By Thomas Anderson
Amid the deal wrangling, Bob Bakish earlier this week was removed as CEO of Paramount Global, replaced by a triumvirate of senior execs.
Word emerged last month that Sony was mulling a joint bid with private-equity giant Apollo for Paramount Global. Apollo had previously offered more than $27 billion for Paramount Global (including debt) and prior to that floated an $11 billion offer for just Paramount Pictures. Both of Apollo’s prior offers were rebuffed by the Paramount Global board’s special committee.