Paramount Global (NASDAQ:PARA) shares gained 1.5% in pre-market trading on reports that talks with Skydance over a potential takeover were nearing exclusivity.
As per The New York Times, discussions have been held on entering into exclusive talks over the deal which would see Skydance buy Comedy Central owner Paramount.
Such a move would mark a big step for Paramount, given several months of deliberations over prospective deals have yet to produce any firm arrangements.
That said, whether Paramount does enter into exclusive talks with Skydance is yet to be confirmed, according to The New York Times.
Investment firm Apollo Global Management (NYSE:APO) has made an US$11 billion offer for Paramount’s movie studio, for instance.
Paramount’s directors are reportedly eyeing an offer for the entire business, however.
Shari Redstone had initially started negotiations with Skydance last year over her controlling stake in Paramount.
Shares climbed 1.5% to US$11.76 ahead of Wednesday’s opening bell.