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Sony Reportedly Submit $26B Offer for Paramount Paramount (PARA) is a New York-based media, streaming, and entertainment company that boasts a worldwide presence. Reports had been circulating for some time now that the company's management had been on the hunt for a potential deal. On Thursday, May 2, 2024, it appeared that Sony Group (NYSE:SONY) may have tabled an offer that could move the needle.
According to a report from The Wall Street Journal, Sony and Apollo offered to buy Paramount Global for US$26 Billion in an all-cash buyout. The report says that Sony and the private-equity giant Apollo submitted a letter with the non-binding offer on Thursday. The bid would include the assumption of debt and can be negotiated. Indeed, the offer looks to be a premium compared to the company's current US$22 Billion enterprise value.
Shares of Paramount jumped 13% as of close on Thursday, May 2. The company has struggled to maintain momentum after the launch of its streaming service Paramount Plus back in March 2021. However, it did meet some success with film releases like Mean Girls and Bob Marley: One Love so far in 2024.
Sony Group stock moved up 1.44% on the same day. Its stock has now dropped 9.88% in the year-to-date period in 2024. In its most recent quarterly report in February 2024, Sony reported that operating income rose 56% to $281 million in the October to December 2023 period. Meanwhile, sales rose to $2.47 billion compared to $2.35 billion in the prior year.
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