Apollo Global Offers $11 Billion to Buy Paramount Pictures: Report

Paramount Global‘s beleaguered stock faltered Monday as investors fretted over the ongoing talks between controlling shareholder National Amusements Inc. and Skydance Media.

The nearly two-year old dogfight between Paramount and the family of the writer of the 1983 article that inspired the franchise is over.

The popular BBC show Antiques Roadshow has been a hit since it first aired in 1979, with fans tuning in each week to see the valuations of various items brought in by guests. Over the years, there have been many memorable moments, and in one episode BBC expert Eric Knowles found himself captivated by a guest's extraordinary teaspoon set. Clearly enamoured even before opening the box, Eric's anticipation was palpable as he began to reveal the treasure within.

Cynthia Littleton Business Editor Charter Communications is about to play a guest-star role in the corporate drama surrounding Paramount Global. As if Shari Redstone’s media empire wasn’t under enough pressure, Paramount Global now is in the final few weeks of its most recent carriage agreement with Charter, the nation’s second largest cable operator behind Comcast. The two companies are in renewal discussions, the outcome of which will have significant influence on Paramount’s ability to deliver the free cash flow that media investors are expecting from the company that has lately posted big losses on streaming operations.

EXCLUSIVE: Sony Pictures Television has finalized a new licensing deal with Paramount Global for comedy series The King of Queens to continue to be available on Paramount linear cable networks. The new pact also includes for the first time streaming rights on Paramount+ for all nine seasons and on Pluto TV for some (currently Seasons 1-3).

Todd Spangler NY Digital Editor Private-equity giant Apollo Global Management made a $27 billion offer to acquire all of Paramount Global this week, sources familiar with the bid told Variety. However, the special committee set up by the Paramount Global board of directors to consider M&A options declined to engage with the bid. Apollo submitted an all-cash bid on Sunday, March 31, to acquire Paramount Global in a deal worth more than $27 billion of total enterprise value, encompassing equity and debt, according to people familiar with the situation.

UPDATED with stock price: Shares of Paramount Global jumped more than 15% Wednesday afternoon with Skydance chief David Ellison in pole position to clinch a majority stake of National Amusements.

Cynthia Littleton Business Editor Paramount Global and its parent company are moving closer to an agreement with Skydance Media for an exclusive window for acquisition negotiations as Shari Redstone and David Ellison inch toward a deal to bring their companies together in a three-way transaction. The New York Times on Tuesday reported on the rumors that have been swirling around Hollywood for the past few days.

Eight months after it began global release, Christopher Nolan’s Oppenheimer opened in Japan today. The Best Picture Oscar winner about the race to develop the atomic bomb has been met with a mix of reactions, some praising the movie and some finding it uncomfortable to watch. There also have been reports of confusion over the devastating 1945 bombings of Hiroshima and Nagasaki not explicitly being depicted.

Brent Lang Executive Editor Searchlight Pictures has signed a first-look deal with Olivia Colman and Ed Sinclair’s South of the River Pictures. Under the new pact, the specialty studio, which has worked with Colman on “The Favourite” and “Empire of Light,” will develop and produce feature-length motion pictures with the production company. South of the River Pictures was founded by Colman, Sinclair and their long-time partner in crime, Tom Carver, to develop and produce original scripted comedies and dramas with “an authored sensibility.” Colman and Sinclair have been married since 2001.

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Todd Spangler NY Digital Editor Paramount Global‘s debt rating was cut to junk status by credit-rating agency S&P Global, which cited the media conglomerate’s ongoing challenges with free cash flow generation relative to its debt. S&P on Wednesday said it expects Paramount Global’s free operating cash flow-to-debt will remain “well below” 10% through 2025, and that adjusted leverage (debt-to-equity ratio) will stay above 3.5 times through then.

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Nothing says Easter tentpole quite like Godzilla x Kong: The New Empire which is set to conquer the world with a box office debut around $135M, bolstered by 63 foreign markets and 3,850 theaters stateside.

Jennifer Maas TV Business Writer What does the future hold for Paramount Global? The odds of a seismic M&A event seem to be increasing: Private-equity firm Apollo Global has reportedly offered $11 billion for Paramount’s Hollywood studios. Short of carving up the “mountain of entertainment,” as the Paramount+ tagline boasts, analysts say the overture could drive up bidding for the entirety of Paramount Global — which is what Shari Redstone, who owns a controlling stake in the media conglomerate, is understood to prefer. Given that backdrop, let’s consider what Paramount Global comprises — and the potential effect of selling it off in its entirety or in pieces.

Despite the rigors of the ongoing transition from linear TV to streaming, NFL Chief Media & Business Officer Brian Rolapp expects traditional media partners like Fox, NBCUniversal, Disney and Paramount to remain viable for years to come.

Paramount Global shares, which soared Wednesday on news that Apollo had made an $11 billion offer for Paramount Pictures, has slumped today after a report splashed cold water on the scenario.

Todd Spangler NY Digital Editor Shari Redstone looks like she remains firmly opposed to breaking up Paramount Global. Redstone, president of National Amusements Inc. — the controlling shareholder of Paramount Global — was “unconvinced” by Apollo Global Management’s $11 billion offer to buy Paramount’s film and TV studio, the Financial Times reported, citing anonymous sources.

Shares of Paramount Global popped in afternoon trade on a report that Apollo Global has made an $11 billion bid for the company’s film and TV studio. The private equity giant has been in and out of the mix of suitors, which also include David Ellison‘s Skydance Media and Byron Allen.

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