Sony Group Corp ( SONY ) and Apollo Global Management Inc ( APO ) are reportedly in discussions with Paramount Global ( PARAA ) to gain access to the latter’s financial records, a move that could potentially lead to a $26 billion acquisition.

What Happened: Paramount Global ( PARAA ) is currently in talks to share its financial information with Sony ( SONY ) and Apollo, who are both interested in acquiring the U.S. media company, reported Reuters citing people familiar with the matter.

The confidential discussions are aimed at finalizing the terms of a non-disclosure agreement, which would allow the exchange of sensitive commercial data.

Paramount’s special committee, responsible for evaluating the company’s options, recently allowed an exclusivity period with Skydance Media to expire. This has opened the door for Sony ( SONY ) and Apollo to potentially solidify their $26 billion offer and challenge a competing bid from Skydance Media.

See Also: Tighter Spreads, Transparent Fee Structures, More Regulatory Compliance – The Advantages Of Trading Forex With Futures

However, the sources have cautioned that the ongoing discussions do not guarantee a deal. A spokesperson for Paramount’s special committee declined to comment on the matter, according to the report.

Investors can gain exposure to SONY ( SONY ) via WBI BullBear Quality 3000 ETF ( WBIL ) and BlackRock Large Cap Core ETF ( BLCR ) .

Why It Matters: The news of Sony ( SONY ) and Apollo’s interest in Paramount’s financials comes amid concerns about Sony’s financial capacity to handle the acquisition. The proposed deal exceeds Sony’s current cash reserves, leading to a significant drop in its shares, according to a report on Tuesday.

Despite these concerns, market analysts suggest that more apparent financing plans could shift focus to the deal’s potential benefits. The news of the ongoing discussions between Paramount, Sony ( SONY ), and Apollo could provide further insight into Sony’s strategy for financing the acquisition.

Paramount’s shares jumped following the announcement of Sony ( SONY ) and Apollo’s bid, as reported on May 3. The expiration of the exclusivity period with Skydance Media has also added to the speculation surrounding Paramount’s future.

Read Next: AI In Orthopedic Surgery: How Leveraging AI Could Improve Surgical Outcomes

Image Via Shutterstock

Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.