After months of conjecture regarding the future of the media behemoth, Skydance Media is set to take over Paramount Global in an unexpected development.

According to the Wall Street Journal, Skydance is set to purchase National Amusements, the Redstone family’s holding firm that holds over 70% of Paramount’s voting shares.

According to Bloomberg, Paramount may ultimately sell BET Network, together with all of its channels and streaming services, for a price of $1.6 billion. According to reports, this sale will go to a group of buyers that includes Chinh Chu, the head of private equity firm CC Capital, and Scott Mills, the CEO of BET at the moment.

READ MORE: Paramount Is Reportedly Once Again Available For Sale

Paramount has been searching for a buyer for BET for about a year, but it hasn’t received an offer it is happy with.

Skydance will take over a media empire that includes CBS, Paramount+, BET, Nickelodeon, Pluto TV, and many more properties with the $1.75 billion deal to sell Paramount. Skydance and Paramount have a long history of collaborating on movies, including the Mission: Impossible series and Top Gun: Maverick.

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The purchase follows the collapse of previous discussions regarding a straight transfer of Paramount to Skydance. Rather, Skydance made the decision to buy the Redstone family’s majority share, ensuring their control over the business.

Even if it seems like the sale is almost done, the Redstone family still has 45 days to look into alternative bidders. But in August 2024, subject to regulatory permission, Skydance will be able to purchase Paramount if no other bids come in.

As of right now, no transaction has been formally disclosed.