Shari Redstone's National Amusements stopped deal talks between Paramount Global and Skydance. What's next for the media giant with three leaders at the helm?
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.
"It's very difficult for a trio of CEOs to work on a long term basis. It's almost unheard of. How will they make decisions on allocating capital and strategic priorities?" said Jessica Reif-Ehrlich, an analyst at BofA Securities.
"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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