Paramount Global and Skydance Media are moving forward with exclusive talks regarding a potential merger deal, with Paramount's stock ($PARA) experiencing a notable increase of over 14% and a 2.9% pre-market rise. Shari Redstone, controlling shareholder of Paramount, has reached a tentative agreement to sell her stake to Skydance, led by David Ellison. This exclusive merger discussion is set for 30 days, during which Paramount won’t entertain any offers from other companies. Despite the positive market response, Paramount shares were briefly down 2.3% after the announcement. The merger talks have sidelined a $26-billion offer from Apollo Global Management, giving Skydance a significant advantage. High-profile involvement includes Tom Cruise, who owns a large stake in Skydance Media.