The Latest Contender for Paramount Is Its Former CEO Who Once Let the Studio Slip Away

A new contender has emerged in the ongoing saga over who will take control of Paramount Global. And in true “Succession” fashion, the latest entrant is a familiar face chasing his white whale that got away.

Barry Diller, the billionaire media giant who once was CEO and chairman of Paramount Pictures during the film studio’s New Hollywood heyday, is reportedly exploring a bid to take control of Paramount Global, according to a report in The New York Times.

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Diller’s IAC, according to the Times, has signed non-disclosure agreements with National Amusements (NAI), the company that holds a majority of Paramount stock. Diller and IAC reportedly started exploring talks at some point after Shari Redstone walked away from conversations with Skydance, right when they were at the finish line. It’s unclear how far along talks are or any specific details of the bid.

IAC told IndieWire it does not comment on rumors or speculation. Reps for NAI did not immediately respond to a request for comment.

If Diller, 82, were to take control of Paramount, he would finally win control of the company after he was previously outbid for Paramount in the ’90s by none other than Sumner Redstone. Diller would be buying the company from Redstone’s daughter Shari.

But more importantly, Diller would be back at home at the studio that launched his career. Diller was in charge of Paramount Pictures for 10 years beginning in 1974. Under his watch the studio made “Raiders of the Lost Ark,” “Grease,” “Terms of Endearment,” “Nashville,” “The Godfather Part II,” “Saturday Night Fever,” “Days of Heaven,” with the TV department even making all time hit sitcoms like “Cheers” and “Taxi.” The list goes on.

He had a lot of help. The “Killer Dillers” were the media executives who he helped shepherd into Hollywood superstars in their own right. Michael Eisner, Jeffrey Katzenberg, Strauss Zelnick, and Don Simpson were all some of his lieutenants.

Diller is not the only one still chasing Paramount and NAI specifically. Edgar Bronfman Jr., who is an heir to the Seagram’s fortune, and Steven Paul, best known for producing “Baby Geniuses,” are some of the other sharks still circling. Sony and Apollo also still have a deal on the table for the bulk of Paramount Global. It just won’t be David Ellison and Skydance running things.

But if Diller were to take control of Paramount, he’d inherit $12 billion in debt, a struggling streaming service, and decisions to make about the future of linear media channels like CBS, Nickelodeon, and MTV. Three CEOs are currently in charge at Paramount exploring just how to right the ship, and they’ve got their work cut out for them.

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