More turns in the Paramount-Skydance saga could still happen

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Why it matters: Over the last several years, Paramount has undergone a steep decline thanks to the depreciation of its linear assets and a failed streaming strategy. In the wake of it all, chairperson Shari Redstone has been exploring a deal to sell off her father’s company, but has rejected most offers. This week, however, a new suitor emerged in Diller and then renewed talks with Skydance led to a provisional agreement.

Ellison’s Paramount pursuit: Skydance, the production company behind the last four Mission: Impossible films, is run by David Ellison, the son of Oracle cofounder Larry Ellison. In the younger Ellison’s pursuit of a bigger media portfolio, he had expressed interest in, and even reportedly reached a previous pact with, Paramount, only for it ultimately to be rejected. However, in the latest twist, both sides returned to the table and hammered out a deal that can still be superseded by a better offer in the next 45 days.

Diller tries again: Thirty years ago, Barry Diller made a run at Paramount but lost out to Sumner Redstone. Since then, Diller has made a lot of disparaging comments about the direction of the industry, declaring Netflix the victors and bemoaning the death of movies and Hollywood. But Diller, who left his chairmanship of a very different Paramount in 1984, is at the very least back in the headlines for considering a run at Paramount, his old stomping grounds.

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