LOS ANGELES — Unnamed sources have told Bloomberg that the parent of CBS News & Stations is readying the sale of assets — including television stations selected as non-essential — in order to build the company’s cash coffers.
The report, which surfaced Monday, comes at a pivotal time for Paramount Global and both its employees and its shareholders.
Based on “people familiar with the matter,” the entity that is on track — at least as of today — to merge with National Amusements, Inc., after it is sold by Shari Redstone to Skydance Media has hired a bank to help it “explore options.”
This includes the “potential” sale of 12 television stations.
Should an entity emerge that would want the stations, the unnamed people who spoke with Bloomberg believe Paramount Global could pocket anywhere between one-half billion dollars and $1 billion.
With Paramount Global declining to comment to Bloomberg, the source who spoke with the news organization believes no deal would likely materialize until the very end of 2024, if at all this year.
With the potential sale of the non-essential TV assets something that could or could not happen, Paramount investors can now stop wondering if David Ellison is really poised to become its new head. Why? Seagram Co. heir Edgar Bronfman Jr. has, according to media reports, pulled a rival offer to take control of Paramount, made during a “go shop” period that was agreed to by NAI and Paramount as well as Skydance.
Bronfman upped his own bid by signaling he’d pay up to $6 billion for Paramount. The Ellison bid totals $4.5 billion in enterprise value.
Updated at 3:45am Pacific on August 27
I could see CBS considering keeping KPXY-44 San Francisco, WSBK-38 Boston, KTXA-21 DFW, along with Pittsburgh and Los Angeles duopolies, and a couple other duopoly operations remain intact. I’d welcome seeing CBS selling stand-alone independent stations in Seattle, Tampa Bay, and Atlanta. Idea I could picture… Nexstar showing interest in WUPA-69 Atlanta, if it means Nexstar having to sell off a few stations to be below 39% national ownership cap, and Nexstar doing in-house news operation on WUPA, as well as CW affiliation being restored. Maybe Tegna having interest in WTOG-44 Tampa Bay to be paired with WTSP-10. If CBS were to sell KOVR-13 and KMAX-31 Sacramento, I could see CBS wanting WISH-8 and WNDY-23 Indianapolis, and WISH restoring CBS affiliation. It’s a thought.