More than four months after I first reported that David Ellison and his Skydance Media backers were kicking the tires on Paramount Global, its controlling shareholder, Shari Redstone, has been presented with a stark choice. She can accept Ellison’s $2 billion offer for National Amusements Inc., which controls 77 percent of Paramount Global, the owner of the Paramount film and television studio, CBS, and other TV and streaming assets. (Paramount would then be merged with Skydance, giving Ellison’s new company a $5 billion valuation, and the whole thing would be kept public.) Or… there’s Apollo’s $26 billion offer to take Paramount Global private—$12 billion for the equity and the assumption of $14 billion of net debt. That bid might also include Sony Pictures, which could push the offer price up further. Very different options. And Shari, in choosing to negotiate exclusively with Ellison, clearly favors his bid.