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Paramount Global Special CommitteeNASDAQ:LThe Board of Directors has approved a deal with Skydance Media.
Media reports, including Bloomberg, the Wall Street Journal and the New York Times, said the special committee approved the sale to Skydance on Sunday.
Under the deal, Skydance will buy National Amusements, the parent company of Paramount, in a $1.75 billion all-stock deal. Skydance will then merge with Paramount.
The two parties still have to sign off on the deals and could announce the transactions as early as Sunday evening or Monday morning, according to the Wall Street Journal. The full board is set to approve the deal, with both parties set to sign the final paperwork on Sunday and announce it on Monday, Bloomberg reported.
The updates come after several media outlets reported late Tuesday that Paramount Pictures (PARA) had reached an agreement on preliminary terms for a merger with Skydance Media, a deal that fell apart last month.