Apollo Global Management (APO) has been in the headlines for its joint bid with Sony Pictures Entertainment (SONY, 6758.T) for entertainment giant Paramount Global (PARA). Apollo CEO Marc Rowan says the private equity giant is on the lookout for value and that it is often found in environments where there is "substantial change," like the media industry. Speaking with Yahoo Finance Executive Editor Brian Sozzi at the 2024 Milken Institute Global Conference, he says looks at the deal "as just an interesting opportunity to create value in an industry undergoing change."
On the topic of how the Federal Reserve’s higher-for-longer interest rate policy is impacting Apollo, Rowan says his businesses have seen "very little" impact. "Everyone who wants a job has a job, which means it’s very hard to dent the economy. Maybe financial markets, yes, but the underlying economy is strong," Rowan argues. For him, that means the economy has achieved a soft landing. "When rates have gone up 400 basis points and the wheels haven’t come off the bus, as they say, I think that’s the definition of a soft landing."
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