Sony and Apollo reconsider all-cash offer for Paramount bid process

Sony

Japanese multinational conglomerate corporation The New York Times

American daily newspaper (founded 1851) Paramount Pictures

American film studio, subsidiary of Paramount Global

Highlights

Sony and Apollo are moving forward with the Paramount bid process but are hesitant about their initial all-cash offer.
Paramount is in talks to share financial information with a consortium involving Sony and a U.S. buyout firm.
The companies are reevaluating their bidding strategy for Paramount.

Story

Sony Pictures Entertainment and Apollo Global Management are looking at Paramount's financial records to possibly buy the movie studio. They initially planned to offer $26 billion in cash for Paramount but changed their minds. This caused Paramount's stock to drop and Sony's stock to rise. Paramount has been struggling because of strikes by Hollywood workers, a weak advertising market, and fewer cable subscribers. They were also talking to Skydance Media but stopped the exclusive negotiations.

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