Paramount Global in talks to open its books to Sony Pictures and Apollo

Paramount Global is in talks about opening its books to a consortium of Sony Pictures and buyout firm Apollo Global Management interested in acquiring the US media company, people familiar with the matter said on Wednesday.

Advisers to both sides are discussing the terms of a confidentiality pact that allows the exchange of commercially sensitive information, the sources said. Doing so would pave the way for Apollo and Sony to firm up their $26 billion offer and challenge a rival bid from David Ellison’s Skydance Media.