Paramount Global chairwoman Shari Redstone will receive $180 million in severance pay and other benefits, in addition to the millions she received from selling her stock in National Amusements to Skydance Media. Bloomberg News reported Thursday.
Redstone owns a 20% stake in Paramount's controlling shareholder National Amusements, held in two trusts in his name, and expects to receive about $350 million from its sale, the report said, citing people familiar with the matter.
Skydance CEO David Ellison's group will also pay obligations that include a $70 million severance package for Redstone and an unpaid pension liability of $110 million as part of the acquisition, Bloomberg said.
Earlier in the day, Bloomberg reported that Paramount Controlled by software billionaire Larry Ellison after Skydance bought out the Redstone family's stake in the film and TV company.
Lasry will own a 77.5% stake in National Amusements through a trust and several corporations, Bloomberg reported, citing a document filed with the US Federal Communications Commission.
Larry's son David will be Paramount's chairman and CEO. He will have operational control of the business, a Skydance spokesperson told Bloomberg.
Paramount Global and Skydance Media did not respond to Reuters requests for comment.
Skydance signed a deal to acquire Paramount in July It's a complicated two-step process, with Oracle co-founder Larry supporting the proposal.
Skydance and its deal partners, including RedBird Capital Partners, will acquire National Amusements for $2.4 billion in cash.
Skydance will then merge with Paramount, offering $4.5 billion in cash or stock to shareholders and providing an additional $1.5 billion for Paramount's balance sheet.
In August, media giants Edgar Bronfman Jr. withdraws That knocked Skydance out of the race for Paramount, clearing the way for Shari Redstone to take control of her media empire and ending one of the most chaotic media bidding wars in recent history.
