After falling 7% Friday, Paramount Global (PARA) shares are up more than 2% premarket Monday.
Reports emerged that at the end of last week Sony and private equity firm Apollo Global said they intend to make a $26 billion cash offer for the company.
The news came as Paramount's exclusive period of talks with Skydance expired on Friday. However, it was said the exclusive window could still be extended.
Nevertheless, a report by The New York Times over the weekend said Paramount will pursue simultaneous talks with Sony and Apollo as well as Skydance.
After failing to come to terms over a deal during the exclusivity window, Skydance now has a decision to make regarding whether to continue to pursue a deal.
The special committee of Paramount Global’s board of directors handling the negotiations is anticipated to begin a formal process with Sony/Apollo. However, there is the possibility it could run into regulatory hurdles, given the recent crackdown from the Biden administration on consolidation.