Apollo Global Management Inc. and Sony Group Corp. are considering a joint offer for Paramount Global, sparking a jump in shares of the film and TV giant as investors weigh the potential for a bidding war with technology mogul David Ellison.

Sony Pictures Entertainment chief Tony Vinciquerra has held discussions with Apollo over the past week about teaming up on an offer, a person familiar with the matter said. But the pair haven’t submitted an official proposal, the person added, asking to not be identified discussing private conversations.