Paramount Global boss Shari Redstone is banking on her friendship with President-elect Donald Trump to help the media giant avoid FCC issues with its merger with Skydance, according to reports. It is reported that the government is providing support so that they can obtain and withdraw from the country.
Redstone, the daughter of the late media mogul Sumner Redstone, has been “good friends” with Trump over the years, and the two still speak from time to time. The Wall Street Journal reported.
That relationship could be put to the test after President Trump slammed Paramount's CBS with a $10 billion lawsuit over its handling of a “60 Minutes” interview with Vice President Kamala Harris.
The complaint alleges that the show “deceptively” edited interviews that aired just a month before the election to help Democratic opponents.
President Trump's nominee to head the Federal Communications Commission, Brendan Carr, has not ruled out an investigation into whether CBS violated standards that require broadcasters to act in the public interest.
Redstone did not support the lawsuit, but told aides he understood Trump's frustration with CBS, the newspaper reported.
CBS denies any wrongdoing.
Trump also supported Redstone in a legal battle that helped him gain control of Paramount several years ago, the paper said.
The media mogul also said Trump's long-standing relationship with Larry Ellison, the father of Oracle co-founder and billionaire Skydance CEO David Ellison, paved the way for an $8 billion deal. I hope this helps you open it.
As the Post previously reported, Redstone, who controls Paramount through a majority stake in National Amusements, will receive $1.75 billion.
Redstone, 70, may be leaving Paramount, but she will reap some of the benefits of a high-flying life, the Journal reported.
According to the magazine, Skydance and its investors include Redbird Capital Partners, which has agreed to assume National Amusement's financial obligations and pay the remaining lease payments on Redstone's private jet. It is said that he did.
The Hollywood production company will also pay for her apartment in New York City's Central Park neighborhood for the next few years, she said.
To appease Paramount's non-voting investors, Skydance agreed to provide $4.5 billion that Paramount could use to buy out about 50% of its non-voting stock.
Barring any issues with the FCC, the deal is expected to close in the first half of 2025.
Paramount's iconic studio of the same name, home of “The Godfather'' and “Titanic,'' cable networks such as CBS and MTV, and Amazon's TV shows such as “Tom Clancy's Jack Ryan'' and “Top Gun: Maverick.'' Consolidate Skydance, whose film credits include: ” and the latest installment of the “Mission: Impossible” series.
David Ellison and Redbird's former NBCUniversal CEO Jeff Shell have already begun planning the combined business, and are looking to cut costs by more than $2 billion, the newspaper reported. Ta.
They are also developing plans for the company's leadership team, including hiring former Netflix executive Cindy Holland to oversee streaming. George Cheeks, one of Paramount's three co-CEOs, is expected to head up the television division.
Meanwhile, Skydance Chief Creative Officer Dana Goldberg will oversee the combined studio. Brian Robbins, Paramount's other co-CEO, is also expected to step down.
Bloomberg earlier reported on some of the expected management changes.
Neither Mr. Redstone nor his son, Tyler Korff, will serve on the combined company's board, according to people familiar with the matter.
Despite this, Redstone has made it clear that he has no intention of withdrawing from the media scene completely.
“One of the promises I made to everyone in the company is that I will never disappear in terms of being your advocate and helping you become who you want to be at this company.” Redstone spoke at Advertising Week New York. In October, when he addressed the controversy on CBS News.
