The future of Paramount Global hangs in the balance as rumors of a massive merger or acquisition swirl.

Reports indicate that Apollo Global, a private-equity firm, has tabled an $11 billion bid for Paramount’s Hollywood studios, sparking speculation about the fate of the media conglomerate.

Paramount Global, helmed by CEO, comprises three key segments: filmed entertainment, TV media, and direct-to-consumer streaming.

Analysts suggest that any potential sale, whether in its entirety or in parts, could significantly reshape the entertainment landscape.

Apollo makes $11 billion bid for Paramount’s Hollywood studio

The filmed entertainment arm, contributing 10% of the company’s revenue in 2023, includes Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio, Awesomeness, and Miramax.

CBS and Paramount

Notably absent from this segment are Paramount Television Studios, CBS Studios, or Showtime/MTV Entertainment Studios, which fall under the TV media division.

If Apollo’s reported bid is solely for Paramount Global’s film and TV studio business, it would encompass a treasure trove of iconic titles and franchises, such as “Mission: Impossible,” “The Godfather” trilogy, and “Indiana Jones.”

However, uncertainty looms over whether the deal includes the television studios housed within the TV media group, which boasts popular shows like “Yellowstone” and “NCIS.”

The TV media division, Paramount Global’s largest segment, consists of CBS Television Network, CBS Stations, Paramount Media Networks, BET Media Group, international free-to-air networks, and various studios.

CBS is one of America’s top four networks.

Should a buyer acquire both the filmed entertainment and television studios, the remaining TV media division would include a robust portfolio of channels and platforms but might appear “hollow” without the studio business, according to analysts.

In the realm of direct-to-consumer streaming, Paramount+ (formerly Showtime), Pluto TV, and BET+ are the key assets. While a buyer might be interested in acquiring these assets, concerns persist about content ownership and rights complexities, particularly with franchises like “Mission: Impossible” having rights sold off to partners.