Sony in talks with Apollo for joint Paramount bid

Sony Group Corp and Apollo Global Management Inc are considering teaming up in a bid for the film and TV giant Paramount Global, according to a person familiar with the matter.

The two companies haven’t submitted an official offer, said the person, who asked to not be identified discussing private conversations. In the last week, Tony Vinciquerra, who leads

Sony Pictures Entertainment, has held discussions with Apollo about teaming up on an offer.

Paramount, the parent of CBS, MTV and other networks, is holding exclusive talks with Skydance Media, the independent film and TV company led by technology heir David Ellison. The Sony-apollo

An acquisition of Paramount would significantly increase its exposure to traditional TV channels

group would offer cash for shares of Paramount, taking the company private through a joint venture, according to the New York Times, which reported on the discussions earlier Thursday. Paramount shares rose as much as 14 per cent in after-hours trading. Sony declined to comment. The Tokyobased company bought Columbia Pictures in 1989. The home to the Spider-man and Ghostbusters film franchises is the only major Hollywood studio without a general entertainment streaming service. An acquisition of Paramount would significantly increase its exposure to traditional TV channels, which have been losing viewers to streaming. Independent members of Paramount’s board are weighing the Skydance proposal, which would merge that business with the film and TV company.