Skydance Media is in talks to make an all-cash offer for Paramount Global’s parent company, National Amusements, resulting in a 0.3% increase in Paramount’s stock.

Speculation has arisen that Skydance Media CEO David Ellison, along with backing from his father, Larry Ellison, may lead an acquisition of a majority stake in National Amusements from Shari Redstone and her family.

If successful, the investment group led by Ellison would likely seek to merge Paramount Global with Skydance, though discussions with National Amusements remain preliminary, leaving the possibility of the deal falling through.

Recent developments follow previous reports suggesting that Skydance Media had expressed interest in Paramount’s assets, as well as separate discussions involving Warner Bros. Discovery exploring a potential merger with Paramount Global and its subsidiary properties.