Shari Redstone contemplates paramount sale amid leadership questions
Date
12/19/2023 4:15:31 AM
(MENAFN) In a protracted struggle for control over her family's media empire, Shari Redstone battled formidable challenges and endured bitter hardships, with her father posing as a significant obstacle to her ascendancy. Now, four years since she assumed control, questions loom over the duration of Redstone's leadership at Paramount, a company rooted in the movie theaters her grandfather established in the 1930s.
Recent developments have fueled speculation about Redstone contemplating the sale of Paramount, leading to a notable surge of over 25 percent in Paramount shares over the past month. Reports surfaced, revealing ongoing talks regarding the potential sale of a controlling stake in National Amusements, Paramount's parent company, to a private media group led by David Ellison, the son of Larry Ellison, Oracle's founder. Red Bird Capital is also reportedly involved in these discussions.
While negotiations are still in preliminary stages, the prospective deal with Ellison's production company, Skydance, carries a cinematic quality. Skydance, known for producing hits like "Top Gun: Maverick" and the "Mission: Impossible" series, has expressed a longstanding desire, according to informed sources, to eventually own the century-old Paramount studio.
Paramount, like other venerable Hollywood studios, grapples with the challenges stemming from the streaming boom. However, the subsidiary under Redstone's leadership faces more formidable hurdles. Analyst Laurent Yuon from Bernstein commented, "Paramount’s current position is untenable," highlighting the unique challenges the studio confronts in an evolving media landscape.
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