Sony, Apollo Eye $29 Billion Joint Bid for Paramount; Shares Surge 12%

Apr 18, 2024, 11:34 PM

Sony Pictures Entertainment and Apollo Global Management are in discussions to form a joint venture for acquiring Paramount Global. The potential deal, which is still under negotiation, could see Sony holding a majority stake with the option to later buy out Apollo using a put-call. This strategic move has significantly impacted Paramount's stock, which surged by approximately 12% in premarket trading following the news. The bid, if successful, could be valued at up to $29 billion.