Shari Redstone’s National Amusements stopped deal talks between Paramount Global and Skydance. What’s next for the media giant with three leaders at…
Shari Redstone's National Amusements stopped deal talks for the proposed merger of Paramount Global and Skydance in the eleventh hour and after weeks of negotiations.
"So, what does this mean for Paramount? While the Board will always remain open to exploring strategic alternatives that create value for shareholders, we continue to focus on executing the strategic plan we unveiled last week during the Annual Shareholder Meeting, which we are confident will set the stage for growth for Paramount," the trio said in the memo that CNBC obtained on Wednesday.
"We recognize that the last several months have not been easy as we manage through ongoing change and speculation," the leadership trio said in Wednesday's memo to employees."And, we should all expect some of this to undoubtedly continue as the media industry and our business continue to evolve." The executives set those priorities with an eye toward lowering Paramount's debt load and returning the company to investment grade status after it was downgraded earlier this year. Paramount has $14.6 billion in debt.
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