Asia Tech Wire (Aug 6) -- Japan's Sony Group has decided not to make a new takeover offer for U.S. media giant Paramount Global, according to Nikkei.

The Japanese media outlet reported that Sony has pulled out of the takeover battle for Paramount and will not make a new offer for it.

In early May, news broke that Sony had joined forces with U.S. private equity giant Apollo Global Management to propose a $26 billion all-cash takeover bid to take Paramount private.

However, in early July Paramount announced that it had agreed to merge with Skydance Media, led by David Ellison, son of Oracle co-founder Larry Ellison.

The merger, which is pending regulatory approval, includes a 45-day period during which a special Paramount committee can solicit or consider other offers.