Apollo Global Offers $11 Billion to Buy Paramount Pictures: Report

Apollo Global Management, a major private-equity firm, has submitted an $11 billion bid to acquire Paramount Pictures, according to a published report.

The Wall Street Journal, citing anonymous sources, reported that Apollo Global offered $11 billion for Paramount Global’s film and TV studio business. That would apparently not include CBS, Paramount Global’s cable networks or the streaming business that includes Paramount+ and Pluto TV.

It’s unclear how the math of Apollo’s reported offer works out, as that price tag is greater than the market capitalization of Paramount Global in its entirety ($7.3 billion as of March 19). Shares of Paramount Global climbed more than 11% Wednesday on the Journal report.

A rep for Paramount Global declined to comment. An Apollo Global spokesperson did not respond to a request for comment.

In recent months, Paramount Global has been the target of several different M&A scenarios. Skydance Media CEO David Ellison has been in talks with Shari Redstone, whose National Amusements Inc., owns a controlling stake in Paramount Global, about buying NAI. Byron Allen’s Allen Media Group made an unsolicited $30 billion acquisition offer to acquire Paramount Global, though it remains unclear who his financial partners are. Paramount chief Bob Bakish and Warner Bros. Discovery CEO David Zaslav in December briefly discussed the idea of merging WBD and Paramount Global but that idea has been mothballed.

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