Sony and Apollo Send Letter to Advance $26 Billion Paramount Offer – Reports (NASDAQ:PARA)

On May 2, 2024By Vaseline

Paramount Studios Water Tower — mixmotive/iStock Editorial via Getty Images

Sony (SONY) and private equity name Apollo Global Management (APO) have become more formal in their approach to Paramount Global (NASDAQ:PARA) (PARAA), which sent a letter to the media giant on Wednesday with details about their According to media reports, an all-cash offer of $26 billion is being offered.

Paramount shares, volatile during deal talks, were back on the rise Thursday afternoon after the reports: (PARA) +7.5%(PARAA) +2.4%. Sony (SONY) was 1.5% higher.

The offer is non-binding and marks a starting point for more formal talks, but the news comes with just one day left in an exclusive negotiating window for Skydance Media to discuss a combination with Paramount.

The letter was signed by Sony Pictures CEO Tony Vinciquerra and Apollo partner Aaron Sobel WJ reported.

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