A Paramount Twist & Trump’s Meme Windfall Options

Shari Redstone
The longer this attenuated sales process drags on, the more likely it is that Shari Redstone just packs it in, pulls the company off the market, and waits for macroeconomic conditions in the industry to improve. Photo: Drew Angerer/Getty Images
William D. Cohan
March 31, 2024

It’s an ironic twist, for sure, that the best news Shari Redstone has gotten since she decided to sell Paramount Global arrived last week in the form of a credit downgrade. On the surface, of course, it is bad news indeed that S&P Global relegated the company’s $14 billion of net debt to junk bond status, which scares off investors and drives up borrowing costs. But there is a strange silver lining here for Shari, which might make it easier for her to sell National Amusements Inc., the Paramount parent company, to David Ellison, the scion of tech billionaire Larry Ellison and founder of Skydance Media, who now wants Paramount, too.