Layered Division Multiplexing (LDM) is as a new technical solution for multiplexing different services over the same RF channel. it has already been accepted as a baseline technology for the new generation ATSC 3.0 digital terrestrial television (DTT) standard. In the recent literature there are several comprehensive studies that analyze its performance results and main implementation issues. Nevertheless, there has not yet been addressed its possible impact on the transmitter Peak to Average Ratio (PAPR). The main objective of this paper is to fill that gap and study the PAPR behavior of LDM signals. Therefore, first of all a theoretical study is presented, and afterwards, the obtained conclusions are compared with several practical simulations. What is more, the instantaneous power fluctuations of the multi-layered signals are compared with the single layer (SL) OFDM physical waveform. Finally, several PAPR reduction techniques are briefly presented, and the TR (Tone Reservation) method is applied to an LDM signal.