Shari Redstone Battles Cancer amid Paramount global Sale Turbulence

⁣ Updated June 06, 2025

Shari Redstone, chairwoman and controlling shareholder of Paramount Global, is ⁤undergoing treatment for thyroid‍ cancer as she navigates the media company’s uncertain ⁤sale. The⁢ diagnosis,revealed by her spokeswoman Molly Morse,came earlier this spring. despite the challenges, Morse said⁤ Redstone, 71, continues her professional and ⁢philanthropic work, with an “excellent” prognosis.

The news surfaces nearly⁢ a year after Redstone agreed to sell Paramount to David Ellison’s Skydance Media, a deal possibly ending the Redstone family’s four-decade reign as ⁣Hollywood moguls. However, the Skydance ⁤sale faces complications, including a $20 billion lawsuit from former President donald Trump over edits to a “60 Minutes” broadcast.

Redstone told The New York Times she had surgery last month to remove her thyroid gland after being diagnosed‍ two months prior. The surgery did not ⁣fully eradicate the cancer,which⁢ had spread to her vocal cords,and she is continuing radiation treatment.

The Redstone family controls 77% of Paramount’s voting ‍shares. Following Bob Bakish’s ‍ouster as chief executive, a trio of executives now ⁢manage the company as co-chief executives. Her father, the late⁣ Sumner Redstone, built ⁢Paramount into an entertainment‍ powerhouse, but the company’s standing ‍has declined recently due to management issues and the shift to streaming, which has impacted revenue from cable channels.

The ⁤COVID-19 pandemic and the 2023 writers and actors strikes further strained Paramount‍ and National Amusements Inc., the Redstone ⁤family’s private firm that owns⁢ movie ⁢theaters. ⁤Paramount cut ⁣its dividend two years ago, adding to the family’s financial ⁢pressures. These financial ‍challenges contributed to Redstone’s decision to consider ‍offers for Paramount and National Amusements.

Talks between Ellison and Redstone began nearly two years ago, culminating in⁢ an $8 billion⁢ deal last July that woudl transfer control to Ellison.Redstone aims to finalize the deal, which would provide ⁢National ‍Amusements with ‍$2.4 billion to⁣ pay ⁣debts and leave the family with over $1.7 billion.

She has also urged Paramount to settle Trump’s lawsuit, filed after “60 Minutes” interviewed then-Vice President Kamala Harris. Trump accused CBS ⁣of deceptively editing the interview to⁣ favor Harris, a claim CBS denies. The dispute ‍has caused internal unrest, high-level departures, and⁢ an FCC examination of alleged news distortion.

The FCC’s review of the Skydance deal has stalled. If‍ the agency does not approve the transfer of CBS television station licenses to ⁢the Ellison family, ⁢the deal could collapse. The merger must be completed by early October, or Paramount will owe Skydance a $400 million breakup fee.

Redstone, through National Amusements, also⁢ owes nearly $400 million to a Chicago banker and tech titan⁢ Larry Ellison, who is helping finance the buyout of⁣ Paramount and National Amusements. Last week, Paramount nominated ⁤three new directors to its board following its July 2 ‍investor meeting.

In a proxy filing, Paramount asked shareholders to expand‍ the board to seven directors, including Redstone and three recruits: attorney Mary Boies, venture capital executive Charles E.‍ Ryan, and former judge Roanne Sragow Licht. They would ⁢join current board members Linda M. Griego, ⁣Susan Schuman, and Barbara M. Byrne.

What’s next

The coming months are ‍critical for Paramount Global as Shari Redstone manages her health while navigating the complex⁢ path toward ⁣a ⁣potential sale to Skydance Media. The resolution of the Trump lawsuit and the FCC’s decision on⁣ the transfer of CBS⁣ licenses ⁤will be pivotal in determining the future of ⁤the company.