Sony Pictures and private-equity firm Apollo Global Management submitted an all-cash $26 billion offer for Paramount Global, the latest twist in one of the messiest deal dramas in recent memory. (WSJ)
According to The Wall Street Journal, the offer was made Wednesday by Sony CEO Tony Vinciquerra and Aaron Sobel, a partner at Apollo. Paramount’s shares spiked 12% on the news. (The Guardian)
Under terms of the joint bid, Sony would be the majority owner, with Apollo taking a minority stake in Paramount, sources told Axios. (Axios)
Apollo already owns a minority stake in Dune producer Legendary Entertainment. The deal could run up against Federal Communications Commission rules that restrict foreign ownership of broadcast TV stations, so Paramount’s CBS station group likely would have to be sold or licensed to Apollo, which already controls Atlanta-based Cox Media Group. (LA Times / Company Town)
The expression of formal interest comes as David Ellison’s Skydance Media, backed by private equity firms RedBird Capital and KKR, awaits word from Paramount’s special committee on whether the panel will recommend its bid to acquire the company to controlling shareholder Shari Redstone. (CNBC)