Sony Pictures and Apollo Global Offer $26 Billion Cash Deal to Take Paramount Global Private from board guard Watch Video
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⏲ Duration: 0:36 👁 View: 750K times ✓ Published: 04-May-2024
Description: Sony Pictures Entertainment and Apollo Global Management have offered to acquire Paramount Global in an all-cash deal valued at $26 billion. The joint bid comes as Paramount's board considers a merger with Skydance Media that would keep the company public. Shari Redstone, the controlling shareholder of Paramount Global, prefers the Skydance deal. A Sony/Paramount merger would reduce the major Hollywood studios from five to four following Disney's 20th Century Fox acquisition. Wall Street reacted positively to the news, sending Paramount shares up 13%.