Apollo Global offers $27 billion for Paramount Global

Apollo Global Management's $27 billion offer to buy out all of Paramount Global was rejected by a special committee of the company, after which it became known that they intended to make a deal to buy only Paramount Pictures.

Here's What We Know

According to reports from Variety, Apollo submitted a bid to acquire Paramount Global on Sunday, 31 March. This comes after Apollo had already offered $11 billion to buy Paramount Pictures alone, but that offer was rejected by a special committee of Paramount.

At present, neither National Amusements Inc. which controls Paramount Global through a 77% stake, nor Paramount Global nor Apollo Global Management comment on this situation or the merger and sale negotiations.

At the same time, the announcement of the new offer from Apollo Global coincides with the period when Shari Redstone, who owns a controlling stake in Paramount and is the president of National Amusements Inc. is in confidential talks with David Ellison's Skydance Media to sell her stake in National Amusements Inc. This move could create an opportunity for Skydance to merge with Paramount Global.

Paramount Global had a market cap of $9.26 billion at the close of the market the other day, but its shares jumped 15% in the last hour of trading amid reports of an impending deal between Redstone, National Amusements Inc. and Skydance.

Source: Variety