Paramount Global and production company Skydance Media have agreed to a framework of a merger that could receive approval from Paramount’s board as soon as this week.

The deal would see Skydance acquire National Amusements from Shari Redstone for around $2 billion, then buy out nearly 50 percent of Paramount’s Class B stock at $15 per share, according to CNBC. The transaction, if approved, would allow Paramount’s shareholders to retain equity in the newly-formed company once the merger is approved, with Skydance and other partners owning two-thirds of Paramount and shareholders owning the rest.

The revised framework values Paramount at $8 billion, up from $5 billion under the proposed terms of Skydance’s initial offer. It is aimed at satisfying some institutional and retail investor concerns that Redstone would benefit substantially from the arrangement.

The proposed deal does not require shareholder approval, according to CNBC. If Paramount’s board approves the deal, it could be announced in the coming days.