According to The Wall Street Journal, last week Skydance Media revised its acquisition offer for Paramount Global, proposing to purchase a certain amount of non-voting Paramount stock at $15 per share.
In the new proposal, the valuation of Paramount's Class B shares is approximately 26% higher than last Friday's closing price.
The Wall Street Journal also reported on Friday that a special committee of Paramount's board agreed to recommend the deal after Skydance Media raised its offer last week.
According to a Reuters report on Thursday, Skydance submitted an improved merger proposal, offering better terms for both voting and non-voting shareholders, as well as more cash.
According to The New York Times on Sunday, Paramount's parent company National Amusements wants Skydance to provide legal protection in case of litigation.
The New York Times stated that it has not yet been decided whether to grant Paramount a "go-shop" period or submit the deal to a shareholder vote.
According to The New York Times, Skydance agreed to provide at least $1.5 billion to pay down debt on Paramount's balance sheet.
Paramount declined to comment on the reports from The Wall Street Journal and The New York Times, while Skydance has not yet responded to Reuters' request for comment.
Skydance has been in negotiations with Paramount for several months.
Meanwhile, competitor Sony Pictures Entertainment partnered with Apollo Global Management and submitted a $26 billion non-binding all-cash offer late in the process, but subsequently withdrew the proposal in favor of a more limited approach.
