National Amusements, the controlling shareholder of Paramount Global run by Shari Redstone, has received a $125 million preferred equity investment from BDT Capital Partners.
BDT is an affiliate of BDT & MSD Partners, a merchant bank catering to family business owners and founders. Its infusion will help the company, which brought together CBS and Viacom in 2019 before later rebranding as Paramount, weather a difficult stock market environment.
Shares in Paramount are worth less than half what they were at the time of the merger, though they rose 5% in after-market trading on the news of the BDT stake.
Wall Street has looked skeptically at Paramount’s spending on streaming in recent months amid a broader rethink of the media sector’s approach to the direct-to-consumer business.Read more on deadline.com