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Sony Pictures and Apollo make $26 billion. promotion for Paramount Global

US media say Japan’s Sony Group and a private equity firm have made a $26 billion cash offer for US media giant Paramount Global.

The Wall Street Journal and others broke the news Thursday, citing people familiar with the situation.

They say Sony Pictures Entertainment and Apollo Global Management have jointly submitted a letter of interest to Paramount Global.

Paramount is home to some of the world’s largest media assets, including Paramount Pictures and CBS, one of the three major TV networks in the United States.

The Sony Group also focuses heavily on film production. It acquired Columbia Pictures in 1989.

Under the terms of the deal, Sony would reportedly become the majority owner of Paramount Global.

However, Paramount is also said to be involved in separate merger talks with production company Skydance Media.