11:12 AM EDT, 04/19/2024 (MT Newswires) -- (Updates with the latest stock movement in the headline and the first paragraph.)

Paramount Global ( PARAA ) shares rose more than 8% in recent trading following media reports that Apollo Global Management ( APO ) and Sony Group ( SONY ) are discussing a joint bid for the company.

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

The competing bid would offer cash for all Paramount shares and take the company private, a source told Reuters. Under the proposal, Sony ( SONY ) would hold a majority stake in the joint venture and operate the media company and its chairman Tony Vinciquerra would likely run the studio, according to the report.

Paramount, Apollo and Sony ( SONY ) did not respond to MT Newswires' requests for comment.