Sony In Talks To Join Bid To Buy Paramount - Report
In the race to acquire Paramount, Skydance Media still has the inside track. But there may be more players pulling up in the rearview. According to The New York Times, an investment firm, Apollo Global Management, is in talks with Sony Pictures for a joint bid to take over Paramount, the storied studio behind Mission: Impossible and several other film and TV franchises.
Officially, neither Sony nor Apollo are currently in negotiations with Paramount itself, which is only talking with Skydance. However, the potential deal with Skydance has not been well-received by many of Paramount's investors. Via Bloomberg, Paramount investor William Riley has formally notified Paramount chairwoman Shari Redstone about his belief that the Spyglass deal is solely for her “personal gains.” Because Redstone has a controlling interest in Paramount's stock, she is currently pushing for a sale to Spyglass without asking the rest of the shareholders to vote on it.
During an earlier stage of negotiations, Apollo extended an offer for Paramount that would have been valued at $26 billion, which included Paramount's debt. Paramount seemingly ignored that offer because it is in the middle of an exclusivity deal for negotiations with Skydance. The New York Post recently reported that Paramount and Skydance may not close a deal before that exclusive period expires on May 3.
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