Sony, Apollo Make $26 Billion All-Cash Bid for Paramount; Stock Up 13%

May 2, 2024, 06:40 PM

Sony Pictures and Apollo Global Management have jointly made a $26 billion all-cash offer to acquire Paramount Global, expressing strong interest in the media giant that owns CBS and MTV. This significant bid comes as Paramount's exclusive negotiating window with Skydance Media, known for producing 'Top Gun: Maverick', is nearing its closure. Sony is set to be the majority owner, with Apollo holding a minority stake, ensuring operational control by Sony. The deal has sparked a notable 13% surge in Paramount's stock prices, reflecting investor optimism about the acquisition's prospects.