Sony Group Corp. plans to sell the historic Paramount Pictures lot in Los Angeles, featured in films such as Sunset Boulevard, if it succeeds in buying the studio’s parent company, according to people familiar with management’s thinking.

If Sony Pictures Entertainment and Apollo Global Management acquire Paramount Global, they have their sights set on big changes at the entertainment behemoth — namely, making it smaller.

CBS and other well-known properties would be sold if Sony and Apollo were able to buy Paramount. But the new owners would keep the movie studio.