Apollo plans to acquire Paramount Film Studio for $11 billion

The legendary mountain has long been in the sights of Wall Street tycoons - Photo: Paramount

On March 21, Vietnam time, exclusive sources from the Wall Street Journal revealed this billion-dollar deal between Apollo Investment Company and Paramount Studios.

Also according to The Wall Street Journal , Paramount Studios of Paramount Global Media and Entertainment Group has long been in the sights of many businesses, including the "giant" providing online television services Netflix.

Paramount - a precious gem that many tycoons are aiming for

The studio is considered the crown jewel of Paramount Pictures, with a massive film library that includes classics like The Godfather and Breakfast at Tiffany's .

In addition, this company also owns blockbuster movie series such as Mission: Impossible, Star Trek or Transformers, which are still generating profits every year.

In recent times, Paramount Studios has been the producer behind the success of several blockbuster films such as Top Gun: Maverick, Transformers: Rise of the Beasts, and the Mission: Impossible series - Photo: Paramount

But the global entertainment industry downturn has wiped billions of dollars off the value of the media company, which was formed by the merger of CBS and Viacom in 2019.

Since then, Paramount's stock market value has fallen about $17 billion to $7.7 billion.

If Apollo is successful in its bid for Paramount Pictures, it would likely combine the studio with another of its Hollywood investments — Legendary Entertainment — the studio behind films like the big-screen smash Dune and Godzilla x Kong .

Apollo is understood to have invested $760 million to acquire a minority stake in Legendary in 2022.

Legendary's value is "estimated" by experts to be around 3.5 billion USD, the basic figure of 760 million USD has helped Apollo account for 1/5 of the entire film studio's value.

Neither Apollo nor Paramount have commented on the news. Paramount Global shares closed up nearly 12% at $12.51.

This is also not the first time this year that Paramount has been "asked to buy".

Previously, according to Reuters, media businessman Byron Allen submitted a $30 billion offer for all of Paramount Global (the parent company of Paramount Studios), including debt and equity.

Source: https://tuoitre.vn/apollo-tham-vong-thau-tom-hang-phim-paramount-voi-gia-11-ti-usd-20240321155512761.htm