Shari Redstone (official pic ViacomCBS)
Shari Redstone, the 69-year-old daughter of late mogul Sumner Redstone who now runs his media empire, is reportedly looking to dump Paramount Global’s holding company National Amusements. National Amusements operates Paramount Global.
Paramount Global is the company that runs Paramount Studios and its media empire. This includes Paramount Studios, the CBS television network, and many cable channels like MTV. Paramount has been struggling lately and there was talk of a possible merger with another firm.
In December there were reports that Shari Redstone was looking at a merger between Paramount and Warner Bros, which operates the Warner Bros movie studios and cable television networks like CNN and HBO.
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The rumors keep flying now about multiple bids for either Paramount or even its parent company National Amusements.
The Wall Street Journal reported that Skydance Media is now considering an all-cash bid for National Amusements. Skydance is operated by David Ellison, the son of entrepreneur Larry Ellison who founded Oracle computers.
National Amusements has a 10% stake in Paramount Global and controls 77% of its voting shares.
Paramount currently has a market cap above $9 billion and Shari Redstone reportedly said that she thinks it is undervalued. Merger talk always leads to increases in stock prices as investors anticipate a profit to be made if a buyout takes place.
Shari Redstone is a prominent figure in the media industry, known for her role in leading and shaping the landscape of major companies like Paramount Global and National Amusements. Shari inherited a significant stake in National Amusements, a theater chain that also serves as the holding company for Paramount Global. This gave her immense influence in the media world. After years of navigating complex legal battles and family disputes, Shari emerged as the head of National Amusements and eventually took control of ViacomCBS (now Paramount Global) in 2019. Her position as chairwoman of Paramount Global marked a historical milestone, making her the first woman to lead such a large media company in the US.
