Sony in talks with Apollo on joint Paramount bid

Share on linkedin Sony is considering joining up with Apollo Global Management on its bid to buy Paramount Global, Axios has confirmed.Partnering with Sony could strengthen Apollo's pursuit of the company and add more pressure to the special committee mulling offers for Shari Redstone's media empire. Sony executives including Sony Pictures CEO Tony Vinciquerra are currently talking with Apollo about the idea of teaming up, a source with knowledge of the discussions tells Axios.

One structure of the deal, per the New York Times, would see Sony take a majority stake in the company and Apollo hold a minority interest that it would have to right to sell to Sony at a future date.$11 billion for just Paramount's film and TV studio. Earlier this month, it raised that to $26 billion for the entire company.

A source familiar with the matter told Axios that what prompted Apollo's move to bid for the entire company was Paramount's debt getting cut to junk — a cut that would allow Apollo to roll over the company's debt into a deal. Apollo declined to comment. Paramount has signaled that even with an offer for the entire company, it prefers the more complex merger plan with Skydance for now.over concerns that the deal would leave shareholders in the cold.Redstone's National Amusements owns 10% of Paramount's stock but controls the company via around 80% of Class A voting shares, so her say in whatever transaction emerges will go a long way.

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