STORY: Sony Pictures Entertainment and Apollo Global Management have made a $26 billion cash offer for movie group Paramount Global.

That's according to the Wall Street Journal (WSJ).

The WSJ said the two companies submitted a non-binding offer letter on Wednesday (May 1), citing people familiar with the matter.

Sony, Apollo and Paramount didn't immediately respond to requests for comment from Reuters...

Which reported in April that Apollo and Sony's entertainment subsidiary, which has over 3,500 movie titles, were in talks on a joint bid.

Sony could not be immediately reached for comment on Friday (May 3) due to a Japanese national holiday.

A source previously told Reuters that in this proposal, Sony would hold a majority stake in the venture and operate Paramount...

Whose movie library spans "Indiana Jones", "Star Trek," and "Mission:Impossible" alongside TV characters like SpongeBob SquarePants.

Paramount is already in exclusive talks with Skydance Media and is working to build its streaming business.

That's as it faces tough competition from Netflix and Walt Disney as viewership of cable TV declines.

But some shareholders have raised concerns about a Skydance deal, urging Paramount to consider Sony and Apollo's offer amongst others.

Skydance's exclusive deal period ends on Friday.