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Paramount Global (NASDAQ:PARA) rose 2.3% amid a report that private equity firm Apollo Global (NYSE:APO) is considering making a bid for National Amusements, the Redstone family company that controls Paramount.
Apollo (APO) is one of a number of investors who have reached out to the investment bank representing the Redstone family, according to a Bloomberg report on Friday, which cited people familiar with the matter. Apollo is also an investor in the independent film studio Legendary Entertainment.
David Ellison, the son of billionaire Oracle co-founder Larry Ellison, is also evaluating a bid that involves merging his company Skydance Media with Paramount (PARA), the WSJ reported last Wednesday. The investors would purchase at least a majority stake in National Amusements from Shari Redstone and her family.
Last month, there were also reports that Warner Bros. Discovery’s (WBD) CEO David Zaslav held talks with Paramount (PARA) to discuss a potential merger with the owner of Paramount movie studio as well as CBS and other TV properties.