Sony and Apollo Offer $26 Billion for Paramount Acquisition

Reports from The Wall Street Journal and The New York Times confirm that Sony Pictures Entertainment, in collaboration with investment firm Apollo, has submitted a cash offer to acquire media giant Paramount for a staggering $26 billion. If the offer is accepted, Sony will take majority ownership with Apollo maintaining a minority stake in the company.

Paramount has been engaged in exclusive discussions with Skydance Media for a potential acquisition, but this exclusivity period is nearing its end. Internal resistance at Paramount towards a merger with Skydance has been evident, particularly with the departure of CEO Bob Bakish who opposed the deal.

Despite the current situation, Sony and Apollo proceeded to submit a “nonbinding expression of interest” for the acquisition.

For gaming enthusiasts, Paramount holds valuable properties such as the Sonic movie franchise, Knuckles TV show, and Halo TV series, along with other esteemed assets.