These days, conventional wisdom in Hollywood and on Wall Street is that Shari Redstone isn’t a seller of Paramount Global—at least not right now, and for good reason. Paramount’s stock is up for the year but down from a peak in February. Despite the media company’s extraordinary assets—the top linear network in CBS and its still-mighty news division, Top Gun studio Paramount Pictures, the Taylor Sheridan universe, and a large library of I.P.—Paramount’s market capitalization remains mired at about $14 billion, which is less than the value of CBS Corp. when Redstone first said she wanted to merge the companies years ago. (Those questioning the industrial logic of the merger can also peruse my partner Bill Cohan’s oeuvre.)