Paramount Said to Discuss Warner Bid With Apollo, Legendary (1)

Paramount Skydance Corp. has discussed its interest in acquiring Warner Bros. Discovery Inc. with Apollo Global Management, according to people familiar with the matter.

Apollo could be an investor in a transaction, said the people, who asked not to be identified disclosing private discussions. The talks have also involved Legendary Entertainment, an independent film and TV producer majority owned by Apollo.

Legendary is a partner in many of Warner Bros.’ top film franchises, including Dune, Godzilla and A Minecraft Movie. Paramount recently signed a multiyear deal to distribute some Legendary films in cinemas.

Paramount, the parent of CBS, ...