PARAMOUNT Global is moving ahead with asset disposals to raise cash, sources familiar with the matter said, amid the ongoing takeover saga involving the media company.
The CBS parent has hired a bank to help it explore options, including a potential sale of a dozen TV stations that it considers non-core, the sources said. These include independent stations in markets including New York, Philadelphia, Dallas and Tampa, some of which used to be CW affiliates, one of the sources said.
The stations could fetch US$500 million to US$1 billion in a sale and are expected to draw interest from private equity firms and other broadcasters, the sources said, asking not to be identified discussing confidential information.
Deliberations are at a preliminary stage and any deal could still be several months away, according to the sources. Potential buyers may be better positioned after the US presidential election in November, when the outlook on the regulatory environment is expected to be more clear.
A spokesperson for Paramount declined to comment.
Paramount and Warner Bros Discovery sold majority ownership of the CW Network to Nexstar Media Group in 2022. The sellers each retained 12.5 per cent of the business. Owning the underlying stations comes with the ability to tailor programming to the local market.
Paramount’s own fate remains in limbo. The company’s chair, Shari Redstone, struck a deal in July to hand control of the storied Hollywood studio to producer David Ellison, who plans to combine it with his Skydance Media. But this month, Seagram heir Edgar Bronfman Jr made a rival offer to take control of Paramount, potentially upsetting the company’s previous deal. BLOOMBERG
