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Sony and Apollo send letter expressing interest in $26 billion Paramount buyout as company mulls Skydance bid

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Paramount Global News

Media,Technology,Breaking News: Business

Sony and Apollo expressed formal interest in a Paramount Global buyout as Paramount's special committee is prepared to give its recommendation to Skydance.

Apollo and Sony have sent a letter to the Paramount board expressing formal interest in doing a $26 billion takeover of the company.

Skydance Media hasn't heard anything from the special committee yet, though it expects to find out the special committee's recommendations on next moves as early as Thursday, according to people familiar with the matter. Paramount's panel could recommend approving Skydance's offer or rejecting it, or it could come back to the Skydance consortium with alternatives or changes.

Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value.

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