A committee established by Paramount’s board declined a $27 billion bid in March.
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Sony Pictures and private equity firm Apollo Global Management have submitted a $26 billion offer for Paramount Global, The Wall Street Journal reported Thursday, the latest bid for the entertainment conglomerate, whose shares have spiked with news of potential takeovers in recent months.Key Facts
Sony Pictures CEO Tony Vinciquerra and Aaron Sobel, a partner at Apollo, submitted an offer letter detailing an all-cash, $26 billion bid for Paramount Global on Wednesday, according to The Wall Street Journal, citing people familiar with the situation.
Sony would become the majority shareholder in Paramount while Apollo would hold a minority stake under the new deal, which is nonbinding and a starting point for negotiations, the Journal reported.
