Apollo Global Management entered into discussions with a special committee set up by Paramount Global (NASDAQ:PARA) to explore a potential acquisition or asset purchase.

However, Apollo's intentions for Paramount Global could meet with competition, especially from a group led by David Ellison's Skydance Media. This consortium, which includes heavyweights KKR and RedBird Capital Partners, is eyeing an all-cash bid for National Amusements, which holds a dominant 77% of Paramount's voting shares.

Apollo Global Management's interest stands out for its singular focus on Paramount Global, a conglomerate with substantial holdings. These include Paramount Pictures, CBS, various Viacom cable networks, and streaming services like Paramount+ and PlutoTV.