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Paramount (NASDAQ:PARA) stock is getting a boost on Wednesday as the company is reportedly closing in on a merger deal with Skydance.

Recent reports claim that Paramount is almost done with closing the deal with Skydance, which is its majority shareholder. The insider reports claim that preliminary terms for the merger have been reached. However, that doesn’t mean it will go through.

Paramount still needs to get certain approvals before it can move forward with its planned merger with Skydance. That includes a special committee of its board of directors signing off on it. It’s still unclear when this deal will be announced or the timeframe for its closing.

Investors have been waiting several months for Paramount to complete a deal with Skydance. It looked like that was going to happen in June, but some legal troubles got in the way. Even with this new deal, Paramount will reportedly be granted a 45-day go-shop period to field other potential offers.

PARA Stock Movement on Wednesday

Paramount stock is seeing heavy trading on Wednesday alongside the merger reports. This has more than 27 million shares of the stock changing hands as of this writing. That’s already above its daily average trading volume of about 20 million shares.

PARA stock is up 6.9% as of Wednesday morning. The stock is down 20.5% since the start of the year.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.