Shares of Paramount Global slid Tuesday following a CNBC report that Sony was “rethinking” its bid to acquire Paramount in conjunction with private-equity firm Apollo Global Management.

Earlier this month, Sony Pictures Entertainment and Apollo sent a nonbinding offer to Paramount Global’s board offering to take Paramount private for $26 billion in cash, a price tag that would include the assumption of debt. Paramount Global’s stock dropped more than 5% after CNBC’s David Faber reported Tuesday that “the likelihood of a bid [by Sony and Apollo] at least for the full company seems to be fading a bit.”

“There has not been an NDA signed by Sony [with Paramount Global] at this point, a nondisclosure agreement that you would typically sign so you can begin real due diligence,” Faber said on CNBC’s “Power Lunch.”

Sony Group’s stock price dropped last week and “that may have given them some pause, not to mention, of course… the continued deterioration of the environment we know so well, namely the cable ecosystem, all of which has led to what I am told is at least quote ‘a rethinking’ of the Paramount bid,” Faber said. “That does not mean that there would not be some sort of bid potentially forthcoming, but will it be restructured?”

Sony and Apollo emerged as tag-team bidders as Paramount Global board’s special committee established to consider M&A proposals was evaluating an offer from Skydance Media (in a bid backed by RedBird Capital Partners and KKR) to merge Paramount and Skydance while keeping Paramount Global public. Under that proposal, Skydance would have acquired Shari Redstone’s National Amusements Inc., which is the controlling shareholder of Paramount Global. But the Paramount board’s committee let the exclusive negotiating window with Skydance lapse without going forward on that offer.