Sony and Apollo propose $26 billion Paramount offer, WSJ reports
SPE, Apollo and Paramount did not immediately respond to requests for comment from Reuters, which reported in April that Sony's SPE and Apollo were in talks on a joint bid. Sony could not be immediately reached for comment on Friday as its office was closed for a national holiday in Japan SPE would hold a majority stake in the venture, a source previously told Reuters, and operate Paramount, whose movie library spans "Star Trek", "Mission:Impossible" and "Indiana Jones", alongside TV characters like SpongeBob SquarePants.
Paramount is already in exclusive talks with Skydance Media and is working to build its streaming business as it faces tough competition from Netflix (NASDAQ: Shari Redstone's media empire replaced its CEO Bob Bakish with a trio of executives on Monday, while four independent members of Paramount board are set to step down at the company's annual shareholder meeting on June 4. Some shareholders have raised concerns about the deal with Davis Ellison's Skydance and have urged Paramount to consider other offers, including the one from Apollo Global Management. Bloomberg News has reported that Redstone, who owns a majority of Paramount's voting shares, and Ellison have made concessions to make the deal more appealing to shareholders.SPE, a subsidiary of Tokyo-based Sony Group Corporation, says its operations span movie and television production, acquisition and distribution, digital content creation and distribution, studio facility operation and the development of new entertainment products, services and technologies. The group has more than 3,500 movie titles and notable franchises such as "Jumanji", "Resident Evil" and "James Bond".Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes.and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
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