Sony, Apollo Sign NDAs To Access Paramount's Financials

Sony Pictures Entertainment and Apollo Global Management have made significant progress in their efforts to court Paramount. 

The NY Times reports they have signed nondisclosure agreements with Paramount, allowing them to access the company’s nonpublic financial information. 

Earlier this month, Sony and Apollo expressed interest in acquiring Paramount for a whopping $26 billion. Their initial plan was to buy Paramount for its studio and then sell off other parts of its empire, which includes CBS, cable channels like MTV, and the Paramount Plus streaming service. 

However, Sony’s shareholders have expressed concerns about the potential acquisition, given the cost and challenges facing the subscription streaming business. 

As a result, Sony and Apollo are now exploring various approaches to acquire Paramount’s assets, but they are stepping back from their original plan for an all-cash, $26 billion offer. This shift in strategy could impact Paramount’s ongoing efforts to sell itself or merge with another company. 

Paramount’s controlling shareholder, Shari Redstone, has long sought a deal for the entire company, although she has indicated that a breakup of the company is not out of the question depending on the terms.