The list of potential suitors included former top Seagram and Warner Music executive Edgar Bronfman Jr.; Hollywood producer Steven Paul (“Ghost in the Shell,” “Baby Geniuses”); and Barry Diller, who famously lost a bidding war for Paramount to Sumner Redstone in 1994.

Many in Hollywood — film producers, writers and agents — have been rooting for the Skydance takeover, believing it represents the best chance to preserve Paramount as an independent company. Apollo and Sony were expected to break up the enterprise, with Sony absorbing the movie studio into its Culver City operation.

Shari Redstone long preferred the arrangement offered by Ellison because she hoped to keep the media empire together.

Ellison first approached Redstone about making a deal last summer, and talks became known in December. He was attracted to the deal, in part, because of his past collaborations with Paramount Pictures and the allure of combining their intellectual properties as well as the cachet of owning a historic studio, analysts said.

In addition to such cinematic landmarks as “The Godfather” movies and “Ferris Bueller’s Day Off,” Paramount’s rich history contains popular franchises including “Transformers,” “Star Trek,” “South Park” and “Paw Patrol.”

Ellison’s father, Larry Ellison, is said to be contributing financing to the deal.

Once the transaction is finalized, Ellison’s plan has long been for Paramount to acquire his Santa Monica-based Skydance Media, which has sports, animation and gaming as well as television and film production.

Ellison is expected to run Paramount as its chief executive.

The handover to Skydance would require the approval of regulators.

Paramount’s stock rose 7% to $11.47 a share in after hours trading.

Paramount Global did not immediately offer comment.

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