May 3 Reuters Sony Pictures Entertainment SPE and Apollo Global Management have made a 26 billion cash offer for movie group Paramount Global, the Wall Street Journal reported.

The two companies submitted a nonbinding offer letter on Wednesday, signed by Sony Pictures Chief Executive Tony Vinciquerra and Apollo partner Aaron Sobel, said the WSJ, citing people familiar with the matter.

SPE, Apollo and Paramount did not immediately respond to requests for comment from Reuters, which reported in April that Sony39;s SPE and Apollo were in talks on a joint bid.

SPE would hold a majority stake in the venture, a source previously told Reuters, and operate Paramount, whose movie library spans Star Trek, MissionImpossible and Indiana Jones, alongside TV characters like SpongeBob SquarePants.

Paramount is in exclusive talks with Skydance Media and is working to build its streaming business as it faces tough competition from Netflix and Walt Disney as viewership of cable TV declines.

SPE, a subsidiary of Tokyobased Sony Group Corporation, says its operations span movie and television production, acquisition and distribution, digital content creation and distribution, studio facility operation and the development of new entertainment products, services and technologies.

The group has more than 3,500 movie titles and notable franchises such as Jumanji, Resident Evil and James Bond.

Reporting by Surbhi Misra and Harshita Mary Varghese in Bengaluru; Editing by Alexander Smith…