US investment firm Apollo has made an $11 billion offer to buy Paramount Studios, according to a report Wednesday in the Wall Street Journal citing unnamed sources close to the matter.

Paramount's studio division has long been eyed for purchase, with streaming television titan Netflix among companies that have expressed interest in the operation behind movies such as "Top Gun: Maverick," according to the report.

Apollo is offering more than the $7.7 billion market capitalization of Paramount Global, the journal reported.

Paramount Global declined to comment for this story, and Apollo did not reply to a request for comment.

Mass media and entertainment conglomerate Paramount Global shares ended the formal trading day up nearly 12 percent to $12.51.