Media mogul Barry Diller is reportedly exploring a bid for Paramount, a move that could have significant implications for the entertainment industry. Diller, who has a long history in the media world, is looking to take control of the company as part of ongoing talks with National Amusements Inc., Paramount’s controlling stakeholder.
Diller’s interest in Paramount comes at a time when the company has been at the center of a sale saga involving various suitors including Sony, Edgar Bronfman Jr., and Steven Paul’s investor group. While some parties have explored the option of taking over National Amusements to gain control of Paramount, others like Skydance and Apollo Global Management have discussed a full takeover of the company.
The Fallout from Previous Talks
Reports indicate that Paramount was close to striking a deal with David Ellison’s Skydance before the talks fell apart three weeks ago. This setback, along with the departure of CEO Bob Bakish in April, has fueled uncertainty and led to a record low in the company’s stock price since the Viacom-CBS merger in 2019.
In response to these challenges, three top Paramount executives – George Cheeks, Chris McCarthy, and Brian Robbins – have been appointed as co-CEOs to lead Paramount Global. They have already taken steps to sell off assets and have reassured staff that they have a strategic plan in place to drive growth for the company.
At 82 years old, Barry Diller is a seasoned veteran in the entertainment industry, with stints at Fox, Paramount, and Universal. While he has been more focused on his digital ventures in recent years, his interest in acquiring Paramount signals a potential shift back to the world of traditional media. If Diller were to take control of Paramount, it could reshape the dynamics of the industry and pave the way for new strategies and initiatives.
Barry Diller’s potential bid for Paramount is a development worth watching closely. As the entertainment landscape continues to evolve, the actions of key players like Diller will undoubtedly have far-reaching consequences for the future of the industry.