From Breakingviews - Mission Impossible: Paramount reckoning
banker Byron Trott, injected $125 million into Redstone’s National Amusements, which owns cinema chains and controls 77% of Paramount’s voting shares. Without the funding, her closely held firm might have needed to pledge more of its Paramount stock against a loan.
Nearly two decades later, Paramount would run into serious financial trouble. Just as it does today, however, the company harbored valuable and underappreciated assets, such as real estate and a film library. Industrial conglomerate Gulf and Western bought the business, lumping it in with a sprawling manufacturing enterprise. By the 1980s, the mishmash model fell out of favor with investors and boss Martin Davis largely dismantled the auto-parts-to-zinc operation.
Paramount’s TV assets are expected to generate nearly $5 billion in adjusted EBITDA, according to Refinitiv data. The division’s closest peer, Fox Put it altogether, and it imputes the Paramount enterprise is worth around $33 billion. Back out some $13.5 billion of net debt and its market value would be $20 billion, a more than 80% premium to where it trades today.
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