Sony and Apollo Global Management intend to sell of Paramount Global’s linear broadcast and television networks if its offer to acquire the company is approved, according to a report.
On Wednesday, the
New York Times said Sony and Apollo would “auction off” the CBS broadcast network and co-owned cable channels like MTV, VH1, Nickelodeon, TV Land, CMT and BET if Paramount’s board and shareholders approve its
$26 billion takeover offer.
The report said Sony and Apollo are likely to keep the famed Paramount Pictures studio and Paramount’s intellectual content, including shows like “Spongebob Squarepants,” “Paw Patrol,” “Star Trek” and “Mission: Impossible.” But it would sell off Paramount Plus with Showtime, the direct-to-consumer streaming service that relaunched from CBS All Access several years ago, the Times said, citing sources familiar with the matter.
Less clear is what Sony and Apollo would do with Paramount’s other streaming platforms, including its free, ad-supported streamer Pluto TV and its controlling stake in BET Media, which operates BET Plus. It also wasn’t clear what Sony and Apollo would do with Paramount’s international TV networks like Britain’s Channel 5 and Australia’s Network 10.