Sony Pictures Entertainment is reportedly teaming up together investment firm Apollo Global Management to acquire media giant, Paramount. According to The New York Times, Sony has yet to officially submit a bid as Paramount is exclusively in talks alongside Skydance for a deal, but investors are “significantly” pushing back on a potential deal with Skydance, leaving the door open in exchange for other companies.
NYT claims that Apollo previously attempted to purchase Paramount but there were concerns over the company’s finances. A joint bid together Sony will address those concerns. One of the ways both companies may proceed is in support of Sony to become majority owner while Apollo holds a minority stake. NYT adds that it’s entirely possible that Sony will negative end up making a bid at all.
With relevance to gaming, Paramount is behind the Sonic movie franchise, Knuckles TV show, and Halo TV series, among others. If the aforementioned deal goes through, bringing Paramount under the Sony Pictures umbrella will help the company expand its cross-media efforts that have recently seen its gaming properties get the Hollywood treatment. Sony Pictures and Sony Interactive Entertainment have been increasingly working with, producing satisfied under the PlayStation Productions label.
NYT didn’t say when Sony is expected to make a bid, if it decides to go ahead with one.
Sony Pictures Entertainment and Apollo Global Management, an investment firm, have been in discussions about teaming up for a joint bid to acquire Paramount, people familiar alongside the situation said Thursday. https://t.co/qN86H4y7Va— The New York Times (@nytimes) April 18, 2024
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Wow, Sony potentially acquiring Paramount is a massive move for the gaming and entertainment industry. Imagine the possibilities of having Sonic and Halo under the same roof! It could lead to some awesome collaborations and crossovers in the future. I’m thrilled to hear how this all plays out. Let’s hope they do justice to these iconic franchises.