Sony (SONY)Portablepokertable.us) and Apollo Global Management (APOPortablepokertableUs) this week's $26 billion takeover offer hampered negotiations between Paramount Universal (PARA.US) and film and television production company Skydance Media. It is reported thatPortablepokertableApollo Global Management and Sony's acquisition offer expressionPortablepokertableThe acquisition interest of Apollo and Sony is not binding.
The special committee on Paramount Global's board, which has been negotiating with Skydance Media founder David Ellison, informed David Ellison on Friday that the negotiations would no longer be exclusive, according to people familiar with the matter.
Although Apollo Global Management has approached Paramount Global several times in the past few weeks, the latest proposal for a partnership between Apollo Global Management and Sony is more specific than previous proposals, according to a person familiar with the thinking of Paramount Global's board. Paramount Global directors have reserved a choice and hope to get a better offer from Apollo Global Management or David Ellison, people familiar with the matter said.
However, Paramount Global's move could be at risk. Another person familiar with the matter said that David Ellison and its partners had not yet decided what to do next and that they might abandon the negotiations.
Paramount Global has other options. The company's three newly appointed co-chief executives are working on a plan that includes further cost cuts, the sale of non-core assets and a possible partnership with Comcast, which could reduce losses on Paramount + streaming services.