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Shari’s Choice: The Legendary Angle

The latest bid for Paramount’s “film and TV studio” isn’t just from Apollo, but also Legendary Entertainment—a previously undisclosed element that may portend how the Redstone saga eventually ends.

shari redstone
Beyond the near-daily twists, it’s clear that the Paramount glacier is melting faster than anticipated, and Shari needs to act. Photo: Kevin Dietsch/Getty Images
Matthew Belloni
March 22, 2024

Something interesting has been left out of all the media coverage of the Apollo Global Management bid for the Paramount studio. If you missed it, the Journal followed up this week on the Bloomberg and Axios reports of the private equity firm’s interest in Shari Redstone’s teetering media company with an offer number: $11 billion, plus some debt, for the “film and TV studio” (scare quotes mine; I’ll explain in a moment). The rest of the Paramount Global assets—CBS, the zombie cable networks, Pluto TV and Paramount+—would stay with Shari, at least until she could find different buyers for them.