This is the best summary I could come up with:

The billionaire Barry Diller is exploring a bid to take control of Paramount, the parent company of CBS, MTV and Nickelodeon, according to four people with knowledge of the matter.

Mr. Diller’s digital-media conglomerate, IAC, has signed nondisclosure agreements with National Amusements, Paramount’s controlling shareholder, the people said.

Nondisclosure agreements are a key step in deal making, allowing both sides to exchange confidential information.

Mr. Diller’s interest in Paramount is the latest twist in one of the most complex — and dramatic — efforts to sell a media company in several years.

Paramount reached the brink of a deal in recent months with Skydance, a Hollywood studio, before talks abruptly fell apart.

After Mr. Redstone outbid him for the company, Mr. Diller set his sights on continuing to build his new media empire, striking a series of audacious deals to expand IAC.

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