Paramount Pictures, the sixth-largest film and TV studio in the world shows off an impressive library consisting of more than 1,000 films, including timeless classics like “Star Trek” and the “Godfather” franchise, Academy Award-winning masterpieces “Braveheart” and “Titanic”, and current fan favorites such as the “Mission: Impossible” and “Transformers” franchises.
While the Paramount TV studio archive boasts fewer remarkable pieces of cinema as compared to its counterpart, it also does not lag far behind. The library boasts classic shows like “Cheers” and “Everybody Loves Raymond”.
Currently, the multinational media conglomerate is controlled by National Amusements, a privately owned mass media holding. In shocking news however, Apollo Global Management, a private-equity firm, has submitted an $11 billion bid to acquire the Paramount Pictures and TV studios group.
The acquisition proposal however, does not include Paramount’s cable networks like Comedy Central, Nickelodeon and MTV, or its streaming business unit comprises of Paramount+ and Pluto TV.
Surprisingly enough, Apollo’s reported offer for the studio’s operations is greater than its market capitalization, which is valued at a whopping $7.3 billion. The proposed transaction thus, may include some assumption of Paramount Global’s long-term debt.
With the laying off of about 800 employees worldwide – an estimated 3% of its headcount – it is only hoped that the acquisition by Apollo will do Paramount good.