Sony in Talks to Join a Bid to Buy Paramount

Even as Paramount, the home of the “Top Gun” movie franchise and “SpongeBob SquarePants,” continues its talks to merge with another media company, Skydance, a new suitor has emerged.Sony Pictures Entertainment and Apollo Global Management, an investment firm, have been in discussions about teaming up for a joint bid to acquire Paramount, two people familiar with the situation said Thursday.The two companies have not

submitted an official bid, as Paramount is still in exclusive conversations with Skydance, said the people, who were granted anonymity to discuss delicate negotiations. But the potential deal with Skydance has generated significant investor pushback.Apollo previously reached out to Paramount about buying the company for at least $26 billion, including debt. But Paramount’s board proceeded with its more advanced conversations with Skydance, amid questions about Apollo’s financing. A joint bid with Sony would almost certainly reduce those concerns, adding operational experience and additional capital to Apollo’s already significant war chest.