Sony, Apollo Make $26 Billion All-Cash Offer for Paramount
Offer comes as exclusive negotiating window between Skydance and entertainment giant is about to expire
Sony 6758 -0.31%decrease; red down pointing triangle Pictures and private-equity giant Apollo Global Management APO 3.72%increase; green up pointing triangle have submitted an all-cash $26 billion offer for Paramount Global PARA 11.42%increase; green up pointing triangle, marking the second time the private-equity firm has come in with a bid for the entertainment giant.
Apollo and Sony on Wednesday submitted the offer letter, which was signed by Sony Pictures CEO Tony Vinciquerra and Aaron Sobel, a partner at Apollo, according to people familiar with the situation. The offer is a starting point for discussions and is nonbinding.