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CABLE WORLD STAFF
Media kingpin Barry Diller is apparently back to shopping for a studio and oh, maybe a couple of cable networks like say, Cablevision Systems Corp.'s Bravo and Independent Film Channel.
Insiders at Cablevision last week confirmed that Diller was eyeing the two networks, but that talks hadn't gone beyond the most preliminary of stages. Still, keep in mind that USA Networks' biggest shareholder is TCI's Liberty Media, which also owns a chunk of Cablevision's programming arm, Rainbow Programming.
Diller, chairman of Universal Studios and the former Paramount Pictures topper, reportedly is negotiating with Universal Studios to buy a 51% stake in October Films and/or some varied assets of PolyGram Filmed Entertainment.
The deep dish is that Diller wants to take some of PolyGram's assets off its hands in exchange for Seagram CEO Edgar Bronfman Jr. agreeing to not block Diller's acquisition of a broadcast network such as NBC or CBS.
Last year Bronfman nixed a deal where Diller's USA would merge with NBC because the deal would've diluted the 45% equity stake in USA that Seagram's holds through its Universal Pictures studio. Universal got the USA stake in exchange for selling its domestic TV unit to Diller last year.
Seagram acquired PolyGram last year for its music holdings, but it promptly sold most of the studio's film library to MGM. The L.A. Times reported last week that PolyGram is only looking to unload its smaller production houses, Propaganda Films, Scott Green Prods. And Gramercy Pictures. The deal would be worth about some $400 million.
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