Sony Pictures Entertainment (SPE) and Apollo Global Management presented a cash offer of 26 billion dollars for the Paramount Global film group, the American newspaper reported The Wall Street Journal.
The two companies submitted a non-binding offer letter on Wednesday, signed by Sony Pictures CEO Tony Vinciquerra and Apollo partner Aaron Sobel, he said. WSJciting people familiar with the matter.
SPE, Apollo and Paramount did not immediately respond to requests for comment from Reuters, which reported in April that they were in talks about a joint bid.
Sony could not immediately be reached for comment on Friday as its office was closed for a national holiday in Japan.
SPE would have a majority stake in the company, a source told Reuters, and would operate Paramount, whose film library spans Star Trek, Mission Impossible e Indiana Jonesas well as television characters like SpongeBob SquarePants.
Paramount is already in exclusive talks with Skydance Media and is working to build its streaming business. streamingas it faces stiff competition from Netflix and Walt Disney as cable TV viewership declines.
Shari Redstone’s media empire replaced its chief executive, Bob Bakish, with a trio of executives on Monday, while four independent members of Paramount’s board will resign at the company’s annual shareholder meeting on June 4.
Some shareholders have expressed concern about the deal with Davis Ellison’s Skydance and have urged Paramount to consider other offers, including from Apollo Global Management.
Bloomberg News has reported that Redstone, who owns the majority of Paramount’s voting shares, and Ellison have made concessions to make the deal more attractive to shareholders.
The Skydance exclusivity period ends on Friday.
SPE, a subsidiary of Tokyo-based Sony Group Corporation, says its operations encompass the production, acquisition and distribution of films and television programs, the creation and distribution of digital content, the operation of studios and the development of new products, entertainment services and technologies.
The group has more than 3,500 notable film titles and franchises such as Jumanji, Resident Evil y James Bond.