Paramount Global, the parent company behind the American film studio and television production company best known for countless blockbusters that include 1997’s Titanic, Raiders of the Lost Ark, and, more recently, Top Gun: Maverick, may be looking at a new owner soon, according to a report today about how Sony Pictures and Apollo Global Management (a private-equity firm) have submitted an all-cash, $26 billion offer to acquire the entertainment giant. James Cameron’s Titanic remains Paramount’s highest-grossing film, having earned over $2 billion worldwide since its release in 1997.
Variety reports:
- “The bid…comes as Paramount Global board’s special committee established to consider M&A proposals is evaluating the best and final offer from Skydance Media to merge Paramount and Skydance while keeping Paramount Global public.”
- “…the controlling shareholder of Paramount Global, is known to prefer consummating a deal with David Ellison’s Skydance, whose bid is backed by RedBird Capital Partners and KKR.”
- “It’s not clear how Paramount’s board will proceed on the Sony-Apollo proposal, having rejected previous overtures from the private-equity firm.”
- “…the combination of Sony Pictures with Paramount Pictures would likely result in mass layoffs — and knock the number of major Hollywood studios from five to four, after Disney took over 20th Century.”
The WSJ’s original report reads:
Sony Pictures and private-equity firm Apollo Global Management have submitted an all-cash, $26 billion offer for Paramount Global, marking the second time Apollo has come in with a bid for the entertainment giant.