Sony Pictures Entertainment is reportedly teaming up with 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 with Skydance for a deal, but investors are “significantly” pushing back on a potential deal with Skydance, leaving the door open for other companies.
Potential acquisition of Paramount may help Sony’s cross-media ambitions
NYT claims that Apollo previously attempted to purchase Paramount but there were concerns over the company’s finances. A joint bid with Sony will address those concerns. One of the ways both companies may proceed is for Sony to become majority owner while Apollo holds a minority stake. NYT adds that it’s entirely possible that Sony will not 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 together, producing content 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.
