Apollo offers $11 billion for Paramount’s Hollywood studio

(Reuters) – Private equity firm Apollo Global Management has offered $11 billion for Paramount Global’s film studio, Paramount Pictures, adding to the takeover interest for the media conglomerate.

Paramount’s shares rose 8% after the Wall Street Journal first reported the news, which Reuters independently confirmed.

Apollo had also reached out to a special committee formed by Paramount about a possible takeover or asset purchases, Axios News had reported earlier in March.

Paramount Global declined to comment.

Paramount Studios has attracted interest from many suitors over the years, though the media conglomerate’s controlling shareholder, Shari Redstone, has been reluctant to part with the studio.

Media entrepreneur Byron Allen had submitted a $30 billion offer for Paramount Global, including debt and equity, Allen Media Group had said in an emailed statement to Reuters late in January.

Skydance Media CEO David Ellison had also made a preliminary offer to buy National Amusements, the holding company of the Redstone family, as a way to take control of Paramount Global, Bloomberg News had reported in January.

Meanwhile, earlier in March, India’s Reliance Industries had agreed to buy Paramount’s entire 13.01% stake in local entertainment network Viacom 18 Media for about $517 million.

(Reporting by Arsheeya Bajwa in Bengaluru and Dawn Chmielewski in Los Angeles; Editing by Krishna Chandra Eluri)