Paramount Pictures

Source: Paramount Pictures

Paramount Pictures

The intrigue surrounding the fate of Paramount deepened on Thursday after it emerged that Sony Pictures and Apollo Global Management were said to be discussing whether to make a bid for the studio.

While exclusive negotiations are ongoing between David Ellison’s Skydance Media, RedBird Capital and Paramount Global majority shareholder National Amusements, The New York Times reported on the Sony development.

It is understood no bid has been submitted, but the Times said Sony Pictures CEO Tony Vinciquerra held talks with Apollo last week as they weigh up an all-cash offer for Paramount’s outstanding stock that would effectively take the studio private.

Apollo recently submitted a $26bn bid including debt. When National Amusements, controlled by Shari Redstone, entered exclusive talks with Skydance and RedBird, Paramount Global board members Dawn Ostroff, Nicole Seligman, Frederick Terrell and Rob Kliegerquit departed.

Sony is the sole Hollywood legacy studio that does not have its own streaming platform and is not in the same corporate stable as a streaming platform; instead it struck a pay-1 deal with Netflix.

Were a deal with Sony and Apollo to clear regulatory hurdles, a transaction would give Sony’s studio operation not just the storied Paramount Pictures but a suite of new assets including Paramount+, CBS and multiple television channels.

Sony declined to comment.