Sony and Apollo offer $26 billion for Paramount: report
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Sony and Apollo Global Management are reportedly bidding big for Paramount.
Sony and the private equity firm teamed up for an all-cash offer of $26 billion for Paramount Global, The Wall Street Journal reported on Thursday.
The bid was officially sent on Wednesday, the Journal reported, based on anonymous sources. Sony and Apollo's offer was nonbinding, according to the Journal.
Skydance Media and its largest private-equity backer RedBird Capital Partners have also been trying to win over Paramount for the better part of a year. Business Insider's Hayley Cuccinello recently reported that the Skydance consortium, including fellow Skydance investor KKR, submitted a revised offer on Sunday.
Last week, Paramount announced its CEO Bob Bakish was stepping down. Majority shareholder Shari Redstone hasn't commented on the rumors of a sale.
This story is developing. Please check back for updates.