Paramount Enters Discussions with Apollo as Sony Considers Joint Bid

After hours on Thursday, Paramount Global stock experienced a remarkable surge, with NASDAQ:PARA increasing by 11.5% and NASDAQ:PARAA by 6.4%.

The sudden rise in stock prices was fueled by reports suggesting that Sony Pictures Entertainment (SONY) has officially joined the race to acquire Paramount, a well-known studio company. Sources with knowledge of the situation revealed that Sony has been in talks with Apollo Global Management (NASDAQ:APO) about potentially teaming up for a bid to purchase Paramount. Despite Paramount's ongoing discussions with Skydance Media for a potential merger, Sony's entrance into the competition has opened up new possibilities.

Paramount has been actively engaging with Skydance, even amidst Apollo's enticing $26 billion cash offer, which many shareholders believe to be a more favorable proposal. Sony Pictures CEO Tony Vinciquerra has been actively conversing with Apollo in recent days to explore the idea of a joint, all-cash bid, as detailed by The New York Times. This unexpected development has injected further excitement and potential into the future of Paramount Global stock.