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You are at:Home » Source claims Apollo is offering $11 billion for Paramount’s Hollywood studio
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Source claims Apollo is offering $11 billion for Paramount’s Hollywood studio

Gazet InternationalBy Gazet InternationalMarch 21, 2024Updated:January 27, 20253 Mins Read
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According to a person familiar with the deal, private equity company Apollo Global Management made a bid of $11 billion for Paramount Global’s Paramount Pictures film studio on Wednesday. This offer has heightened interest in acquiring the media conglomerate.

Paramount Pictures

The film studio boasts a vast movie catalog, featuring hits like “The Godfather” and “Breakfast at Tiffany’s,” as well as popular series like “Mission: Impossible,” “Star Trek,” and “Transformers.” Consequently, it is regarded as the crown jewel of the Paramount media empire. Numerous bidders have expressed interest in it throughout the years, including more recently.

Through her ownership of National Amusements, the parent company of the media conglomerate, Shari Redstone holds a controlling stake. As a result, she wields significant influence over the company’s decisions and operations. She has shown reluctance to relinquish the studio that her late father, Sumner Redstone, acquired in 1994.

The Financial Times daily stated, citing individuals familiar with the situation, that Redstone is now contemplating a rival purchase with billionaire David Ellison. Redstone was dissuaded by Apollo’s offer for the studio.

To gain control of Paramount Global, CEO of Skydance Media, Ellison, has been in negotiations. He aims to purchase National Amusements, the Redstone family’s holding business. With 77% of Paramount’s voting shares owned either directly or indirectly, National Amusements controls the company’s 100-year-old film studio. Additionally, it oversees its television networks, which include Comedy Central, MTV, CBS, and Nickelodeon.

Apollo did not reply to requests for comment, while Paramount Global declined to comment on Apollo’s offer. Redstone could not be reached immediately. Additionally, Paramount did not respond to a request for comment on the FT report made outside of usual business hours.

Founded in 2019 by the reunion of CBS and Viacom, the media corporation has lost billions of dollars in worth. This decline is attributed to the downturn in the global entertainment industry. Paramount’s stock market value has dropped to $7.7 billion since then, a loss of around $17 billion.

The Redstone family is looking into options because they believe the media asset is undervalued. Following the Wall Street Journal’s initial announcement of Apollo’s bid, Paramount’s shares closed the day up about 12%.

If Apollo successfully acquires Paramount Pictures, it may merge the studio with Legendary Entertainment, another one of its Hollywood holdings. Legendary Entertainment has produced movies like “Dune” and “Godzilla vs. Kong.”

In 2022, Apollo paid $760 million to purchase a minority interest in Legendary.

There are other people trying to get into Paramount besides Apollo and Ellison.

Towards the end of January, Allen Media Group sent a statement via email to Reuters. In the statement, media entrepreneur Byron Allen announced a $30 billion offer for Paramount Global, comprising debt and equity. One individual acquainted with Allen’s thinking claims that he is focused on buying the television networks and stations. Additionally, they suggest he plans to sell off other assets, such as the film studio.

One individual familiar with the discussions stated that the numerous deal alternatives suggest the potential dispersal of the assets. This includes those Sumner Redstone assembled to build a media empire.

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#Apollo #BUSINESS #CBS #ComedyCentral #DEALS #GAZETINTERNATIONAL #GI #GIAWARDS #HOLLYWOOD #MEDIA #movies #Paramount #ParamountPictures #privateequity #Viacom
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