Japan's Sony Group says it has abandoned a plan to acquire American-media giant Paramount Global.

A movie company under the Sony Group umbrella had been discussing the acquisition. But Paramount agreed last month to be purchased by US film studio Skydance Media.

Sony President Totoki Hiroki also cited risks and other problems related to the large scale of such an acquisition. He added that there is no change in the group's plan to strengthen its businesses in the fields of movies, music, games and other forms of intellectual property.