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Is It Good to Go Exclusive?
  + stars: | 2024-05-04 | by ( Lauren Hirsch | Michael J. De La Merced | Ravi Mattu | ) www.nytimes.com   time to read: +1 min
Paramount’s proposed merger with Skydance has been the most tumultuous media deal in years. Now it has taken yet another turn after the exclusivity period for negotiations expired without an agreement in hand. Paramount shareholders grumbled that granting exclusivity was a mistake, and that the company should have engaged with Apollo instead. This week, the special committee told Skydance that it was letting the exclusivity period lapse. But it does allow Paramount to open up negotiations with Apollo and Sony Pictures Entertainment, which joined Apollo’s bid.
Persons: Paramount’s, Skydance, David Ellison — Organizations: Apollo Global Management, Paramount, Skydance, Apollo, Sony Pictures Entertainment
Sony in Talks to Join a Bid to Buy Paramount
  + stars: | 2024-04-18 | by ( Benjamin Mullin | Lauren Hirsch | ) www.nytimes.com   time to read: +1 min
Even as Paramount, the home of the “Top Gun” movie franchise and “SpongeBob SquarePants,” continues its talks to merge with another media company, Skydance, a new suitor has emerged. Sony Pictures Entertainment and Apollo Global Management, an investment firm, have been in discussions about teaming up for a joint bid to acquire Paramount, two people familiar with the situation said Thursday. The two companies have not submitted an official bid, as Paramount is still in exclusive conversations with Skydance, said the people, who were granted anonymity to discuss delicate negotiations. Apollo previously reached out to Paramount about buying the company for at least $26 billion, including debt. A joint bid with Sony would almost certainly reduce those concerns, adding operational experience and additional capital to Apollo’s already significant war chest.
Persons: SpongeBob, , Skydance, Paramount’s Organizations: Paramount, Sony Pictures Entertainment, Apollo Global Management, Sony Locations: Apollo’s
As Paramount, the media company that’s the home of the “Top Gun” franchise and Nickelodeon, was preparing to enter exclusive talks to sell itself to the media company Skydance, another suitor emerged. Apollo Global Management, the investment firm, told Paramount over the weekend that it was interested in acquiring the entire company for more than $26 billion, including the value of Paramount’s debt, according to two people with knowledge of the matter. It had previously submitted an $11 billion offer to acquire just the Paramount movie studio. Paramount decided not to engage with Apollo’s overture, the people said, with one person explaining that doing so could have derailed its advancing negotiations with Skydance, which became exclusive this week. Apollo said in a letter to Paramount that it was interested in buying out all the company’s shareholders in cash, which could be enticing as the board seeks to strike a deal that not only pleases Shari Redstone, who controls Paramount, but also the company’s common shareholders.
Persons: Apollo’s, Apollo, Shari Redstone Organizations: Paramount, Nickelodeon, Apollo Global Management, CBS, Skydance
The Super Bowl has always been a draw for billionaires and powerful executives. Elon Musk and Rupert Murdoch at the Super Bowl on Sunday. For an extra $10,000 to $250,000, Carrega arranges in-suite meet-and-greets, pre-game huddles, and photo ops with former Super Bowl champions or commentators. Kevin Mazur/Getty ImagesWhen it comes to accommodations, Vegas is proving easier than many other Super Bowl destinations, Brown said. Charter service VistaJet , whose private flights cost between $14,000 and $25,000 an hour, recorded a 25% increase in flight bookings over last year’s Super Bowl.
Persons: , Taylor Swift, Hunt, Denise York, Elon Musk, Rupert Murdoch, ’ Michael Rubin's, Josh Harris, Robert Kraft, Goldman Sachs, David Solomon, Caitlin O’Hara, ” Elisabeth Brown, Barnabas Carrega, they're, Brown, “ Price, ” Carrega, Carrega, ” Brown, ” She’s, Savage, Kevin Mazur, Wynn, Leona Qi, you’re, ” Qi, , Organizations: Service, Business, Chiefs, 49ers, Forbes, Patriots, Reuters, , Knightsbridge, Super, Vegas, Davos Locations: Las Vegas, Sin City, Las, Tampa , Florida, Vegas,
Private-asset binge exposes insurance to new risks
  + stars: | 2023-11-30 | by ( John Foley | ) www.reuters.com   time to read: +7 min
The concept is not new: Warren Buffett’s Berkshire Hathaway (BRKa.N) has used its insurance premiums to help fund everything from railways to cowboy-boot makers. The prospect of insurance companies buying risky loans or private equity investments has raised eyebrows. Many private credit assets, for example, rely on so-called private letter ratings based on confidential data. Given the private nature of private credit, it’s hard to see from the outside how big these risks are, or where they lurk. Besides, even if the share of life insurance assets that are mis-rated or undercapitalized is tiny, smaller insurers could carry more concentrated risk.
Persons: Blackstone, Warren Buffett’s Berkshire Hathaway, Fitch, Kroll, Egan, Jones, DBRS Morningstar, Banks, SVB, Jonathan Guilford, Neil Unmack, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Apollo Global Management, KKR, Global Atlantic, Investments, National Association of Insurance, England’s Everton FC, Rivals, Reuters Graphics Reuters, Federal Reserve, Federal Deposit Insurance Corp, Athene, P Global, Insurance, SVB, Thomson Locations: Global, Delaware , New York, Iowa, New York, London
A sustainability veteran with more than 24 years’ experience, Stangis has built sustainability teams at both Intel and Campbell Soup . WSJ Pro: Do you have a favorite sustainable product or service, that isn’t an Apollo company? In terms of our regulatory reporting, we made some great progress, but it’s also helping and building the tools for our portfolio companies. Stangis: We’ve got data from all of our portfolio companies from surveys of 100-plus questions every year. So our portfolio companies, they’re literally doing sustainability reporting to us, we’re compiling it and then making that public.
Persons: Dave Stangis, Stangis, Campbell, it’s, we’ve, I’ve, , We’ve, they’re, we’re, Rochelle Toplensky Organizations: Apollo Global Management, Intel, Pro, Business, Campbell Soup Company, WSJ, Private Equity, Flagship Fund, Apollo, Rochelle, rochelle.toplensky@wsj.com Locations: Europe, Asia, Paris, Detroit, U.S, Russia, Ukraine, decarbonize, we’ve
Hong Kong finance summit tiptoes around China
  + stars: | 2023-11-09 | by ( Peter Thal Larsen | ) www.reuters.com   time to read: +7 min
HONG KONG, Nov 9 (Reuters Breakingviews) - Hong Kong in November enjoys a pleasant climate that some local managers dub “chairman weather”. Hong Kong is hardly a hot destination for financiers right now. Companies raised just $2.7 billion from initial public offerings in Hong Kong in the quarter, a fraction of previous years. Hong Kong officials including John Lee, the territory’s chief executive, have been sanctioned by the U.S.. Follow @peter_tl on XCONTEXT NEWSThe Global Financial Leaders’ Summit was held in Hong Kong from Nov. 6 to Nov. 8.
Persons: Marc Rowan, Colm Kelleher, Morgan Stanley, Goldman Sachs, David Solomon, Jane Fraser, Ken Griffin, Hong, John Lee, Eddie Yue, Kung, Zhang Qingsong, Bob Prince, Mark Wiedman, Apollo’s Rowan, UBS’s Kelleher, Joseph Yam, Una Galani, Thomas Shum Organizations: Reuters, Apollo Global Management, UBS, Monetary Fund, Companies, Citigroup, Citadel, Hong Kong Monetary Authority, Hong Kong’s HK, Exchange, People’s Bank of China, Bridgewater Associates, BlackRock, Goldman, Bank for International, Global, , Thomson Locations: HONG KONG, Hong Kong, Europe, U.S, China . Hong Kong, China, People’s Republic, Hong, British, Singapore, BLK.N,
Private equity superstores overstock the shelves
  + stars: | 2023-11-08 | by ( Liam Proud | ) www.reuters.com   time to read: +8 min
LONDON, Nov 8 (Reuters Breakingviews) - Private equity investors seem happier these days shopping for returns at specialty shops over supermarkets. U.S. private equity funds raised some $240 billion in the first nine months of 2023, according to research outfit PitchBook, 13% less than a year earlier. New York-based CD&R in August raised $26 billion for its 12th-generation private equity fund while Eurocentric CVC managed an even more eye-popping $29 billion in July. A better explanation, from the consultants who advise LPs on where to put their cash, is that private equity supermarkets may be cannibalising themselves. Until they can prove otherwise, the more scattered private equity superstores risk losing more ground to the specialists.
Persons: Clayton, Blackstone, Steve Schwarzman, Marc Rowan, don’t, Rowan, Rob Lucas, Blackstone’s, they’re, Lucas, Jeffrey Goldfarb, Thomas Shum Organizations: Reuters, Rice, CVC Capital Partners, Apollo Global Management, Blackstone Capital Partners IX, , IX, CVC, Apollo, Blackstone, U.S, Thomson Locations: Dubilier, New York, Blackstone, Asia, Luxembourg, Europe, Americas
Apollo may get noodle LBO thrown back in its face
  + stars: | 2023-10-12 | by ( Aimee Donnellan | ) www.reuters.com   time to read: +3 min
The private equity firm has offered to buy Wagamama owner Restaurant Group (RTN.L) for 701 million pounds including debt. Restaurant Group is an obvious takeover target. And Restaurant Group itself reckons it can crank up its EBITDA margin by as much as 3.5 percentage points by 2026. Apollo could comfortably double its money, assuming it used debt of around 300 million pounds to buy the business, or 3 times 2024 EBITDA. The deal is being undertaken by a special purpose vehicle indirectly owned by Apollo Funds, managed by affiliates of Apollo Global Management.
Persons: Andy Hornby, Frankie, Jefferies, John Wood, Neil Unmack, Oliver Taslic Organizations: Reuters, Restaurant, Irenic Capital, Oasis Management, Apollo Group, Restaurant Group, Apollo Funds, Apollo Global Management, Thomson Locations: Britain
NEW YORK (AP) — In just four songs on his latest EP, “Live For Me,” Omar Apollo processes death, grief, acceptance and the lack of it — big, traumatic emotions — through intimate, lush sounds. The EP, out Friday, follows Apollo’s 2022 debut album “Ivory” and a 2023 Grammy nomination for best new artist. APOLLO: A lot of the songs I write are emotions that I dealt with or am dealing with at that time. APOLLO: The only thing I can hope for is for (fans) to be inspired in whatever way they choose. I’m up there trying my hardest, sweating, you know, out of breath, just trying to put on a good show.
Persons: ” Omar Apollo, , It’s, Sabrina Bahsoon, Daniel Caesar, Montell, , Doron Langberg, I’ve, SZA, , , you’ve, TESLA, Lil Yachty Organizations: , Associated Press Locations: London, Indiana
Apollo’s divergent path outshines Blackstone
  + stars: | 2023-09-28 | by ( Jonathan Guilford | ) www.reuters.com   time to read: +7 min
NEW YORK, Sept 28 (Reuters Breakingviews) - Apollo Global Management (APO.N) and Blackstone (BX.N) both emerged from private equity’s primordial swamp. That spread comprised nearly three-quarters of Apollo’s $3.1 billion in profit available to be doled out to shareholders in 2022. That turbo-charged the fees Blackstone reaps from managing funds, which contributed 59% of $6.6 billion in profit available to shareholders last year. Apollo’s earnings from its insurance business are awarded an even more meager 10 times. This doesn’t form the closed loop like that between Athene, Apollo and its various specialist lenders.
Persons: Marc Rowan, haven’t, dealmaking, Rowan, Blackstone, Steve Schwarzman, Athene, BREIT, Rich, reckons Bain, Schwarzman, Dealmaking, hasn’t, Lauren Silva Laughlin, Oliver Taslic Organizations: Reuters, Apollo Global Management, Blackstone, Apollo, Reuters Graphics Reuters, Barclays, Schwarzman, U.S . Federal, Industry, Life Insurance, Research Association, Thomson Locations: freefall, BREIT, Blackstone
Meet Apollo, the ‘iPhone’ of humanoid robots
  + stars: | 2023-08-23 | by ( Ashley Strickland | ) edition.cnn.com   time to read: +9 min
The design for Apptronik’s latest humanoid robot, named Apollo, was unveiled on Wednesday. Apollo is Apptronik's latest humanoid robot. Rather than highly specialized robots that can only serve one purpose, Apptronik wanted Apollo to be the “iPhone of robots,” Cardenas said. Courtesy ApptronikBefore Apollo, Apptronik focused on what it called a Quick Development humanoid robot. To the moon and beyondApptronik serves as one of NASA’s partners that works on humanoid robot designs.
Persons: Argodesign, Apollo, , , Jeff Cardenas, Bill Stafford, ” Cardenas, Shaun Azimi, NASA’s, Cardenas, Apptronik, Nick Paine, ” Paine, Paine, ” Azimi, Artemis VI, Azimi Organizations: Austin , Texas CNN, Austin, University of Texas, NASA, JSC, DARPA, Space Center, International Locations: Austin , Texas, Houston, Australia, uncrewed, Apptronik
CNN —Gold coins dating back more than 2,000 years have been found by metal detectorists in Wales, making them the first hoard of Iron Age gold coins to have been discovered in the country. The precious metals were unearthed by three metal detectorists in a field between July 2021 and March 2022. ‘Rich archaeological landscape’The gold coins’ elaborate design derives from those of Philip II, who ruled the ancient kingdom of Macedonia from 359 BC to 336 BC. The gold coins' elaborate design derives from those of Philip II. The staters could also have been used as “offerings to the gods” to fulfill a vow, according to National Museum Wales.
Persons: Lloyd Roberts, , Museum Wales Roberts, Peter Cockton, Tim Watson, , ” Watson, Watson, , Philip II, Sean Derby Organizations: CNN, National Museum Wales, Amgueddfa Cymru, Museum Wales, Museum Wales Another, Gwynedd Archaeological, Environment, Oriel Locations: Wales, Anglesey, East Midlands, Macedonia, Gwynedd, North, West Wales
CNN —Billionaire investor Leon Black struck a multi-million dollar settlement with the government of the US Virgin Islands to avoid any legal claims tied to a Jeffrey Epstein sex-trafficking investigation. According to a settlement document obtained by CNN, Black agreed in January to pay the Virgin Islands government $62.5 million in cash. In exchange, the Virgin Islands released Black from any current and future legal claims related to Jeffrey Epstein. There is no suggestion in the USVI settlement that Mr. Black was aware of or participated in any misconduct.”Black has faced a number of accusations and lawsuits over his ties to Jeffrey Epstein. Last month, the Virgin Islands government said it is seeking $190 million in penalties and disgorgement from JPMorgan Chase, alleging that the bank benefited financially from Epstein’s sex trafficking operation.
Persons: Leon Black, Jeffrey Epstein, Black, ” Whit Clay, ” Black, Epstein, Epstein —, , , Clay, , JPM Organizations: CNN — Billionaire, CNN, Virgin, Virgin Islands, New York Times, , Apollo Global Management, Apollo, ” Forbes, Finance, US, US Virgin Islands, JPMorgan Chase, JPMorgan Locations: U.S, US Virgin
After all, he recalls the early 1980s when the Federal Reserve’s war on inflation briefly spiked mortgage rates above 18%. “Everyone has been spoiled by the past 15 years of low interest rates,” Liniger, now the chairman of RE/MAX, told CNN. Mortgage rates climbed to 6.96% during the week ending July 13, up from 6.81% the week before, Freddie Mac said Thursday. “We’re just going to have to learn to live with 6.5% or 7% mortgage rates for six to 18 months,” said Liniger. ‘This is the top’Lawrence Yun, chief economist at the National Association of Realtors, is more optimistic about the direction of mortgage rates.
Persons: Dave Liniger, ” Liniger, Freddie Mac, That’s, Liniger, “ We’re, , Lawrence Yun, ” Yun, ” Torsten Slok, it’s, Yun, there’s Organizations: New, New York CNN, Federal, CNN, National Association of Realtors, Apollo Group Locations: New York, America
CNN —After staging a widespread blackout to protest Reddit’s plans for a controversial new pricing policy, some users are now trying a different tactic: flooding the social network with John Oliver pictures. There have been numerous pictures of Oliver posing in sharply tailored suits, and screenshots of humorous moments from his show. And an AI-generated image of Oliver as a “Game of Thrones” character (“John Oliver Snow”). More than 2,500 communities on Reddit remain blacked out nearly two weeks into the protest. Over the past week, many Reddit users have expressed hopes that Oliver might air a future segment about suddenly becoming the face of the revolt, and perhaps feature their content on his show.
Persons: John Oliver, Oliver, John Olive ”, “ John Oliver Snow ”, Tim Cook, Reddit didn’t, Reddit’s, Steve Huffman, Huffman, Elon Musk, Reddit, Organizations: CNN, Apple, Twitter Locations:
Wood Group’s non-deal requires a rapid Plan B
  + stars: | 2023-05-15 | by ( ) www.reuters.com   time to read: +2 min
LONDON, May 15 (Reuters Breakingviews) - Ken Gilmartin needs a Plan B. The chief executive of $1.3 billion John Wood Group (WG.L) did little to encourage Apollo Global Management’s (APO.N) interest, despite the U.S. private equity house submitting no less than five separate bids for the UK infrastructure business. But now Apollo has ditched its most recent plan to buy Wood Group for 240 pence a share – and the target’s shares have slumped 35% back to 145 pence. Gilmartin and the Wood Group board reckon the company will be successful as a solo operation. But if investors were convinced, then Wood Group’s share price shouldn’t have plummeted back to around where it was when Apollo’s interest emerged in February.
Three days after his fall 2023 runway show in February, while on his way to meet Omar Apollo at a photographer’s house in Clinton Hill, Brooklyn, the 55-year-old fashion designer Willy Chavarria studied the 25-year-old musician’s Wikipedia page. What Chavarria lacked in detailed knowledge about Apollo’s career, he made up for with an immediate paternal tenderness. “And on all-Latino models,” Apollo says. And yet the pair saw eye to eye on more than just success. Some similarities were obvious: Both are gay and Mexican American, and both were born in small towns where dreams of artistic stardom seemed impossibly distant.
Only the big will crack the $1 trln LBO code
  + stars: | 2023-04-12 | by ( Jonathan Guilford | ) www.reuters.com   time to read: +9 min
Lenders will only tiptoe back, meaning deals need the big checks and extra elbow grease in credit markets that favor the largest private equity firms. Private equity firms depend on borrowed money to reduce how much of their own they use in any single deal and to magnify returns as a percentage of their initial investment. Imagine a private equity firm acquires a company for $1 billion, then flips it five years later for $1.5 billion. Though the private equity industry is awash in so-called dry powder, fundraising is increasingly tilting to the largest fund managers. Buyout firms are apt to keep their plans more conservative to garner higher ratings – meaning, again, less leverage and more upfront cash.
Temasek hospital deal channels its Dr Resilience
  + stars: | 2023-04-11 | by ( Anshuman Daga | ) www.reuters.com   time to read: +3 min
SINGAPORE, April 11 (Reuters Breakingviews) - Temasek is picking a good time to focus on health. The sovereign investor is taking control of Indian hospital operator Manipal for $2 billion. Others are on an Indian health drive too. Follow @anshumandaga on TwitterCONTEXT NEWSSingapore’s Temasek will buy an additional 41% stake in Manipal Health Enterprises, the unlisted Indian hospital chain said on April 10. After the deal closes, the Pai family’s Manipal Group will hold about 30% of Manipal Health.
Wood Group has grounds to face down Apollo
  + stars: | 2023-02-23 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Feb 23 (Reuters Breakingviews) - John Wood Group (WG.L) has a seriously pushy bidder. While the latest 230 pence a share one represents a 50% premium to Wood Group’s closing price on Wednesday, the target has reasonable grounds to say no. Wood Group’s latest offer implies only around seven times on the same metric. Admittedly Wood Group shares are hovering around 200 pence, far below Apollo’s offer. Still, if he’s right and Wood Group trades on the same multiple at its peers, it would be worth nearly 3.8 billion pounds.
Follow @KatrinaHamlin on TwitterloadingCONTEXT NEWSHong Kong-listed Apollo Future Mobility said on Jan. 12 that it had agreed to buy Chinese electric-car maker WM Motor Global for HK$15.9 billion ($2.02 billion). To fund the acquisition of its larger peer, Apollo will issue 28.8 billion new shares at HK$0.55 each. Apollo shares fell 8.6% and were trading at HK$0.23 by market close on Jan. 12. WM Motor Global filed for a Hong Kong initial public offering in May 2022, but the application lapsed in November. WM Motor Global’s owner, WM Motor Holdings, is the largest shareholder in Apollo Future Mobility, and WM Motor founder Freeman Shen sits on the latter’s board as co-chair.
Leon Black, at a 2015 conference in California, stepped down as Apollo’s chief executive and chairman last year. A woman sued Leon Black , alleging the billionaire co-founder of Apollo Global Management Inc. attacked and raped her in 2002 at the home of disgraced financier Jeffrey Epstein . In the suit, filed Monday in New York State Supreme Court, the woman, Cheri Pierson, alleges that Mr. Black raped her in a private suite in Epstein’s Manhattan mansion. Ms. Pierson says she entered the room believing she was going to give Mr. Black a massage in a meeting prearranged by Epstein.
Credit Suisse’s fuzzy Apollo deal better than none
  + stars: | 2022-11-15 | by ( Liam Proud | ) www.reuters.com   time to read: +3 min
The U.S. buyer, which already has about $523 billion of client money, will also manage the remaining $20 billion of Credit Suisse’s packaged loans and mortgages, in return for a fee. The Apollo deal and other smaller transactions will only reduce Credit Suisse’s risk-weighted assets by roughly $10 billion by mid-2023, which is less than half of the $22 billion that Körner said was sitting in the unit at the end of September. Credit Suisse also said that the final sale price will depend on discount rates. Follow @liamwardproud on TwitterloadingCONTEXT NEWSCredit Suisse on Nov. 15 said it would sell the bulk of its securitised products business to Apollo Global Management. As a result of the deals, Credit Suisse’s risk-weighted assets will fall by about $10 billion.
Oct 31 (Reuters) - Apollo Global Management Inc (APO.N) has begun holding cryptocurrency on behalf of its clients through a partnership with digital asset platform Anchorage Digital, in a major push by one of the world’s largest asset managers to bring crypto to institutional investors. "It's the validation of this incessant drumbeat that [crypto] is here to stay," said Diogo Mónica, president of Anchorage Digital, a crypto firm that holds a national trust bank charter from the Office of the Comptroller of the Currency. Apollo, which declined to disclose what types of crypto assets it holds, said its relationship with Anchorage dates back to the middle of last year, when the firm first began exploring how best to safeguard its clients' crypto assets. "As we explore creative ways to apply blockchain technology across Apollo’s business, we look forward to collaborating with Anchorage for the safekeeping of client assets," said Adam Eling, chief operating officer of Apollo's digital assets team. Mónica said Anchorage is also engaged with discussions about how to potentially further expand its relationship with Apollo in the future.
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