Paramount to Sell Off O&O's

Paramount Global is exploring asset sales to raise cash amidst its ongoing takeover saga. The company has hired a bank to assess the potential sale of a dozen non-core TV stations in major markets like New York, Philadelphia, Dallas, and Tampa. These stations, some formerly CW affiliates, could be sold for $500 million to $1 billion, with interest likely coming from private equity firms and other broadcasters.

Discussions are in the early stages, and any deal may be months away, potentially aligning with a clearer regulatory outlook after the US presidential election in November. Paramount declined to comment on these deliberations, which are part of a broader trend of media asset consolidation.

Paramount previously sold the majority ownership of the CW Network to Nexstar Media Group in 2022, retaining a 12.5% stake. The sale of these stations would further streamline its portfolio, allowing buyers to customize programming for local markets.

Meanwhile, Paramount's future is uncertain, as Chair Shari Redstone's deal to hand control of the studio to David Ellison is challenged by a rival bid from Edgar Bronfman Jr., creating potential disruption in the company's strategic direction.