LOS ANGELES, Reuters Shari Redstone39;s National Amusements has reached a preliminary deal to sell its controlling interest in Paramount Global to David Ellison39;s Skydance Media, three sources familiar with the matter told Reuters on Tuesday.

The news sent Paramount shares up 9 in afterhours trading.

Under the tentative agreement, Skydance would pay 1.75 billion for National Amusements, which owns 77 of the voting shares of Paramount. The deal includes a 45day goshop period, in which other bidders could submit offers, according to the Wall Street Journal, which first reported the news on Tuesday.

Others who have expressed interest in acquiring National Amusements include film producer Steven Paul, Seagram heir Edgar Bronfman Jr. and IAC39;s Barry Diller.

One source with ties to a potential bidder said it was unlikely the others would abandon their efforts, in part because they may put forth bids that are more lucrative for Paramount shareholders or Redstone personally.

National Amusements has referred the Skydance deal to a special committee of Paramount39;s board for review, according to two people familiar with the matter. Under the new arrangement,

National Amusements is not mandating that the Paramount merger be approved by a majority of nonRedstone shareholders, a previous sticking point, the Wall Street Journal said.

The sale is envisioned as the first part of a twophase transaction, in which the smaller independent studio Skydance would merge with…