Los Angeles, CA – Media mogul Barry Diller is reportedly considering a potential deal with Paramount Global, as his digital media firm IAC enters discussions with Shari Redstone’s National Amusements. While Paramount has not commented on the matter, sources close to the situation revealed this development to The New York Times.
Diller, known for his leadership at Paramount Pictures in the past, has shifted his focus to digital media, making IAC’s interest in Paramount a significant move. The studio, which houses iconic brands like CBS, Nickelodeon, and MTV, has attracted a growing list of suitors in recent times, with various potential deals falling through.
In a recent development, talks with David Ellison-led Skydance Media to acquire Paramount did not materialize, leading to new opportunities for interested parties like IAC. The growing trend of major studios being acquired, such as Disney’s acquisition of 21st Century Fox and Amazon’s purchase of MGM, has reshaped the entertainment industry landscape.
As Paramount prepares for a potential deal, changes in leadership have already taken place, with CEO Bob Bakish stepping down. In the meantime, a team of executives is overseeing the studio’s operations while a long-term strategy is being formulated. The focus is on leveraging hit content, improving financial stability, and optimizing streaming services.
Efforts to streamline operations and cut costs are underway, as Paramount aims to maximize profitability in the short term. With Paramount+ gaining subscribers but experiencing losses in streaming, the studio is reassessing its approach to ensure sustainable growth and financial success. The path forward for Paramount remains uncertain, but with industry players like IAC showing interest, the studio’s future could take a new and exciting turn.