Sony Corp. Considers Joint Bid with Apollo Global Management for Paramount Studios
In the latest development in the ongoing saga of Paramount Studios’ potential sale, Sony Corp. is reportedly in talks with Apollo Global Management to make a joint bid for the entertainment company. This news comes as Paramount Global continues exclusive negotiations with David Ellison’s Skydance and Gerry Cardinale’s Redbird Capital.
According to sources, Sony Pictures chief Tony Vinciquerra has been in touch with Apollo Global Management about the possibility of partnering to acquire Paramount Studios. Apollo had previously made a $26 billion offer for Paramount, which was dismissed, but teaming up with Sony could eliminate any cash or financing concerns.
While no formal offer has been made yet, discussions are ongoing about the potential structure of the deal. One scenario being considered would see Sony and Apollo taking Paramount private, with Sony owning a majority stake in the company and Apollo as a minority owner. This partnership could potentially benefit both companies, as Paramount’s film and TV studios would complement Sony’s existing portfolio.
However, there are regulatory hurdles to consider, particularly regarding foreign ownership of U.S. broadcast stations. As a Japanese company, Sony may face scrutiny under these rules. Despite these challenges, investors have shown interest in the potential deal, with shares in Paramount rising in after-hours trading following reports of the talks.
As the negotiations with Skydance and Redbird Capital continue, Paramount Studios remains at the center of a high-stakes bidding war. The outcome of these discussions could reshape the entertainment industry landscape, with major players vying for control of one of Hollywood’s most iconic studios. Sony and Apollo have yet to comment on the reports, leaving the industry eagerly awaiting further developments in this unfolding story.