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Paramount Shares Dip On Report Sony Is “Rethinking” $26 Billion Bid
Shares of Paramount Global dipped on a CNBC report that Sony and Apollo may be "rethinking" their joint bid for the company.
Shares of Paramount Global dipped suddenly in afternoon trading on a CNBC report that Sony and Apollo may be “rethinking” their joint bid for the company. The studio and private equity fund made a formal, but preliminary, $26 billion offer for the company controlled by Shari Redstone just as Par’s monthlong exclusive negotiating window with Skydance expired early this month. Sony and Apollo would need to conduct due diligence, a deep dive into Paramount’s financials and operations, in order to come up with a final offer but that process has not yet started, so the partners may be growing impatient.
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