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Apollo Global Management, Inc. reportedly placed a bid to acquire Paramount Global's film and television studios. The American asset management firm offered $11 billion for the deal.
According to Reuters, a source knowledgeable about the bid shared the news on Wednesday, March 20. The offer shows that Paramount Global continues to attract interest in the takeover of its businesses or assets.
Divestiture of Paramount Pictures
Paramount Global's film studio is considered the most special unit of the company. This is because it boasts a massive movie library that holds many classic worldwide hits, including "Breakfast at Tiffany's," "Mission Impossible" series, "The Godfather" movie series, and "Star Trek." The studio also has more modern titles such as the "Transformers."
Paramount Pictures continues to attract interest in a takeover from major companies, but Shari Redstone, the president of the studios' parent company, National Amusements, appeared to be reluctant to sell the asset that her father, Sumner Redstone, purchased in 1994. Business insiders said that Redstone is unsatisfied with Apollo Global's offer, so she is in talks with billionaire Skydance Media's David Ellison about a possible deal.
Shares Surge on the News
Variety reported that Byron Allen's Allen Media is also attempting to acquire Paramount's film and TV studios, Apollo Global and Skydance Media. It previously made an unsolicited offer worth $30 billion, which was declined.
Meanwhile, shares of Paramount Global soared after the news of Apollo's takeover bid emerged. The price closed at 11.8% on Wednesday, March 20, to $12.51 per share. This event boosted the company's market cap to almost $8.7 billion. It is yet to be seen whether Paramount Global will finally accept any acquisition offers.
Photo by: Paramount Global Website
