Sony looks to boost film assets with $26bn Paramount acquisition

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Business deals

Proposed buyout would be among biggest overseas deals by Japanese company

Paramount Pictures, founded in 1912, is home to well-known properties like "The Godfather."   © Reuters

REI NAKAFUJI and TAMAMI SHIMIZUISHI, Nikkei staff writersMay 4, 2024 00:40 JST | Japan

PALO ALTO, California/NEW YORK -- Sony Group and U.S. investment fund Apollo Global Management have proposed an acquisition of Paramount Global for $26 billion, according to media reports, as the Japanese company's film arm aims to bolster its slate of intellectual property.

Sony Pictures Entertainment (SPE) and Apollo sent a letter to Paramount with a non-binding buyout offer on Wednesday, according to people familiar with the matter. The $26 billion acquisition price was reported by The Wall Street Journal and other sources.

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