Should Sony and Apollo Management be successful in their bid to acquire Paramount Global, they would look to sell off the company’s linear channels and its streaming service Paramount Plus, according to reports.
The New York Times suggests Sony and Apollo are talking to Paramount about the next steps in their $26 billion bid for the company. The two sides have not yet entered into due diligence or signed formal nondisclosure agreements, adds the report.
There’s no word on what a deal between the two parties would mean for Paramount Global’s international assets, including the UK’s Channel 5.
Sony and Apollo Management wrote to Paramount’s board last week with an all-cash offer of $26 billion. Skydance has been exclusively negotiating a merger with Paramount but their window ended on 3rd May.
Should the Sony/Apollo bid be successful, it’s expected that Sony would be the significant majority shareholder of the new private company, with Apollo taking a minority stake and ceding operational control.
