PRESS DIGEST- New York Times business news - May 3

May 3 (Reuters) - Following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

- Sony Pictures Entertainment and the private equity giant Apollo Global Management have formally expressed interest in acquiring Paramount for roughly $26 billion.

- TikTok and Universal Music Group have reached a new licensing deal where the companies said that they had agreed to a "multi-dimensional" new deal that included improved remuneration for Universal's roster of artists and songwriters.

- Peloton said that its chief executive, Barry McCarthy, was stepping down and that it would reduce head count by 15 percent, as it continued to struggle in the fitness market.

- The Federal Trade Commission approved Exxon Mobil's acquisition of Pioneer Natural Resources for $60 billion deal as long as Exxon excludes Pioneer's chief executive from its board. (Compiled by Bengaluru newsroom)