01:01 PM EDT, 04/11/2024 (MT Newswires) -- (Updates to add details, requests for comment and the stock move in the second to fifth paragraphs.)

Paramount Global ( PARAA ) is considering the sale of VidCon, a live event franchise focusing on the creator economy, Adweek reported Thursday, citing an unnamed source.

The company, which has hired Oaklins DeSilva+Phillips to look into the possible sale of the experiential property, wants to find a strategic buyer rather than a private equity firm, the report quoted the source as saying.

The price that Paramount Global ( PARAA ) wants for VidCon, which isn't a distressed asset, is unclear, the report said, citing the source.

Paramount Global ( PARAA ) declined MT Newswires' request for comment, while Oaklins didn't immediately respond to a request for comment.

Paramount Global ( PARAA ) shares were up more than 6% in recent trading.

(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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