Apollo reached out to Paramount Global regarding potential deal

It’s no secret that Paramount Global has been courting potential buyers for months now and it sounds like one of those suitors is fairly motivated.

According to a report from Axios, private equity firm Apollo Global Management is rummaging around again about a potential deal to take over Paramount Global.

“Apollo Global Management in recent days has reached out to a special committee formed by Paramount Global about a possible takeover or asset purchase,” Axios wrote.

Scoop: Apollo Global Management recently reached out to Paramount about a possible takeover or asset purchase. https://t.co/sL6QrHu5fe

— Axios (@axios) March 12, 2024

Apollo has some stiff competition for Paramount. Reportedly interested parties include a group led by David Ellison’s Skydance Media, Allen Media Group, and others. Warner Bros. Discovery also recently explored a merger but backed off those talks.

The difference between Apollo and Skydance is that the latter is said to be discussing a bid for Paramount’s parent company, National Amusements Inc., while the former is looking to either purchase Paramount or select assets, which could include Paramount Pictures, CBS, Paramount+, and PlutoTV.

Apollo was previously reported to be interested in purchasing National Amusements but backed off in February.

The firm has been looking to get its hooks into the entertainment industry in various ways in recent years. They took a $760 million minority stake in Legendary Entertainment in 2002. Previously, they attempted to purchase Tegna but the FCC blocked that deal.

[Axios]