Sony, Apollo Launch $26 Billion Bid for Paramount, Stock Jumps 13%

May 2, 2024, 06:48 PM

Sony Pictures Entertainment and private equity firm Apollo Global Management have jointly proposed a $26 billion all-cash offer to acquire Paramount Global. This significant bid, as reported by multiple sources including The Wall Street Journal and The New York Times, reflects Sony and Apollo's strategic interest in expanding their entertainment and media holdings. The offer comes at a time when Paramount has been considering various potential deals, including discussions with other suitors such as Skydance Media, the producer of 'Top Gun: Maverick'. Paramount's stock has seen a notable increase of approximately 13% following the news of the offer, amidst the expiration of Skydance's exclusive negotiating window.