Revolutionizing Media
John Paul DeJoria, the billionaire entrepreneur renowned for co-founding Patrón Tequila and Paul Mitchell hair care products, is among the high-profile investors vying to take over Paramount Global.
In 2018, DeJoria sold Patrón to Bacardi Ltd. for a staggering $5.1 billion. Now, he envisions transforming the news coverage at Paramount’s CBS network, expressing his desire in a recent interview.
“There is not one news station that’s non-political,” DeJoria remarked. “I can promote positive information on their stations. It’s a wonderful thing to be able to be a positive influence on everybody.”
DeJoria is part of a consortium of investors led by film producer Steven Paul, who have placed a bid for National Amusements Inc., the Redstone family holding company that controls 77% of Paramount’s voting stock.
Insiders reveal that the group’s offer, made several weeks ago, exceeds David Ellison’s $2.25 billion proposal but is less than $3 billion. Ellison, another competitor, is also in the race.
Steven Paul’s investor group, which boasts at least five wealthy backers, is receiving advisory support from Rockefeller Capital Management. Details of the bid remain confidential.
Shari Redstone, Paramount’s board chair, has been in negotiations for months regarding the sale of her family’s media empire.
A key aspect of Paul’s proposal is that, unlike Ellison’s bid, it does not involve merging with another business. Ellison's plan entails a multi-part takeover of Paramount, including a merger with his Skydance Media valued at $4.75 billion.
Many Paramount investors have opposed a deal that would see the Redstones bought out at a premium, while other shareholders face dilution. To address their concerns, Ellison has committed to injecting billions more into Paramount for debt reduction and share purchases.
A special committee of Paramount directors has recommended Ellison’s offer, which Shari Redstone is currently considering. Paramount shares surged following the disclosure of Ellison’s latest bid.
The Wall Street Journal reported that Paul’s bid for National Amusements is approximately $3 billion.
Steven Paul’s filmography includes notable projects like the 2017 sci-fi film "Ghost in the Shell" starring Scarlett Johansson, and the "Baby Geniuses" series featuring super-intelligent talking babies.
