Sony Pictures Entertainment and Apollo Global Management reportedly made an offer to buy Paramount and take it private, according to the Wall Street Journal (via Variety).
Both companies reportedly offered Paramount an all-cash buyout of a whopping $26 billion. The bid would include the assumption of any debt, and would also net Paramount money, as the company is currently valued at around $22 billion.
The move comes as Paramount looks to keep Paramount Global public, and continues to evaluate a proposed merger of Paramount and Skydance Media. While it’s unclear exactly how Paramount will response to Sony’s proposal, the company has rejected past efforts from Apollo Global Management when it came to acquiring the company.
Paramount removed its CEO earlier this week
The offer also comes just a few days after Bob Bakish was removed as CEO of Paramount Global, and replaced by a group of senior executives. Paramount is still in negotiations with Skydance on a potential merger, although it’s unclear what will come of that as well.
If the move were to go through, it would position Sony Pictures as an even bigger force in the world of Hollywood than it already is. It would also mean the end of what many have called the “Big Five” Hollywood Studios (NBCUniversal, Paramount Pictures, Warner Bros. Discovery, Walt Disney Studios, and Sony Pictures), with that number dropping to four should a move occur.
