Sony and private equity company Apollo have reportedly made a $US26 billion offer to acquire Paramount Global, according to the Wall Street Journal.
It follows the company’s $US417 million operating loss over the three months ended March 31, 2024, which improved on the $US1.226 billion operating loss a year earlier.
Any potential deal will have implications for its Australian operations, which includes Network Ten and the Paramount+ streaming service, as well as productions it makes here, such as its popular NCIS Sydney series. Paramount+’s Top Gear Australia will premiere on the streaming service later this month.
Paramount Global has recently focused on producing content “more efficiently”, including by prioritising lower-cost formats like unscripted and those shot abroad while maintaining our strength in franchises, according to former Paramount CEO Robert M. Bakish, who left the company in April.
“The latest iteration, NCIS Sydney, was produced in Australia at a much more efficient price point and was the most-watched new show this season on any network in the U.S., until February’s debut of Tracker, also on CBS,” he said during a recent Q4 earnings call.
Paramount recently appointed Beverley McGarvey to the new position of president of Network 10, head of streaming, and regional lead for Australia and New Zealand. The role oversees Paramount’s multi-platform business in Australia, with oversight of Network 10 and its portfolio of brands, including 10 Play.