It was recently revealed that negotiations are underway for Warner Bros. Discovery and Skydance Media to acquire a majority stake in Paramount.
Now, the New York Post has claimed that Shari Redstone, the main owner of Paramount, will sell her controlling ownership of Paramount in an auction to the highest bidder.
Currently, media executive Shari Redstone is in charge of Paramount Global. In addition, Redstone owns 77% of National Amusements, the company that controls Paramount’s voting shares. The new owner will take over control of Paramount after selling this share.
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The talks are still in the early stages for both organizations, and they may now have to deal with various investment firms, according to the article from the New York Post. This is happening at the same time as Warner Bros. Discovery is considering buying Paramount. CEOs of Warner Bros. Discovery and Paramount Global, Bob Bakish, and David Zaslav met last month to discuss the possibility of a merger.
The talks with Warner Bros. Discovery and Skydance are still in the early stages and could break down at any time, especially since investment firms may be driving up Paramount’s price right now. The auction date has not been disclosed; nevertheless, it has been rumored that bankers have begun providing prospective bidders with information regarding Paramount.
The cable TV networks owned by Paramount, which include Nickelodeon, Comedy Central, MTV, and several movie theaters, would be under the ownership of any new owner of National Amusements.
The report is released at a tough time for the entertainment sector, with cable TV viewing dropping and most streamers finding it difficult to turn a profit. One of the businesses struggling to survive is Paramount+, the streaming service.
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