Shari Redstone invoked the legacy of her father Sumner Redstone in her farewell remarks as owner of Paramount Global on Thursday as the studio reported its second quarter earnings report, one week before the company is set to be acquired by Skydance Media and RedBird Capital.
“I believe I can take it on faith that many on this call understand the enormous importance of this business to my family and to me, beginning nearly 40 years ago, my father, Sumner Redstone, built Viacom and CBS by bringing together a group of the best assets in media, news and entertainment,” Redstone said in what was a rare appearance for her on an earnings call.
“While people often debated whether content or distribution ruled the day, my father’s steadfast belief was that content was King, even against the backdrop of enormous change that core business philosophy remains the reality for our business and industry. That is a reality that Skydance surely understands. I am confident that with their vision for the business and the technology and resources they can bring to bear, they can build on Paramount legacy and position it for long term success and value creation,” Redstone said.
Redstone asserted, “When the transaction closes, we will be turning over a healthy business with a strong foundation for success.”
More to come
