Paramount Global shares soared on Wednesday following the revival of a merger deal with Skydance Media. The independent film and TV producer, led by David Ellison, has reached a preliminary agreement to buy National Amusements Inc. from Shari Redstone and merge with Paramount, the parent company of CBS and MTV. The deal, referred to a special committee of Paramount directors for review, includes a higher valuation for National Amusements and improved indemnification for the Redstones. Paramount and Skydance declined to comment, while National Amusements did not respond to inquiries. Analysts believe this deal could be a lifeline for Paramount, which has struggled in the era of streaming. Talks are also underway for the sale of Black Entertainment Television. With the possibility of an announcement in the coming days, the outcome of the deal still remains uncertain.