Shari Redstone, chair of Paramount International, will get $180 million in severance and different advantages on high of a whole lot of thousands and thousands from the sale of her inventory to a gaggle led by filmmaker David Ellison, folks with data of the matter stated.
The Ellison household and its accomplice, RedBird Capital Companions, are paying about $1.75 billion to accumulate the fairness of Nationwide Amusements Inc., the Redstone household firm that owns many of the voting inventory in Paramount, the father or mother of CBS and MTV.
Redstone holds a 20% stake in Nationwide Amusements by two trusts in her identify and is in line to obtain about $350 million from its sale. The Ellison group may also repay obligations that embody a $70 million severance bundle for Redstone and an unfunded pension legal responsibility of $110 million as a part of the Nationwide Amusements acquisition, stated the folks, who requested to not be recognized discussing nonpublic info.
Ellison is main a gaggle of buyers poised to accumulate majority management of Paramount, a serious movie and TV firm, for greater than $8 billion.
The group is paying $2.4 billion for Nationwide Amusements, together with the liabilities, in accordance with publicly reported particulars of the settlement. It’s additionally planning to speculate $6 billion to purchase Paramount shares and cut back the corporate’s debt, and can merge the enterprise with Ellison’s firm, Skydance Media.
Nationwide Amusements consists of the Redstone household’s unique supply of wealth, a sequence of film theaters. It’s additionally the car by which they personal a majority of Paramount’s voting inventory.
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