Paramount faces a mountain of questions about how it got here

Shares of Paramount Global (PARA) spiked in the afternoon on Thursday after a report revealed that Sony Pictures and Apollo Global Management (APO) submitted an all-cash $26 billion offer for the company. How did Paramount get here, and where could it settle on a deal? Yahoo Finance Reporter Alexandra Canal outlines the timeline behind Paramount's journey to a potential deal.

Bob Bakish, the media giant’s chief executive, is out, removing an obstacle to a deal with David Ellison's Skydance. But the company’s future is no clearer as a key deadline approaches.