This news comes shortly after reports of talks between Warner Bros. Discovery and Skydance Media to acquire a majority control of the famous entertainment company.

Shari Redstone currently controls Paramount Global, while also holding majority ownership of National Amusements, which possesses 77% of Paramount's voting shares. By selling this stake, the new owner would gain full control over Paramount and its subsidiaries.

According to the New York Post, talks with both Skydance and Warner Bros. Discovery are in their early stages. However, the situation may become more complex as multiple investment firms now show interest in bidding for Paramount. An auction date has not been announced, but bankers are said to have started sharing details about the company with potential bidders.

The potential merger between Paramount Global and Warner Bros. Discovery adds another layer of intrigue to the situation. Last month, CEO Bob Bakish of Paramount Global and CEO David Zaslav of Warner Bros. Discovery held talks discussing the possibility of a merger.

The future of Paramount's cable TV networks, including popular channels such as Nickelodeon, Comedy Central, and MTV, lies in the hands of the new owner of National Amusements. This acquisition would provide control over Paramount's extensive cable network and multiple movie theaters.

The news of Redstone's decision to sell Paramount's controlling stake arises at a challenging time for the entertainment industry. Cable TV viewership is declining, and many streaming platforms are struggling to attain profitability. Paramount+, the streaming service by Paramount, also faces significant competition in this cutthroat market.

As negotiations progress and auction plans take shape, it remains to be seen which entity will emerge as the new owner of Paramount. The battle for control over this iconic entertainment company is just beginning, and industry enthusiasts are eagerly watching to see how this story unfolds.