The companies have reached terms on a revised merger agreement for RedstonesNational AmusementsInc.
NAI controls almost 80% of voting shares in Paramount.
TheWall Street Journalearlier Tuesday reported on the revived discussions.
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Reps from Paramount, Skydance and NAI declined comment.
The proposal currently being considered would see Skydance pay $1.75 billion for NAI.
Skydance has been pursuing a deal for more than six months.
Private equity giant Apollo, Sony Pictures and Byron Allen have also been linked with bids.
CBS News continued to invest in its national streaming service, launchingCBS News 24/7on June 24.
Whether the momentum can last, however, is anyones guess.
He has a sell rating on Paramount, with a 12-month price target of $8.
There will undoubtedly be more Paramount scuttlebutt at the upcoming Sun Valley conference.
