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

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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