It would be $26 billion bid by Sony Pictures Entertainment and investment firm Apollo Global Management, which have reportedly submitted a formal but non-binding offer that could kick off negotiations to acquire Paramount.
The news, reported by the Wall Street Journal, would see Sony become the majority shareholder in Paramount, which would absorb Paramount+’s 71 million subscribers. Back in March, Apollo offered 27 billion for Paramount, although a board committee rejected the offer.
Now shares of Paramount Global have risen more than 13 percent following news of the offer, to $13.87. Moreover, the negotiation of would be in addition to Paramount’s negotiation with Skydance, which, however, is still on standby.
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