03:38 PM EDT, 08/26/2024 (MT Newswires) -- Paramount Global ( PARAA ) is moving forward with plans to sell up to 12 local TV stations, including those in New York, Philadelphia and Dallas, Bloomberg News reported Monday, citing people with knowledge of the matter.

Paramount plans to raise cash, with TV stations expected to fetch between $500 million and $1 billion, amid ongoing takeover speculations and the company's shifting focus away from what it considers non-core assets, the news outlet reported.

The sale process is reportedly still in early stages, and potential buyers, which will likely be private equity firms and other broadcasters, may decide after the US presidential election in November.

Paramount Global ( PARAA ) did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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