Sony and Apollo move forward with Paramount bidding process, but reticent about previous plan, reports NYT

(Reuters) – Sony Pictures Entertainment and Apollo Global Management have signed non-disclosure agreements that will allow them to vet Paramount’s books ahead of a possible bid for the film studio’s assets, the New York Times reported on Friday, citing people familiar with the matter. with the subject.

The companies are, however, backing away from an initial plan to make a $26 billion all-cash bid for Paramount, the newspaper said.

Reuters reported this month that Paramount was in talks to open its books to a consortium between Sony’s film unit and the U.S. buyout firm. CNBC later reported that Sony was rethinking its offer, sending Paramount shares falling and helping the Japanese company’s shares rise after upbeat earnings.

Sony and Apollo are now contemplating a variety of approaches to acquiring Paramount’s assets, the New York Times said.

Paramount declined to comment on the report, while Sony and Apollo did not immediately respond to a request for comment on Friday.

Like other studios, Paramount has struggled to recover from months-long strikes by Hollywood writers and actors last year, a weak advertising market and falling U.S. cable subscriptions that have eroded U.S. profits. your TV business.

Paramount has also been talking to Skydance Media, but earlier this month ended a period of exclusivity in negotiations.

(Reporting by Mrinmay Dey in Bengaluru; Editing by Edwina Gibbs)