BREAKING Sony to Buy Paramount

Deadline reports that Sony Picture Entertainment CEO Tony Vinciquerra has discussed acquiring Paramount with Apollo Global Management. Despite Skydance/Redbird Capital's exclusive talks with Paramount Global's majority shareholder, National Amusements, to acquire the studio,.

The New York Times reported today that Apollo and Sony's all-cash deal for Paramount stock makes the studio private through a joint venture. Sony may be involved in management or in another way. Apollo is reportedly doing most of the heavy lifting.

After-hours trading today saw Paramount's beaten-down stock rise 12% as investors processed the scenario. Apollo, once reported as a $26 billion take-private offer, has garnered more attention than David Ellison's Skydance. That preference is expressed despite Skydance and its backers' exclusive deal talks with National Amusements, Paramount's controlling shareholder.

Sony's involvement could complicate the film and TV industries, as two Hollywood giants could merge. Former Fox and CBS executives, Vinciquerra, brought a wealth of television experience to his current role.