Apollo Making a Play for CBS

According to Bloomberg, Apollo Global Management is considering making an offer for Paramount Global.

Apollo is one of a number investors, both wealthy individuals and professional money managers, that have reached out in recent weeks to show interest in CBS’s parent company.

Apollo owns the Cox stations and many would say that Cox became a shell of its former self after Apollo took the reigns.

If Apollo did buy Paramount, it’s likely that they would have to divest some of the Cox stations.

One broadcast insider tells FTVLive that they would see Apollo keeping WSB (Atlanta), KIRO (Seattle), WSOC (Charlotte), WFTV (Orlando) and possibly moving them all to the Tiffany Network in a possible deal--except of course KIRO since they're already a CBS affiliate.

If that happened, it would leave WPXI (Pittsburgh) and WFTX (Boston) available. Both Pittsburgh and Boston have CBS O&O’s which Apollo would then own.

Sadly, Apollo is not in the business to enhance Journalism, and if they did end up with CBS, we would expect more cost-cutting to happen shortly after they took control.

Other companies, including Warner Brothers are also said to be interested in Paramount as well.