Apollo and Sony have sent a letter to the Paramount board expressing formal interest in doing a $26 billion takeover of the company.
Skydance Media hasn't heard anything from the special committee yet, though it expects to find out the special committee's recommendations on next moves as early as Thursday, according to people familiar with the matter. Paramount's panel could recommend approving Skydance's offer or rejecting it, or it could come back to the Skydance consortium with alternatives or changes.
Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value.
Source: News Formal (newsformal.com)
Media Technology Breaking News: Business Business News
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sony and Apollo formally put in a $26 billion joint bid for ParamountAdding to the intrigue around Paramount Global, Sony Pictures Entertainment and Apollo Global Management have formally submitted a bid for the storied studio.
Source: latimes - 🏆 11. / 82 Read more »
Sony in talks to team with Apollo to bid for ParamountWhile the talks are preliminary, the two sides have been hashing out the contours of a deal that would have the Culver City-based Sony film and television studio take the lead in the partnership.
Source: latimes - 🏆 11. / 82 Read more »
Sony/Apollo bid for Paramount could be worth as much as $29 billionSony/Apollo bid for Paramount could be worth as much as $29 billion - Source
Source: Investingcom - 🏆 450. / 53 Read more »
Sony in talks with Apollo on joint Paramount bidParamount's shares jump in pre-market trade.
Source: axios - 🏆 302. / 63 Read more »
Paramount CEO Bob Bakish out amid Skydance merger talksParamount Global's Bob Bakish is out as CEO after reportedly clashing with the board over the terms of a sale to Skydance Media, FOX Busienss has learned.
Source: FoxBusiness - 🏆 458. / 53 Read more »
Paramount replaces CEO with trio as it talks merger with SkydanceParamount Global replaced CEO Bob Bakish with a trio of executives, the company announced on Monday in the middle of talks with David Ellison's Skydance Media about a possible merger.
Source: Reuters - 🏆 2. / 97 Read more »