Paramount Owner National Amusements Takes Outside Investment – The Hollywood Reporter
Paramount Global owner National Amusements Inc. is getting a $125 million cash infusion that the Redstone family holding company says will help shore up its ownership of the entertainment firm.
The strategic preferred equity investment, from BDT & MSP Capital Partners, will be used to pay down its debt.
“Upon termination of those facilities, NAI shares of Paramount Global which had been pledged to support those loans will be released back to NAI, and obligations to make future pledges under these facilities will be eliminated,” the company adds.
“Our expanded partnership with BDT & MSD reflects our strong belief in Paramount’s ability to deliver value to all shareholders,” said Shari Redstone, chair, CEO and president of NAI, in a statement. “Paramount has the best assets in the media industry, with an incredible content library and IP spanning all genres and demographics, as well as the #1 broadcast network, the leading free ad-supported streaming television service and the fastest-growing pay streaming platform in the U.S.”
“NAI has conviction in Paramount’s strategy and execution, and we remain committed to supporting Paramount as it takes the necessary steps to build on its success and capitalize on the strategic opportunities in our industry,” Redstone added.
More to come.
