Paramount shares rise on report of Apollo's $11 billion bid for company's Hollywood studio

By Jon Swartz

Shares of Paramount Global climbed nearly 8% Wednesday on reports that private-equity firm Apollo Global Management Inc. has offered $11 billion to buy the media conglomerate's film-and-television studio.

The potential acquisition, reported by the Wall Street Journal, cited people familiar with the situation.

Apollo's (APO) bid comes as an independent committee of Paramount's (PARAA) (PARA) directors is reviewing another offer from Hollywood production company Skydance Media to merge with all of Paramount, which owns CBS, Nickelodeon and other TV networks.

Paramount's studio holdings have reportedly drawn interest as an acquisition target from a number of companies, including Netflix Inc. (NFLX), who have pursued the studio behind classic films like "The Godfather" and contemporary blockbusters like "Top Gun: Maverick," according to the Journal.

However, Shari Redstone, Paramount Global's controlling shareholder, and other board members have resisted selling the studio, which is considered a prized asset of the company.

-Jon Swartz

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03-20-24 1459ET

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