Merger and acquisition talks around Paramount Global have been making headlines since the company reported $286 million in streaming losses in the first quarter.
Topline
Paramount Global has opened acquisition negotiations with Sony and Apollo, The New York Times reported Sunday, after exclusive merger talks with Skydance lapsed Friday and the company continues to struggle following major first quarter losses and the departure of CEO Bob Bakish last week.Key Facts
Sony and Apollo Global Management, a private equity firm, reportedly made a $26 billion all-cash offer to buy Paramount last week while the company was in talks to potentially merge with David Ellison’s Skydance Media.
Skydance reached a tentative agreement last month to acquire the Paramount controlling stake of Shari Redstone, president of parent company National Amusements, but the two sides weren’t able to reach an agreement before talks lapsed Friday, which opened Paramount up to explore other options.
On Saturday, Paramount’s special committee voted to start talks with Sony and Apollo, and continue pushing on negotiations with Skydance, the Times reported, citing three unnamed sources.
