Apollo Global Management has made a bid of $11 billion to acquire Paramount’s film and TV studios, according to The Wall Street Journal.
The proposal comes after the private investment firm reportedly reached out to a special board committee at the media conglomerate earlier this month about a potential buyout or acquisition of some of its assets, which include CBS, Paramount Pictures, Paramount+ and cable networks like MTV and Nickelodeon.
Apollo has previously invested in news and entertainment companies, including acquiring “American Idol” owner CKx in 2011, as well as having or previously holding stakes in Barnes & Noble, Cox Media Group, Legendary Entertainment, Redbox and Sirius Satellite Radio. It also purchased Yahoo Inc. from Verizon in 2021.
Paramount and its majority shareholder National Amusements chose not to comment, while a representative for Apollo did not immediately respond to TheWrap’s request for comment.
In addition to Apollo, Paramount is currently considering an offer from David Ellison’s Skydance Media to merge with Paramount. That deal would be financed with assistance from Skydance’s investors, which include the private equity firms RedBird Capital Partners and KKR, as well as Ellison’s father and Oracle cofounder Larry Ellison. According to CNBC, Skydance and its backers are exploring a deal that would take Paramount private.
Allen Media Group founder Byron Allen has also made a $30 billion bid, including the assumption of debt, to acquire the company for $28.58 per each voting share and $21.53 per each non-voting share, though it’s unclear how Allen would finance it.
Furthermore, Warner Bros. Discovery CEO David Zaslav met with Paramount CEO Bob Bakish in December 2023 regarding a potential merger, though talks on the matter were stopped last month.
Shares of Paramount surged as much as 12% during Wednesday’s trading session following the Journal’s report. As of the close of trading on Wednesday, the company has a market capitalization of $8.6 billion.
