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, the Wall Street Journal reports that Appollo Global Management has offered to buy the film and TV studio for $11 billion.
This deal is only for the studios and is very different from other offers to buy or merge with all of Paramount. This includes an offer from Skydance to merge with Paramount.
Talks with Skydance are reportedly in 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.
Currently, Paramount Global is controlled by media executive Shari Redstone. Redstone also controls National Amusements, which owns 77% of Paramount’s voting shares. Reportedly the Redstone family is also looking to sell their 77% ownership of Paramount.
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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