Apollo offers $11 billion for Paramount’s Hollywood studio, WSJ reports

By Thomson Reuters Mar 20, 2024 | 1:54 PM

(Reuters) – Private equity firm Apollo Global Management has offered $11 billion for Paramount Global’s Hollywood studio, the Wall Street Journal reported on Wednesday.

Paramount’s shares rose 4% following the news.

Paramount has been restructuring some of its businesses and has invited takeover interest, according to previous media reports and filings.

Apollo had also reached out to a special committee formed by Paramount about a possible takeover or asset purchases, Axios news had reported earlier in March.

(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Krishna Chandra Eluri)