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Paramount Global to Pursue Simultaneous Talks with Sony/Apollo and Skydance as M&A Drama Drags On
Paramount Global will shift to pursuing simultaneous talks with Skydance Media and the Sony/Apollo group as its M&A drama drags on.
Sony Pictures Entertainment and Apollo Global Management, meanwhile, are moving forward with a $26 billion all-cash offer that raises regulatory and political concerns in this election-year environment. The special committee of Paramount Global’s board of directors that has been handling the M&A negotiations now intends to proceed with discussions with both the Skydance and Sony/Apollo groups, as reported Sunday by the New York Times and confirmed by multiple sources. Paramount Global shares sank 7% on Friday to close at $12.89, amid reports that talks with Skydance appeared to be faltering as the exclusive negotiating window came to an end.
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