Shares of Paramount Global (PARA) closed nearly 12% higher following a report from The Wall Street Journal that Apollo Global Management (APO) made an $11 billion bid for the company's film and TV studio. That offer is more than Paramount's $8.66 billion market cap, as of Wednesday's close. It's the latest in what has been a string of reported offers for the entertainment giant.

Yahoo Finance's Alexandra Canal reports on the latest developments.

Note: Apollo Global Management is a majority owner of Yahoo, Yahoo Finance's parent company.

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Editor's note: This article was written by Stephanie Mikulich.