Sony Pictures Entertainment (SPE) and Apollo Global Management APO.N have made a $26 billion cash offer for Paramount Global, the Wall Street Journal reported.
The two companies submitted the non-binding offer letter on Wednesday, signed by Sony Pictures Chief Executive Tony Vinciquerra and Apollo partner Aaron Sobel, said the WSJ, citing people familiar with the matter.
Reuters reported earlier in April that Sony's SPE and Apollo were in talks to make a joint bid for Paramount.
SPE, Apollo and Paramount did not immediately respond to Reuters requests for comment.
Paramount is in exclusive talks with Skydance Media and is working to build its streaming business as it faces tough competition from Netflix and Walt Disney as viewership of cable TV declines.
SPE, a subsidiary of Tokyo-based Sony Group Corporation, says its operations span movie and television production, acquisition and distribution, digital content creation and distribution, studio facility operation and the development of new entertainment products, services and technologies.
Meraas, part of Dubai Holding Real Estate, has awarded an AED 850 million construction contract to Dutco Construction Co LLC for the Bvlgari Lighthouse on Jumeira Bay Island.
Air Arabia Abu Dhabi has partnered with Morafiq, a leader in innovative airport services, to launch a new Home Check-In service for its passengers in the UAE capital.
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, has said the UAE has made significant progress in increasing the contribution of clean energy production to the total energy mix, reaching 27.83 per cent in 2023, within the target of 32 per cent by 2030.
The UAE participated in the ninth BRICS Ministers of Culture Meeting, which was held in St. Petersburg and led by Sheikh Salem bin Khalid Al Qassimi, Minister of Culture.