Barry Diller says Paramount pursuit 'might be over' for IAC, CNBC reports

[July 26, 2024]  (Reuters) -Billionaire Barry Diller signaled his digital-media conglomerate IAC was no longer in the race to buy Paramount Global, CNBC reported on Friday.
 
Diller in an interview with CNBC said it is "hard to predict, but think it's over for us".  

Barry Diller, Chairperson of IAC, arrives for the annual Allen and Co. Sun Valley Media and Technology Conference at the Sun Valley Resort in Sun Valley, Idaho, U.S., July 9, 2024. REUTERS/Brendan McDermid/File Photo

IAC was among the suitors for the coveted Paramount Global, which scored a deal with David Ellison's Skydance Media early in July.

Diller said in the interview he will be "shocked" if there is not a huge amount of litigation on the planned merger, according to the CNBC report.

Paramount and IAC did not immediately respond to Reuters' requests for comment.

Paramount Global investor Scott Baker has sued to block the deal, claiming the merger's primary purpose is to cash out media mogul Shari Redstone's investment in Paramount at a substantial premium, while other stockholders will receive a significantly lower payout.

The lawsuit filed on Wednesday could lead to more court challenges by investors against the merger, which was marked by executive shake-ups and rival bids.

The deal allows Paramount 45 days to find a better offer, leaving open the possibility of an offer from another party. If Paramount receives another offer, which Skydance does not match, it would pay a $400 million break-up fee.

(Reporting by Harshita Mary Varghese; Editing by Maju Samuel)

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