Shari Redstone To Sell Controlling Stake In National Amusements

Shari Redstone is considering selling her controlling stakes in National Amusements. This is the parent company of Paramount. The media and entertainment company Skydance will reportedly buy those stakes. This potentially massive sale has the power to alter the landscape of American media in the long run.

According to the New York Times,

“In recent weeks, National Amusements has held talks with Skydance, the media and entertainment company founded by David Ellison, who is the son of the billionaire founder of Oracle, Larry Ellison. It’s unclear whether a deal will be reached, and the value the talks place on Ms. Redstone’s stake couldn’t be determined.”

On Friday, Paramount Global Inc.’s shares were valued at 13%. This happened after reports came that Skydance and RedBird Capital (a private equity firm) were in talks about buying stakes in National Amusement. The latter has a 77% stake in Paramount. RedBird is the company that financially supports Skydance.

Shari Redstone is the daughter of the late Sumner Redstone, who was the CEO of Paramount. She held talks with Skydance in the last few weeks. However, some reports are still cynical about the success of the deal.

On the other hand, David Ellison is the CEO of Skydance. He is the son of Larry Ellison, the founder of the tech company Oracle. Skydance is one of the biggest independent studios in Hollywood and has produced many blockbusters with Paramount. Some of them include “Top Gun: Maverick” and “Mission: Impossible — Dead Reckoning.”

If the sale happens, it would sum up the major reversal of Redstone. This is because, in 2016, she waged a strong battle to have control of the National Amusements. Later, she made many efforts to merge CBS Corp. with Viacom. Both led to the creation of Paramount Global.

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