In a surprising twist, media executive Shari Redstone, the majority owner of Paramount, has announced plans to sell her controlling stake in the company through an auction to the highest bidder, according to a report from the New York Post. This development has attracted the attention of investment firms, including Apollo Global Management, who are reportedly interested in placing a bid to acquire National Amusements, the majority owner of Paramount.

Apollo Global Management, a company with experience in owning media companies, is said to be among the large companies considering a bid for National Amusements, which holds a significant portion of Paramount's shares. Known for its previous ownership of AMC Theaters and Chuck E. Cheese's, Apollo's interest in the entertainment industry is evident.

Paramount Global, currently under the control of Shari Redstone through National Amusements, may soon pass into the hands of a new owner with the sale of Redstone's stake. National Amusements owns 77% of Paramount's voting shares, making it a compelling investment opportunity for potential buyers.

While the talks between Paramount and interested parties are still at an early stage, the involvement of investment firms could complicate negotiations. As previously reported, Warner Bros. Discovery is also considering a purchase of Paramount, leading to the possibility of multiple investment firms driving up the price. Paramount Global CEO Bob Bakish and Warner Bros. Discovery CEO David Zaslav have already met to discuss a potential merger, signaling the company's openness to change.

Although specific dates for the auction have not been disclosed, bankers have begun sharing details about Paramount with potential bidders, signaling progress in the process. The successful buyer of National Amusements will gain control over Paramount, including its cable TV networks such as Nickelodeon, Comedy Central, MTV, and various movie theaters.

The news of Paramount's potential sale comes during a challenging period for the entertainment industry, marked by declining cable TV viewership and the struggle for profitability among streaming platforms. Paramount+, the streaming service offered by the company, is among those fighting to stay afloat in this competitive landscape. As discussions and negotiations unfold, the focus now shifts to determining the future owner of Paramount and the path it will chart in the evolving media landscape.