Skydance’s agreement to buy National Amusements, which holds 77 percent of voting shares in Paramount, also permits a 45-day “go-shop” period in which Paramount may search for a better offer.

Even with a deal reached between Skydance and Paramount negotiators, much remains unresolved, according to Jamie Lumley, an analyst covering media for Third Bridge Group. The previous attempt at a Skydance agreement fell apart just a few weeks ago, Lumley noted.

“Renewed hope that both parties will be able to get a deal over the line is being tempered by concerns that we’ve been here before,” Lumley said Wednesday in comments emailed to The Washington Post.

If the deal is finalized, it would signal a new era for Paramount, which has been facing significant challenges as it adapts to the hypercompetitive entertainment landscape, and resolve some uncertainty about the legacy media juggernaut’s future. Media watchers have been captivated by the fitful negotiations, which have dragged on for months.

Paramount declined to comment. Representatives for Skydance could not be immediately be reached.

The proposed acquisition reflects Skydance’s growth ambitions and Paramount’s efforts to address $14.6 billion in long-term debt and play catch-up with rivals Netflix and Disney. National Amusements is led by Shari Redstone, the daughter of media mogul Sumner Redstone, who died in 2020.

Paramount has hemorrhaged money in its quest to capture a corner of the streaming market, but the company has said it expects Paramount Plus to turn a profit in the U.S. next year. The owner of CBS, Showtime, Black Entertainment Television, Nickelodeon and MTV has seen its market value plummet by more than half since 2019.

Shares of Paramount were up more than 6 percent Wednesday afternoon.

In April, in the midst of the takeover battle, Paramount ousted CEO Bob Bakish and replaced him with an “Office of the CEO” consisting of three executives who lead some of the company’s key assets: CBS CEO George Cheeks; MTV, Showtime and Paramount Media Networks CEO Chris McCarthy; and Nickelodeon and Paramount Pictures CEO Brian Robbins. They’ve been tasked with slashing Paramount’s costs as the company tries to cut its debt.

Santa Monica, Calif.-based Skydance was founded in 2010 by David Ellison, the son of billionaire Oracle co-founder Larry Ellison. It quickly established itself in Hollywood, helping to produce hit films such as “Mission: Impossible — Ghost Protocol” (2011), the action thriller “Jack Reacher” (2012) — both of which starred Tom Cruise — and “World War Z” (2013), starring Brad Pitt.

More recently, the company has ventured into animation and sports content.

The tentative deal comes less than a month after the two sides announced they had ended talks concerning a potential merger, according to the Associated Press.

Other big names in entertainment reportedly have sniffed around National Amusements in recent months and could throw a wrench into the deal during the “go-shop” period, including Barry Diller, the media mogul who tried unsuccessfully to buy the studio in the 1990s. Diller’s digital media conglomerate, IAC, has signed nondisclosure agreements with National Amusements, the New York Times reported this week, a prelude to dealmaking.

The Wall Street Journal first reported news of a Skydance agreement Tuesday.