The news sent the stock soaring over 11% to $12.48, accompanied by higher-than-usual trading volume. Despite the positive development, Paramount Global continues to struggle, with its stock currently trading at half of its value from a year ago, attributed to streaming losses and high debt.

Apollo Global, along with other suitors such as David Ellison's Skydance Media and Byron Allen, has been in and out of the mix as potential buyers for Paramount Global. While details of Ellison's bid for the entire company remain unknown, industry sources speculate that some believe Larry Ellison, who had previously restructured Megan Ellison's Annapurna due to financial difficulties, would be hesitant to invest in Paramount's money-losing proposition. However, insiders say that Larry Ellison is in alignment with David Ellison's vision and is always interested in striking a good deal.

The board of Paramount Global is currently reviewing the Apollo offer, according to sources cited by The Wall Street Journal. It is worth noting that Shari Redstone, the majority shareholder, has opposed selling off the studio, considering it to be the company's crown jewel. Skydance Media, through Paramount Global's parent company National Amusements, has proposed a deal that has sparked concerns among minority shareholders, including Warren Buffett and Mario Gabelli, who fear not receiving a premium if a deal takes place.

Under the leadership of Bob Bakish, Paramount Global has indicated its willingness to entertain all offers while undergoing a process of retrenching, which recently involved significant layoffs. The company is also divesting non-core assets, including the sale of Viacom18 to India's Reliance Group for a substantial sum of $517 million.

Representatives from National Amusements, Paramount, Skydance Media, and Apollo have declined to comment on the recent developments.

With Paramount Global now firmly in the spotlight as a takeover target, industry observers eagerly await further updates regarding this high-stakes bidding war and its potential implications for the entertainment industry.