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Sony Pictures, Apollo Offer to Buy Paramount Global for $26 Billion in Cash
Sony and Apollo announced a bid to take Paramount Global private with an all-cash buyout offer of $26 billion.
Sony and private-equity giant Apollo submitted an offer letter Wednesday to Paramount Global, the Wall Street Journal reported Thursday. Shari Redstone, the controlling shareholder of Paramount Global, is known to prefer deal with David Ellison’s Skydance, whose bid is backed by RedBird Capital Partners and KKR. Amid the deal wrangling, Bob Bakish earlier this week was removed as CEO of Paramount Global, replaced by a triumvirate of senior execs.
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