Paramount Global has agreed on terms of an $8 billion merger with Skydance — the Hollywood studio the media giant has collaborated with to crank out the blockbuster “Mission: Impossible” franchise, according to a report.

Skydance — founded by David Ellison, the son of software tycoon Larry Ellison — has agreed under the proposed deal with a Paramount special committee to pay $2 billion for Paramounts parent company, National Amusements, according to CNBC.

The deal could mark a long-anticipated cashout by Shari Redstone — the daughter of the late media tycoon Sumner Redstone, who is the controlling shareholder of National Amusements. An announcement could come as soon as Tuesday at Paramount’s annual shareholder meeting, according to reports.

We received the financial terms of the proposed Paramount/Skydance transaction over the weekend and we are reviewing them, a National Amusements spokesperson said.

Altogether, the deal is valued at $8 billion up from about $5 billion under earlier terms discussed between Skydance and Paramount. In addition to its namesake movie studio, Paramount owns CBS and cable TV networks including Nickelodeon, MTV, and Comedy Central.

Previously, Redstone would have received less than $2 billion for her stake, and the class B shareholders would have been bought out at $11 a share, CNBC previously reported.

As part of the deal, Skydance will buy out nearly half of Paramounts class B shares for $4.5 billion, $15 apiece giving shareholders a stake in the newly formed company, according to Faber.

Skydance, which has the backing of private equity firms RedBird Capital and KKR, will also pay down Paramounts debt by adding $1.5 billion in cash to the studios balance sheet, according to CNBC.

Redstone, whose company owns 77% of class A Paramount shares, must sign off on the deal, which will not require a vote from the shareholders a condition that was part of the negotiations, according to CNBC reporter David Faber.

National Amusements recused itself from the board talks, so the company only recently received the details of the proposal.

Skydance and Redbird will own two-thirds of Paramount while the remaining third will be controlled by class B shareholders.

Class B Shares of Paramount climbed 7.5% to $12.80 on Monday.

In early May, Apollo and Sony had expressed interest in acquiring Paramount for about $26 billion and breaking up the company, CNBC previously reported.

But Apollo and Sony reportedly have since backed off as Redstone favored a deal that would keep Paramount intact.

As negotiations have continued, Paramounts C-suite also has been shuffled in recent months, with Bob Bakish stepping down as CEO in April. He was replaced by a trio of executives dubbed the Office of the CEO.

The three executives now in charge are CBS president and CEO George Cheeks; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the head of Paramount Pictures and Nickelodeon.

Cheeks, McCarthy and Robbins will address the shareholders on Tuesday and present to them the companys strategic priorities.