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Apollo Distancing Orbit From National Amusements Buyout As The Pursuit Of Paramount Global Continues – The Dish
Apollo Global Management is going cold on a bid for National Amusements in an ultimate pursuit of Paramount Global.
While the situation is still fluid and it may be early to count Apollo out of the process entirely, sources tell us that the Marc Rowan-Josh Harris-Leon Black co-founded private equity company is skittish in the wake of the FCC blowing up hedge fund Standard General’s attempted $8.6 billion bid for the Tegna station group — a deal that Apollo Global Management was set to provide funding toward. The Redstone family trust, National Amusements, controls nearly 80% of the Class A voting stock, mean any interested buyer who didn’t want Shari looking over their shoulder would need to acquire the NAI stake as well as publicly-traded Paramount. Just acquiring NAI’s controlling interest would irk off minority shareholders and could result in legal fights if a buyer forced a deal or merger.
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