What Is Paramount Actually Worth?

The argument for breaking up Shari Redstone’s Paramount Global, of course, is that its parts would be worth more than the whole.
The argument for breaking up Shari Redstone’s Paramount Global, of course, is that its parts would be worth more than the whole. Photo: Drew Angerer/Getty Images
Julia Alexander
December 19, 2023

Ever since my Puck partner Matt Belloni broke the news that Skydance’s David Ellison and RedBird Capital’s Gerry Cardinale were kicking the tires on the Redstone family’s National Amusements Inc., the parent company of Paramount Global, the market has been rooting for a change. Paramount’s stock initially popped more than 14 percent on the news, before settling slightly as Wall Street digested the potential limitations of any deal. Meanwhile, this Redstone saga has become catnip at Puck, where my other partner Bill Cohan has produced investor-grade analysis of the opportunity. 

So many relevant questions abound. Does Skydance want the studio and streaming assets, or is this a financial play? And if the goal is to control the parent company and sell the empire for parts, where might CBS fit into the streaming landscape? What about cable assets like BET, MTV, or Nickelodeon? And, frankly, should Paramount+, which has recently pared its quarterly losses to merely a quarter-billion dollars, survive as a subscale streamer in such a competitive landscape?