Theyd have until 11:59 p.m.

ET on August 21.

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The deal would then need regulatory approval to close.

Paramount Global co-CEOs George Cheeks, Chris McCarthy and Brian Robbins

From left: Paramount Global co-CEOs George Cheeks, Chris McCarthy and Brian RobbinsParamount

Par might look a bit different by then.

We are aggressively evaluating our portfolio with the goal of improving our balance sheet, he said.

The set of assets that make upParamount globaltoday were built up through the rise of linear.

Paramount Pictures studio in Los Angeles

He didnt name any.

Cheeks promised an update on a future call.