Barry Diller has confirmed that he is no longer in consideration for Paramount Global.
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His company, IAC, had been exploring a bid during the 45-day “go-shop” period set forth in the merger agreement announced this month by Skydance Media and Paramount’s controlling shareholder, National Amusements. During an interview with CNBC in Paris ahead of the opening of the Summer Olympics, Diller expressed reservations about having to step away, but said it came down to financial prudence. (Watch the clip below.)
“It’s hard to predict, but I think it’s over,” he said. “It’s unwise to go into an auction with someone who has an almost unlimited balance sheet.”
Diller estimates that Larry Ellison, the Oracle billionaire and father of Skydance CEO David Ellison, is contributing “I think $6.2 billion” of the $8 billion transaction.
