Sony, Apollo table $26bn offer for Paramount
May 3, 2024
Sony Pictures Entertainment and Apollo Global Management have reportedly made a $26 billion (€24.2bn) bid for Paramount Global.
The two companies have submitted a non-binding offer letter, signed by Sony Pictures Chief Executive Tony Vinciquerra and Apollo partner Aaron Sobel, according to the WSJ. Paramount’s shares rose 12 per cent on the news.
News emerged in April that Sony and Apollo were in talks on a joint bid. Paramount had been in exclusive talks with Skydance Media, but that window is due to close today [May 3rd]. It is possible, however, that Paramount could extend the window.
Earlier this week Bob Bakish, Paramount’s CEO, left the company after 27 years following reports he had clashed with Shari Redstone, Paramount’s controlling shareholder, over her plans to sell the company. Holders of Paramount’s non-voting shares have expressed concern that the Skydance bid benefits Redstone but leaves them out.
Read Nick Snow’s blog on a potential Paramount Global sale.
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