STORY: Sony Pictures Entertainment and Apollo Global Management have made a $26 billion cash offer for movie group Paramount Global. The WSJ said the two companies submitted a non-binding offer letter on Wednesday (May 1), citing people familiar with the matter. Sony, Apollo and Paramount didn’t immediately respond to requests for comment from Reuters…Which reported in April that Apollo and Sony’s entertainment subsidiary, which has over 3,500 movie titles, were in talks on a joint bid. Paramount is already in exclusive talks with Skydance Media and is working to build its streaming business. But some shareholders have raised concerns about a Skydance deal, urging Paramount to consider Sony and Apollo’s offer amongst others.

Source: Wall Street Journal May 03, 2024 15:33 UTC