(Bloomberg) -- The Redstone family and independent film producer David Ellison have offered concessions to make a possible change in control at Paramount Global more appealing to the company’s other investors, according to a person familiar with the discussions.

Ellison’s Skydance Media is proposing to buy $3 billion of Paramount shares at a premium to their current price to help shore up the film and TV company’s finances, according to people familiar with the negotiations who asked to not be identified. The board and Skydance’s representatives have been discussing how much of that money would go to share buybacks and how much for debt reduction. 

The Redstones, who own a majority of the Paramount’s voting shares, are in favor of letting nonvoting shareholders have a say on any transaction. However, the board hasn’t made a final decision, one of the people said. The latest offer from Skydance includes a lower payout for the family.

Both sides are trying to seal a deal in the face of a major shareholder revolt. The Skydance bid was described by multiple parties on Sunday as a “best and final offer.” Paramount’s board has been hesitant to agree to a deal given the opposition from other investors. In the meantime, Chief Executive Officer Bob Bakish is expected to be replaced on an interim basis by a management committee as soon as Monday.

Skydance and Paramount declined to comment.

Ellison, the son of Oracle Corp. founder Larry Ellison, has been in exclusive talks with an independent committee of Paramount directors over a possible transaction. His offer includes buying out the controlling shares of Paramount held by the Redstone family, contributing additional capital and merging Skydance into the company.

Ellison’s partners in Skydance include RedBird Capital Partners and KKR & Co. The New York Times reported earlier Monday on the size of the cash infusion.

The deal, while never formally announced, faced opposition from a number of shareholders who saw it as a chance for the Redstones to cash out, but one that would dilute the position of nonvoting shareholders who would own less of the company. The Class B nonvoting shares have fallen about 19% this year.

Read More: Paramount Shares Take a Hit on Dilution Risk

Paramount, the parent of CBS, MTV and other media businesses, has been struggling with the transition to streaming from traditional TV viewing. The company’s TV channels have seen their advertising revenue fall. The Paramount+ streaming service, while signing up some 67 million subscribers, has continued to lose money.

Several shareholders have urged the company to consider other offers, including negotiating with Apollo Global Management Inc.

Nonvoting shares of Paramount were up 3.5% to $12.33 at 1:05 p.m. in New York. 

(Updates with details of investment in second paragraph, adds shares.)

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