Paramount Global was heading for a rocky start to trading today CNBC reported overnight that Sony Pictures is reconsidering its bid for the business.
Stories last week were that Sony and private equity group Apollo planned to sell Paramount’s streaming services and TV channels if their US$26 billion joint bid goes ahead.
Sony would become Paramount’s majority shareholder and would run its operations and Apollo would have a minority stake.
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CNBC suggested last night though that the Japanese giant is getting cold feet about the whole deal.
“People close to the situation that I’ve been speaking to of late indicate that the likelihood of a bid, at least for the full company, seems to be fading a bit,” CNBC’s David Faber said.
Sony Pictures has more than 3,500 movies in its library, including franchises such as “Jumanji”, “Resident Evil” and “James Bond”.
Paramount allowed an offer from Skydance to lapse, which had involved paying $2 billion to acquire the Redstone family’s holding company, National Amusements, which holds 77% of Paramount’s voting shares followed by a reverse takeover.
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The full article is available here. This article was published at Private Equity Insights.
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