Shari Redstone prepares to handover Paramount but won’t leave entirely

Shari Redstone, heiress of Paramount Global media empire, is preparing to sell the company to Skydance Media in 2025 in an $8 billion deal that would see the two companies merge.

The deal will allow Skydance, backed by investors including RedBird Capital Partners, to gain control of assets, including the iconic studio behind The Godfather and Titanic, as well as CBS and cable networks like MTV.

Despite reluctance to sell, Redstone will retain some perks, including financial support for her private jet and apartment.

But Skydance has a tough road ahead. Paramount has faced challenges, with shares down 26% this year due to declining cable revenue, despite growth in Paramount+.

Skydance, led by CEO David Ellison, aims to restructure Paramount’s streaming strategy and cut costs. The merger negotiations were complex, but Redstone promised to remain involved, advocating for her company’s employees and future.