Private equity firm Apollo Global Management reportedly made an $11 billion offer to pry away Paramount Global’s Hollywood studio, Paramount Pictures, from the rest of media heiress Shari Redstone’s debt-saddled company.
The stunning offer comes as an independent committee of the company’s board of directors reviews a competing bid from Skydance Media for all of Paramount Global — which also owns CBS, Comedy Central, Nickelodeon and the Paramount+ streaming service, The Wall Street Journal reported Wednesday.
A rep from Paramount Global declined to comment.
Apollo, which has $512 billion of assets under management, did not immediately respond to requests seeking comment.
Apollo, led by Marc Rowan, 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 Pictures, the studio behind such flicks as Top Gun: Maverick, “Mission Impossible 8,” and A Quiet Place,” was also of interest to Netflix over the past few years, The Journal reported.
Redstone — the media conglomerate’s controlling shareholder through her stake in parent company National Amusements — has been reluctant to part with the crown jewel of the company.
But under financial pressure, Redstone — who last month sold off a chunk of National Amusement real estate holdings in a scramble to make a $40 million debt payment, as The Post reported — may agree to break up the company to accept the Apollo bid.
Apollo’s $11 billion offer is more than the entire market capitalization of Paramount Global, which is currently around $7.7 billion.
Paramount’s shares rose 10% after the Wall Street Journal first reported the news.
The studio business is a draw for investors, given its expansive library that includes “The Godfather” and “Indiana Jones” and the demand for programming in the streaming industry.
At the same time, Paramount’s revenue from its TV networks — including BET, MTV and CBS — continues to decline because of cord cutting.
The deterioration of the global entertainment business has wiped out billion of dollars of value from the media company, formed through the hard-fought reunion of CBS and Viacom in 2019.
Redstone, the daughter of the late media mogul Sumner Redstone, considers the media asset as undervalued by investors and is exploring its options.
Last month, the company reported overall fourth-quarter revenue of $7.64 billion, missing analysts’ estimate of $7.85 billion, according to LSEG data.
The bid from Skydance Media, the production company run by David Ellison, would take Paramount private. Ellison is the son of billionaire Larry Ellison, the co-founder of Oracle, who is expected to help finance the deal.
The financial terms for that offer were not made public.
Paramount has also held discussions with media giant Warner Bros. Discovery about a merger, and has discussed a streaming partnership or joint venture with Comcast, The Wall Street Journal reported last month.
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.
In 1990s and early 2000s New York, Sean “Diddy” Combs was the person to be seen with.
Now on trial in Manhattan, his hair grey, his beard grown, it’s hard to imagine that he was “the Pied Piper… of the most elite level of partying of that time” – but that’s how Amy DuBois Barnett describes him.
She was the first Black-American woman to run a major mainstream magazine in the US, and based in Manhattan at a time when hip hop was at its zenith.
“Urban culture really ran the city,” she says. “That’s where so much of the money was… you had all the finance bros trying to get into Puffy (Combs) parties, all the fashion executives trying to get into Puffy parties.”
And while he was welcomed by the highest echelons of the arts and entertainment world, she says: “He was never known for being a calm kind of individual.”
Image: Sean ‘Diddy’ Combs in New York in July 2004. Pic: AP
Combs was “very dismissive” with her, and she admits: “Puff never particularly liked me that much.”
But DuBois Barnett would often get invited to his parties because she was able to feature his up-and-coming artists in her magazines.
From editor-in-chief of Ebony magazine, she’d go on to become the editor-in-chief of Honey and Teen People magazines, and then deputy editor of Harper’s Bazaar.
She says the man she met at those parties “lacked warmth” and seemed “complicated”.
“When he walked in the room, all of the energy changed. Puffy had his trusted individuals around him… immediately the area around him would become kind of crowded with everybody vying for his attention,” she says.
“I think that was also partially why he didn’t particularly like me because I wasn’t really vying for his attention.
“He really reserved that attention for the people that he was either attracted to… or the people that he thought were important enough to his business success.”
Image: Amy DuBois Barnett (right) with publisher Desiree Rogers at an event for Ebony magazine
She says it was common knowledge that he wasn’t someone to cross due to “rumours… of what he could do”.
“There were a lot of people within journalism, within media, within other industries that were afraid of his influence and also afraid of his temper,” she adds.
“When things at parties would not go his way or somebody didn’t bring him something quickly enough, or… the conversation wasn’t going his way… he would just kind of snap and he was just not afraid to yell at whoever was there.
“There was not a lot of boundaries in his communication, let’s just put it that way.”
Image: Combs on the red carpet at the height of his success
But she says it was a time when a tremendous amount of misogyny was running throughout music, things that in today’s culture would certainly give pause for thought.
“So many things happened to me, everything from getting groped at parties to getting locked in a limousine with music executives and having him refuse to let me out until I did whatever he thought I was going to do, which I didn’t.”
She insists: “We didn’t have the vocabulary to understand the degree to which it was problematic… it was a thread that ran throughout the culture.”
Image: Getting off a private jet during his heyday
Star-studded parties were the ultimate invite
At the time, a ticket to one of Combs’s star-studded “white parties” was the ultimate invite.
She admits: “It was like nothing you’ve ever seen before… the dress code was very strict.
“No beige, no ecru, absolutely white, you would literally be turned away if your outfit was wrong. Puffy did not sort of tolerate people in his parties that didn’t look ‘grown and sexy’ as it were.”
She says people would mingle by the poolside listening to the best DJs in the world, while topless models posed dressed as mermaids and waiters handed out weed brownies from silver platters.
“It was every boldface name you could possibly imagine, just this gorgeous crowd.”
Image: At an event with model Naomi Campbell
Behind the glamour, prosecutors now allege there was a man capable of sexual abuse and violence, and a serious abuse of power. Criminal charges which he’s already pleaded not guilty to and strenuously denies.
Without question, Combs had the golden touch. Expanding his music career into business enterprises that in 2022 reportedly took his net worth to around £1bn. For decades his success story was celebrated.
“I think that in the black community, there is a feeling that if a black man is successful you don’t want to bring him down because there are not that many… these are cultural forces that are rooted in the systemic racism that’s present in the United States… but I think that these were part of what potentially protected Puffy against people speaking out.”
Couple became ‘isolated and very unhappy’
While Combs had amassed a small fortune over the course of two decades which she encountered him, the former magazine editor says his behaviour had markedly changed from the first party she went to, to her last.
“The last was a post-Grammys party, in 2017 or 2018, and just the vibe was very different. He was really kind of isolated in a corner with Cassie, you know, looking very unhappy.”
Image: Diddy and Cassie together on the red carpet
For around 10 years, Combs had a relationship with the singer Cassie Ventura which ended in 2018.
Once over she filed a lawsuit that both parties eventually settled alleging she was trafficked, raped, drugged and beaten by the rapper on many occasions – which he denied. Last week she made similar claims in court.
Image: A court sketch of Cassie giving evidence against Combs in court this week. Pic: Reuters
Image: A court sketch of Combs listening to evidence from his former partner Cassie. Pic: Reuters
“Cassie looked very glassy-eyed and there was a sadness about her energy. Whatever was happening between the two of them, I mean, it didn’t feel positive,” says DuBois Barnett.
“They were sort of holed up in the corner for almost the entire night… it did feel very different from the kind of jubilant of energy that he projected in his earlier incarnations.”
For Combs, his freedom depends on how these next few weeks go. His representatives claim he is the victim of “a reckless media circus”, saying he categorically denies he sexually abused anyone and wants to prove his innocence.
In particular, they say, he looks forward to establishing the “truth… based on evidence, not speculation”.
TORONTO — A three-goal second period broke open a tight game, quieted a raucous crowd at Scotiabank Arena, and powered the Florida Panthers past the Toronto Maple Leafs6-1 in Game 7 of this Eastern Conference semifinal series on Sunday night.
Though it wasn’t the typical marquee names you see on the Florida scoresheet, Seth Jones, Anton Lundell and Jonah Gadjovich combined for those tallies, giving the Stanley Cup-champion Panthers a 3-0 lead headed into the third period. It was plenty of room for Florida to shut the door in the third period and seal a berth in the Eastern Conference finals for the third consecutive season. Florida will take on the Carolina Hurricanes in Round 3 beginning Tuesday.
The Maple Leafs, 2-0 winners in Game 6 Friday night in Sunrise, Florida, could not find enough time and space to operate in the Panthers’ zone. With 10 minutes left in regulation, Toronto had just 14 shots on net, with its season on the line, as boos rained down from the capacity crowd.
Eetu Luostarinen and Sam Reinhart chipped in with third-period goals for Florida, giving the champions a 5-1 lead after Toronto’s Max Domi scored at 2:07 of the final frame to briefly give the home team hope. Florida’s Brad Marchand added an empty-net goal to conclude the scoring.
“We’re excited about the opportunity,” Marchand said during the game broadcast on SportsNet. “We’re having fun, enjoying the moment, that’s all you can do. You don’t get a second chance at these opportunities. You just have to embrace and enjoy it.”
Goaltender Joseph Woll, who authored the shutout in Sunrise on Friday, struggled at home, looking out of position on several Florida goals. Anthony Stolarz, Toronto’s regular starter who had been sidelined since Game 1 with an undisclosed injury, was active and on the bench as Toronto’s backup for Game 7, but he was not called upon.
Florida goaltender Sergei Bobrovsky was much sharper on the other end of the ice, allowing only Domi’s goal off a wrist shot on a clean entry into the zone. Bobrovsky, who has started every postseason game for the Panthers this season, was playing in his first Game 7 since he led the Panthers to the Stanley Cup last June with a victory over the Edmonton Oilers in the series’ last game.
Jones, in his first season with Florida and seeking his first shot at the Stanley Cup, opened the scoring with his third goal of the postseason.
“I’m just happy with the situation I’m in,” Jones said on TNT’s postgame show. “Hopefully, my game can grow, and I’m just trying to bring what I can to the table with this team. I’m playing with a lot of great players, and these guys know what it takes to win.”
The game was delayed in the second period, just before Florida’s goal-scoring spree, after referee Chris Rooney, widely considered to be one of the top officials in the NHL, was bloodied and had to leave. The longtime referee was hit by an inadvertent stick to the face.
The play happened 13 seconds into the second period, when Florida’s Niko Mikkola was jousting for the puck and his stick went into Rooney’s face. Rooney skated off with some assistance and with a towel covering much of his face as he was brought to the locker room area for further evaluation and treatment.
The NHL has stand-by officials at playoff games, and Garrett Rank took over as one of the two referees following Rooney’s injury, joining a crew that also included referee Jean Hebert and linespersons Devin Berg and Jonny Murray.
TORONTO — Referee Chris Rooney, widely considered to be one of the top officials in the NHL, was bloodied and had to leave Game 7 of the Florida Panthers–Toronto Maple Leafs playoff matchup Sunday night after taking an inadvertent stick above one of his eyes.
The play happened 13 seconds into the second period of the Panthers’ 6-1 win when Florida’s Niko Mikkola was jousting for the puck and his stick hit Rooney’s face.
The game was stopped for several minutes and a stretcher was brought onto the ice, but Rooney skated off with some assistance and with a towel covering much of his face as he was brought to the locker room area for further evaluation and treatment.
Rooney got stitches and was ruled out for the remainder of the game.
The NHL has standby officials at playoff games, and Garrett Rank took over as one of the two referees following Rooney’s injury, joining a crew that also included referee Jean Hebert and linesmen Devin Berg and Jonny Murray.