US media outlets say Japan's Sony Group and a private equity firm have made a 26-billion-dollar cash offer for American media giant Paramount Global.
The Wall Street Journal and others broke the news on Thursday, quoting people familiar with the situation.
They say Sony Pictures Entertainment and Apollo Global Management have jointly submitted a letter of interest to Paramount Global.
Paramount is home to some of the world's biggest media assets, including Paramount Pictures and CBS, one of the three major TV networks in the United States.
The Sony Group is also focusing heavily on movie production. It acquired Columbia Pictures in 1989.
Under the terms of the deal, Sony would reportedly become a majority shareholder of Paramount Global.
However, Paramount is also said to be engaged in separate merger talks with production company Skydance Media.