Sony Group and Apollo Global Management are in talks to partner to acquire Paramount Global, people familiar with the matter told The Post on Thursday.
Paramount, which is run by media heiress Shari Redstone, is in exclusive talks with Skydance about a potential deal, but investors are worried about diluting their stake in the publicly traded media giant. is causing a backlash.
Sony and Apollo have not made a formal offer, a person close to the negotiations told the Post.
The private equity giant had made a $26 billion offer for Paramount, but it was rejected by Paramount’s board of directors over concerns about Apollo’s financing, the Post previously reported.
Sony, home of the “Spider-Man” and “Ghostbusters” franchises, may be able to help ease those fears. Sources told the New York TimesWe were the first to report on the meeting with Apollo.
Tony Vinciquerra, head of Sony Pictures Entertainment, met with Apollo to discuss the joint venture, according to the Times.
According to reports, the two companies plan to purchase Paramount’s shares for cash and take the company private.
Skydance, whose 30-day period for exclusive negotiations expires in early May, also wants to take Paramount private. The independent film studio, owned by David Ellison, son of Oracle co-founder Larry Ellison, offered $2 billion for a 77% stake in Redstone, the family business that controls Paramount. .
Wall Street mogul Mario Gabelli, who owns about half of Paramount’s non-Redstone voting stock, told the Post last week that he does not support the Skydance-Apollo proposal.
