Investing.com -- Paramount Global (NASDAQ:PARA) B-shares climbed in premarket U.S. trading on Tuesday after the New York Times reported that billionaire Barry Diller is considering a bid to take over the studio after it pulled out of a merger with Skydance Media.
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 1990'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 it through 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.
Ambar Warrick contributed to this report.