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Sony and Apollo plan joint offer for Paramount: shares rise by 13.4%
Sony enters the bidding race for Paramount: shares are up almost by double digits. Media reports on the entry and possible developments. Finances on the move.
Sony and Apollo plan joint offer for Paramount: shares rise by 13.4%
Sony has apparently shown interest in the takeover bid for the Paramount film studio, which was previously pushed forward by Skydance. Sony is reportedly planning to team up with Apollo Global Management to make a joint bid for Paramount. This involves an all-cash offer for the company's outstanding shares, which will be privatized following the acquisition.
Negotiations between Sony and Apollo are already underway, with details of the deal still being worked out. It is speculated that Sony could hold a majority stake in the joint venture and would continue to operate the media company and its offerings. Potential leadership of the company could potentially fall to Sony Pictures Entertainment's Tony Vinciquerra, while Apollo could control the CBS television network and local television stations.
In a previous offer, Apollo recently offered $11 billion for Paramount. In the wake of the new developments and Sony's entry into the bidding race, Paramount shares rose 13.4 percent to $12.44 on the NASDAQ. This positive reaction from Paramount shareholders shows the interest and support for the bidding competition for the film studio.