Sony and Apollo tables $26bn bid for Paramount

According to the Wall Street Journal, Sony Pictures CEO Tony Vinciquerra and Aaron Sobel, a partner at Apollo, submitted an offer letter detailing an all-cash, $26 billion bid for Paramount Global. It is seen as a starting point for negotiations and is non-binding.

Under the proposed deal, Sony would become the majority shareholder in Paramount while Apollo would hold a minority stake under the new deal, the Wall Street Journal reported.

Last month, Skydance Media reached a tentative agreement last month to acquire Shari Redstone’s controlling stake in Paramount. That deal expired last week, allowing Paramount and Redstone to consider other offers.

Paramount will continue negotiations with Skydance while also talking with Sony and Pollo, the New York Times reported, citing three unnamed sources.

Skydance is run by David Ellison, son of Larry Ellison, co-founder and then-CEO of the Oracle Corporation.

Bob Bakish stepped down as Paramount’s chief executive last week, after reportedly opposing the company’s proposed merger with Skydance.

Paramount Global is the parent company of movie studio Paramount Picture, broadcasting network CBS, as well as brands including Showtime, MTV, Comedy Central and Smithsonian, and streamer Paramount+.