Sony and investment firm Apollo Management are in talks about a joint buyout of Paramount Global, according to multiple outlets, sending Paramount shares up around 12% in after-hours trading Thursday.
Paramount stock reacted positively to the news of the joint bid Thursday. (AP Photo/Chris Pizzello)
Sony and Apollo are considering a team-up for a joint acquisition of Paramount, according to The New York Times, which noted neither company has submitted an official bid.
The Sony-Apollo joint bid would offer cash for shares of Paramount and take the company private, the Times reported, citing two people familiar with the situation.
The news of the potential joint bid comes about two weeks after Skydance Media—founded by billionaire Larry Ellison’s son David—reached a tentative agreement to buy Shari Redstone’s controlling stake in Paramount.
This is a developing story. Check back for updates.