** Shares of media giant Paramount Global fall 5.4% to $13.11
** Expectation at PARA is that neither of the two offers - from Sony and Apollo on one hand and Skydance Media on the other - will come to fruition, Variety reports citing insiders
** Sony Pictures Entertainment and private equity firm Apollo Global Management submitted a $26 bln offer for PARA on Wednesday, according to a person familiar with the matter
** Paramount is currently engaged in exclusive deal talks with Skydance Media, an independent studio led by David Ellison, which end on Friday
** Controlling shareholder in the parent co of PARA Shari Redstone is said to have concluded that deal with Skydance will not be possible - Variety
** Skydance Media did not immediately respond to a Reuters request for comment while Paramount declined to comment
** Up to last close, stock down ~6% YTD
(Reporting by Jaspreet Singh in Bengaluru)
((Jaspreet.Singh@thomsonreuters.com ; ))
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