Shari Redstone agrees to sell controlling stake in Paramount to Skydance

Shari Redstone has agreed to sell her controlling stake in Paramount Global to a consortium led by Skydance, the production company headed by David Ellison, and Gerry Cardinale’s RedBird Capital.

Pending regulatory approval, the deal will see Skydance acquire Redstone’s majority stake in National Amusements, thereby gaining control of Paramount Global. Paramount Global encompasses a wide range of assets, including Paramount film and TV studios, the streaming service Paramount+, CBS, and cable channels such as Nickelodeon, MTV, and Comedy Central.

The deal has been in the works for several months, involving multiple rounds of negotiations. A previous agreement was rejected by Redstone at the last minute last month, but both parties continued discussions, ultimately reaching a new agreement that has secured Redstone’s approval.

In March 2024, Paramount Global agreed to sell its 13 percent stake in Indian media company Viacom18 to Reliance Industries.

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