Investing.com – David Ellison’s Skydance Media has changed its offer to Paramount Global (NASDAQ:) to buy up to a certain number of non-voting shares in the entertainment giant for about $15 each, according to the Wall Street Journal.

Citing people familiar with the matter, the newspaper reported that the simplified proposal was presented last week and gives shareholders the opportunity to transfer their shares in the novel transaction. The price per share proposed by Skydance represents a 26% premium to Friday’s closing price of Paramount Global’s B shares.

Paramount Global shares rose in pre-market trading on Monday.

Skydance and its supporters will also contribute funds to purchase Shari Redstone’s National Amusements, the parent company of Paramount, which owns about 77% of the company, the WSJ reported. At least $1.5 billion will be injected into Paramount’s balance sheet by Skydance, and disenfranchised shareholders will be given the option to withdraw the funds, WSJ added.

Talks are ongoing and may still fail to reach an agreement, WSJ reported.

Under the terms of the two-phase deal, which has been under negotiation for weeks, Skydance will buy National Amusements and then merge with Paramount. The merger will see Paramount, the group behind broadcaster CBS and cable channels such as Nickelodeon and MTV, merge with Skydance, maker of the hit film “Top Gun: Maverick.”

An earlier plan called for Skydance to acquire National Amusements for $2 billion and for Paramount to buy Skydance in an all-stock deal valued at $5 billion. However, many shareholders rejected the transaction.

In a note to clients, Wells Fargo analysts said the revised offer creates a “compelling opportunity” for Redstone to sell Skydance. They argued that such a move “would make everyone reasonably happy and preserve Paramount’s legacy.”

“This week may mark the end of a long process,” say Wells Fargo analysts.