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Sony Reportedly Teaming Up with Apollo to Joint Bid for Paramount

Despite Paramount having entered exclusive negotiations with Skydance, Sony Pictures Entertainment and Apollo Global Management are considering a joint bid to take over Paramount Global. By: Kritchanon Tan Kian Wei

US - Sony Pictures Entertainment is reportedly considering a joint bid with US private equity group Apollo Global Management for Paramount Global.

Though the bid is not yet official, Sony chief executive Tony Vinciquerra has had conversations with Apollo, and the joint bid would offer cash in exchange for Paramount shares and taking Paramount private. If the deal were to go through, Sony would become the majority owner of Paramount, which currently owns television networks like Nickelodeon, CBS and MTV, and has made franchises like the Transformers and Mission: Impossible film franchises, as well as other intellectual property like SpongeBob SquarePants. As Sony is the only major film studio without a general streaming service, the deal, if successful, would allow Sony to take ownership of the Paramount+ streaming service.

Following the news, shares in Paramount rose by 12% in aftermarket trading.

The news comes after Paramount entered exclusive negotiations with Skydance earlier this month to merge, meaning that for a 30-day period, Paramount would not discuss possible deals with other potential buyers, including Sony and Apollo. Apollo Global Management had previously offered US$26 billion in cash to acquire Paramount, while Warner Bros. Discovery executives had also previously met with Paramount to discuss the possibility of a merger.

Despite the chatter, Sony and Apollo have remained tight-lipped on the matter.

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