Paramount and National Amusements near a deal as special committee reviews terms.

• According to sources, National Amusements, the controlling shareholder of the media conglomerate, has reached a preliminary agreement with David Ellison's Skydance to transfer control.
• Weeks after the collapse of an earlier deal, a renewed push is being made, but with concerns by Redstone that the deal has been altered too much.
• The committee at Paramount is currently reviewing and voting on a new deal that would result in Redstone receiving less direct financial compensation.

David Ellison's Skydance has reached a preliminary deal with Shari Redstone's National Amusements to merge with, according to two people familiar with the matter, after a failed deal just weeks earlier.

The deal has been referred to Paramount's special committee by controlling shareholder National Amusements, according to sources. The committee is currently reviewing and voting on the deal, but a Paramount spokesperson declined to comment.

Paramount shares surged as much as 9% on the news.

According to a source, the revived agreement will result in Redstone receiving a lower consideration of $1.75 billion. The other financial terms of the deal, which were previously reported by CNBC, will remain unchanged: Skydance will acquire approximately half of Paramount's controlling shares at $15 per share, for $4.5 billion, and contribute $1.5 billion towards Paramount's balance sheet.

Redstone rejected the initial bid in June, citing that Skydance had renegotiated the deal and asked for significantly less money than what was previously agreed upon, according to a source.

The departure of CEO Bob Bakish earlier this year due to the winding deal process resulted in a three-headed office of the CEO running the company. Other interested bids included a joint effort from private equity firm Apollo and , as well as a recent entreaty from Barry Diller, chairman of media conglomerate , and a former Paramount executive.

The preliminary agreement was first reported by both The New York Times and the Wall Street Journal.

— CNBC's Julia Boorstin contributed to this report.