Sony Pictures Entertainment is in discussions with Apollo Global Management about teaming up on a joint bid for Paramount Global.

The Japanese conglomerate and the U.S. asset management firm have held early discussions about teaming up to make a play for the entertainment company.

The company and Apollo Global Management are discussing a joint effort, even as Paramount conducts exclusive merger negotiations with Skydance.

While the talks are preliminary, the two sides have been hashing out the contours of a deal that would have the Culver City-based Sony film and television studio take the lead in the partnership.

Paramount's stock surged following reports that Sony is in talks with Apollo Global Management about joining a bid for the media giant.

US private equity group Apollo Global is in discussions with Sony Pictures Entertainment about making a joint takeover bid for Paramount Global that would rival ongoing talks between controlling shareholder Shari Redstone and Skydance, the film studio behind movies including Top Gun: Maverick.

Any deal involving a takeover by the Japanese giant still faces thorny obstacles, antitrust regulators and boardroom drama among them.

The firm argues there's "near-universal agreement" among Paramount shareholders that David Ellison's bid is not in their interests The post Sony-Apollo Bid for Paramount Could ‘Bring Much More to the Table’ Than Skydance,

Remember those rumors, oh, eight years ago about how Sony was a target for acquisition? No more. Still, don’t say merger yet. Deadline has confirmed that Sony Picture Entertainment CEO Tony Vinciquerra has been in talks with Apollo Global Management about making a go for Paramount.