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Thursday, January 28, 2021

Viacom still wants to sell its Paramount Pictures stake

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It has 49 percent of Paramount shares, and recently its representatives asked the judge from Delaware to accelerate the proceeding. It seems like they want to take off their hands Paramount’s shares.
And there are two reasons for them to hurry up, as far as we can see. The first reason is the weak health of Sumer Redstone, the media mogul and the owner of the Inc. The second reason is that the Paramount Pictures’ value of assets can lose its high price, with the uncertain situation in the market.
This profitable movie studio in the peaceful Melrose Avenue has turned into the main nightmare of the Redstone’s officials. This empire has 40 billion profits. And the intense battle has begun right after the official announcement of the Viacom plans to sell the stake.
According to the lawyers of Viacom, the head of the company, Philippe Dauman has planned to use the piece of Paramount as the catalyst to make changes in the leadership of the company. MTV, Nickelodeon, VH1, Comedy Central also belong to this company. So they were captured in this crazy turmoil.
This Thursday, attorneys asked the judge to speed up the whole procedure. They also agreed on the fast examination of the competency for the ill media magnate in his 93 years old.
Judge must consider all the facts, and decide whether to dump the main board members of Viacom with Dauman was legal and if it was an adequate decision.

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