Warner Bros. Discovery (WBD) is ending talks of a potential mega-merger with Paramount Global (PARA) after months of probing analysis. According to Seeking Alpha, Comcast (CMCSA) has also shied away from a potential acquisition — based on a recent CNBC report.

Despite the pitfalls in Paramount’s quest to deleverage their balance sheet by divesting non-core assets, David Ellison’s Skydance Media is still doing their due diligence on a potential deal and a $14 Bn offer from entrepreneur Byron Allen is on the table.

Paramount is on an upwards trajectory today, but year over year shares noticed a 50% drop.

Paramount is “focused on execution” of its current plans and believes that “continued execution of our plan will unlock value”, according to Naveen Chopra chief financial officer Paramount Global.

“We are very conscious that our job as management is to create value for all of our shareholders and there are multiple ways potentially to accomplish that. We think execution of our plans is compelling but to the extent that there are other alternatives, we will be diligent about exploring those,” said Chopra, interviewed by Morgan Stanley’s Ben Swinburne for this week’s Morgan Stanley Technology, Media & Telecom Conference.