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Shari Redstone, chair of Paramount Global, is set to receive $180 million in severance and an additional $350 million from the sale of National Amusements to a group led by filmmaker David Ellison. The acquisition marks a major financial shift in the entertainment industry.
Ellison Family and RedBird Capital to Acquire National Amusements, Paying $1.75B for Paramount Stake
According to sources familiar with the situation, Shari Redstone, the chair of Paramount Global, is set to receive a substantial $180 million in severance and other benefits. This is in addition to the significant amount she will receive from selling her stock to a group led by filmmaker David Ellison.
The Ellison family and their associate RedBird Capital Partners are making a significant move in the financial landscape. They are acquiring the equity of National Amusements Inc. This Redstone family company holds most of the voting stock in Paramount, the parent company of CBS and MTV, for approximately $1.75 billion, per Fortune.
Redstone is expected to receive approximately $350 million from the sale of National Amusements, which she owns 20% of through two trusts in her name. The individuals who requested anonymity to discuss nonpublic information also stated that the Ellison group will fulfill its obligations, which include a $70 million severance package for Redstone and a $110 million unfunded pension liability, as part of the National Amusements acquisition.
Ellison Group to Acquire Majority Control of Paramount for Over $8B, Merging with Skydance Media
Ellison is leading a group of investors in a significant move to acquire majority control of Paramount, a major film and television company, for an exceeding $8 billion.
The agreement's publicly reported details reveal a comprehensive financial plan. The group is paying $2.4 billion for National Amusements, which includes the liabilities. They also plan to invest $6 billion in acquiring Paramount shares and reduce the company's debt. Furthermore, they intend to merge the business with Ellison's Skydance Media.
The Redstone family's initial source of wealth, a chain of cinema theaters, is included in National Amusements. Additionally, it determines how they acquire the preponderance of Paramount's voting stock.
