What's happened
Sony Pictures Entertainment and Apollo Global Management have submitted a $26 billion cash bid for Paramount Global, leading to the departure of CEO Bob Bakish amid merger talks with Skydance Media.
Why it matters
The $26 billion bid by Sony and Apollo for Paramount Global, along with the departure of CEO Bob Bakish and the offer of a $3 billion cash infusion by Skydance, mark significant developments in the ongoing merger discussions and potential restructuring of Paramount.
What the papers say
According to the New York Times, Skydance has offered a $3 billion cash infusion to Paramount in merger discussions. The NY Post reports that Paramount CEO Bob Bakish is expected to step down amid contentious merger talks with Skydance. Business Insider UK details Sony and Apollo's joint $26 billion cash bid for Paramount. The Guardian highlights the $26 billion offer by Sony and Apollo for Paramount, leading to Bakish's departure. Axios reports on the $26 billion bid by Sony and Apollo for Paramount Global.
How we got here
Paramount Global, the media empire behind CBS, MTV, and Channel 5, has been in talks with Skydance Media for a potential merger. The departure of CEO Bob Bakish and the $3 billion cash infusion offer by Skydance come amidst ongoing discussions about the future of Paramount.
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