Sony won't make another bid for Paramount after Skydance deal

TOKYO -- Sony Group has decided not to make a new bid for Paramount Global now that independent film studio Skydance Media has reached a deal to buy the U.S. media group, Nikkei has learned.

Sony Pictures Entertainment and U.S. investment firm Apollo Global Management had come forward in early May with a joint proposal to buy Paramount for $26 billion in cash. Then, in early July, Paramount announced a deal with "Top Gun: Maverick" studio Skydance that included a 45-day window to consider other offers.