"Paramount" and "Skydance" co-produced the movie "Top Gun.. Maverick" starring Tom Cruise in 2023 (agencies)
Media and entertainment company Paramount Global has begun exclusive negotiations with production company Skydance regarding their merger, according to what several American media outlets reported yesterday, Wednesday, rejecting an offer to buy it worth $26 billion made by the investment company Apollo.
The Wall Street Journal reported that Paramount would refrain from negotiating with Apollo and other potential buyers for 30 days to make way for an agreement with Skydance.
Paramount shares - which owns the American stations CBS and MTV - witnessed a 15% rise yesterday on the Wall Street Stock Exchange.
The giant investment company, Apollo Global Management, had offered Paramount an amount exceeding $26 billion, including its debts, but Paramount chose not to enter into negotiations with it, due to its negotiations with Sky Dance, according to the New York Times.
Paramount and Skydance recently partnered to produce the movie “Top Gun: Maverick,” starring Tom Cruise, which generated revenues of about $1.5 billion worldwide.
Several parties, including Netflix, have been seeking for months to acquire Paramount Global, which is the smallest of the major companies in the field of television and online streaming services.
The number of subscribers to the Paramount platform - which was launched in March 2021 - reached about 63 million subscribers at the end of September.
The media group, which previously bore the name ViacomCBS, includes CBS, MTV, Nickelodeon and Comedy Central, in addition to the Paramount film and television studio.
Sky Dance Media is managed by David Ellison, the son of billionaire Larry Ellison, co-founder of the giant technology company Oracle.
Source: French