01:36 PM EDT, 06/03/2024 (MT Newswires) -- (Updates with Skydance offer starting in fourth paragraph.)

Paramount Global ( PARAA ) and Skydance agreed to terms of a merger that is expected to be announced in the coming days, CNBC's David Farber reported Monday.

The proposed deal is awaiting a response from Shari Redstone, Paramount's controlling shareholder, the report said.

Redstone is set to receive $2 billion under the deal for National Amusements, according to the report.

Skydance is planning to offer $23 a share to investors in Paramount's voting stock as part of its merger offer, Bloomberg reported, citing people with knowledge of the matter.

The offer would be extended to investors who are not part of the Redstone family, which owns most of the voting stock, the report said.

Paramount declined MT Newswires' request for comment on CNBC's report and did not immediately reply to a request for comment on Bloomberg's report.

Skydance did not immediately respond to request for comment on both reports.

Paramount's shares rose 8.1 % in recent trading Monday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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