Sony and Apollo in Talks to Acquire Paramount [The New York Times]
Sony Group Corporation American Depositary Shares (SONY)
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Source: The New York Times
Paramount has decided to formally open negotiations with a bidding group led by Sony Pictures Entertainment and the private equity giant Apollo, according to three people familiar with the matter. The move comes after a period of exclusive talks with the Hollywood studio Skydance lapsed on Friday night.A special committee of Paramount’s board of directors met Saturday and signed off on beginning deal talks with Sony and Apollo, which last weeksubmittedParamount, the owner of Nickelodeon, MTV, CBS and Paramount Pictures, has been exploring a deal as it faces industrywide headwinds, including the decline of cable TV and the unprofitability of its streaming businesses.Any deal between the Sony group and Paramount faces hurdles. Government regulations restrict foreign ownership of broadcast networks and would probably prevent Sony’s parent company, based in Japan, from owning CBS outright. The bidding group would likely push for Apollo, which is based in the United States, to hold the rig
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SONY
Earnings
- 5/15/24 - Beat
SONY
Sec Filings
- 5/14/24 - Form 6-K
- 5/14/24 - Form 6-K
- 5/14/24 - Form 6-K
- SONY's page on the SEC website