignty rallied after losing position heading into the final turn to win the $500,000 Jim Dandy by a length at Saratoga on Saturday.

Ridden by Junior Alvarado, Sovereignty ran nine furlongs in 1:49.52 and paid $3 to win as the 1-2 favorite against four rivals, the smallest field of his career.

Hall of Fame trainer Bill Mott said Sovereignty would be pointed toward the $1.25 million Travers on Aug. 23 at the upstate New York track.

Approaching the turn, there were a few tense moments as it appeared Sovereignty was retreating when losing position to the advancing Baeza and deep closers Sandman and Hill Road, leaving Sovereignty in last for a few strides.

Alvarado said he never had a doubt that Sovereignty would come up with his expected run.

“It was everybody else moving and at that time I was just like, ‘Alright let me now kind of start picking it up,'” Alvarado said. “I had 100% confidence. I knew what I had underneath me.”

Baeza, third to Sovereignty in both the Derby and Belmont, finished second. Hill Road was another 9¼ lengths back in third. Mo Plex was fourth and Sandman fifth.

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UK

Man suffers cardiac arrest onboard boat trying to reach UK

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Man suffers cardiac arrest onboard boat trying to reach UK

A man has died after suffering cardiac arrest onboard a boat attempting to reach the UK.

The vessel turned back towards Equihen beach on the French coast yesterday morning.

A nurse tried to resuscitate the man but was unsuccessful.

Pic: PA
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Pic: PA

French authorities have now launched an investigation into the circumstances.

A spokesperson for Doctors Without Borders, also known as MSF, has criticised authorities on both sides of the Channel.

Jacob Burns said: “Yet again we have a tragedy in the Channel, that is the consequence of the deadly, costly and ineffective security policies implemented by the UK and France.”

Pic: PA
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Pic: PA

Later on Saturday, a lifeboat carried migrants who have made the voyage into the Port of Dover.

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Photographs showed them huddled under blankets and orange life jackets on board.

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Protesters clash over asylum hotels

Provisional statistics from the Home Office suggest almost 24,000 people have arrived on small boats in the UK so far this year.

Towns and cities across the UK have seen protests in recent days, primarily outside hotels believed to be housing asylum seekers.

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US

Michigan: 11 people stabbed in US supermarket – with six in critical condition

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Michigan: 11 people stabbed in US supermarket - with six in critical condition

At least 11 people have been stabbed at a Walmart supermarket in Michigan, with six in a critical condition.

Officials say a suspect is in custody – and at this stage, it is believed the attack was a “random act” that involved a folding-style knife near the checkout area.

Sheriff Michael Shea told reporters: “Eleven is 11 too many, but thank God it wasn’t more.”

Pic: AP
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Pic: AP

The suspect, who is from Michigan, is not known to police – and was captured within three minutes thanks to “citizen involvement”.

The attack unfolded in Traverse City – and Tiffany DeFell, who was in the car park at the time, described scenes of chaos.

“It was really scary. Me and my sister were just freaking out,” she said. “This is something you see out of the movies.”

Beyond the six people in a critical condition, it is believed the remaining five were seriously hurt. All 11 are still being treated in hospital.

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Pic: AP
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Pic: AP

Michigan Governor Gretchen Whitmer said: “Our thoughts are with the victims and the community reeling from this brutal act of violence.”

A Walmart spokesperson added that the retailer is working closely with law enforcement.

“Violence like this is unacceptable. Our thoughts are with those who were injured and we’re thankful for the swift action of first responders,” a statement said.

Pic: AP
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Pic: AP

At this stage, the ages of the victims is unclear – but it is not thought any of the victims were Walmart employees.

Traverse City is about 255 miles northwest of Detroit.

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