Paramount may be acquired by Barry Diller.

• On Tuesday, CNBC's David Faber reported that Barry Diller's IAC is considering a bid to acquire Paramount Global.
• The offer would be for Shari Redstone's National Amusements Inc., which owns Paramount.
• National Amusements recently stopped discussions with Skydance on a proposed merger with Paramount.

A new suitor for has emerged.

On Tuesday, CNBC's David Faber reported that media mogul Barry Diller is considering purchasing National Amusements Inc., which is owned by Shari Redstone and controls Paramount.

Diller's, an internet media and publishing company, has signed a nondisclosure agreement and is currently reviewing the data room of National Amusements. It is possible that IAC may make a decision to place a bid on National Amusements in the near future, which would give them a controlling stake in Paramount, according to sources.

Weeks after National Amusements halted negotiations with Skydance regarding a merger with Paramount, discussions have resumed.

The deal with a consortium consisting of David Ellison's Skydance, RedBird Capital, and KKR was canceled due to the need for approval from Redstone, who controls National Amusements and holds 77% of class A Paramount shares.

According to CNBC, prior to the cancellation of the proposed merger, National Amusements had agreed to the financial terms of the deal. Under the proposed deal, Redstone would have received $2 billion for National Amusements, with Skydance acquiring nearly 50% of class B Paramount shares at $15 each, or $4.5 billion. Additionally, Skydance and RedBird had agreed to contribute $1.5 billion in cash to Paramount's balance sheet to help reduce debt.

The potential bid for Paramount by IAC is unknown, but it is likely to be more than $2 billion, Faber reported Tuesday. The New York Times first reported Diller's interest in Paramount.

Diller, 82, has a long history in the media industry, having served as chairman and CEO of Paramount Pictures in the 1970s and 1980s, and later as head of 20th Century Fox, where he greenlit programs such as "The Simpsons." Currently, he is the chairman of IAC and Expedia.

Diller has advocated for legacy media companies like Paramount to abandon the streaming race and concentrate on their broadcast and pay-TV networks.

Last summer, during the Hollywood strikes, he stated that traditional pay-TV remains profitable, unlike most streaming businesses. He urged legacy media to strengthen traditional networks.

In the 1990s, Diller attempted to purchase Paramount Pictures, but encountered opposition from Sumner Redstone, the father of Shari Redstone, who currently holds control over the company.

Since then, Paramount has evolved and expanded in numerous ways. The corporation now encompasses the film studio, the CBS television network, a collection of cable TV channels such as MTV and BET, as well as streaming platforms Paramount+ and Pluto.

Despite reports of other suitors being interested in acquiring Paramount, the company has been concentrating on restructuring its operations.

The Office of the CEO, led by CBS CEO George Cheeks, Paramount Media Networks CEO Chris McCarthy, and Paramount Pictures CEO Brian Robbins, has focused on exploring streaming joint venture opportunities with other media companies, cutting $500 million in costs, and divesting noncore assets.