Under the proposed bid with Apollo, Sony would be the majority owner of the combined company. Sony Corp. would merge Sony Pictures Entertainment into a joint venture with Paramount Global. Sony and Apollo would both contribute cash to finance the deal. What's unclear is what would happen to the 28 local TV stations CBS owns; FCC rules bar foreign entities (i.e. Tokyo-based Sony) from having majority ownership control of broadcast TV stations, so Sony would need to carve out a separate U.S. ownership structure for the station group.