Sony, Apollo Propose $26 Bln Deal for Paramount Global
Sony Group Corp. and Apollo Global Management Inc. have proposed a $26 billion deal to buy Paramount Global (
PARA
), the media giant that owns CBS and MTV. The offer is described as a nonbinding expression of interest and would be an all-cash offer for Paramount shares, plus the assumption of debt. Paramount, controlled by Shari Redstone, is weighing a merger proposal from David Ellison, the head of Skydance Media and son of Oracle's co-founder. A period of exclusive talks between Paramount's board and Ellison is scheduled to end Friday.
About the Buyout
The proposed transaction involves buying out the controlling Redstone family at a premium and merging Ellison's company into Paramount. Critics have urged Paramount (
PARA
) to consider other offers. A special committee of Paramount directors went back to Ellison with additional terms, which he largely matched. Ellison and his investors, including RedBird Capital Partners, agreed to buy more Paramount (
PARA
) nonvoting stock at a premium to sweeten the deal for the company's other investors. The committee has not yet decided whether to accept the offer.
PARA
), the media giant that owns CBS and MTV. The offer is described as a nonbinding expression of interest and would be an all-cash offer for Paramount shares, plus the assumption of debt. Paramount, controlled by Shari Redstone, is weighing a merger proposal from David Ellison, the head of Skydance Media and son of Oracle's co-founder. A period of exclusive talks between Paramount's board and Ellison is scheduled to end Friday. About the Buyout
The proposed transaction involves buying out the controlling Redstone family at a premium and merging Ellison's company into Paramount. Critics have urged Paramount (
PARA
) to consider other offers. A special committee of Paramount directors went back to Ellison with additional terms, which he largely matched. Ellison and his investors, including RedBird Capital Partners, agreed to buy more Paramount (
PARA
) nonvoting stock at a premium to sweeten the deal for the company's other investors. The committee has not yet decided whether to accept the offer.
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