For the time being, insiders believe that neither of the two proposed M&A deals Skydance Media-RedBird Capital Partners nor Sony Pictures Entertainment-Apollo Global Management will materialise, therefore Paramount Global and controlling shareholder Shari Redstone may be going it alone.
Reluctantly, Redstone reportedly came to the conclusion that a merger with Paramount Pictures’ longtime partner Skydance, led by David Ellison, would not be feasible. After the 30-day negotiation window closes, the joint Sony-Apollo offer which includes a $26 billion all-cash buyout premium will be examined by the Paramount board’s special committee.
Following Bob Bakish’s departure, the three-headed “Office of the CEO” will oversee Paramount Global going forward. The three-person “Office of the CEO ”Chris McCarthy, president of Showtime/MTV Entertainment Studios and Paramount Media Networks, Brian Robbins of Paramount Pictures, George Cheeks of CBS would oversee Paramount Global in the event that the M&A negotiations are shelved.
According to insider speculation, the proposed strategy calls for selling both the Paramount Pictures Studio complex and the BET Media Group, as well as merging the Paramount streaming service with NBCUniversal’s Peacock. Paramount Global is getting ready to go solo, with Skydance perhaps making a comeback in 2024 or the next year.
