Shari Redstone, the controlling shareholder of Paramount Global, has initiated discussions to sell her stake in the company. This development comes a year and a half after talks began. The uncertainty surrounding the sale has left staff, shareholders, and viewers anxious about what lies ahead.
Trump’s Lawsuit Against CBS
President Donald Trump is suing CBS over allegations that the network edited an interview with Vice President Kamala Harris to portray her positively before the election. Trump believes this portrayal interfered with the election and is seeking $20 billion in damages.
Those close to Redstone emphasize that she has much at stake in this situation. One source stated, "She needs to resolve this," while another added, "We’re talking about a potential $400 million breakup fee if this deal doesn’t happen."
Industry insiders warn of severe consequences if Trump prevails in his lawsuit. One observer noted, "If things go Trump’s way…it’ll send yet another chill down journalism’s spine."
A recent report by The Wall Street Journal suggests that Paramount may be willing to settle for between $15 million and $20 million if necessary. However, some argue that rewarding Trump with tens of millions of dollars will only embolden him further.
Background on Redstone’s Stake Sale
Redstone’s decision comes nearly 18 months after she first started discussing selling her majority stake in Paramount Global Inc. In March 2022, she put up for sale nearly 80% of ViacomCBS Inc., which was renamed Paramount Global last year following its merger with Viacom Inc.
The media conglomerate owns CBS Corp., which includes television networks such as:
- CBS News
- Showtime
- MTV Entertainment Studios
- Nickelodeon Studios
- Comedy Central Studios
- BET Networks
- Smithsonian Channel
- Pluto TV
- Simon & Schuster
- CNET Media Group (including CNET.com)
- ETonline.com
- Decider.com
- GameSpot.com
- Cheddar Media (including Cheddar News)
Redstone’s decision follows news from The Wall Street Journal reporting that she had recently agreed on terms for a deal worth around $4 billion, but it fell apart when talks broke off over price amid ongoing litigation involving Trump.
Details of Trump’s Lawsuit
Trump sued CBS Corp.’s flagship network last month, alleging they edited an interview he gave into something he called “a total lie” because they made him appear less intelligent than Vice President Kamala Harris during their conversation before the midterm elections. He claims he was damaged by their actions because it affected his ability “to win” those elections, despite no Republican candidates running against any Democratic incumbents who won re-election last fall. He is seeking damages totaling more than $3 billion plus punitive damages totaling more than three times that amount, according to court documents.
Statements from CBS
A spokesperson for CBS stated, "We stand behind our reporting," and described the case as "without merit." Kevin Laclaire, a spokesman for Paramount Global, pointed out that it seems Trump is seeking money because they reported facts regarding his performance during the interview.
In response to inquiries from CNN Business, Laclaire indicated he was available for a phone call to discuss the matter further.
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