Paramount shares are up more than 13% following news that Apollo and Sony are considering a joint bid to acquire the company. Paramount is currently in a period of negotiation, with the final decision resting with the Redstone family. Although the Redstone family owns less than 10% of Paramount, they control 77% of the voting rights.

This joint offer from Apollo and Sony considerably strengthens Apollo's credibility. Although Apollo had already expressed an interest earlier this year, negotiations paused before resuming following a specific offer for Paramount's film studio, which the Redstone family had initially rejected because they did not wish to split the company.

Apollo's offer for the whole company, worth $26 billion including debt, was eventually put on the table. The addition of Sony to the equation offers a stronger alternative, especially as investors seem unhappy with the terms of Ellison's offer.

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