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The company has asked potential buyers to submit improved offers by December 1 as initial bids from Paramount Skydance, Comcast and Netflix failed to meet expectations, signaling a possible upcoming exclusive negotiation.

The sale of Chilevisión to Vytal Group is part of a broader cost‑saving and portfolio‑streamlining move that includes approximately 1,600 job cuts announced by Paramount Skydance this week.

In its first earnings report since the merger between Paramount Global and Skydance Media, the company posted a $257 million loss for the third quarter of 2025.

The layoffs will initially impact more than 1,000 employees, and approximately 1,000 more employees are expected to be laid off in the near future, resulting in total cuts of 10% of the company's roughly 20,000 employees.

A merger between Paramount Skydance and Warner Bros. Discovery would create a media giant with a huge portfolio of pay TV networks, a sprawling range of sports rights and two major film studios.