Shari Redstone wanted to be free from the shackles of Paramount Global.
The former Paramount majority shareholder said that, after her tenure full of mergers as chief executive of her father’s media empire, she was ready to leave in an interview with The New York Times published Tuesday.
David Ellison’s Skydance Media bought Paramount for $8 billion, about a third of the company’s value when Redstone took over, and the media mogul said she was happy to let it go. “I just wanted to be free,” she said soon after the deal was announced.
While her father was still alive, Redstone worked tirelessly to keep his legacy — their controlling share of Paramount and National Amusements — in tact. After his death in 2020, however, she shifted her focus to preserving the family’s legacy and leaving Paramount in capable hands.
One major shift for the media mogul occurred on Oct. 7, 2023, when Hamas attacked Israel’s Nova Music Festival. A proud supporter of Israel, and whose ex-husband and son are both rabbis, Redstone told The Times that it put everything in perspective for her.
“Once that happened, I wanted out,” she shared. “I wanted to support Israel, and address issues around antisemitism and racism.”
The media mogul also said she was simply tired of the headaches involved in running Paramount Global.
“When my father brought me into Viacom, it was fun. Once that battle [over the merger of Viacom and CBS] began, it was no fun. I’ve been in constant litigation,” Redstone said. “My legacy was to create security for my family and to put the company in good hands.”
Before the $8 billion merger was approved by the FCC, Paramount and CBS settled a lawsuit for $16 million with President Donald Trump after a “60 Minutes” interview with former Vice President Kamala Harris. Though Redstone personally withdrew from settlement talks, she called it a “no-brainer.”
The former Paramount Global majority shareholder admitted she expected a much higher settlement price, but ultimately thought it was in the company’s best interest.
When asked what she thought of the whispers that a Trump-Paramount side deal worth upwards of $20 million in free advertising and PSAs in favor of the president was in place, Redstone said she hopes it isn’t true.
