Bob Bakish has stepped down as CEO of Paramount Global, the owner of Network Ten. With an ownership battle raging abroad, its Australian managers must watch on.
Shari Redstone, the billionaire media scion who controls hallowed Hollywood production studio Paramount, turfed out the media company’s long-term chief executive on Monday – the latest chapter in a messy merger
It is the latest twist in Redstone’s dramatic bid to offload her family’s legacy media empire, built by her late father, Sumner Redstone.franchise – is struggling. Like many media companies, it has tried to build a streaming business, Paramount+, to compete with the likes of Netflix as its cable channel audiences have diminished.Paramount’s shares have fallen 75 per cent over the past five years, and it has become an acquisition target by rivals looking to build their content libraries.
Redstone’s National Amusements holding company owns 31.5 million Class A shares in Paramount, meaning while she has less than 5 per cent of its stock, she controls 77 per cent of voting rights. She is Paramount’s chair.Her Class A shares are worth more, so the premium she gets for a sale could be significantly higher than the rest of Paramount’s shareholders.reported Ellison had offered a $US3 billion cash “sweetener” to entice shareholders to back his deal.
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