Shari Redstone owns Paramount Global through National Amusements, Inc|CPJ|CC-BY 2.0
Shari Redstone, the media heiress who owns Paramount Global through National Amusements, Inc. (NAI), has decided to remain in the entertainment business. She reportedly ended discussions to sell her controlling stake in the studio to Skydance Media.
Paramount, which owns CBS, Nickelodeon and MTV, saw an 8% share drop following the news.
The negotiation that lasted months concluded without a deal amid Paramount—born from the CBS-Viacom merger—facing challenges like declining TV viewership and streaming competition.
Redstone had initially supported the merger valued at $8 billion, viewing Skydance CEO Davis Ellison (son of Oracle co-founder and billionaire Larry Ellison) as a suitable overseer for Paramount.
The studio is known for making blockbuster hits like Titanic, Indiana Jones and The Godfather. It has received interest from two other potential buyers, says the Wall Street Journal.