By Chad W. Shreeves

The months-long saga of Paramount Global looking for a new home has gotten one step closer to its completion as Paramount and Skydance media announced today their agreement to a merger.

In a report by Variety, it’s stated that both Paramount and Skydance have reached an (admittedly complicated) agreement on how the acquistion of the century old studio would play out. It’s stated Paramount would continue to operate independently and be publicly traded.

This comes after talks of Paramount being purchased by both Warner Bros. Discovery earlier this year and recently Sony broke down. Other investors and companies also joined in talks of acquiring the troubled studio, but were unable to come to an agreement. One of the biggest hurdles in acquisition is regulatory challenges due to Paramount-owned CBS, which has become heavily disputed as most purchasers would have been forced to divest of the broadcasting giant for a variety of reasons.

The deal is now awaiting approval by Paramount’s majority shareholder Shari Redstone, whose company owns 77% of all stock in the company.

If the deal goes through, Skydance would inherit much of Paramount’s legendary IP including CBS, Showtime, Nickelodeon, Star Trek, Hasbro, and the streaming hit Taylor Sheridan universe , among others.

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