Apollo Global Management Stock (NYSE: APO)

Apollo Global Management Stock (NYSE:APO), Trade Ideas

Apollo Global Management

Apollo Global Management Inc is an alternative investment manager. It serves various sectors such as chemicals, manufacturing and industrial, natural resources, consumer and retail, consumer services, business services, financial services, leisure, and media and telecom and technology. The company operates in three business segments that are Asset Management, Retirement Services, and Principal Investing. It generates maximum revenue from the Retirement Services segment.

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Explore how Blackstone challenges Apollo Global Management&#39;s Concord bid with a $1.24 per share offer for Hipgnosis Songs Fund, triggering a fierce takeover tussle in the music industry. 

Blackstone Shakes Up Music Industry With Hipgnosis Bid: Details

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U.S. stocks are experiencing declines this Friday, on track of ending another week of negative performance. 

S&amp;P 500 Nears 6-Day Slide, Nasdaq 100 Faces Worst Week Since Late 2022: What&#39;s Driving Markets Friday?

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Paramount Global shares surge as Sony and Apollo discuss a joint bid, potentially privatizing the company amid ongoing negotiations with Skydance Media.




Why Paramount Global Shares Are Gaining Today

Apollo Global Management, Inc. (New) Common Stock

Apollo Global Management Inc

APOLLO ACQUISITION CORPORATION

Apollo Global Management Inc 6.75% PRF CONVERT 31/07/2026 USD 50 - Ser A

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Apollo Global Management, Inc. 7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053

Apollo Global Management, Inc. 6.75% Series A Mandatory Convertible Preferred Stock

WIIM

Shares of banking and financial services stocks are trading higher as stocks across sectors rebound following recent weakness.

Blackstone Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) has emerged as a contender in a potential <a href="https://www.hipgnosissongs.com/wp-content/uploads/2024/04/240421_-SONG-Statement-re-proposal-from-Blackstone.pdf">bid </a>to acquire Hipgnosis Songs Fund for approximately $1.5 billion, surpassing a previous offer from Apollo Global Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) backed Concord, igniting a takeover battle for the renowned music rights owner.
Blackstone made a fourth and latest proposal valuing Hipgnosis at $1.24 per share in cash, overshadowing Concord&#8217;s bid of $1.16 per share, reported Reuters.
Hipgnosis Songs Fund, renowned for its diverse catalog, including works by artists such as Shakira and Red Hot Chili Peppers, saw its shares surge by 10%.
The potential acquisition has stirred anticipation, with Hipgnosis signaling its inclination to endorse Blackstone&#8217;s offer should the private equity giant formalize its bid.
The report further noted that Hipgnosis Songs Capital (HSC), a collaboration between Hipgnosis Songs Management (HSM) and Blackstone, holds rights to a vast array of music, including compositions by Justin Bieber, Nelly Furtado, and Justin Timberlake, among others.
Notably, Blackstone is a majority owner of Hipgnosis Songs Management (HSM), the fund&#8217;s investment adviser. This development comes after Hipgnosis had previously inked a $1.4 billion agreement with Concord.
Hipgnosis Songs Fund, founded by industry veteran and former CEO Merck Mercuriadis, commenced a strategic review last year following shareholder unrest, which cast doubt on its future trajectory.
As per the report, Tensions escalated between Hipgnosis and HSM, chaired by Mercuriadis, amid disagreements over a call option.
Price Action: BX shares closed lower by 1.60% at $118.40 on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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U.S. stocks are experiencing declines this Friday, on track of ending another week of negative performance. 
The Nasdaq 100 has dropped over 5% this week, potentially marking its most significant decline since late October 2022, while the S&amp;P 500 faces its sixth consecutive day of losses, the longest such streak since September 2022, with concerns over interest rates, corporate earnings, and geopolitical tensions <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38334504/israel-strikes-iranian-air-base-tehran-downplays-attack-as-blinken-calls-for-calm-oil-pric">weighing on investor sentiment.</a>
Industry-wise, semiconductor stocks, tracked by the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) are down 2.7%, eyeing weekly declines of about 8%, marking the most significant drop since June 2022.
Israel carried out limited retaliation against Iran overnight, targeting a location near an air base facility without causing significant damage.
Yields on shorter-dated U.S. Treasury bonds remain stable at around 5%, maintaining levels seen since mid-November 2023, amid Federal Reserve Chair Jerome Powell&#8216;s staunch opposition to rate cuts.
Gold prices surged to $2,400 per ounce amid escalating tensions in the Middle East, while oil prices stabilized after an initial rise following the Israeli strike.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) saw a modest increase of over 1%, with the crypto community anticipating the upcoming halving event.
<h3 class="wp-block-heading" id="h-friday-s-performance-in-major-us-indices-etfs">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,001.61</td>
<td>0.6%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,947.93</td>
<td>0.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,984.63</td>
<td>-0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,127.17</td>
<td>-1.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1.30 p.m. EDT </figcaption></figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.4% to $496.85, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.5%% to $379.83 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) tumbled 1.5% to $417.03 according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, up 1.6%, followed by the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), up 1.3%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) was the major laggard, down 1.5%. 
<h3 class="wp-block-heading" id="h-friday-s-stock-movers">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) rocketed 13% on rumors that Apollo Global Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>)&nbsp;and Sony Group Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>)&nbsp;are mulling a joint bid for the company.</li>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) dropped 18% as the company announced its third-quarter earnings date, but it did not provide preliminary estimates.</li>
<li>Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) saw a fall of nearly 9% despite beating Street estimates last quarter. Investors negatively reacted to the company&#8217;s plans to cease providing quarterly disclosures on subscriber growth or average revenue per member starting next year.</li>
<li>Other companies reacting to earnings were American Express Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>) up 5.5%, Fifth Third Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FITB#NASDAQ">FITB</a>) up 5.6%, Huntington Bancshares Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HBAN#NASDAQ">HBAN</a>) up 1.5% Regions Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RF#NYSE">RF</a>) down 0.7%, Procter &amp; Gamble Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>) flat, and Schlumberger Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>), down 1.5%. </li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) was 0.5% lower after the EV-maker recalled thousands of Cybertrucks due to an accelerator pedal problem. </li>
</ul>
Read now: <a href="https://www.benzinga.com/general/macro-notification/24/04/38337484/is-the-us-national-debt-unsustainable-we-cant-have-a-deficit-of-7-of-the-gdp">Is The US National Debt Unsustainable? &#8216;We Can&#8217;t Have A Deficit Of 7% Of The GDP&#8217;</a>
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S&P 500 Nears 6-Day Slide, Nasdaq 100 Faces Worst Week Since Late 2022: What's Driving Markets Friday?

Paramount Global&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) shares are trading higher following reports that suggest&nbsp;Sony Group Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) is in talks with&nbsp;Apollo Global Management, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/general/entertainment/24/04/38202664/paramount-directors-exit-as-skydance-merger-talks-continue-report" rel="noreferrer noopener">to enter a bid for the company.</a>
The companies haven&#8217;t yet approached Paramount, which is currently in exclusive deal negotiations with Skydance Media, led by David Ellison, Reuters reported, citing a person familiar with the matter. 
However, the report indicates that some investors advocate for Paramount to explore alternative options.
The rival offer, still in the process of being formulated, would propose cash for all outstanding Paramount shares, privatizing the company, the report added.
Apollo, a private equity firm, had previously tendered a $26 billion bid for the company and a distinct $11 billion proposal for Paramount&#8217;s film studio.
The&nbsp;ongoing&nbsp;joint bid between Apollo and Sony aims to privatize Paramount Global by offering cash for all outstanding shares.&nbsp;
Sony Pictures would hold a majority stake and manage Paramount and its film library, while Apollo would to take over the CBS broadcast network and local television stations, the report added.
According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>, PARA stock has lost over 51% in the past year. Investors can gain exposure to the stock via Invesco S&amp;P 500 Equal Weight Communication Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSPC#NYSE">RSPC</a>) and Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: PARA shares were up 9.9% to $12.04 at last check Friday.
Read Next:<a href="https://www.benzinga.com/markets/equities/24/04/38331941/palantir-technologies-pitches-agencies-for-inventory-and-supply-chain-management-use-cases-whats" target="_blank" rel="noreferrer noopener"> </a><a href="https://www.benzinga.com/markets/equities/24/04/38331941/palantir-technologies-pitches-agencies-for-inventory-and-supply-chain-management-use-cases-whats" target="_blank" rel="noreferrer noopener">Palantir Technologies Pitches Agencies For Inventory And Supply Chain Management Use Cases &#8211; What&#8217;s Going On?</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Apollo Global Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) has outperformed the market over the past 10 years by 3.94% on an annualized basis producing an average annual return of 14.55%. Currently, Apollo Global Management has a market capitalization of $62.57 billion. 
Buying $100 In APO: If an investor had bought $100 of APO stock 10 years ago, it would be worth $390.95 today based on a price of $110.13 for APO at the time of writing.
<h3>Apollo Global Management's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1712955618_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

Here's How Much $100 Invested In Apollo Global Management 10 Years Ago Would Be Worth Today

NYCB

RILY

Shares of companies in the broader financial services sector are trading lower following mixed band earnings.

Four Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) directors are set to depart the company as merger talks with Skydance Media proceed.
What Happened: Dawn Ostroff, a former Spotify Technology SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) executive, Nicole Seligman, an attorney and former president of Sony (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) Entertainment, Frederick Terrell, a veteran investment banking executive, and Rob Klieger, Redstone's longtime attorney, are expected to step down from the board in the coming weeks, reported the <a href="https://www.wsj.com/business/media/three-paramount-directors-to-step-down-as-company-discusses-skydance-merger-68c509e4?mod=lead_feature_below_a_pos1">Wall Street Journal</a>.
The departure of these directors coincides with Paramount Global&#8217;s sensitive negotiations for a <a href="https://www.benzinga.com/markets/equities/24/04/38131641/paramount-globals-potential-sale-to-skydance-media-a-tale-of-shifting-shareholder-outcomes-and-s">potential merger with Skydance</a>. 
Seligman, Ostroff, and Terrell serve on a special committee tasked with securing the best deal for the company. 
Redstone and the governance committee sought a leaner board structure, citing efficiency concerns. Some departing directors expressed reservations about the Skydance deal.
Their exit may be disclosed in a Paramount securities filing imminently.
Why It Matters: Skydance Media wants to acquire Redstone's National Amusements — Paramount&#8217;s majority shareholder — for $2 billion. 
Paramount Global would then acquire Skydance in a deal valued at around $5 billion.
Investor criticism has surfaced regarding the deal&#8217;s potential impact on Paramount&#8217;s nonvoting shareholders. 
Skydance collaborated with Paramount on several major films.
Meanwhile, Apollo Global Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) made a competing offer worth $26 billion. Paramount directors sidelined it, citing financing uncertainties.
Price Action: PARA shares are trading lower by 0.48% at $10.5 in premarket on the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Now Read: <a href="https://www.benzinga.com/general/entertainment/24/04/38148539/paramount-skydance-deal-could-be-home-run-for-shari-redstone-loss-for-shareholders-investor">Paramount, Skydance Deal Could Be &#8216;Home Run&#8217; For Shari Redstone, Loss For Shareholders, Investor Warns</a>

Entertainment

SPOT

Paramount Directors Exit As Skydance Merger Talks Continue: Report

Apollo shares are trading higher despite weakness in financials. The broader financial sector fell amid a rise in yields following hotter-than-expected March inflation data.

JMP Securities analyst Devin Ryan reiterates Apollo Global Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) with a Market Perform.

Reiteration

Analyst Ratings

JMP Securities Reiterates Market Perform on Apollo Global Management

Apollo shares are trading lower amid overall market weakness ahed of Wednesday's CPI report.

A potential merger between media companies Skydance and Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>) has dominated headlines and could see further <a href="https://www.benzinga.com/markets/equities/24/04/38089659/whats-going-on-with-paramount-global-stock-following-reported-talks-of-skydance-merger">consolidation in the media sector.</a>
One shareholder of Paramount Global is calling out the merger efforts, which could provide cash to Shari Redstone and leave Paramount shareholders with a diluted value.
What Happened: Skydance <a href="https://www.benzinga.com/markets/equities/24/04/38131641/paramount-globals-potential-sale-to-skydance-media-a-tale-of-shifting-shareholder-outcomes-and-s">entered into an exclusive negotiating </a>window with Paramount Global, according to reports.
A potential merger would see Redstone's National Amusements, which owns 77% of voting shares of Paramount, receive $2 billion in cash. Paramount Global would acquire Skydance in an all-stock deal valued at around $5 billion, according to reports.
Current Paramount shareholders would receive shares in the newly merged company and have diluted ownership.
Paramount shareholder Matrix Asset Advisors sent a letter to the media company's board of directors sharing its disgust in the consideration of "actions that are only in the interest of one shareholder."
Matrix Asset Advisors President and Chief Investment Officer David Katz said the Paramount board could be ignoring and "massively diluting" the existing shareholders of Paramount.
"We urge the Board to exercise its fiduciary responsibility and obligation, by prioritizing actions that serve the best interests of ALL Paramount shareholders," Katz said in an email obtained by Benzinga. "It is imperative that any proposed transaction be thoroughly evaluated to ensure it maximizes shareholder value."
Katz said Matrix Asset Advisors opposed to any deal that diluted existing shareholders or failed to "reflect the true value of the company." The investor encouraged other shareholders to publicly or privately send messages to Paramount's board.
A letter from Matrix Asset Advisors said the investment firm holds 355,445 shares of Paramount directly or on behalf of clients.
"We remain confident in Paramount's potential for long-term value creation under the stewardship of CEO Bob Bakish and the current management team. We fully support the strategy set by Mr. Bakish and endorsed by the Board, and are very pleased with the progress the company has made since the 2022 strategy announcement," the letter reads.
The letter said a continued turnaround of Paramount could boost shareholder value in the next 12 to 18 months.
"The intrinsic value of Paramount's unparalleled portfolio of assets is well above the company's stock price."
Katz called the deal with Skydance "sub-optimal" and said the deal only prioritized the interests of Redstone, calling the rumored deal a "home run for Ms. Redstone."
"The vast majority of shareholders would not receive a similar premium and would be forced to finance a speculative investment in Skydance in a transaction significantly dilutive to shareholder value."
The letter also questioned why the board of Paramount is not seriously considering a reported $26 billion offer from Apollo Global Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) and was exclusively negotiating with Skydance.
Related Link: <a href="https://www.benzinga.com/general/entertainment/24/04/38067898/paramount-skydance-deal-talks-fuel-investor-interest-but-charts-indicate-mixed-sentiments">Paramount, Skydance Deal Talks Fuel Investor Interest But Charts Indicate Mixed Sentiments</a>
Why It's Important: The letter from Matrix Asset Advisors came after media analyst Rich Greenfield of LightShed Ventures shared similar concerns about ignoring the Apollo bid and considering diluting existing Paramount shareholders.
"As we've been writing, $PARA Board unwilling to terminate management and make the hard decisions to save Paramount. Instead, National Amusements set to make $2 billion, while public $PARA shareholders are massively diluted," Greenfield <a href="https://twitter.com/RichLightShed/status/1776431589779489246">tweeted</a>.
In a recent interview with CNBC, Greenfield <a href="https://www.benzinga.com/news/24/04/38092842/expert-says-paramount-global-reportedly-snubbing-26b-offer-from-apollo-global-doesnt-make-sense">said he was surprised </a>Paramount turned down a reported $26 billion all-cash bid from Apollo.
"It just doesn't make sense to me or any of the investors I've been talking to."
One investor who has remained quiet on the potential of a merger or buyout of Paramount is Berkshire Hathaway Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) CEO Warren Buffett. Berkshire <a href="https://www.benzinga.com/news/24/02/37161084/whats-going-on-with-paramount-global-stock">owns a stake</a> in Paramount and could be influential about any decision made to maximize returns for shareholders.
Buffett previously bashed the streaming business, which led to speculation that his investment in Paramount was likely more of a play on a potential buyout and less so for the potential growth of the Paramount+ streaming business.
PARA Price Action: Paramount shares are down 5.35% to $11.33 on Monday versus a 52-week trading range of $10.16 to $24.
Read Next: <a href="https://www.benzinga.com/general/entertainment/23/04/31814943/did-warren-buffett-slam-one-of-his-own-investments-it-isnt-fundamentally-that-good-a-busine">Did Warren Buffett Slam One Of His Own Investments? &#8216;It Isn&#8217;t Fundamentally That Good A Business&#8217;</a>
Photo: Viewimage via Shutterstock

PARAA

Paramount, Skydance Deal Could Be 'Home Run' For Shari Redstone, Loss For Shareholders, Investor Warns

Barclays analyst Benjamin Budish maintains Apollo Global Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) with a Overweight and raises the price target from $122 to $133.

Price Target

Barclays Maintains Overweight on Apollo Global Management, Raises Price Target to $133

A sale of Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) could have varied outcomes for Shari Redstone, the controlling shareholder, and<a href="https://www.benzinga.com/markets/equities/24/04/38089659/whats-going-on-with-paramount-global-stock-following-reported-talks-of-skydance-merger" target="_blank" rel="noreferrer noopener"> other investors in the entertainment giant.</a>
National Amusements, controlled by Redstone and has a significant voting stake in Paramount, is in exclusive negotiations to sell itself to Skydance Media, <a href="https://www.wsj.com/business/media/paramount-skydance-deal-would-give-shari-redstones-firm-over-2-billion-in-cash-d4a1c359" target="_blank" rel="noreferrer noopener">reported</a> The Wall Street Journal. 
In the proposed deal, Redstone&#8217;s company would initially receive over $2 billion in cash. Subsequently, Paramount Global would acquire Skydance in an all-stock transaction worth approximately $5 billion.
Redstone would receive cash, while investors holding nonvoting shares would receive stock in the merged entity, resulting in diluted ownership.
Tasked with securing the best outcome for all shareholders, Paramount&#8217;s board&#8217;s special committee must approve the deal.
The company&#8217;s willingness to strike a deal has been hindered by challenges in the cable TV industry and profitability concerns in streaming.
Paramount and Skydance entered 30-day exclusive merger talks. Just before this, Apollo Global Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) submitted a $26 billion bid for Paramount, including assumption of debt. This offer could impact the ongoing negotiations with Skydance.
Skydance has collaborated with Paramount on major projects like &#8220;Top Gun: Maverick,&#8221; &#8220;Mission: Impossible—Dead Reckoning Part One&#8221; and &#8220;Transformers: Rise of the Beasts.&#8221; Merging the companies would provide greater flexibility in handling these franchises.
Skydance has explored a potential joint venture between Paramount+ and another streaming platform, aiming to significantly reduce expenses, The Wall Street Journal added.
Read Next:  <a href="https://www.benzinga.com/markets/equities/24/04/38131480/trump-alleges-again-that-biden-was-all-jacked-up-on-cocaine-during-state-of-the-union-demands-pr">This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Markets

Paramount Global's Potential Sale To Skydance Media: A Tale Of Shifting Shareholder Outcomes And Streaming Strategies

Apollo Global Management shares are trading higher after BMO Capital maintained an Outperform rating on the stock and raised its price target from $111 to $122.

BMO Capital analyst Etienne Ricard maintains Apollo Global Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) with a Outperform and raises the price target from $111 to $122.

BMO Capital Maintains Outperform on Apollo Global Management, Raises Price Target to $122

Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) has reportedly entered into exclusive merger talks with Skydance Media. This decision comes at the expense of a $26 billion offer from Apollo Global Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>).
What Happened: The Paramount Global board gave the nod to Skydance Media on Wednesday, allowing for a 30-day exclusivity period for negotiations, Reuters reported.
LightShed Ventures&#8217; Rich Greenfield in an interview with CNBC, said he&#8217;s surprised Paramount turned down Apollo&#8217;s alleged $26B all-cash bid, instead opting for a Skydance deal.
&#8220;It just doesn&#8217;t makes sense to me or any of the investors I&#8217;ve been talking to,&#8221; said Greenfield.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;It just doesn&#39;t makes sense to me or any of the investors I&#39;ve been talking to.&quot;<a href="https://twitter.com/RichLightShed?ref_src=twsrc%5Etfw">@RichLightShed</a> on why he&#39;s surprised Paramount turned down Apollo&#39;s alleged $26B all-cash bid, instead opting for a Skydance deal. <a href="https://twitter.com/search?q=%24PARA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PARA</a> <a href="https://t.co/yC54hw5qWk">pic.twitter.com/yC54hw5qWk</a>
&mdash; CNBC&#39;s Fast Money (@CNBCFastMoney) <a href="https://twitter.com/CNBCFastMoney/status/1775640812145021014?ref_src=twsrc%5Etfw">April 3, 2024</a></blockquote>
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This potential merger could mark the end of Shari Redstone&#8216;s control over the media conglomerate, originally established by her late father, Sumner Redstone.
Following the news of these exclusive talks, Paramount&#8217;s shares saw an impressive surge of nearly 15% on Wednesday. On Wednesday, PARA closed at $13.52, a 15.0% increase since its last close while PARAA closed at $22.07 indicating a 4.65% increase since its previous close, as per <a href="https://pro.benzinga.com">Benzinga Pro</a>.
See Also: <a href="https://www.benzinga.com/news/24/04/38030620/trump-media-technology-group-stock-is-tumbling-monday-whats-going-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Net Worth Drops More Than $1B After His Social Media Company Discloses Tens Of Millions In Losses&nbsp;Last Year (UPDATED)</a>
Skydance Media, led by David Ellison, the son of Oracle co-founder Larry Ellison, has its sights set on acquiring National Amusements. This is the Redstone family&#8217;s holding company, which either directly or indirectly owns approximately 77% of Paramount&#8217;s voting class stock.
Why It Matters: The success of this sale hinges on Ellison&#8217;s ability to merge Skydance and Paramount Global. Such a merger would represent further consolidation within the media industry, which has been dealing with the repercussions of Hollywood labor strikes in the previous year and a weak advertising market. Initially, a <a href="https://www.benzinga.com/general/entertainment/24/04/38067898/paramount-skydance-deal-talks-fuel-investor-interest-but-charts-indicate-mixed-sentiments">potential deal was anticipated </a>adding fuel to market speculation.
Since its inception through the merger of CBS and Viacom in 2019, Paramount Global has seen a decrease in value exceeding $16 billion. The company&#8217;s market capitalization <a href="https://www.benzinga.com/general/entertainment/24/02/37344362/paramount-global-q4-earnings-preview-investors-eye-streaming-growth-q1-guidance-super-bowl-">dipped below $10 billion in January,</a> despite investor interest in its streaming growth and Q1 guidance, as reported in a Q4 earnings preview.
Price Action:&nbsp;Paramount Global Class A shares were trading 2.45% at the time of writing this story on Thursday, according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38062216/bitcoin-ethereum-dogecoin-dip-amid-high-selling-pressure-analyst-says-king-crypto-will-not?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Dip Amid High Selling Pressure: Analyst Says King Crypto Will Not See Highs &#8216;Unless $69K Breaks&#8217;</a>
Image: Shutterstock/ 4kclips
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Analyst Says Paramount Global Reportedly Snubbing $26B Offer From Apollo Global 'Doesn't Make Sense'

Paramount Global&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>), which turned down a $26 billion bid from&nbsp;Apollo Global Management, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>), is now in exclusive discussions&nbsp;<a target="_blank" href="https://www.benzinga.com/general/entertainment/24/04/38067898/paramount-skydance-deal-talks-fuel-investor-interest-but-charts-indicate-mixed-sentiments" rel="noreferrer noopener">with Skydance, the studio behind Top Gun: Maverick.</a>
David Ellison, leading Skydance, has a 30-day window to negotiate a deal with the entity overseen by Shari Redstone&#8217;s National Amusements (NAI), a privately held cinema group owning 77% of Paramount&#8217;s voting shares, Financial Times&nbsp;<a target="_blank" href="https://www.ft.com/content/aff13260-5e5e-433c-bb90-c52aaa79fac8" rel="noreferrer noopener">reported</a>.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, PARA stock has lost over 35% in the past year. Investors can gain exposure to the stock via Invesco S&amp;P 500 Equal Weight Communication Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSPC#NYSE">RSPC</a>) and&nbsp;Invesco S&amp;P 500 Pure Value ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).&nbsp;
The proposed arrangement entails Skydance initially acquiring NAI, followed by a subsequent merger with Paramount, the report read, citing people who briefed about the matter.
Ellison and Redstone, both from prominent American families, have been in negotiations for months to finalize a merger between Paramount and Skydance.
The choice to engage in exclusive discussions underscores the mutual intent of both parties to conclude negotiations, the report added.&nbsp;
This follows Paramount&#8217;s board rejecting Apollo&#8217;s bid to acquire 100% of the media group&#8217;s shareholders at a valuation ranging between $17 and $19.50 per share.
Apollo&#8217;s $26 billion takeover bid encompassed debt as part of its valuation, the report added.
Price Action: PARA shares are trading lower by 1.92% to $13.26 premarket on the last check Thursday. 
Image by viewimage via Shutterstock

What's Going On With Paramount Global Stock Following Reported Talks Of Skydance Merger?

UBS Group AG&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) inked a deal with&nbsp;Apollo Global Management Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>), under which ATLAS SP has concluded its Transition Services Agreement with the Swiss&nbsp;<a target="_blank" href="https://www.ubs.com/global/en/investor-relations/press-releases/overview-news-display-ndp/en-20240327-apollo.html?caasID=CAAS-ActivityStream" rel="noreferrer noopener">bank</a>.
As part of this deal, Apollo will purchase senior secured financing facilities worth $8 billion from UBS and the bank will close out its Investment Management Agreement with Atlas.
The deal is part of UBS&#8217; strategy of winding down and simplifying its Non-Core and Legacy (NCL) portfolio while reducing risk-weighted assets and leverage ratio denominator in NCL.
UBS expects to recognize a net gain in the first quarter of 2024 of around $0.3 billion through these agreements and the assignment of the senior secured financing facilities.
However, Credit Suisse is expected to witness a net loss of around $0.9 billion from the agreements.
Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/36957012/credit-suisse-consolidation-weighs-on-ubs-stock-tanks-on-q4-performance" rel="noreferrer noopener">Credit Suisse Consolidation Weighs On UBS, Stock Tanks On Q4 Performance</a>
Sergio P. Ermotti, UBS CEO, said: &#8220;We&#8217;re pleased with this mutual agreement with Apollo. As we execute on our integration plans, this is another example of our relentless focus on working with clients and counterparties to free up capital from Non-Core activities and reducing costs and complexity.&#8221;
Marc Rowan, CEO of Apollo, said, &#8220;We are pleased to finalize the Atlas transition in partnership with UBS, in an economically neutral manner for our firm. This caps off a quarter marked by record origination and capital raising for Atlas, where we have generated USD 24 billion originations since inception and have secured capital to support over USD 40 billion of client assets.&#8221;
Price Action: UBS shares are up 0.47% at $31.30 on the last check Wednesday.
Photo via Shutterstock.

Asset Sales

Closing Chapter: UBS And Apollo Wrap Up Agreements, Marking Carve-Out Of Former Credit Suisse Business

Apollo Global Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) has outperformed the market over the past 10 years by 2.83% on an annualized basis producing an average annual return of 13.53%. Currently, Apollo Global Management has a market capitalization of $63.67 billion. 
Buying $100 In APO: If an investor had bought $100 of APO stock 10 years ago, it would be worth $356.04 today based on a price of $112.06 for APO at the time of writing.
<h3>Apollo Global Management's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1711386012_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $100 In This Stock 10 Years Ago, You Would Have $400 Today

The Nasdaq 100 closed higher by around 80 points on Thursday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company&rsquo;s prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/"> Benzinga&#39;s insider transactions </a> platform.
<h3>Dell Technologies </h3>
<ul>
<li>The Trade: Dell Technologies Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dell#NYSE">DELL</a>) CEO Michael S Dell <a href="https://www.benzinga.com/sec/insider-trades/"> sold a total of 2,977,478 shares </a> at an average price of $108.5. The insider received around $323.1 million from selling those shares.</li>
<li>What&rsquo;s Happening: Dell Technologies recently strengthened collaboration with NVIDIA to help enterprises adopt AI technologies.</li>
<li>What Dell Technologies Does: Dell Technologies is a broad information technology vendor, primarily supplying hardware to enterprises. It is focused on premium personal computers and enterprise on-premises data center hardware.</li>
</ul>
Have a look at our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
<h3>Apollo Global Management</h3>
<ul>
<li>The Trade: Apollo Global Management, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/apo#NYSE">APO</a>) Leon D Black <a href="https://www.benzinga.com/sec/insider-trades/"> sold a total of 450,000 shares </a> at an average price of $110.71. The insider received around $49.8 million from selling those shares.</li>
<li>What&rsquo;s Happening: Apollo Global Management placed an $11 billion bid to purchase the film and TV studio of Paramount Global, outpacing the company&rsquo;s entire market value of approximately $7.7 billion.</li>
<li>What Apollo Global Management Does: Apollo Global Management Inc is an alternative investment manager.</li>
</ul>
<h3>Verint Systems </h3>
<ul>
<li>The Trade: Verint Systems Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vrnt#NASDAQ">VRNT</a>) Chairman and CEO Dan Bodner <a href="https://www.benzinga.com/sec/insider-trades/"> sold a total of 33,472 shares </a> at an average price of $31.29. The insider received around $1.05 million from selling those shares.</li>
<li>What&rsquo;s Happening: Verint is expected to review its fourth quarter and full-year financial results on March 27, 2024.</li>
<li>What Verint Systems Does: Verint Systems Inc with its subsidiaries helps brands provide Boundless Customer Engagement.</li>
</ul>
<h3>TJX Companies </h3>
<ul>
<li>The Trade: The TJX Companies, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tjx#NYSE">TJX</a>) CEO and President Ernie Herrman <a href="https://www.benzinga.com/sec/insider-trades/"> sold a total of 20,000 shares </a> at an average price of $98.98. The insider received around $1.98 million from selling those shares.</li>
<li>What&rsquo;s Happening: On Feb. 28, TJX posted better-than-expected sales for its fourth quarter.</li>
<li>What TJX Does: TJX Companies is the leading off-price retailer of apparel, accessories, and home merchandise in the United States.</li>
</ul>
&nbsp;
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/03/37863912/jim-cramer-likes-amazon-more-than-this-e-commerce-platform-calls-chipotle-the-king"> Jim Cramer Likes Amazon More Than This E-Commerce Platform, Calls Chipotle &#39;The King&#39; </a>
&nbsp;

Short Ideas

Insider Trades

Pre-Market Outlook

DELL

VRNT

Dell, TJX And 2 Other Stocks Insiders Are Selling

It's another big day of Paramount (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) news, as another shareholder came out against the Redstone deal with Skydance Media. Meanwhile, a w...

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Mass media and entertainment studio Sony Pictures Entertainment, a subsidiary of Sony (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>), and asset management firm Apollo Global Manageme...

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ARES

SHOP

SNEJF

Health Care

Press Releases

TeleVox Introduces New Platform for Physician Offices to Ease Scheduling Burden and Reduce No-Shows

Apollo Funds Agree to Sell 28.4% Stake in Vallourec to ArcelorMittal

Financing

Doral Renewables Secures Debt Financing For the Great Bend Solar Project

Apollo to Announce First Quarter 2024 Financial Results on May 2, 2024

Apollo Funds Announce Strategic Partnership with Panasonic Automotive Systems, a Leading Global Supplier of Advanced In-Vehicle Technologies

Contracts

Notified Extends Partnership with Canadian Investor Relations Institute; Affirming Commitment to Advancing Technology in IR

Notified Announces Strategic Sale of Virtual Events and Webinar Business to Brandlive

MidCap Financial Investment Corporation, Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc. Announce Filing of Definitive Joint Proxy Statement / Prospectus Relating to Previously Announced Proposed Mergers