SILICON VALLEY: Sony Pictures Entertainment and U.S. private equity firm Apollo Global Management on Wednesday submitted an all-cash 26-billion-dollar offer for U.S. media giant Paramount Global, The Wall Street Journal reported Thursday.

Under the terms of the joint offer, the Sony Group Corp. unit would become the significant majority shareholder, with Apollo taking a minority stake and ceding operational control, the paper said.

The offer comes as Paramount has been in exclusive merger talks with U.S. production company Skydance Media.

Sony and Paramount, which owns movie studios and broadcaster CBS, have been racing to increase competitiveness in the face of the rise of video streaming services.

JIJI Press