Paramount shares are up 6.9% following the announcement of a preliminary agreement with Skydance. According to sources in the Wall Street Journal, the price of National Amusements' stake is $1.75 billion. Non-voting shareholders could see 50% of their shares bought back at $15 per share, a price higher than the current value of the shares.

Sherry Redstone has been given 45 days to seek other offers. In the event of a dispute, she will be able to prove that she explored other options to justify the Skydance deal. However, some analysts remain sceptical that the deal will go through, given the many twists and turns that have gone before.

Other companies, such as Warner, are considering merging their streaming services to compete with Disney. The media sector could see further consolidation, especially if a change of presidency in the US favours mergers and acquisitions.

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