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Hollywood giant Paramount Global braces for new era as bidders circle
Chair Shari Redstone weighs future of media empire behind Paramount Pictures, CBS and UK’s Channel 5
While Sony and Apollo reportedly backed away from an initial plan to make an all-cash $26bn bid for Paramount, focusing instead on the firm’s key assets, clearing the way for Skydance to return with another merger offer last week, Redstone is said to be unsatisfied. After a series of chaotic twists and turns, this months-long dance has so far failed to yield an agreement – but it has led to the abrupt departure of Paramount’s long-serving CEO Bob Bakish, the exit of four board directors, and a slew of shareholder complaints. Unlike on Succession – the hit HBO series inspired by dynastic intrigues and family-corporate heirloom battles, as with the Murdochs and Fox Corp, and the Arnaults and LVMH – in this case, only one heir matters.
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