A bid from Sony Pictures Entertainment and Apollo Global Management to acquire Paramount gained steam late last week, according to a report in the New York Times.
The two companies, which have extended an offer of $26 billion, have signed nondisclosure agreements with Paramount, which will allow Sony and Apollo to review non public financial information, according to several anonymous sources, the Times said. Skydance, a rival suitor for Paramount, has already inspected Paramount’s ledgers.
The sources also told the Times that Sony and Apollo are seeking alternatives to its original all-cash offer. Sony’s shareholders have expressed concerns over Sony’s intentions for Paramount, specifically the company’s rumored plans to keep Paramount’s studio and sell off its TV networks and Paramount Plus streaming business.
Although Paramount let a prior offer from Skydance lapse recently, the two companies are still talking, according to the Times..
