Private equity firm Apollo Global Management reportedly has offered to purchase Paramount Global's film and TV studio for $11 billion. The Wall Street Journal reported the news of Apollo's bid on Wednesday. The New York-based company is the latest to make a play for Paramount, getting in line behind David Zaslav's Warner Bros. Discovery, Byron Allen's Allen Media Group and David Ellison's Skydance Media with help from private equity firm RedBird Capital. Warner Bros.
Currently, Paramount’s television studio is housed within the CBS division. The TV studio produces 70 programs for broadcast network, cable television and streaming platforms, including the company’s Paramount+, which Chief Executive Bob Bakish has championed as the future. The company has lost many millions of dollars on its streaming efforts. If Apollo succeeds in its bid for just the studios, that could spell the end for Paramount+.