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Sony Pictures Entertainment and Apollo Global Asset Management are reportedly in talks to acquire Paramount Global through joint bidding. A source familiar with the situation shared this information.
As per Reuters, Sony Pictures and Apollo Global have yet to speak to Paramount about their intention to jointly place a bid. The companies are looking to approach the latter, which is currently in exclusive talks with David Ellison's Skydance Media.
Cash Offer Proposal
It was reported that Sony Pictures and Apollo Global will compete with the bidding, which is still being organized. The source said the companies plan to offer cash for all outstanding Paramount shares and then take the entertainment firm private via a joint venture later.
Bloomberg reported that Paramount's class B shares soared to as much as 14% in after-hours trading on Thursday, April 18, after news of Sony-Apollo's potential bid surfaced. On the other hand, Sony Pictures' shares plunged by 2%.
Joint Venture Arrangement
Geetha Ranganathan, Bloomberg's Intelligence analyst, noted that the joint bid will offer Paramount Global a major alternative to Skydance Media's proposal, which was said to be not well-received by Paramount Global's non-voting stakeholders. At any rate, once the joint venture succeeds with the bid, Sony is expected to hold a majority stake in the JV.
Sony is also more likely to run the media company and its massive library of movies and other content that features popular TV characters like Spongebob Squarepants and films - "Indiana Jones," "Star Trek," and the "Mission: Impossible" franchise. Lastly, Tony Vinciquerra, Sony Pictures Entertainment chairman, may lead the studio once the acquisition is completed.
Photo by: Jengod/Wikimedia Commons (CC BY-SA 4.0)
