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Sony and Apollo reportedly make $26bn offer for Paramount

Shares in media giant, whose chief executive Bob Bakish was this week ousted amid reports of clash with Shari Redstone, spike 12%

According to the Wall Street Journal, the offer was made on Wednesday by Sony chief executive Tony Vinciquerra and Aaron Sobel, a partner at Apollo. A combination of two of the most famous studios in Hollywood would attract the attention of the Biden administration which has recently displayed a more aggressive stance to big corporate mergers. Federal Trade Commission chair Lina Khan has sued to block several high-profile mergers, including Kroger’s $24.6bn takeover of rival grocer Albertsons, and Nvidia’s $40bn takeover of the chip designer Arm Holdings, a bid that was later abandoned.

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