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A special committee of Paramount Global’s (NASDAQ:PARA) board has agreed to a deal with Skydance Media.
The special committee approved the sale to Skydance on Sunday, according to media reports, including Bloomberg, Wall Street Journal and the New York Times.
Under the agreement, Skydance would buy National Amusements, Paramount’s parent, in a deal with an equity value of $1.75 billion. Skydance would then combine with Paramount.
The parties still need to sign the deals and could announce the transactions as early as Sunday night or Monday morning, according to the WSJ report. Bloomberg reported that the full board is set to approve the deal with the parties signing final paperwork Sunday and an announcement coming as soon as Monday.
The updates come after Several media outlets reported late Tuesday that Paramount (PARA) came to agreement on preliminary terms to merge with Skydance Media, a deal that had fallen apart last month.