Recently, we learned that Warner Bros. Discovery and Skydance Media are both in talks to buy a majority control of Paramount. Only last month to find out that Warner Bros. Discovery was no longer interested. Now it’s reported that one more buyer is reportedly interested in buying majority control of Paramount, with Apollo Global Management reaching out to talk about a possible deal. This comes from a report by Axios listing multiple sources familiar with the matter.
Currently, Paramount Global is controlled by media executive Shari Redstone. Redstone also controls National Amusements, which owns 77% of Paramount’s voting shares. Selling this share will give the new owner control over Paramount.
This comes as Warner Bros. Discovery is also interested in purchasing Paramount. Last month, Paramount Global CEO Bob Bakish and Warner Bros. Discovery CEO David Zaslav met to talk about a possible merger.
Talks with Skydance are reportedly in the early daysin the early phases and could easily fall apart, especially with investment firms now possibly driving up the price of Paramount. No date for an auction has been revealed, but bankers have reportedly started the process of sharing details about Paramount with potential bidders, it is reported that Redstone is looking at selling its share of Paramount at auction to the highest bidder.
Any new owner of National Amusements would control Paramount’s cable TV networks, which include Nickelodeon, Comedy Central, MTV, and multiple movie theaters.
The news comes as the entertainment industry faces difficult times with cable TV viewership is declining and a majority of streamers struggling to achieve profitability. Paramount’s streaming service, Paramount+, is among the companies fighting to stay afloat.
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