Sony Pictures and the private equity firm Apollo Global Management are reportedly in talks to acquire Paramount Global for $26 billion. The deal would see Sony as the primary owner, with Apollo holding a smaller share. While the details of the offer have not been officially disclosed, sources familiar with the matter have revealed that discussions are underway.
The potential acquisition comes after previous reports of Apollo expressing interest in purchasing Paramount independently. However, Paramount's board had reservations about the initial bid, particularly concerning the feasibility of securing financing for the transaction. Paramount is currently exploring alternative options, including a potential merger with Skydance, a media company led by David Ellison that has collaborated on several Paramount film projects.
In a recent development, Bob Bakish, the CEO of Paramount, announced his decision to step down from his position. The company revealed plans to establish a new leadership structure, with a trio of executives forming an "Office of the CEO" to oversee its operations moving forward. The situation signifies a period of significant changes and strategic moves within the entertainment industry as key players consider major acquisitions and partnerships.