Sony steps in with rival $26bn bid to buy Paramount
Paramount's potential takeover story took a fresh turn on Thursday as Sony and a private equity investor stepped in with the latest bid, pitched at $26 billion.
Sony Pictures and Apollo Global Management made the cash offer to rival the existing negotiations with Skydance Media.
It could become a significant move for Sony and the broader entertainment industry.
The move marks Sony’s ambition to expand its catalogue of content IP, and significantly via Paramount+ the potential acquisition would give Sony its first foothold in the streaming sector.
The offer was described in reports as a starting point for negotiations.
It follows recenent senior management changes at Paramount, which has been the subject of takeover interest for several weeks.
In New York, Paramount stock spiked higher with the rival takeover interest, with the share up as much as 20% on Thursday.
Explore Bias
Financial media reports generally provide a straight reporting of the initially available details, albeit tonally there are some slight variations in presentation.
Some outlets focus narrowly on the stock and stock market reactions. Others, meanwhile, report from the perspective of the deal's impact on the entertainment industry landscape.
The framing is different, depending on the outlet - with some being market-centric and others being entertainment focused.
Explore More Stories
- "Sony and Apollo make $26 billion cash offer for Paramount: report" - MarketWatch
- "Sony and Investment Firm Apollo Reportedly Submit $26 Billion Offer to Acquire Paramount" - IGN
- "Sony Pictures, Apollo Offer to Buy Paramount for $26 Billion in Cash" - Variety
- "Sony, Apollo submit $26B cash bid for Paramount Global" - Axios
- "Sony, Apollo express interest in Paramount buyout amid Skydance bid" - CNBC
- "Sony, Apollo Make Formal Overture To Paramount Board To Discuss Potential $26 Billion Deal" - Deadline
- "Sony Pictures, Apollo Offer to Buy Paramount Global for $26 Billion" - Variety
