Apollo Global Management Inc. is considering making an offer for National Amusements Inc., the Redstone family company that controls film and TV giant Paramount Global.
Apollo is one of a number investors, both wealthy individuals and professional money managers, that have reached out in recent weeks to BDT & MSD Partners, the investment bank advising the Redstones, according to people familiar with the discussions.
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Apollo, one of the world’s largest money managers, is also an investor in Legendary Entertainment, another independent film studio.
The Redstone family, led by Shari Redstone, controls 77% of the voting stock in Paramount, the parent of CBS, MTV and other film and TV properties. Paramount, like other media giants, is struggling with declining viewership for traditional TV and ongoing losses in streaming.
At a recent price of $13.20, the actively traded Class B nonvoting shares of Paramount are down more than 85% from their 2021 high of over $100.
The family, along with the Paramount board, has been more open in recent months to doing a transformative deal, according to people familiar with their thinking.
Source: Yahoo News HK
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