Sony and Apollo Reportedly Make $26 Billion AllCash Paramount Bid
Prestige Worldwide.
A few weeks back, a report from the New York Times suggested that Sony was currently in talks with a monied partner, Apollo Global Management, to buy the legendary picture house Paramount. Well, the twosome has now drawn up terms, reportedly making an all-cash offer of $26 billion, which, if accepted, could open up Paramount's stockpiled IP for future collaboration.
A new report, this time from the Wall Street Journal (thanks, PSU), says that the extremely liquid offer has already been made. Previously, Apollo had made an independent bid, again for $26 billion, plus equity, but the WSJ reports there were concerns the firm wouldn't be able to secure the necessary financing. Skydance Media is reportedly the other front-runner for the purchase, but shareholders at Paramount were concerned that that specific deal would give controlling shareholder Shari Redstone too much power.
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