Paramount wants to buy for $26 billion, company agrees to start negotiations
A group led by Sony Pictures Entertainment and Apollo wants to acquire Paramount, which has now decided to officially start negotiations. The amount of a possible deal is up to $26 billion, The New York Times reports, citing informed sources.
According to them, this decision was made after the period of exclusive negotiations between Paramount and Hollywood studio Skydance ended on the evening of May 3.
The next day, a special committee of Paramount’s board of directors met and approved the start of negotiations with Sony Pictures and Apollo, which recently sent a letter of interest and offered to buy Paramount. The committee also decided to continue negotiations with Skydance.
Paramount, the owner of Nickelodeon, MTV, CBS and Paramount Pictures, is exploring a deal as it faces challenges, including the decline of cable TV and unprofitable streaming business.
Recently, Paramount announced the resignation of CEO Bob Bekish, who was an opponent of a potential deal with Skydance.