Todd Spangler NY Digital Editor Sony is not interested in making a new offer for Paramount Global that would challenge Paramount’s deal to merge with Skydance Media, a top exec for the Japanese conglomerate said.
On its quarterly earnings call Wednesday, Sony Group president, COO and CFO Hiroki Totoki was asked whether the company would mount a new bid for Paramount.
He replied that an acquisition of Paramount “does not fit well with our strategy.” “If we have to acquire the whole of Paramount, it would be quite risky because it may not be well fitted to our capital allocation structure,” Totoki told analysts.
In May, Sony 2024 Pictures Entertainment and private-equity firm Apollo Global sent a nonbinding offer to Paramount Global’s board offering to take Paramount private for $26 billion in cash, a price tag that would include the assumption of debt.
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