Star Trek's fate remains up in the air. National Amusements, the primary owner of Paramount Global, is selling their stake in the company, not long after Viacom and Paramount merged. The company is carrying significant debt from the merger and the failed streaming service, Paramount+, and National Amusements want to get out of that debt. According to Bloomberg and other media outlets, the reason is mostly to avoid their credit rating being impacted.
So that means that Paramount Global is for sale and despite rumors that Warner Bros. Discovery wanted in on the sale, it appears that's not likely. A slightly smaller company, Skydance Media, has become the front runner for right now, as they seemingly have additional financial backing from Skydance Media's CEO David Ellison's father, Larry, co-founder of Oracle.
Should the deal go through, the move would likely see Paramount Global go private once again, taking itself off Wall Street and not having to answer to a board or stockholders. In order to help carve off some of the debt, it's believed that Ellison would likely start selling off some properties' like MTV and Nickelodeon, while figuring out a strategy going forward to utilize Paramount Global's studio assets.
Likely the streaming service, Paramount+ would either be shuttered or fully stripped back to just a content hub, getting rid of newer, first-run shows and live-to-stream options. Mostly serves as a digital service for people who want to binge-watch past shows and films.
In that case, it's likely that Skydance will keep Star Trek as a major player in its future plans, which largely remain unknown but could see newer shows sold off to different streaming services and over-the-air networks. It's unknown if the deal is likely to be good enough to land the company, however, as while it's being reported that it's the best deal offered, that doesn't mean that it's good enough.