Private equity firm Apollo Global Management, Inc. (NYSE:APO) has offered $11 billion for Paramount Global (NasdaqGS:PARA)'s Paramount Pictures film studio, a person with knowledge of the offer said on March 20, 2024, adding to takeover interest in the media conglomerate. The film studio is considered the jewel of the Paramount media conglomerate, with an expansive movie library that includes classics such as "The Godfather" and "Breakfast at Tiffany's," as well as blockbuster franchises like "Mission: Impossible," "Star Trek" and "Transformers." It has attracted interest from many suitors over the years, including recently. Shari Redstone, the media conglomerate's controlling shareholder through her stake in parent company National Amusements, has been reluctant to part with the studio that her father, the late Sumner Redstone, acquired in 1994.

The Financial Times newspaper reported that Redstone was unconvinced by Apollo's offer for the studio and is instead negotiating a rival deal with billionaire David Ellison, citing people briefed on the matter. Skydance Productions, LLC (Skydance Media) CEO Ellison has been in talks to acquire National Amusements, Inc., the holding company of the Redstone family, as a way to take control of Paramount Global. National Amusements directly or indirectly owns 77% of the voting shares of Paramount, giving it control of the firm's 100-year-old film studio and television networks, including CBS, Nickelodeon, MTV and Comedy Central.

Paramount Global declined to comment on Apollo's offer, and Apollo did not respond to requests for comment. Paramount did not respond to a request for comment outside regular business hours on the FT report, while Redstone could not be immediately reached.