Paramount Global chair Shari Redstone recently offered poignant reflections as her family’s long stewardship of the media empire concludes, paving the way for a significant merger with Skydance Media. Addressing investors and the company’s co-CEOs, Redstone paid tribute to her late father, Sumner Redstone, whose unwavering conviction that “content is king” laid the foundation for a global entertainment powerhouse. This philosophy, she asserted, remains the cornerstone of the business and the broader entertainment industry.
Sumner Redstone’s steadfast belief that “content was king” was not merely a slogan but a guiding principle that propelled him to assemble a formidable collection of media, news, and entertainment assets. This core business philosophy, even against a backdrop of immense industry change, has consistently defined the Redstone family’s approach to media, ensuring that compelling storytelling and programming remained at the forefront of their operations and growth.
As the August 7 closing date for the Skydance Media merger approaches, Shari Redstone expressed confidence in the Ellison investor group, including RedBird Capital, to be a good steward of Paramount’s extensive assets. She believes that Skydance Media’s vision for the business, combined with their technological capabilities and resources, will enable them to build upon the enduring Paramount legacy and position it for sustained long-term success in a rapidly evolving market.
Under the Redstone family’s leadership, Paramount Global has achieved remarkable milestones. Shari Redstone highlighted her particular pride in programming that both informs and educates audiences, citing CBS’s impressive seventeen-year streak as the number one broadcast network. The company’s cable divisions have also delivered consistent success, producing top-rated scripted series, reality shows, late-night programs, and children’s entertainment, showcasing a diverse and robust content portfolio.
The financial mechanics of this landmark media merger involve the Ellison investor group acquiring Redstone’s controlling interest in Paramount, held within her family holding company NAI, for $2.4 billion as an initial step. The subsequent all-stock merger values the Ellison company, Skydance Media, at $4.75 billion, marking a pivotal restructuring of one of Hollywood’s most iconic studios.
Despite the strategic benefits, the deal has faced scrutiny, particularly concerning the transparency surrounding Shari Redstone’s payout. Investors have raised questions, and some, like Mario Gabelli, have indicated the possibility of legal action post-closure to seek more information, underscoring the complexities and sensitivities inherent in such high-profile corporate transitions within the entertainment industry.
The Redstone empire’s origins trace back to Sumner Redstone’s father’s drive-in theater in 1934, which expanded into the National Amusements chain. Through a series of strategic acquisitions, including Viacom, Paramount, and CBS, and subsequent complex mergers and de-mergers, the family meticulously built a vast media conglomerate, demonstrating a long-standing commitment to the power of content.
The current sale of Paramount Global comes at a time when much of traditional media has been challenged by a decline in linear television, which historically formed the bulk of the company’s revenue. Shari Redstone, who began exploring the sale in late 2024, has also been a prominent philanthropic supporter of Jewish causes, particularly in combating antisemitism, and recently shared personal health news regarding thyroid cancer.
