(Updates shares in paragraph 1, adds details in paragraph 5,

adds background in paragraphs 9-11)

       April 19 (Reuters) - Shares of Paramount Global PARA.O

rose more than 10% on Friday, after Reuters reported Sony

Pictures Entertainment 6758.T and Apollo Global Management

APO.N were discussing a joint bid to acquire the media

company.

    Paramount is currently engaged in exclusive deal talks with

Skydance Media, an independent studio led by David Ellison,

though some investors have urged Paramount to explore other

options.

    Private equity firm Apollo had earlier made a $26 billion

bid for the company, and a separate $11 billion offer for

Paramount's film studio.

    Its joint bid with Sony, which is still being structured,

would offer cash for all outstanding Paramount Global shares and

take the company private, a source told Reuters on Thursday.

    Sony would hold a majority stake in the joint venture and

operate the media company, and its library of films, including

blockbusters franchises like as "Star Trek,"

"Mission:Impossible" and "Indiana Jones," and television

characters like SpongeBob SquarePants, according to the source.

    Apollo would likely assume control of the CBS broadcast

network and its local television stations.

        Paramount shares are down nearly 7% since April 3 when

Reuters reported that the company had began 30-day exclusive

negotiations with Skydance. At its last closing price of $10.97,

Paramount was valued at $7.44 billion, per LSEG data.

    Paramount Global has lost more than $16 billion in value

since it was formed through the reunion of CBS and Viacom in

2019. The company’s market capitalization fell below $10 billion

in January.

    Its revenue declined nearly 2% last year, with the company

still coming to terms with consumer shift away from traditional

linear television to streaming services.

        Its streaming unit Paramount+ has been unprofitable

despite

    reporting

     subscriber growth over the recent quarters.

        Paramount stock is down 19% year to date and more than

two-thirds of the analysts have a "hold" or lower rating on it.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Varun H K

and Tasim Zahid)

((yuvraj.malik@thomsonreuters.com;))