Sony and Apollo approach Paramount Global with €24bn bid outline

Sony and private equity group Apollo have told Paramount Global they intend to make a $26 billion cash offer for the entertainment company. Photograph: Eric Thayer/Bloomberg Sony and private equity group Apollo have told Paramount Global they intend to make a $26 billion cash offer for the entertainment company, just one day before an exclusivity window is set to expire for a competing bid from Skydance Media.

Their offer would be priced at between $17 and $19.50 per share, the Financial Times previously reported. Paramount’s non-voting class B shares jumped 12.5 per cent to $13.80 after The Wall Street Journal first reported that Sony and Apollo had sent a non-binding expression of interest in bidding for the company.

Skydance has been engaged in exclusive talks with Paramount but that period expires on Friday. It is possible that Paramount could extend the window, however.

Paramount

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