Plus Pages

Monday, January 22, 2024

Apollo Management Considers Making Offer for Paramount


Apollo Global Management Inc. is considering making an offer for National Amusements Inc., the Redstone family company that controls film and TV giant Paramount Global, Bloomberg reports.

Apollo is one of a number investors, both wealthy individuals and professional money managers, that have reached out in recent weeks to BDT & MSD Partners, the investment bank advising the Redstones, according to people familiar with the discussions.

Film and TV producer David Ellison is weighing an offer for National Amusements that could involve merging his company, Skydance Media, with Paramount, the Wall Street Journal reported. Private equity firms RedBird Capital Partners and KKR & Co. are both investors in Skydance.

Apollo, one of the world’s largest money managers, is also an investor in Legendary Entertainment, another independent film studio.

The Redstone family, led by Shari Redstone, controls 77% of the voting stock in Paramount, the parent of CBS, MTV and other film and TV properties. Paramount, like other media giants, is struggling with declining viewership for traditional TV and ongoing losses in streaming.

The family, along with the Paramount board, has been more open in recent months to doing a transformative deal, according to people familiar with their thinking.

No comments:

Post a Comment