Paramount Global (NASDAQ: PARA) stock soared 13% in intraday trading Thursday on news of a $26 billion all-cash acquisition offer from Sony Group Corporation and Apollo Global Management.
Sony Pictures (NYSE: SONY) and Apollo Global Management (NYSE: APO) have jointly placed a $26 billion all-cash bid to acquire Paramount Global (PARA), as reported by the Wall Street Journal on Thursday.
Sony Pictures CEO Tony Vinciquerra and Apollo partner Aaron Sobel presented an offer, marking Apollo’s second attempt to purchase the entertainment giant. The offer is preliminary, serving as a starting point for negotiations.
Apollo had previously submitted a $26 billion bid for Paramount, which included $12 billion in equity and debt assumption. However, concerns about financing reportedly led to hesitation from the board.
Under the proposed arrangement, Sony would hold the majority stake in Paramount, with Apollo having a smaller share and no operational control over the company.
This bid is part of a broader saga involving Paramount’s majority shareholder, Shari Redstone, whose efforts to sell the company have prompted significant developments, including a shareholder rebellion and the resignations of CEO Bob Bakish and four board members.
In recent weeks, Paramount’s directors have been exploring a potential merger with Skydance Media, led by David Ellison, and entered into exclusive negotiations last month. However, this exclusivity period will end on Friday, opening the door for discussions with other interested parties.
Paramount Global (NASDAQ: PARA) Stock Movement
PARA stock surged 13.05% to close at $13.86 on Thursday. Its value has risen by 13.79% this week. Trading activity has witnessed 64,803,780 (64.80 million) shares changing hands, well above the average daily volume of 21.09 million.
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