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The Shari Soap Opera’s Final Twist

Unimaginably, Shari Redstone has reintroduced a dealpoint that threatens to nuke the Paramount sale. Will Gerry and Ellison blink? And will Mario Gabelli, the aggrieved longtime investor, finally wet his beak?

shari redstone
I wouldn’t call Shari Redstone a crafty negotiator, but she has proven for years that she can do, and will do, whatever she wants—even when it’s totally illogical. Photo: Martina Albertazzi/Bloomberg via Getty Images
William D. Cohan
June 5, 2024

On Tuesday, Paramount Global’s three-headed interim C.E.O. monster, composed of George Cheeks, Chris McCarthy, and Brian Robbins, presented its plan for turning the company around under their continued leadership, assuming Shari Redstone, the ultimate decider, decides not to sell the company. The dynamic trio talked about cutting $500 million in costs, for starters, selling non-core assets, and considering a joint venture for Paramount+, the money-losing streaming business. (The Paramount Global stock traded down a few percent on the news.)