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Paramount Acquisition In Doubt As Sony Rethinks $26B Bid
Deal talks between Paramount Global Inc. (NASDAQ:PARA) and the team of Sony Group Corp. (NYSE:SONY) and Apollo Global Management Inc. (NYSE:APO) are not going well.
What Happened: CNBC’s David Faber reported during “Power Lunch” on Tuesday that people close to the situation indicated a “rethinking” of the Paramount bid.
This doesn’t necessarily mean Sony is out of the race entirely, but it suggests a full acquisition is less likely.
Faber pointed to several factors potentially influencing Sony’s decision, including the lack of a signed non-disclosure agreement (NDA), which would typically be a precursor to serious due diligence.
Additionally, Faber indicated the recent Sony’s stock price decline — over 10% since the ...