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Report: Paramount Global Majority Owner Shari Redstone Has Tentative Deal to Sell Company to Skydance Media

Report: Paramount Global Majority Owner Shari Redstone Has Tentative Deal to Sell Company to Skydance Media

Shari Redstone, whose family-held National Amusements owns about 80% of Paramount Global, has reportedly reached a tentative deal to sell her stake in the media company to Skydance Media, the Santa Monica, Calif.-based studio owned by David Ellison, son of multibillionaire Larry Ellison, according to Bloomberg News, which cited sources familiar with the situation.

Shari Redstone (Shutterstock image)

Paramount assets include Paramount Pictures, Paramount Television Studios, the Paramount+ streaming service, and the ad-supported Pluto TV platform, MTV and BET, CBS, Nickelodeon and Comedy Central, among other properties.

Skydance is no stranger to Paramount, having co-produced recent theatrical releases such as Mission: Impossible — Dead Reckoning, Transformers: Rise of the Beasts, and Top Gun: Maverick, among others.

The deal, which reportedly requires approval from Paramount’s board of directors, would appear to beat out a reported $26 billion cash offer from former Redbox owner Apollo Capital, in addition to a $14.3 billion offer from media executive Byron Allen.

Paramount Global reported an operating loss of $451 million on revenue of $29.6 billion in 2023. Paramount+ ended the year with 67.5 million subscribers. The company’s direct-to-consumer business unit reported an operating loss of $1.67 billion on revenue of $6.73 billion.

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