Paramount Global ( PARAA ) shares traded higher Thursday afternoon after reports surfaced indicating the company’s independent committee is set to review an enhanced merger proposal from Skydance.

What To Know: Skydance Media has reportedly submitted a revised offer for a potential merger with Paramount. The new offer is expected to be more favorable to both voting and nonvoting shareholders compared to previous proposals.

According to a report from The Wall Street Journal, Paramount directors are expected to review the revised offer “shortly.”

Skydance’s initial proposal involved a two-step process, starting with the acquisition of National Amusements, the entity through which Redstone controls Paramount. The subsequent step involved Paramount acquiring Skydance at a valuation of $5 billion, which was met with shareholder skepticism.

Skydance has revised its offer multiple times. The most recent revision makes it more attractive to all shareholders as Skydance has agreed to invest more cash into Paramount. People familiar with the matter shared news of the revised offer with The Wall Street Journal, but exact terms of the offer were not provided.

PARA Price Action: Paramount Global ( PARAA ) shares closed Thursday up 1.03% at $11.82, according to Benzinga Pro.

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