Sony & Apollo in talks to acquire Paramount Global

Sony is in discussions with investment management giant Apollo Global Management over a joint bid to acquire Paramount Global, according to trade media.

Such a deal could have significant impact on Paramount in Australia, including Network 10.

The New York Times reported that Sony Pictures Entertainment chairman and CEO Tony Vinciquerra had held talks with Apollo about teaming up to make a bid, although an official offer has not yet been submitted.

Under one potential deal structure, Apollo and Sony would make an all-cash offer for Paramount Global’s outstanding shares and take the company private via a joint venture. Under the arrangement, Sony would hold a majority ownership position in Paramount and eventually buy out Apollo’s stake.

The report, which comes as Paramount remains in an exclusive 30-day negotiating window with David Ellison-led studio Skydance Media, whose bid is backed by private equity firms KKR, RedBird IMI and billionaire Larry Ellison.

Apollo has already made two offers to Paramount Global, both of which have been turned down, according to reports. The first saw the private equity firm offering US$11bn to acquire Paramount’s film and TV studio, while the second was an offer to buy all of Paramount for US$27bn, including its debt.

Source: C21