A special committee of Paramount’s board of directors decided over the weekend to formally open negotiations with Sony Pictures Entertainment and private equity group Apollo Global Management, an individual with knowledge told TheWrap. The decision follows an exclusive negotiation period between Paramount and Skydance ending Friday with no deal made.
A spokesperson for the special committee declined to comment.
Sony Pictures stepped into the race by making a joint informal offer with private equity firm Apollo Global Management of $26 billion, all cash, for Paramount. When it comes to Skydance, it received the public backing Sunday of two big names: director James Cameron and Endeavor CEO Ari Emanuel, who voiced their support for David Ellison’s Skydance acquiring Paramount in an interview with the Financial Times.