Sony, Apollo Make $26B Offer For Paramount: Report

Zinger Key Points
  • Paramount receives a $26 billion all-cash offer from Sony and Apollo Management.
  • Sony would be the majority shareholder with operational control with Apollo holding a minority stake in the company.

Paramount Global PARA traded higher on Thursday following a report that Sony Group Corporation SONY and Apollo Global Management, Inc. APO have submitted a $26 billion, all-cash offer for the company. 

The Details:

According to a report from the Wall Street Journal, people familiar with the matter said the offer letter signed by Sony Pictures CEO Tony Vinciquerra and Aaron Sobel, a partner at Apollo, was submitted Wednesday. 

Sony would be the majority shareholder with operational control, with Apollo holding a minority stake in the company, according to sources. The offer is non-binding and a starting point for discussions. 

Apollo had previously submitted a $26 billion offer, however Paramount's board questioned whether Apollo could arrange financing for the deal.

Related News: Enovix Stock Soars On Blockbuster Q1 Sales

PARA, SONY, APO Price Action: According to Benzinga Pro, Paramount Global shares closed 13% higher at $13.86, Sony Group shares were up 1.4% at $84.08 and Apollo Global shares finished 3.9% higher at $112.07 on Thursday. 

Image: viewimage from Shutterstock

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsMoversStories That Matterwhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!