Barry Diller’s IAC Explores Paramount Offer (Report)
What cost-cutting measures are being considered at Paramount?
Paramount is considering various cost-cutting measures, including job cuts impacting about 800 employees or roughly 3% of its workforce. The company plans to reduce non-content costs by streamlining its organization to create a leaner, more nimble structure. Additionally, Paramount is exploring the sale of certain Paramount-owned assets to help pay down debt and strengthen its balance sheet. These efforts aim to achieve $500 million in annualized cost reductions.
What companies are included in Paramount Global's portfolio?
Paramount Global's portfolio includes Paramount Pictures, CBS Entertainment Group, Paramount Media Networks, and Paramount Streaming. The company also has a 12.5% ownership stake in The CW Television Network and owns various international networks and assets, such as Channel 5 in the UK, Network 10 in Australia, and Telefe in Argentina3.
What deal is Barry Diller's IAC pursuing with National Amusements?
Barry Diller's IAC is exploring a bid to acquire Shari Redstone's National Amusements Inc., the company that owns a controlling stake in Paramount Global. IAC has signed nondisclosure agreements with National Amusements Inc. to perform due diligence on a potential deal.