Sony Joins Talks To Buy Paramount-Boosting Paramount Shares 12 percent

Sony and investment firm Apollo Management are in talks about a joint buyout of Paramount Global, according to multiple outlets, sending Paramount shares up around 12% in after-hours trading Thursday. Paramount’s stock has positively reacted multiple times to news of potential takeovers, spiking nearly 15% earlier this month as Skydance reportedly neared a deal with the company and more than 12% in December following multiple reports that RedBird Capital and Skydance were eyeing a potential takeover. We estimate Apollo CEO Mark Rowan’s net worth at $6.4 billion. Apollo has made an attempt at purchasing Paramount before, offering a whopping $27 billion for the entertainment conglomerate late last month. A committee established by Paramount’s board to consider mergers and acquisitions declined to entertain the bid, Variety reported. The $27 billion offer differs from Skydance’s takeover tactic, which aims to acquire the Class A voting shares owned by National Amusements. Doing so could give Skydance control of Paramount without having to outright purchase the company. However, Skydance’s bid for the shares could leave another round of complex dealmaking to be completed, according to The Wall Street Journal. Paramount was saddled with $14.6 billion in debt at the end of last year. Paramount Global Shares Spike Nearly 15% As Deal With Larry Ellison’s Son Reportedly Nears (Forbes)Sony in Talks to Join a Bid to Buy Paramount (NYT)Sony Is Said in Talks With Apollo on a Joint Paramount Bid (Bloomberg)


All data is taken from the source: http://forbes.com
Article Link: https://www.forbes.com/sites/antoniopequenoiv/2024/04/18/sony-joins-talks-to-buy-paramount-boosting-paramount-shares-12/


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