Barry Diller considers bid for Paramount after Skydance deal falls through- NYT

Investing.com-- Billionaire Barry Diller is considering a bid to take over Paramount Global (NASDAQ:PARAA), after the studio, which he formerly led, pulled out of a merger with Skydance Media, the New York Times reported on Monday.

Diller’s media conglomerate IAC signed nondisclosure agreements with National Amusements, Paramount’s controlling shareholder, the NYT report said, citing people close to the matter. A nondisclosure agreement usually precedes negotiations over a deal. 

The NDAs were also signed sometime after deal talks between Paramount and Skydance fell through earlier in the year, the NYT report said.

Diller had bid for Paramount in the early 90’s, but was outbid by Sumner Redstone, whose daughter Shari now controls the studio. Diller had also led the studio in the 1970's and 80's, and was credited with reviving the studio with several popular projects.

Paramount is the parent company of several major networks, including CBS, MTV and Nickelodeon. The firm has engaged in sale talks with several potential suitors over the past year, but none have so far borne fruit.