NEW YORK: Sony Pictures Entertainment Inc. is considering a joint bid to acquire Paramount Global, according to news reports.

Sony Pictures, a unit of Japan’s Sony Group Corp., and Apollo Global Management Inc., a U.S. investment firm, have been in discussions about a joint bid for Paramount, according to The New York Times.

The two companies have not submitted an official bid as Paramount is still in exclusive talks on a bid from U.S. production studio Skydance Media LLC, according to the newspaper.

In addition to a film studio, Paramount owns the CBS television network and the MTV music channel. The company has struggled in recent years due to the rise of video streaming services, and is seeking a merger with another media company.

JIJI Press