Partners Sony and Apollo have formally reached out to Paramount‘s special board committee asking to discuss a potential $26 billion offer, Deadline has learned. It comes as Par’s exclusive negotiating window with David Ellison‘s Skydance is set to expire.
Paramount share jumped 12% on the news. Investors would vastly prefer a Sony deal to Skydance. Skydance made an revised offer, said to be its best and last, last week.
Sony and Apollo’s overture is a non-binding expression of interest, Deadline has learned — an invitation to meet and explore the contours of a possible deal.
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This article was originally published by Deadline.com. Read the original article here.