Apollo Global Management, Inc. (NYSE:APO) in recent days has reached out to a special committee formed by Paramount Global (NasdaqGS:PARA) about a possible takeover or asset purchase, two sources familiar with the matter tell Axios. Apollo would face competition, including a group led by David Ellison's film and TV studio Skydance Media. That rival group, which includes private equity firms KKR & Co.

Inc. (NYSE:KKR) and RedBird Capital Partners LLC, is evaluating an all-cash bid for Paramount's parent, National Amusements Inc. (NAI), which controls 77% of Paramount's voting stock and a 10% financial stake. Apollo is said to be evaluating a deal only with Paramount, whose major assets include Paramount Pictures, broadcaster CBS, a slew of Viacom cable networks, and streaming services Paramount+ and PlutoTV. It's also possible that Apollo could wind up bidding only on select assets.

Axios reported in December that Warner Bros. Discovery Chief Executive Officer David Zaslav met with Paramount Global Chief Executive Officer Bob Bakish to discuss a possible merger, but those talks are now paused. Representatives for Apollo, Paramount and NAI declined to comment.