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Shari Considers Door No. 3

shari redstone
If the Sony/Apollo $26 billion bid solves the problem of not treating all Paramount shareholders fairly, the Ellison/RedBird deal is all about the opposite. Photo: Drew Angerer/Getty Images)
William D. Cohan
May 5, 2024

Mario Gabelli is back to tweeting again. And now, with the $26 billion bid from Sony, Apollo, and Legendary for Paramount Global officially on the table and the negotiations started, he has something substantive to tweet about. “It ain’t over till it’s over,” he wrote on Thursday afternoon, citing the famous line from Yogi Berra, and equating the 1973 “Miracle Mets,” which Berra managed to the National League pennant, to “Paramount 2024.” Gabelli was on CNBC on Friday expanding on his Berra tweet, noting that he’s not ruling out either deal. After all these years, he just wants a payday. “I’m in the camp of fighting for every shareholder to get the same price as Shari Redstone,” he said. 

Not so long ago, Redstone—who controls Paramount Global through her family holding company, National Amusements Inc., which owns 77 percent of the voting stock in Paramount—wasn’t sure there were going to be any bids for the company. Now there are two legitimate offers—each from a well-capitalized bidder, each with its own set of challenges—for the special committee of the Paramount Global board to consider. And yet, there is also the increasing possibility that neither bid will be accepted.