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AP Photo/Damian Dovarganes, File The Sony Pictures Plaza building is seen, Dec. 19, 2014, in Culver City, Calif.
By The Associated Press
10:35 JST, May 3, 2024
Sony Pictures and the private equity firm Apollo Global Management have expressed interest in buying Paramount Global for $26 billion, according to a person familiar with the details.
Sony would be the majority shareholder and Apollo would have a minority stake, according to the person, who requested anonymity because details of the offer have not been made public.
The Sony-Apollo offer was first reported by The Wall Street Journal. The Journal reported previously that Apollo had made an offer to buy Paramount on its own but Paramount’s board had concerns about the bid, including whether it could arrange financing for a deal.
The Journal and others have reported that Paramount is considering a possible merger with Skydance, David Ellison’s media company that has helped produce such Paramount releases as “Top Gun: Maverick” and “Mission: Impossible – Dead Reckoning.”
Earlier this week, New York-based Paramount said that Bob Bakish would step down as CEO of the film, television and multimedia company, to be replaced by a troika of executives who will form a new “Office of the CEO.”
