According to a report by The New York Times on Monday, billionaire Barry Diller is considering acquiring Paramount Global. This comes after the company he once led walked away from a merger with Skydance Media.
The report states that Diller's media conglomerate IAC has signed a confidentiality agreement with Paramount's controlling shareholder, National Amusements. Confidentiality agreements are typically a prelude to transaction negotiations.
The report also notes that these confidentiality agreements were signed after the merger talks between Paramount and Skydance broke down.
Diller had previously bid for Paramount in the early '90s but was defeated by Sumner Redstone. Now, Redstone's daughter, Shari Redstone, controls the company. Diller led the company in the '70s and '80s, revitalizing it through several popular projects.
Paramount is the parent company of several major networks, including CBS, MTV, and Nickelodeon. Over the past year, the company has engaged in sale talks with multiple potential buyers, but no deals have resulted so far.
