Sony Pictures Entertainment and Apollo Global Management are considering divesting Paramount Global if they win the bid to acquire the media giant, The New York Times reported early Thursday, citing three people familiar with the talks.
According to the sources, the plan involves auctioning off Paramount's Paramount Plus streaming service, the CBS broadcast network, and other cable channels. In this potential deal, Paramount Pictures will merge with Sony's existing business.
However, Sony and Apollo intend to retain ownership of the broadcaster's extensive library of films and TV shows, as well as the rights to popular characters such as the Teenage Mutant Ninja Turtles and SpongeBob SquarePants.
