As Skydance’s negotiating window to acquire Paramount Global ends, Sony and Apollo Management are reported to have written to the company’s board with an all-cash offer of $26 billion.
Skydance has been exclusively negotiating a merger with Paramount but their window ends on today.
According to the Wall Street Journal, if their bid is successful, Sony would be the significant majority shareholder of the new private company, with Apollo taking a minority stake and ceding operational control.
It’s believed Paramount Global’s largest shareholder Shari Redstone, supports the merger with Skydance, but the board has not approved the deal and other shareholders have opposed it.
Earlier this week Paramount Global CEO Bob Bakish left the company alongside four board members.
Paramount Global is the parent company of the UK’s Channel 5.
