Paramount’s $26 Billion Offer Has Been Matched By Sony And Apollo

(CTN News) – Sony Pictures Entertainment and Apollo Global Management have submitted a $26 billion bid for Paramount Global, according to the Wall Street Journal.

As reported in the Wall Street Journal, Sony Pictures’ Chief Executive Tony Vinciquerra and Apollo Partners’ Aaron Sobel signed a non-binding offer letter on Wednesday that was signed by both companies’ senior executives.

It has been reported that SPE would have a majority stake in the venture, according to a source previously quoted by Reuters, and would be responsible for operating Paramount, which has a movie library including “Star Trek” and “Mission: Impossible”, as well as television shows such as SpongeBob SquarePants.

According to the report, Hollywood is already in exclusive talks with Skydance Media about its streaming service, and is looking into ways to create a streamer business similar to Skydance Media or Disney’s as Netflix and Walt Disney are battling for viewers as cable TV viewing declines.

At Paramount’s annual shareholder meeting on June 4, four independent board members are to step down from the company’s board of directors, which is headed by Shari Redstone. Bakish will lead Paramount’s media empire as CEO, while a trio of other executives will assume this post.

A number of shareholders have expressed concerns about the deal with Davis Ellison’s Skydance, and have urged Paramount to consider other offers, including the one that has been made by Apollo Global Management.

There have been reports by News that Paramount’s majority stakeholder, Redstone, has made concessions to the deal in order to make it more appealing to shareholders, according to the publication.

The exclusive deal period for Skydance ends on Friday, so don’t wait until the end of the week.

Sony Pictures Entertainment (SPE), a subsidiary of Sony Group Corporation based in Tokyo, says that it is involved in a wide variety of activities, including movie and television production, acquisition and distribution, digital content creation and distribution, studio facility management, and the development of entertainment products, technologies, and services.

More than 3,500 movie titles have been produced by the group, including franchises like “Jumanji”, “Resident Evil” and “James Bond”.

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