A special committee of the Paramount Global board convened to assess offers for the company, following the end of exclusive negotiations with Skydance Media without reaching a deal.

Rival bidders, including Sony and Apollo, are awaiting updates on the next steps.

The special committee reportedly approved initiating deal discussions with Sony and Apollo, with a potential focus on Apollo acquiring the CBS broadcast license rights. However, this information remains unconfirmed by Paramount’s spokesperson.

Sony Pictures Entertainment and Apollo Global Management had expressed interest in acquiring Paramount, but the committee has not yet contacted Sony.

Meanwhile, Skydance, engaged in discussions with Paramount and its controlling shareholder Shari Redstone, is evaluating its options, Reuters reported.

Paramount, like other studios, faces challenges from last year’s Hollywood strikes, a soft advertising market, and declining cable subscriptions, impacting its TV business profitability.

Despite efforts, its streaming service, Paramount+, lags behind competitors like Netflix and Disney+.

Since the 2019 merger of CBS and Viacom, now Paramount Global, Paramount’s shares have dropped over 65%, representing a loss of more than $14 billion in market value.

Written by B.C. Begley