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Apollo Global Management Bids $11 Billion to Buy Paramount

Apollo Global Management has put in a bid of $11 billion to buy Paramount’s film and TV studios, according to The Wall Street Journal.

The offer comes after the private equity firm reportedly reached out to a special board committee at the media conglomerate earlier this month about a possible buyout or purchase of some of Paramount Global’s assets, which include CBS, Paramount Pictures, Paramount+ and cable networks like MTV and Nickelodeon.

Apollo has previously invested in news and entertainment companies, including purchasing “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 bought Yahoo Inc. from Verizon in 2021.

Paramount and its majority shareholder National Amusements declined to comment, while a representative for Apollo did not immediately return TheWrap’s request for comment.

In addition to Apollo, Paramount is currently reviewing an offer from David Ellison’s Skydance Media to buy National Amusements and merge Skydance with Paramount. That deal would be financed with help 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 placed 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.

Additionally, Warner Bros. Discovery CEO David Zaslav met with Paramount CEO Bob Bakish in December 2023 about a potential merger, though talks on the matter were halted 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.

The post Apollo Global Management Bids $11 Billion to Buy Paramount appeared first on TheWrap.