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.
- Today's manic market swings are creating the perfect setup for Matt’s next volatility trade. Get his next trade alert for free, right here.
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.
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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.
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