Sony, Apollo Propose $26 Bln Deal for Paramount Global

Sony Group Corp. and Apollo Global Management Inc. have proposed a $26 billion deal to buy Paramount Global ( PARA ), the media giant that owns CBS and MTV. The offer is described as a nonbinding expression of interest and would be an all-cash offer for Paramount shares, plus the assumption of debt. Paramount, controlled by Shari Redstone, is weighing a merger proposal from David Ellison, the head of Skydance Media and son of Oracle's co-founder. A period of exclusive talks between Paramount's board and Ellison is scheduled to end Friday.

About the Buyout
The proposed transaction involves buying out the controlling Redstone family at a premium and merging Ellison's company into Paramount. Critics have urged Paramount ( PARA ) to consider other offers. A special committee of Paramount directors went back to Ellison with additional terms, which he largely matched. Ellison and his investors, including RedBird Capital Partners, agreed to buy more Paramount ( PARA ) nonvoting stock at a premium to sweeten the deal for the company's other investors. The committee has not yet decided whether to accept the offer.