A new Apollo mission just took off from the launchpad

Apollo Global Management, a private equity firm that owns the majority of Yahoo, has taken one big step for… itself and made an $11 billion offer to buy Paramount Global’s film and TV studio, according to a new report from the Wall Street Journal citing sources familiar with the matter.

Content is king – and Paramount’s studio has long been an acquisition target. Per the WSJ, Netflix was among a number of companies that expressed interest over the past few years in buying just the studio, which is behind movies like Top Gun: Maverick and A Quiet Place.

However, Paramount’s board and controlling shareholder, Shari Redstone, while open to an acquisition of the entire company, have resisted selling just the studio, which they consider the crown jewel of the company.

• Apollo apparently agrees – the firm’s $11 billion offer for just the TV and film studio exceeds the entire market cap of Paramount, which was ~$7.7 billion when news of the offer broke.

This leaves Paramount with a decision to make: Sell its studio and look for a buyer of its other assets – which include Paramount Plus, CBS, BET, Nickelodeon, and a number of other cable networks – move forward with a separate deal that keeps the company together, or keep holding out. The company is currently entertaining offers from Skydance Media and media mogul Byron Allen, and has also reportedly discussed a streaming partnership or joint venture with Comcast.