Paramount won’t extend exclusive deal period with Skydance amid Sony bid: sources
NY Post
Paramount Global will likely not extend its 30-day exclusivity talks with Skydance Media to strike a deal as Sony Pictures Entertainment and private equity firm Apollo Global Management await a response to their $26 billion bid to buy the entertainment giant, according to a person familiar with the matter.
A special committee of the Paramount board, created to evaluate offers for the company, has been holding exclusive deal talks with Skydance since April 3. That period of exclusivity ends Friday, and a source familiar with the matter said the exclusivity period is unlikely to be extended, opening the door to other bidders.
The companies submitted a non-binding offer letter on Wednesday, signed by Sony Pictures Chief Executive Tony Vinciquerra and Apollo partner Aaron Sobel, a source confirmed to Reuters. The $26 billion offer is a combination of cash and assumption of debt.
Apollo declined comment to Reuters, which reported in April that Sony’s Sony Pictures Entertainment and Apollo were in talks on a joint bid. Paramount and Sony also declined comment on the Apollo-Sony offer, which was first reported by the Wall Street Journal.
Skydance and a spokesman for the Paramount special committee also declined comment.
SPE would hold a majority stake in the venture, a source previously told Reuters, and operate Paramount, whose movie library spans “Star Trek,” “Mission: Impossible” and Indiana Jones, alongside TV characters like SpongeBob SquarePants.
