Apollo offered $11B to buy Paramount film and TV studio, WSJ reports

Apollo Global Management (APO) has made an $11B offer to buy Paramount’s (PARA) film and TV studio, Jessica Toonkel of Wall Street Journal reports, citing people familiar with the situation. The offer comes as an independent committee of the company’s directors is reviewing another offer from Skydance Media to merge with all of Paramount, the Journal adds. Netflix (NFLX) was among a number of companies that expressed interest over the past few years in buying Paramount’s studio, other people familiar with the situation told the paper. Shari Redstone, who is open to selling Paramount in its entirety, would have to agree to breaking up the company and allowing a sale of the studio to proceed, the Journal notes. Apollo’s offer is more than the entire market capitalization of Paramount Global, which is currently around $7.7B. Shares of Paramount are up 4% to $11.64 following the report.