Shari Redstone has agreed a deal that will end her family’s involvement in Paramount, the company founded by her grandfather in 1936. Photograph: Ryan Stone/The New York TimesShari Redstone has agreed to sell Hollywood group Paramount to independent film studio Skydance in a deal that ends her family’s involvement in the company founded by her grandfather in 1936.
Under the terms of the agreement, Skydance will invest about $8 billion to take over Paramount. In the two-step transaction, Skydance will pay $2.4 billion to buy out National Amusements, which holds nearly 80 per cent of the voting shares in Paramount. “I am incredibly grateful to Shari Redstone and her family who have agreed to entrust us with the opportunity to lead Paramount,” said Mr Ellison, who will become chief executive and chair of the group.
During a chaotic, highly public process involving several rival bids, Mr Bakish and four board members left the company amid discord with Ms Redstone.