May 26, 2024


Former Paramount CEO Bob Bakish departed the media company earlier this week.

Former Paramount CEO Bob Bakish departed the media company earlier this week.
Image: David Swanson (Reuters)

Sony Pictures and Apollo Global Management have made a $26 billion all-cash offer to buy Paramount Global, the parent company of CBS, MTV, and Paramount Pictures.

The Wall Street Journal, citing unnamed sources familiar with the matter, reports that Sony Pictures CEO Tony Vinciquerra and Apollo partner Aaron Sobel signed an offer letter that was sent on Wednesday. The offer letter is non-binding and is meant to start talks, The Journal reports.

The news comes just one day before Paramount’s exclusive merger talks with the movie production company Skydance Media are set to end.

Skydance, led by David Ellison, the son of Oracle co-founder and billionaire Larry Ellison, has agreed to pay more than $2 billion for National Amusements, the holding company behind Paramount, Bloomberg News has reported. Its current head, Shari Redstone, led Viacom and CBS’s 2019 merger into what is now Paramount Global. If that merger succeeds, Ellison would become CEO of the new merged company.

This is a developing story and will be updated.



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