Paramount Jumps as Sony, Apollo Reportedly Consider a Joint Bid for the Media Giant [Video]

Paramount Global (PARA) shares soared close to 8% in early trading Friday after The New York Times reported that Sony Group’s (SONY) studio division was in talks with Apollo Global Management about joining a bid for the media giant.

The two companies have not submitted an official bid, according to the report, as Paramount is still in exclusive merger conversations with Skydance Media.

The potential deal with Skydance has received significant investor pushback, while Paramount had initially rejected Apollo’s initial offer to buy the company for more than $26 billion, including debt, amid questions about the investment firm’s financing.

Paramount, the owner of broadcaster CBS, is controlled by Shari Redstone, who has a large voting stake through Redstone’s National Amusements. She took control of National Amusements, her family’s media empire in 2019 and united CBC with Viacom to create Paramount Global.

Redstone had also rebuffed a separate $11 billion offerfor Paramount’s film …