In quite the twist, Warner Bros. Discovery is no longer in talks with Paramount Global for a merger.

It's been several months of discussion of the two giants merging into one powerhouse. However, it looks like it's not happening, CNBC reports.

Regarding coming together, Paramount Global has a special committee to look into the potential. They hired their financial advisers, whose job was to sort through the assets or company as a whole.

Byron Allen offered $14 million for the entertainment company in February, though it's unclear if that will go anywhere, considering Allen's history of making bids that he doesn't move forward with.

Shares fell 10% on Friday for Warner Bros. Discovery since they didn't hit analyst targets regarding income and earnings. Over the past year, shares have fallen 47%. Currently, they're at a near 52-week low.

That said, Paramount Global is in the same boat, trading close to a 52-week low. Earnings are expected to be announced Wednesday.

When the Paramount Global and Warner Bros. Discovery merger started

We wrote about the potential merger last December. At that time, the heads of both companies met in New York City to discuss becoming one. It was between WBD CEO David Zaslav and Paramount Global CEO Bob Bakish.

The big selling point for the companies is their catalogs. Paramount+ and Max are two major contributors to streaming content. Merging could make them more competitive against Netflix and Disney+.

So, we'll see where this goes. For now, it seems like Paramount Global and Warner Bros. Discovery will remain independent.