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.
We got to ride a pre-production model of a striking new e-bike/e-moped, the Owlet One, with lots of power in a small package.
We first met Owlet at Electrify Expo in Long Beach, CA, where we only had a couple minutes on its bike. But since the company is headquartered nearby in Los Angeles, they emailed us asking if we’d like a longer test ride, and delivered a bike to us for to spend a few hours on this time.
Just to set the stage for this ride: Owlet is a new brand, preparing to ship its first bike. So to start off, we rode a prototype, not the finished version. This means it may come with different features, and we’re not entirely sure when it will ship, either.
The first thing to notice about the Owlet One is its design, which certainly stands out immediately. The bike is made of aviation-grade aluminum, though is still quite hefty, tipping the scales at 84 lbs (but it felt even heavier in our hands).
On top of Owlet’s striking design, the bike is also somewhat of a unique shape and size. Despite offering a format that looks similar to an e-bike at first glance, it rides more like a small moped. This actually puts its 84lb weight into a different perspective – rather than being heavy for a bike, it can be thought of as light for a moped.
But photographs can’t encapsulate everything about the design of the Owlet, because it has one totally unique feature: an adjustable wheelbase.
This can be done by one person in under a minute, though requires a socket wrench and a small amount of elbow grease.
In practice, I found that the adjustable wheelbase probably won’t come up much for riding purposes. The longest wheelbase (or close to it) was the most comfortable and stable to me, and shorter wheelbases were a bit more of a novelty, especially on this powerful bike which can get a little squirrelly on the shorter settings.
Another issue is that it changes the angle of the kickstand, which means you can’t really use the kickstand outside of a narrow wheelbase range. The final bike will supposedly have a different kickstand design, but this will likely be an issue regardless of how it’s redesigned.
But it was good for making the bike small enough to fit into places you might not normally be able to fit a moped-style bike. Between its narrow handlebars and shrunk down to its smallest 44-inch-long setting, it fit into the back of both a Tesla Model Y and an Audi A3 wagon (both with seats down), but not quite into a Model 3 – which I’ve fit multiple normal-sized bikes into the back of, though with the front wheel removed. Though its hefty weight does mean it can be awkward to lift the bike in there in the first place.
And it’s got more power than you’d expect out of most e-bikes too. With a 750W motor (3000W peak), there’s plenty of get up and go, and plenty to keep you going even as you reach closer to its 30mph top speed. This top speed can be lowered through the bike’s computer, to fit your local regulations.
Speaking of regulations, the bike is officially categorized as a motorized scooter, rather than an actual e-bike, as it doesn’t have pedals. It’s in a similar category to electric kick scooters, so you need to have any class of driver’s license to ride it, though it can be used either on or off public roads (but check your area’s regulations for sidewalk use, helmet requirements, and so on).
The shrouding on the front fork does restrict turning radius, but only when walking the bike in tight corners
The throttle we tested was a thumb throttle, though we would have preferred a twist throttle. The thumb throttle is just too twitchy, and on a bike with such peaky acceleration, it could get jumpy. This was especially true with shorter wheelbase settings. Owlet says there will be an option for a twist throttle when the bike ships, but we’d also like to see the software moderate acceleration on the very low end even with the thumb throttle.
And the bike is fully throttle-driven – there are no pedals, only pegs. Owlet plans to offer an option for pegs attached to the front to allow a different, more laid-back seating position.
The motor, kickstand and pegs. This is the final wheel design, rather than the traditional spoked design in Owlet’s press photos above
I tested the bike with a few accessories I had laying around, but because of the Owlet’s unique design, not all of them would fit (the handlebar cupholder seen in some of my photos doesn’t come with the bike, for example, which has no bottle cage mount). You’ll probably want a backpack if you’re planning to carry things on this bike, rather than saddlebags or the like.
The bike’s owl-like headlights fit well with the brand name. The charging outlet is in the “beak”
Owlet says the bike’s 1500Wh battery (made with 2170-format cells) can take you around 40-60 miles, and comes with a 350W charger for a ~5 hour charge. Based on our test ride, we think this range is reasonable or perhaps even conservative – but I’m also a pretty lightweight rider at 155lbs, and always remember that e-bike ranges vary widely depending on terrain and rider.
The seat has a very cool look to it and is comfortable to sit on, partially due to integrated seat suspension. The front fork also has 3.5 inches of suspension travel. I’d have liked for both suspensions to be a little looser, but that is again likely due to my relatively light weight.
All of this comes with a caveat: we rode a prototype here, not a final bike. So the bike was missing some final features, some features weren’t working (like the headlight), and so on. Owlet says that specifically the LCD and foot stands will be changed, but we imagine other tweaks are possible (we hope one of the LCD changes makes it easier to read with polarized sunglasses – it was a bit tough, which is true of many, but not all, bike computer screens).
Owlet also has plans for a future bike, the Owlet 2, which is more solidly in the moped category, with a less wild design and higher range and top speed. Owlet shared an early prototype fact sheet with us, but given the One is already a bit of a ways out from delivery, don’t hold your breath for the 2 yet.
In short, the Owlet is a fun, quirky ride with a very design-forward ethos. If you’re looking for a bike that doesn’t look like any other, it could be worth looking into. Though it’s definitely on the unorthodox side and you have to be willing to accept its eccentricities when compared to more conventional two-wheeled devices.
The company is taking $50 refundable deposits for its bike, which it has said it wants to ship around March – but it also says that it’s waiting for a minimum batch quantity of preorders first, and that shipments would take 3-6 months after that, so we imagine March could be optimistic. If you want to get in line, you can reserve one here.
The bike will cost $3,995, though early reservers can get it for $2,995, along with an engraved serial number and a 1 year warranty/service package. Owlet wants to have service locations around LA and possibly one in New York, to begin with. It will distribute the bikes by shipping them directly to customers.
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CMC North America’s new, electric 65L tracked aerial lift is perfect for working indoors, lifting two workers and 500 lbs. of material to heights of over 65 feet – previously unheard of reach for a unit this size.
Officially capable of lifting a maximum weight of 507 lbs. to a maximum working height of 65 feet (hence, 65L) and maximum lateral reach of 34 feet, CMC says its new 65L is an ideal solution for both indoor and outdoor maintenance crews.
To deliver on that promise, CMC says operators can leverage fully 90 degrees of rotation for its two-man basket, as well as 180 degrees of turret rotation. Articulation that, when combined with the 65L’s narrow track that lets it go through a 36″ man door, will enable operators to access even the trickiest work areas.
The new 65L lift is also relatively light weight. Coming in at “just” 6,569 lbs., CMC says its 65L can safely operate on delicate flooring surfaces such as finished hardwood, tile, or marble – making it ideal for work within museums, schools, or shopping centers. The company also says the remarkably low PSI exerted by the 65L also reduces potential damage to landscaping or other ground surfaces when compared to heavier options.
A murder investigation has been launched after a woman’s body was found in the boot of a car in east London.
Detectives said a murder inquiry has been launched into the “suspicious” discovery in Ilford.
The woman, who has not been named but is from Corby in Northamptonshire, may have been the victim of a “targeted incident”, police say.
“Fast track” enquiries were made after the force was contacted by a member of the public with concerns about the welfare of the woman.
This led to the discovery of a body inside a car boot.
Northamptonshire Police said: “The investigation is ongoing and there will be continued police activity over the weekend in various locations, including Corby and Ilford.
“Although we believe that this was a targeted incident and there is no wider risk to members of the public, extra patrols will be taking place in Corby in the coming days for reassurance purposes.”
Detectives from the East Midlands Special Operations Unit major crime team and the Metropolitan Police are working on the case, to try and establish the circumstances that led to the woman’s death.