Paramount Global (NASDAQ:PARA) traded higher on Thursday following a report that Sony Group Corporation (NYSE:SONY) and Apollo Global Management, Inc. (NYSE:APO) have submitted a $26 billion, all-cash offer for the company.Â
The Details:
According to a report from the Wall Street Journal, people familiar with the matter said the offer letter signed by Sony Pictures CEO Tony Vinciquerra and Aaron Sobel, a partner at Apollo, was submitted Wednesday.
Sony would be the majority shareholder with operational control, with Apollo holding a minority stake in the company, according to sources. The offer is non-binding and a starting point for discussions.Â
Apollo had previously submitted a $26 billion offer, however Paramount’s board questioned whether Apollo could arrange financing for the deal.
Related News: Enovix Stock Soars On Blockbuster Q1 Sales
PARA, SONY, APO Price Action: According to Benzinga Pro, Paramount Global shares closed 13% higher at $13.86, Sony Group shares were up 1.4% at $84.08 and Apollo Global shares finished 3.9% higher at $112.07 on Thursday.Â
Image: viewimage from Shutterstock
