ParamountNYSE: PGRE

Major U.S. equities indexes were mixed in an abbreviated day of trading Wednesday, with the closing bell sounding at 1 p.m. ET ahead of Thursday's Fourth of July festivities.

Paramount shares jumped the most in two months on Wednesday after a merger deal with independent film and TV producer Skydance Media was revived. Needham & Co Senior Entertainment and Internet Analyst Laura Martin joins Caroline Hyde on "Bloomberg Technology.

Shares of Paramount Global (PARA, PARAA) are rallying on revived merger talks with Skydance. According to reports, Skydance has reached a preliminary agreement to buy Shari Redstone's National Amusements, the controlling shareholder of Paramount.

Skydance Media's deal to acquire theater operator National Amusements, with its controlling interest in Paramount Global , could be finalized by Monday, sources familiar with the deal process said.

Paramount pops on reports of a merger deal with Skydance. Shareholder Jim Lebenthal weighs in.

Shares of Paramount Global jumped 6.5% on Wednesday after reports said Shari Redstone's National Amusements had reached a preliminary deal to sell its controlling interest in the storied media company to David Ellison's Skydance Media.

Paramount Global (PARA) shares are surging again in premarket trading Wednesday amid reports that its deal to merge with Skydance Media are back on after controlling shareholder Shari Redstone reportedly ended the discussions last month.

Overnight in the US, shares in media conglomerate Paramount Global (NASDAQ:PARA) lifted close to 8% after merger talks with Skydance Media resumed after the latter issued an improved offer.  Skydance, the independent studio created by David Ellison (son of Oracle's Larry Ellison), provided a rebuffed offer to attempt to secure the deal, months after Shari Redstone, who controls Paramount, ended the discussions abruptly, Financial Times reports revealed.

Roughly 50 years ago, Barry Diller was head of Paramount Pictures. A little more than 30 years ago, he tried to purchase the company, only to be outbid by media mogul Sumner Redstone.