Paramount World boss Shari Redstone is reportedly banking on her pleasant relationship with President-elect Donald Trump to assist the media big skirt any FCC points in its merger with Skydance — and assist her stroll away with a windfall.
Redstone, the daughter of the late media titan Sumner Redstone, has “has gotten along” with Trump through the years and the 2 nonetheless speak now and again, the Wall Road Journal reported.
That relationship might be examined after Trump slapped Paramount-owned CBS with a $10 billion lawsuit over its dealing with of a “60 Minutes” interview with Vice President Kamala Harris.
The lawsuit alleges this system “deceptively” edited the interview, which aired simply month earlier than the election, to assist his Democratic foe.
Brendan Carr, Trump’s incoming nominee for Federal Communications Fee chairman, has not dominated out a probe into whether or not CBS violated requirements that require broadcasters to behave within the public curiosity.
Redstone has advised folks in her interior circle that she understands Trump’s frustration with CBS, although she doesn’t assist the lawsuit, the Journal reported.
CBS has denied any wrongdoing.
Trump was additionally supportive of Redstone in court docket battles that helped her acquire management of Paramount a number of years in the past, in accordance with the Journal.
The media mogul can be hoping that Trump’s longstanding relationship with Larry Ellison — the billionaire co-founder of Oracle and father of Skydance CEO David Ellison — will assist pave the way in which for the $8 billion deal.
A spokesperson for Redstone declined to remark when contacted by The Submit on Monday.
Redstone, who controls Paramount by her majority stake in Nationwide Amusements, will stroll away with $1.75 billion, as The Submit beforehand reported.
Whereas Redstone, 70, could also be stepping away from Paramount, she will likely be rewarded with a few of the trappings of her high-flying life, The Journal reported.
Skydance and its investor within the deal, RedBird Capital Companions, agreed to tackle Nationwide Amusements’ monetary obligations and pay for the rest of Redstone’s lease for her personal jet, in accordance with the Journal.
The Hollywood manufacturing firm additionally will cowl the bills for her Central Park-area condominium in New York Metropolis for the subsequent few years, the report added.
To assist appease Paramount’s nonvoting buyers, Skydance agreed to supply $4.5 billion that Paramount can use for a suggestion to purchase out about 50% of nonvoting shares.
Barring any FCC hiccups, the deal is anticipated to shut within the first half of 2025.
It merges Paramount’s iconic namesake studio, which was behind “The Godfather” and “Titanic,” CBS and cable networks like MTV with Skydance, whose credit embody TV exhibits similar to Amazon’s “Tom Clancy’s Jack Ryan” and flicks like “Top Gun: Maverick” and the most recent installments within the “Mission: Impossible” franchise.
David Ellison and RedBird’s Jeff Shell, the previous NBCUniversal CEO, have already begun carving out plans for the merged entity, and are in search of over $2 billion in price cuts, The Journal reported.
They’re additionally drawing up plans for the corporate’s administration crew, and are anticipated to faucet former Netflix govt Cindy Holland to supervise streaming. George Cheeks, who’s one among Paramount’s three co-CEOs, is anticipated to move up the TV unit.
In the meantime Dana Goldberg, chief inventive officer at Skydance, is anticipated to supervise the mixed studio. Brian Robbins, one other one among Paramount’s co-CEOs, is anticipated to depart.
Bloomberg earlier reported a few of the anticipated administration adjustments.
Neither Redstone nor her son Tyler Korff, will be a part of the board of the mixed firm, in accordance with sources near the state of affairs.
Regardless of that, Redstone has made it clear that she won’t recede totally from the media scene.
“One thing I promised everybody in the company is I will never disappear in terms of being your advocate and in terms of helping you be who you need to be, who you want to be in this company,” Redstone stated at Promoting Week New York in October, when addressing an issue at CBS Information.
