Discovery CEO David Zaslav last December.
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People remember the ABC offer.
The latest stuff that hes done hasnt panned out, said one fund manager.
Shari Redstone, CEO of National Amusements, which controls the voting shares of Paramount GlobalKevin Dietsch/Getty Images
The bright vision of that pre-pandemic time has become increasingly clouded.
In 2023, that divergence only widened, putting Redstones strategy under the spotlight.
I dont know if thats because its something that Shari has told people that she is going to need?
Byron AllenGetty Images
It does look like the idea is to sell the whole company instead of just Shari selling her stake.
Paramounts dual-class ownership structure presents an interesting twist.
Redstones combined stake in the companys Class A and B shares is around 10%.
And he doesnt like to be taken advantage of, one observer notes.
Those deals didnt always have willing sellers, the analyst wrote in a note to clients.
Allens diversified media company includes plenty of linear TV, including the Weather Channel and local stations.
These are assets that interested parties like Skydance likely want.
Since Allen and Skydance each want different assets, could they team up on an offer?
Theres taxes and egos involved, and whatever.
But yes, it kind of makes sense, one Wall Streeter reasoned.
Still, that division of things is a bit simplistic, he noted and they wouldnt need to.
Money is not the Ellisons problem if they want to do a deal.
Comparing bids head to head, Hollywood insiders say, its no contest.
Ellison wants a legacy studio badly and they dont become available often.
And much as Ellison wants the studio, hes said to desire the legacy lot as well.
Paramounts lot has deeper roots than any other.
MoffettNathansons Robert Fishman isnt a believer on Allen ultimately being Redstones savior.
Fishman says questions about Allens financing are casting a shadow on the offers credibility.
The overture comes, he noted, with media on its back foot.
That clearly now includes accelerated M&A talks.
