Sony Pictures and Apollo Global Offer $26 Billion Cash Deal to Take Paramount Global Private

Sony Pictures Entertainment and Apollo Global Management have offered to acquire Paramount Global in an all-cash deal valued at $26 billion. The joint bid comes as Paramount's board considers a merger with Skydance Media that would keep the company public. Shari Redstone, the controlling shareholder of Paramount Global, prefers the Skydance deal. A Sony/Paramount merger would reduce the major Hollywood studios from five to four following Disney's 20th Century Fox acquisition. Wall Street reacted positively to the news, sending Paramount shares up 13%.