RedBird founder, Gerry Cardinale, continues to invest in different areas, especially entertainment and media. Now, it seems that the American businessman, through his fund, wants to dive deep into the world of TV stations, newspapers, and websites.
The American fund's media portfolio will likely expand even further. Just think about XFL with The Rock. As reported by businessinsider.com, RedBird, along with Skydance Media, is poised to acquire Paramount.
Paramount, it is reported, has taken a step forward towards accepting a merger agreement. The aspiring buyer, the film studio Skydance Media, is owned by David Ellison. A key player in the negotiations is expected to be RedBird Capital Partners.
An investor in Skydance since 2020, RedBird is the largest shareholder in the media company besides the Ellison family. Skydance and RedBird have been courting Paramount for months.
Paramount reportedly received a revised proposal on Sunday. Under the agreement, Skydance would merge with Paramount, and the resulting company from the merger would remain public.
David Ellison would be installed as CEO, and Jeff Shell, former CEO of NBCUniversal and current president of sports and media at RedBird, would report to Ellison as chairman. The Skydance consortium, which includes RedBird and the small shareholder KKR, would invest around 3 billion dollars in Paramount, with the majority earmarked for stock buybacks and the rest for debt repayment.
