Sony, Apollo bid $26B in cash for Paramount, WSJ reports

Sony (SONY) Apollo Global Management (APO) have submitted an all-cash $26B offer for Paramount Global (PARA), marking the second time Apollo has come in with a bid, Jessica Toonkel and Miriam Gottfried of Wall Street Journal report, citing people familiar with the situation. Apollo and Sony on Wednesday submitted the offer letter, which is a “starting point for discussions and is nonbinding,” according to the Journal. Shares of Paramount are up 7% to $13.11 following the report.