05:30 AM EDT, 04/19/2024 (MT Newswires) -- Apollo Global Management ( APO ) and Sony ( SONY ) are discussing a joint bid for Paramount Global ( PARAA ) , media outlets reported on Friday citing unnamed people familiar with the matter.

The investment manager and the media conglomerate have yet to approach Paramount, which is in exclusive buyout talks with Skydance Media.

The competing bid would offer cash for Paramount shares and take the company private, a source told Reuters. Under the proposal, Sony ( SONY ) would hold a majority stake in Paramount and its chairman Tony Vinciquerra would run the studio while Apollo would control Paramount's CBS broadcast network and its local television stations, Reuters reported.

Apollo, Sony ( SONY ), and Paramount did not immediately reply to MT Newswires' request for comment.