Billionaire Barry Diller announced that his digital-media company, IAC, is no longer pursuing the acquisition of Paramount Global. In an interview with CNBC, Diller expressed uncertainty about the deal’s future and mentioned that it seems over for IAC.
Paramount Global, which recently secured a deal with Skydance Media, is facing legal challenges from investor Scott Baker. Baker’s lawsuit aims to block the merger, claiming it unfairly benefits media mogul Shari Redstone at the expense of other shareholders. This lawsuit could spark more legal actions against the merger.
The deal includes a 45-day period for Paramount to seek better offers, with a $400 million break-up fee if another bid is accepted. Despite IAC stepping back, the merger remains under scrutiny and open to further developments.