National Amusements, parent company of Paramount Global, is in advanced talks with Skydance Media for a potential merger worth $1.75 billion.

The deal offers the Redstone family $50 million more than initially planned and includes a 45-day 'go-shop period' for other bidders.

A special committee of Paramount's board has approved the agreement, following previous negotiations that fell through last month.

Paramount Global has faced challenges with its cable business and streaming service expansion, resulting in a stock price decline.

Skydance's pursuit of Paramount has been ongoing for months, involving complex negotiations.

Shari Redstone's recent decision to halt discussions on selling her controlling stake in Paramount to Skydance surprised many in Hollywood.

The outcome of the talks is uncertain as Paramount explores other options to maximize value for common shareholders.