Paramount turned down over $3B offer for Showtime, WSJ reports

Paramount Global (PARA) in recent weeks turned down an offer to buy Showtime for more than $3B from its former executive David Nevins, Jessica Toonkel of Wall Street Journal reports, citing people familiar with the situation. Nevins’s approach, which was backed by General Atlantic, was the latest in a number of offers Paramount has received over the past few years for Showtime, people familiar with the matter told the Journal. Other suitors included former executive Mark Greenberg and Lions Gate Entertainment (LGF.A), some of the people said. Paramount has decided to hold on to Showtime as it seeks cost savings and revenue from folding the Showtime streaming service into Paramount+ this year, the Journal previously reported. Reference Link