Sony (NYSE:SONY) and Apollo Management reportedly plan to sell off Paramount Global (NASDAQ:PARA) traditional 'linear' television channels and its streaming service Paramount Plus if they complete their $26 billion takeover.
The three companies are in talks about the bid and potential next steps, the New York Times reported, though no formal due diligence or nondisclosure agreements have yet been agreed.
Paramount Global (NASDAQ:PARA)'s assets also include the UK’s Channel 5.
According to statements last week, the all-cash bid is being led by Sony, which would take majority control, while Apollo would hold a minority stake, without the need to refinance Paramount's existing $16 billion debt.
David Ellison's Skydance had been negotiating a merger with Paramount, which involved National Amusements and a stock deal for Skydancem but the exclusivity window ended on 3 May.