Sony Pictures and Apollo Global Management are trying to close a deal for Paramount Global, offering $26 billion for the entertainment company.

Rumors started swirling recently that Paramount was up for sale, fueled by CEO Bob Bakish stepping down and leaving the company. According to Variety, Sony Pictures and Apollo are making an all-cash bid for the company, with the goal of taking it private.

Interestingly, the offer is significantly more than Paramount’s current $22 billion valuation. Sony and Apollo are not the only parties interested in Paramount, with the latter considering a merger offer from Skydance Media.

If Paramount accepts the Sony/Apollo offer, Sony would retain majority ownership of Paramount, with Apollo being a minority owner. Shari Redstone could be a major impediment to the deal, however, with Variety reporting that she prefers the Skydance offer.

As Variety points out, if the Sony/Apollo deal is accepted, it would reduce the number of major Hollywood studios to four, from the current five.