NEW YORK — Paramount Global shares completed Thursday’s trading up 13% in value on unconfirmed reports that the controlling interest holder in Cox Media Group, Apollo Global Management, is teaming with SONY to acquire the company now led by three chief executives.
The bid, according to the confirmed reports, is valued at $26 billion.
Bloomberg cites “people with knowledge of the matter.” The Wall Street Journal says it is an all-cash offer.
However, if true, the offer is a non-binding expression of interest, which arrives as an alternative to a reported merger proposal from David Ellison-controlled Skydance that National Amusements, Inc., head Shari Redstone is apparently mulling.
With Bob Bakish unexpectedly resigning as CEO ahead of the company’s Q1 2024 earnings call — a brief session in which no questions or details about what’s to come under new leadership or if Skydance is indeed close to a deal — on Monday.
For CMG majority shareholder Apollo, it has been attempting to obtain at least Paramount Pictures but its efforts have been thwarted.
The bigger story now, however, is the possibility of SONY and Paramount merging studios, which would send tremors across Hollywood.
