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Media mogul Barry Diller weighs a bid to gain control of Paramount

·1 min

A potential new buyer has shown interest in Paramount Global. Media mogul Barry Diller is considering acquiring National Amusements Inc., the parent company of Paramount. Diller’s IAC, an internet media company, has signed a nondisclosure agreement and is currently reviewing National Amusements’ data. If IAC decides to move forward, it could make a bid to gain a controlling stake in Paramount. This development comes after National Amusements ended talks with Skydance regarding a potential merger. National Amusements, controlled by Shari Redstone, owns the majority of Paramount shares. Diller, the chairman of IAC, previously served as chairman and CEO of Paramount Pictures. He has expressed the need for legacy media companies, like Paramount, to focus on broadcast and pay-TV networks rather than competing with streaming platforms. Paramount has been undergoing restructuring efforts, including cost-cutting measures and divestment of noncore assets.