One of Hollywood’s most iconic entertainment industry properties could soon be listed for sale if a major corporate acquisition is secured.
Bloomberg reported the historic 65-acre Paramount Pictures studios facility would be sold if Sony Group Corp. (NYSE:SONY) and Apollo Global Management go ahead with their proposed $26 billion purchase of Paramount Global (NASDAQ:PARA), the media giant whose holdings include Paramount Pictures, CBS, MTV and Nickelodeon. According to unnamed “people familiar with management’s thinking,” Sony would put the Paramount lot up for sale because it already operates a film and television production facility in nearby Culver City.
Recognizable for its ornate entry gates, the Paramount facility is the only major film studio based in the Hollywood section of Los Angeles. While hosting the production of numerous classic films since its opening in 1926, the studio grounds have been featured in several Hollywood-focused movies, most notably the 1950 “Sunset Boulevard.”
Sony and Apollo are competing with rival bids from independent producer David Ellison, who proposed merging his company Skydance Media into Paramount.
Photo: Coolcaesar / Wikimedia Commons
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Are the laws against monopolies still in play? Doesn’t seem that way…