Media mogul Barry Diller, chairman of IAC, is reportedly exploring a bid to acquire Paramount Global, the struggling media company owned by National Amusements Inc., according to reports from The New York Times. Diller, who previously ran Paramount Pictures and attempted to buy the studio in the 1990s, has signed nondisclosure agreements with National Amusements Inc. to conduct due diligence for a potential deal. However, it is unlikely that Shari Redstone, the controlling stakeholder, would agree to a deal with Diller. This interest comes after Redstone scrapped merger talks with Skydance Media due to concerns about the potential risks and shareholder lawsuits. Paramount Global is currently pursuing a new strategic plan to cut costs, explore asset sales, and enhance the profitability of Paramount+ through a potential joint venture. Diller's reported interest in National Amusements Inc. follows other potential suitors, including Edgar Bronfman Jr. and Steven Paul. The ongoing sale saga has seen various suitors, with only Skydance and Apollo Global Management discussing a full takeover of Paramount. Amid the deal talks, Paramount's shares have fallen to a record low, and the company's CEO was replaced in an unorthodox move. Paramount's stock initially dropped during Monday's regular session but gained 3% in after-hours trading following news of Diller's interest. This potential bid marks a significant development in the ongoing efforts to acquire Paramount Global, with Diller's historical ties to the studio adding an intriguing dimension to the situation.
