Sony and Apollo Take Key Step in Bid for Paramount's Assets

Sony Pictures Entertainment and Apollo Global Management have made progress in their efforts to acquire Paramount, as they have signed nondisclosure agreements with the company. This allows them to access nonpublic financial information from Paramount. The two companies had previously expressed interest in acquiring Paramount for $26 billion. However, they are now considering alternative approaches to the acquisition and are no longer planning to make an all-cash offer. This new development could impact Paramount’s ongoing sale or merger discussions. The company’s CEO, Bob Bakish, recently stepped down and has been temporarily replaced by three executives.