(Reuters) – Sony Pictures Entertainment and Apollo Global Management have signed nondisclosure agreements that may enable them to have a look at Paramount’s books ahead of a possible bid for the film studio’s property, the New York Times reported on Friday, citing folks acquainted with the matter.
The corporations are, nonetheless, backing away from an preliminary plan to make an all-cash $26 billion supply for Paramount, the newspaper mentioned.
Reuters reported this month that Paramount was in talks to open its books to a consortium of the Sony film unit and the U.S. buyout agency. CNBC later reported that Sony was rethinking its bid, sending Paramount’s shares tumbling and serving to the Japanese agency’s shares surge after upbeat earnings.
Sony and Apollo are actually considering quite a lot of approaches to amass Paramount’s property, the New York Times mentioned.
Paramount declined to touch upon the report, whereas Sony and Apollo didn’t instantly reply to a request for remark late Friday.
Like different studios, Paramount has been struggling to get better from final yr’s months-long strikes by Hollywood writers and actors, a comfortable promoting market and falling cable subscriptions within the United States which have eroded earnings for its TV enterprise.
Paramount has additionally been speaking with Skydance Media but earlier this month ended a interval of exclusivity within the negotiations.
(Reporting by Mrinmay Dey in Bengaluru; Editing by Edwina Gibbs)
