Paramount Global has hired investment bank Oaklins DeSilva+Phillips to explore the potential sale of VidCon, an annual creator economy convention, a source familiar with the matter told Adweek.

The media conglomerate hopes to secure a strategic buyer for the live events property rather than selling to a private equity firm. The source indicates that while VidCon is not considered a distressed asset, Paramount’s desired sale price remains unclear.

VidCon, Paramount, Getty Images

Paramount and Oaklins DeSilva+Phillips declined to comment on the reported sale exploration.

According to Adweek, the move to assess options for VidCon comes amid a hectic period for Paramount. The Wall Street Journal reports that film production company Skydance Media has agreed in principle to acquire a controlling stake in Paramount from the Redstone family for around $7 billion.

Meanwhile, private equity firm Apollo Global Management previously submitted a $26 billion bid to acquire all of Paramount, which the company rejected due to a lack of secured financing.

Sam Thompson, Senior Director at Progress Ventures, suggests that the potential VidCon divestment would allow Paramount to refocus on its core media business ahead of any sale or merger. “This consideration has almost certainly been influenced by Paramount’s plans, but it also allows them to focus resources in more important areas,” he told Adweek.

Paramount Global acquired VidCon in 2018 from creators John and Hank Green. The convention caters to digital creators, fans, and industry executives through its flagship Anaheim event and expansions to cities like London and Sao Paulo.

In 2023, VidCon’s Anaheim gathering drew 55,000 attendees. The property generates revenue from ticket sales and sponsors, with YouTube serving as last year’s title partner.