Bold Move: Apollo Global’s $11 Billion Bid for Paramount Pictures
Apollo Global Management offers $11 billion bid for Paramount Pictures. The bid excludes CBS, cable networks like BET, Comedy Central, Nickelodeon, and Paramount+’s streaming biz.
The reported bid exceeds Paramount Global’s market cap of $7.3 billion, causing its stock to rise by 11.8%. Apollo Global and Paramount Global declined to comment on the offer.
Paramount Global has been a target for M&A scenarios – talks with Skydance Media CEO, Byron Allen’s offer, and discussions with Warner Bros. Discovery CEO. CEO Bob Bakish remains focused on creating shareholder value.
Paramount Global recently laid off 800 employees worldwide, aiming to enhance strategic vision. The company anticipates a $1 billion charge for layoffs and content write-offs in Q1 of 2024.
Apollo Global manages $75.9 billion in assets with an investment portfolio of over 190 companies, including ADT, Legendary Entertainment, and Yahoo Inc.
