Apollo, one of the world’s largest money managers, is also an investor in Legendary Entertainment, another independent film studio.
The Redstone family, led by Shari Redstone, controls 77% of the voting stock in Paramount, the parent of CBS, MTV and other film and TV properties. Paramount, like other media giants, is struggling with declining viewership for traditional TV and ongoing losses in streaming.
At a recent price of $13.20, the actively traded Class B nonvoting shares of Paramount are down more than 85% from their 2021 high of over $100.
The family, along with the Paramount board, has been more open in recent months to doing a transformative deal, according to people familiar with their thinking.
Source: Yahoo News HK
