By Angela Palumbo
Paramount Global stock popped Friday after a media report said that Sony's movie division and investment firm Apollo Global Management have been in talks to make a joint bid for the media company.
According to the New York Times, the potential bid from Apollo and Sony would be an all-cash offer for the outstanding stock in Paramount. That would mean taking the company private.
The news outlet cited people familiar with the matter who noted that neither Sony nor Apollo have submitted an official bid to buy Paramount because the parent company of streaming platform Paramount+ is currently in exclusive talks to be acquired by Skydance Media.
The Wall Street Journal reported earlier this month that members of Paramount's board and Skydance agreed to start exclusive merger discussions, preventing Paramount from entertaining offers from other potential interested parties for 30 days.
Paramount declined to respond to a Barron's request for comment. Apollo and Sony Pictures didn't immediately respond to requests for comment.
In early March, Paramount's Chief Financial Officer Naveen Chopra said at a Morgan Stanley conference that the company will be "diligent" about exploring "other alternatives" when unlocking value for shareholders.
Investors may get an update on any strategic alternatives during the company's first-quarter earnings call on April 29.
Paramount, up 10% to $12.01 in morning trading, is the best-performing stock in the S&P 500 on Friday. The index was down 0.2%. The stock has fallen 18% so far this year.
Write to Angela Palumbo at angela.palumbo@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
April 19, 2024 10:26 ET (14:26 GMT)
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