A legal threat from investor Mario Gabelli was a “major factor” in this week’s implosion of Shari Redstone’s $8 billion deal to merge Paramount Global with its “Mission: Impossible” production partner Skydance Media, The Post has learned.
When Redstone made a surprise move to pull the plug on the deal this week — just before a Paramount special committee was poised to vote on it — she was looking down the barrel of a $100 million-plus lawsuit from Gabelli over the deal, according to sources close to the situation.
The 70-year-old media heiress hadn’t been in any recent discussions with Gabelli, who has long been a key Paramount investor, sources close to the situation said.
Nevertheless, other Paramount shareholders had ripped Redstone for seeking a premium for her stock over other that of other Paramount investors.
A rep for Redstone didn’t immediately respond to a request for comment.
In an exclusive interview with The Post, the 81-year-old billionaire — a self-described “Bronx tough guy” long famous for his savvy media investments — declined to discuss any specifics around prospective litigation over Paramount.
But he also didn’t deny it may have been in the cards.
“Like Teddy Roosevelt said, I speak softly and carry a big stick,” Gabelli said. “We have established a relationship with an attorney and are looking at all of this under a microscope.”
Redstone — daughter of the late media mogul Sumner Redstone — controls Paramount through her 77% stake in National Amusements, a holding company that controls Paramount’s voting shares.
Gabelli, meanwhile, owns more than half of the remaining voting shares — 54% to be exact, according to securities filings.
In addition to Skydance recently slashing its proposed payment for National Amusements to $1.7 billion from more than $2 billion, sources say a sticking point in talks was whether Skydance would indemnify Redstone against potential litigation in the event she didn’t seek shareholder approval for the deal.
Indeed, sources say Gabelli’s legal team was focused on National Amusements — leaving Redstone herself with the lion’s share of the liability.
Redstone’s lawyer reportedly emailed the Paramount special committee Tuesday saying it and Skydance could not agree on outstanding noneconomic terms. Insiders say legal liabilities around the shareholder vote were a major issue.
“People look at Gabelli as an activist and litigator,” said one Wall Street analyst who covers Paramount’s stock.
“Shari and the Paramount special committee know damn well how the vote would have gone if there was an independent vote,” the analyst added.
It wouldn’t be the first time Gabelli extracted his fair share from Redstone in court.
In April last year, shareholders including Gabelli won a $122.5 million settlement over Viacom’s $30 billion merger with CBS — the deal that formed Paramount Global.
Gabelli had griped that Redstone and a Viacom special committee breached their fiduciary duty when they okayed the deal without shareholder approval.
Sources say Gabelli believes the Skydance deal was even worse, given the rich premium Redstone was seeking for her stock.
Insiders say Redstone feared Gabelli’s wrath despite the fact that the voting and common stock would have been consolidated in a shareholder vote on a Skydance merger, curbing Gabelli’s influence.
Now, Redstone is reportedly exploring a sale of National Amusements to bidders including Edgar Bronfman Jr. rather than selling all of Paramount.
“One possible theory of what’s going on is if she cuts a deal to sell part of National Amusements, there is no litigation,” Gabelli said.
That’s not necessarily a safe bet, either. According to sources, Bronfman is weighing a plan to split Paramount Global’s streaming business from its low-growth cable channels, saddling the latter with the company’s debt.
Technically, Redstone wouldn’t need shareholder approval for a National Amusements sale.
But if a buyer then moved to make changes at Paramount Global, it could trigger shareholder objections over change of control provisions, sources said.
“If she attempts to sell NAI, we have six months to figure out if it is a change of control while the FCC examines the deal,” Gabelli said.
In an exclusive April interview with The Post, Gabelli said he’d rather see no sale.
Despite fears over the media giant’s debt load, malaise at movie theaters and cable TV cord-cutting, Gabelli said he likes its prospects as it slashes costs and grows its Paramount+ streaming service.
That’s a position he reiterated this week.
Gabelli said he believes the streaming business including Paramount+ will surge in value to $19 billion in 2027 from $13 billion this year.
The film business, he projects, also will more than double in value from $830 million to $1.7 billion in three years.
“We’re marathon runners and looking at Paramount from a long-term ownership position,” Gabelli told The Post.
Boy George is contemplating his relationship with fame. Intoxicating, often inescapable, he says he has not always found his decades in the spotlight easy
There has been a cost, he says. Much has been well documented. But in recent years he has been able to enjoy it all much more.
And it’s not real. “Fame is a figment of other people’s imaginations. You’re only famous because other people believe you are.”
Most will knowBoy Georgethe avant garde musician, flamboyant frontman of Culture Club, one of the biggest music acts of the 1980s. Big hats, big songs, big personality. He has found new fans more recently through appearances on reality shows such as I’m A Celebrity… Get Me Out Of Here! and as a judge on The Voice.
He is also an artist, and fame is the theme of his latest collection of portraits.
Vivid, bold, punk, they are exactly as you might expect. He has painted his hero David Bowie, fellow music icons Madonnaand Prince, as well as a self-portrait.
“I think of Boy George from the ’80s as a sort of cartoon character,” he says. “Because on the one hand, there was this public persona, which was one thing, and it was very recognisable. And then there was me behind it… I used to have a real problem with [fame] and I feel now I’m like, it’s just a job.”
The portrait of his younger self is a reminder of how his relationship with fame has changed.
“I never really took it that seriously,” he says. “There were moments when I lost my mind – we all know what they were. But I always kind of knew who I was.”
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‘I was really lucky to have my family’
The star, whose real name is George O’Dowd, has spoken and written about his struggles with addiction in the past. In 2009, he was jailed for four months for false imprisonment.
In his last autobiography, he described it as a “stupid, aggressive and regrettable” incident that was over in “less than 30 seconds”. He disputes some of the details that came out in court, but called himself an “idiot who did too many drugs and made a massive mistake”.
George says his family helped him through the dark times. Despite there being more conversation than ever around mental health and the pressures on young stars today, he is not convinced the support is any better.
“I think in my case, I was really lucky to have my family… particularly my late mother. Whatever was going on, she was always there to kind of try and harness me into reality. And sometimes it took a bit of pulling and shoving, but I feel like my family have been so important to me in terms of, you know, keeping me sane. But it hasn’t always been an easy thing.”
Now in his 60s, as well as Boy George, he is plain old “George from Eltham”, southeast London; although plain is not really an adjective you would ascribe to him.
“As I’ve got older, I’ve kind of accepted I created this Boy George person, and I can either have as much fun with it as I can, or I can make it full of anxiety,” he says.
For his Fame collection, he chose Bowie because the artist “shaped my whole career, my whole childhood”. His relationship with Madonna, whom he has captured in her Madame X era from 2019 rather than one of her more famous earlier incarnations, “because artists continue to evolve”, is more complex.
They first met after he saw her in concert in New York, with fellow ’80s star Marilyn and two friends. They went backstage and he asked for a picture.
‘There’s never been warmth… on either side’
“She grabbed the boys and just sat them on her lap, which is kind of major,” he says. “She took control immediately. And I’ve got this great picture of Madonna and this guy that I kind of lost contact with.”
But he and the Queen of Pop never became friends. “Over the years we sort of met each other, but there’s never been any kind of warmth necessarily on either side,” he says. “But I am a fan… with me, if I like the music, I don’t necessarily have to be best friends with the person… I can like things without being petty.”
It was perhaps part and parcel of fame in the 1980s, he says.
“When you’re young, everything’s a competition. As you get older, you get a bit more confident about who you are and more secure and therefore you’re able to enjoy things without feeling threatened. So I think in the ’80s, all of us were in competition with each other… nowadays I’m kind of able to enjoy a lot of bands that I hissed at in the past, you know.”
Earlier this year, George made his Broadway debut, performing in Moulin Rouge. Now, he is getting ready for gigs with Culture Club again, alongside Tony Hadley and Heaven 17.
They will play their first two albums, Kissing To Be Clever and Colour By Numbers, in full. “[It’s] one of the reasons I agreed to this tour,” he says. “I knew we wouldn’t argue about what we were playing.”
There is also a biopic in the works. George has long said he would like Game Of Thrones star Sophie Turner to play him and the campaign continues, he says. “In this day and age, why can’t have a woman playing a man? Why not break the rules? It’s kind of what I was doing 30, 40 years ago.”
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And he is still releasing solo music. His latest track, Let The Flowers Grow, is a collaboration with Bauhaus’ Peter Murphy.
“A lot of stuff I release, no one really hears of it unless they’re like a mad hardcore fan,” he says. “I’ve released 54 tracks in the last year, probably more than any other artist. And I will continue to keep putting stuff out and being creative because it feels like breathing, you know, it feels really enjoyable and I feel lucky that I get to do the thing I love.”
He takes a beat. “I mean that. I really enjoy it now in a way that I just didn’t know how to 10 years ago, 20 years ago, because I was so busy worrying about what other people thought about this, that and the other.
“Now I’m like, I want to tell people how I feel more. I mean, I’ve always done that, but I feel like, when you start to understand yourself more and realise what makes you actually happy, then you are able to express yourself in a better way.”
Sir Keir Starmer has said he will defend the decisions made in the budget “all day long” amid anger from farmers over inheritance tax changes.
Chancellor Rachel Reeves announced last month in her key speech that from April 2026, farms worth more than £1m will face an inheritance tax rate of 20%, rather than the standard 40% applied to other land and property.
The announcement has sparked anger among farmers who argue this will mean higher food prices, lower food production and having to sell off land to pay for the tax.
Sir Keir defended the budget as he gave his first speech as prime minister at the Welsh Labour conference in Llandudno, North Wales, where farmers have been holding a tractor protest outside.
Sir Keir admitted: “We’ve taken some extremely tough decisions on tax.”
He said: “I will defend facing up to the harsh light of fiscal reality. I will defend the tough decisions that were necessary to stabilise our economy.
“And I will defend protecting the payslips of working people, fixing the foundations of our economy, and investing in the future of Britain and the future of Wales. Finally, turning the page on austerity once and for all.”
He also said the budget allocation for Wales was a “record figure” – some £21bn for next year – an extra £1.7bn through the Barnett Formula, as he hailed a “path of change” with Labour governments in Wales and Westminster.
And he confirmed a £160m investment zone in Wrexham and Flintshire will be going live in 2025.
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‘PM should have addressed the protesters’
Among the hundreds of farmers demonstrating was Gareth Wyn Jones, who told Sky News it was “disrespectful” that the prime minister did not mention farmers in his speech.
He said “so many people have come here to air their frustrations. He (Starmer) had an opportunity to address the crowd. Even if he was booed he should have been man enough to come out and talk to the people”.
He said farmers planned to deliver Sir Keir a letter which begins with “‘don’t bite the hand that feeds you”.
Mr Wyn Jones told Sky News the government was “destroying” an industry that was already struggling.
“They’re destroying an industry that’s already on its knees and struggling, absolutely struggling, mentally, emotionally and physically. We need government support not more hindrance so we can produce food to feed the nation.”
He said inheritance tax changes will result in farmers increasing the price of food: “The poorer people in society aren’t going to be able to afford good, healthy, nutritious British food, so we have to push this to government for them to understand that enough is enough, the farmers can’t take any more of what they’re throwing at us.”
Mr Wyn Jones disputed the government’s estimation that only 500 farming estates in the UK will be affected by the inheritance tax changes.
“Look, a lot of farmers in this country are in their 70s and 80s, they haven’t handed their farms down because that’s the way it’s always been, they’ve always known there was never going to be inheritance tax.”
On Friday, Sir Keir addressed farmers’ concerns, saying: “I know some farmers are anxious about the inheritance tax rules that we brought in two weeks ago.
“What I would say about that is, once you add the £1m for the farmland to the £1m that is exempt for your spouse, for most couples with a farm wanting to hand on to their children, it’s £3m before anybody pays a penny in inheritance tax.”
Ministers said the move will not affect small farms and is aimed at targeting wealthy landowners who buy up farmland to avoid paying inheritance tax.
But analysis this week said a typical family farm would have to put 159% of annual profits into paying the new inheritance tax every year for a decade and could have to sell 20% of their land.
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The Country and Land Business Association (CLA), which represents owners of rural land, property and businesses in England and Wales, found a typical 200-acre farm owned by one person with an expected profit of £27,300 would face a £435,000 inheritance tax bill.
The plan says families can spread the inheritance tax payments over 10 years, but the CLA found this would require an average farm to allocate 159% of its profits each year for a decade.
To pay that, successors could be forced to sell 20% of their land, the analysis found.
China just connected its largest single-capacity solar farm built on a former coal mining area, which is in the Gobi Desert, to the grid.
The Mengxi Blue Ocean Photovoltaic Power Station, located in Otog Front Banner, Ordos, Inner Mongolia, came online on November 5. With a massive installed capacity of 3 gigawatts (GW) and over 5.9 million solar panels, the plant will generate around 5.7 billion kilowatt-hours of electricity annually – enough to power 2 million households.
This huge project will save about 1.71 million tons of standard coal each year and cut carbon dioxide emissions by roughly 4.7 million tons, which is equivalent to planting 62,700 hectares (around 155,000 acres) of trees.
Built on coal mining subsidence land, Mengxi Blue Ocean is part of China’s national West-East Electricity Transfer Project, which brings investment and development to western China west while supplying the growing need for electricity in the eastern provinces.
The solar farm includes the country’s first large-scale outdoor solar testing base in the Gobi Desert climate, demonstrating the potential for large solar installations in challenging environments.
The power station makes use of new rare earth alloy grounding materials, cutting costs by 40%. It also replaces traditional concrete foundations with steel to minimize impact on the local grassland ecosystem.
Chuang Xihong, deputy director of the Engineering Construction Department of Guodian Power Group, CHN Energy’s parent company, explained that Mengxi Blue Ocean is an agrivoltaic project as well [via PV Tech]:
Fine forage and sand-fixing plants are planted under the PV modules, providing grazing for Australian White Sheep and chickens. A composite ecological development model will be established where PV power generation and breeding will go hand in hand.
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