Sony Group and Apollo Global Management are in talks to team up on a bid for Paramount Global, sources told The Post on Thursday.
Paramount, controlled by media heiress Shari Redstone, has been conducting exclusive talks with Skydance on a potential deal — which has drawn backlash from investors who fear their shares in the publicly traded media giant would get diluted.
Sony and Apollo have not made an official offer, a source close to the negotiations told The Post.
The private equity giant had put in a $26 billion offer for Paramount, but it was rejected by Paramount’s board amid concerns about Apollo’s financing, The Post previously reported.
Sony, home to the “Spider-Man” and “Ghostbusters” franchises, could help alleviate those worries, sources told The New York Times, which first reported the talks with Apollo.
Tony Vinciquerra, who leads Sony Pictures Entertainment, met with Apollo to discuss the joint venture, according to The Times.
The two companies would reportedly offer cash for shares of Paramount and take the company private.
Skydance — whose 30-day window for exclusive talks expires in early May — also wants to take Paramount private. The independent film studio — owned by David Ellison, the son of Oracle co-founder Larry Ellison — has offered $2 billion for Redstone’s 77% stake in National Amusements, the family business that controls Paramount.
Wall Street titan Mario Gabelli, who owns roughly half the non-Redstone voting shares in Paramount, told The Post last week he does not support either a Skydance or an Apollo offer.
Credit: Source link
