Sony Pictures and Apollo Global are reportedly considering a joint bid to buy out Paramount Global.
Sources with knowledge of the matter say that the purported plans are far from taking root and that several roadblocks are standing in the way of the merger.
This news comes after earlier reports of a credit downgrade for Paramount. The S&P ratings agency downgraded Paramount’s credit rating from BB+ to BBB- last month.
Paramount, like many entertainment giants, is facing financial troubles brought on by shortfalls in streaming revenues.
While it remains to be seen if the merger will be completed, here is what is currently being reported about the speculative merger:
Sony Pictures Entertainment and Apollo Global Management are considering a possible joint bid for Paramount Global.
Sources close to the situation confirmed the conversations but cautioned that there are numerous obstacles that would need to be overcome before the sides could… pic.twitter.com/0u0DKEjk8J
— Variety (@Variety) April 19, 2024
A deal to buy Paramount Global that includes Japan’s Sony Group would be expected to draw scrutiny from US regulators who vet media purchases by foreign buyers https://t.co/gc55ej22ZG
— Bloomberg (@business) April 19, 2024
Sony is considering joining up