Billionaire Barry Diller explores bid for Paramount control

In a recent development, media mogul Barry Diller's IAC is reportedly considering a bid to acquire National Amusements Inc., the controlling shareholder of Paramount Global. This potential move could grant IAC a controlling stake in Paramount, as per CNBC's David Faber. The proposed deal, which follows the collapse of a previous merger agreement, would involve Redstone receiving $2 billion for National Amusements and Skydance purchasing nearly 50% of class B Paramount shares at $15 each, totaling $4.5 billion. Barry Diller, known for his extensive experience in the media industry, including leadership roles at Paramount Pictures and 20th Century Fox, has been vocal about the need for traditional media companies like Paramount to focus on broadcast and pay-TV networks rather than competing with streaming giants like Netflix. The potential bid for National Amusements comes after Skydance Media's failed merger negotiations with Paramount, with Diller aiming to gain control without an outright acquisition. National Amusements had been exploring various deals, including discussions with Skydance where Shari Redstone, the largest shareholder, would sell the company to Skydance while Paramount merged separately. However, any potential acquisition of Paramount would come with significant financial challenges, including approximately $14 billion in debt and challenges in its cable businesses. Barry Diller's interest in Paramount represents a strategic move in his career trajectory, having previously pursued Paramount Pictures in the 1990s before focusing on expanding IAC through innovative deals and partnerships. The ongoing developments in the media industry, particularly regarding Paramount's potential ownership change, highlight the evolving landscape of traditional media companies adapting to the digital age. With Barry Diller's IAC exploring a bid for control of Paramount, the outcome of these negotiations could have significant implications for the future direction of the entertainment conglomerate and the broader media sector. Stay tuned for further updates on this developing story as negotiations progress.