Paramount Global (PARA) shares lost ground Thursday as controlling shareholder Shari Redstone reportedly isn’t interested in an $11 billion offer to buy the company's studio segment.

Shares jumped Wednesday when private equity firm Apollo Global Management reportedly bid on the company's Hollywood studio. However, the Financial Times said Thursday that Redstone was “unconvinced" by the offer and was instead pursuing a rival deal from billionaire media tycoon David Ellison. 

Ellison’s Skydance Media entertainment company has been in discussions with Redstone for several months to acquire a majority stake in National Amusements, the holding company that gives her control of Paramount Global. The Financial Times reported Skydance is conducting due diligence and hasn’t yet made a proposal, although both sides hope a final deal could be worked out in the next few months. 

If the companies reach an agreement, Ellison would run the combined Skydance and Paramount, the report said. The two companies have collaborated on films such as the “Top Gun” and “Mission: Impossible” franchises. Sources told the Financial Times that Redstone believes going with Ellison makes more strategic sense than selling to a financial firm.

Shares of Paramount Global hit their lowest level since 2009 earlier this month, and although they’ve recovered somewhat, they’re still down about 17% this year.