Skydance will pay $2 billion for Paramount's parent company, National Amusements, which is controlled by majority stakeholder Shari Redstone.
Skydance is set to announce a deal with Paramount after agreeing to terms of a merger deal.
Paramount stock jumped while another stock was set to break out above an official buy point.
Investors have been frustrated by the slow sale process.
As Paramount Global approaches Tuesday's annual shareholder meeting and a high-stakes town hall for employees the following day, new details are emerging about Skydance Media's latest acquisition offer.
Skydance Media has revised its bid to buy Paramount, allowing shareholders to cash out at a premium, the Wall Street Journal reported Sunday.
A potential deal could end months of speculation over Paramount's fate.
A special committee of the Paramount Global's board agreed to recommend a deal with Skydance Media, the Wall Street Journal reported on Friday, citing people familiar with the matter.
Skydance Media has submitted a sweetened offer for a merger with Paramount Global (PARA) that the latter's directors are expected to review soon, The Wall Street Journal reported, in the latest twist in a monthslong battle for the entertainment conglomerate.
The new deal reportedly improves terms for both classes of Paramount shareholders, and provides more cash.
Skydance Media has submitted a sweetened offer for Paramount Global , according to a person familiar with the matter.
David Ellison's Skydance has sweetened its offer to acquire Paramount Global, Deadline has learned, in an attempt to make it more equitable for the company's Class B stockholders. Shareholders have trashed the possible deal as it stood and threathened to sue.