Skydance Media, led by David Ellison, is in advanced negotiations to acquire Paramount Global in an $8 billion deal.

The acquisition includes Paramount Pictures, Paramount+, CBS, and Showtime.

The offer features a $15 per share option for select nonvoting Paramount shareholders, a 26% premium to Friday's closing price.

RedBird Capital Partners will contribute $1.5 billion in cash to the deal.

Paramount Global's shares rose 7.5% to $12.80 following the news of the potential merger.

If approved, Skydance-RedBird would control two-thirds of Paramount and add $1.5 billion to Paramount's balance sheet.

The deal aims to resolve uncertainty before Paramount's upcoming annual shareholder meeting.

Analysts remain cautious about Paramount's future under new ownership due to uncertainties regarding Redstone's decision and potential regulatory scrutiny.

Previous bidders Sony Pictures and Apollo Capital Management are reportedly losing interest in acquiring Paramount Global.

Skydance and Paramount have not commented on the matter, with speculations coming from The Wall Street Journal and CNBC.