US media conglomerate Sony Pictures Entertainment and asset management firm Apollo Global Management have reportedly submitted a $26 billion all-cash buyout offer to take entertainment giant Paramount Global private.
The report on the bid by Sony Pictures Entertainment, which is affiliated to Japanese conglomerate Sony Group Corporation, cited people familiar with the matter.
Sony's proposal comes as a special committee established by the board of Paramount Global evaluates a final offer from film producer David Ellison's Skydance Media to merge the two companies while keeping Paramount Global public.
Exclusive negotiations between Ellison and Paramount's board are set to conclude on Friday.
In December last year, there were reports that US entertainment conglomerate Warner Bros. Discovery and Paramount Global had held talks about a potential merger.