Why is Apollo Global interested in Paramount? CEO explains

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Apollo Global Management (APO) and Sony Pictures Entertainment (SONY, 6758.T) have submitted a joint bid for entertainment giant Paramount Global (PARA). According to The New York Times, the two sides have entered negotiations after an exclusivity agreement with Skydance ended with no deal.

Apollo Global CEO Marc Rowan says private equity giant is looking for value, which, he thinks, can most often be found in areas undergoing "substantial change" such as the media industry right now. "The notion that you can come in and build on a great business and try to navigate through these turbulent times, I think is where we create value," Rowan tells Yahoo Finance Executive Editor Brian Sozzi.

You can catch the full interview with Apollo Global CEO Mark Rowan here.

Note: Apollo Global Management is Yahoo's parent company.

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This post was written by Stephanie Mikulich.