![]() ![]() (Sumner Redstone died in 2020).īDT‘s founder, Byron Trott, is now leading Redstone through what has snowballed into a full-blown auction. Her next move was to merge Viacom with CBS, which she accomplished in December 2019. Shari Redstone, Sumner’s daughter, forced out Viacom leaders in 2016. He split the company in 2006, in part so he could collect compensation and dividends from two firms instead of one.Īs Redstone’s health began to diminish more than a decade ago, Viacom slogged through a period of questionable management and under-investment that left it on shaky legs to compete in such a fast-changing landscape. ![]() He bought Paramount Pictures in 1994, and CBS five years later. ![]() The hard-charging lawyer, businessman and Massachusetts movie theater owner outmaneuvered rivals to build one of America’s premier entertainment companies. Redstone ruled the company, then known as Viacom, with a tight grip. “They are running out of options.” How did we get here?įor more than 30 years, Sumner M. “They need a massive investment to become a contender, to be a player among these giants,” Sharma said. As the Hollywood business model continues to evolve and become more focused on streaming, Paramount, a company still largely reliant on network TV, cable channels and theatrical releases, “is getting boxed in from all sides,” said Sanjay Sharma, an adjunct professor of finance and business economics at USC’s Marshall School of Business. The company - the fusion of legacy players Viacom and CBS - has fallen on hard times. The Paramount saga has also raised questions about how one of entertainment’s oldest institutions - owner of coveted properties including “Star Trek,” “60 Minutes,” “Top Gun” and “Yellowstone” - has ended up in this position. “But it would clearly not help in terms of getting back to the peak levels that we saw pre-COVID.” domestic box office and the industry overall, it’s almost too early to call what the true ramifications of one less studio would be,” said Robert Fishman, a research analyst at MoffettNathanson. “Given the disruption going on within the. Rumblings of their movements have sparked fervent speculation about who might seal the deal and what yet another corporate merger could mean for the future of Paramount and the consolidating entertainment industry. Discovery - have been eyeing the media empire long controlled by the Redstone family through its National Amusements Inc. Since last summer, multiple entertainment companies - including Skydance Media’s David Ellison and Warner Bros. A for-sale sign has appeared on the lawn of Paramount Global, home of one of the most storied movie studios in Hollywood, popular television network CBS, and several other legacy brands and franchises. ![]()
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