05:05 AM EDT, 07/03/2024 (MT Newswires) -- National Amusements reached a preliminary deal to sell its controlling interest in Paramount Global ( PARAA ) to Skydance Media, media outlets reported, citing unnamed sources familiar with the matter.

Under the proposed terms of the agreement, Skydance Media will pay $1.75 billion for National Amusements, which owns 77% of Paramount's voting shares, The Wall Street Journal said, which first reported the news on Tuesday.

The Journal also said that National Amusements is not mandating that the Paramount merger be approved by a majority of non-Redstone shareholders, which was a previous sticking point.

National Amusements, which has referred the deal to a special committee for review, also agreed to a 45-day "go-shop period," according to the report.

Meanwhile, one source told Reuters that the other potential buyers would still likely submit further bids. Other potential buyers include film producer Steven Paul, Seagram heir Edgar Bronfman Jr. and IAC's Barry Diller, Reuters reported.

National Amusements, Skydance and Paramount did not immediately respond to MT Newswires' requests for comment.

Shares of Paramount Global ( PARAA ) rose more than 6% in recent premarket activity on Wednesday.

Price: 11.43, Change: +0.71, Percent Change: +6.62