Sony stock rises 3% as Paramount speculation fades

TOKYO -- Sony Group stock climbed nearly 3% on Tuesday as speculation the electronics and media giant could acquire U.S. film studio Paramount Global faded, easing investor concerns over the cost of any such deal.

That came as CNBC reported on Monday that Paramount has agreed to the terms of a merger with U.S. film production company Skydance Media, which is backed by private equity firms RedBird Capital and KKR. The transaction is awaiting sign-off from Paramount's controlling shareholder, according to CNBC, with the deal potentially being sealed in the coming days.