04:32 PM EDT, 09/06/2024 (MT Newswires) -- Paramount Global ( PARAA ) Chair Shari Redstone will get about $180 million in severance and other benefits on top of the financial windfall she and other family members are set to receive as they turn over control of the media empire to Skydance Media, Bloomberg reported Friday, citing sources.

Most of the voting stock in Paramount is controlled by the Redstone family through National Amusements, the holding company Skydance is paying $1.75 billion to acquire. Shari Redstone owns a 20% stake in National Amusement and will receive around $350 million through stock sale.

The severance package will be in addition to the sale proceeds, and includes around $70 million in separation benefits through her contract with National Amusements, the sources said. Skydance will also contribute about $110 million for unfunded pension liabilities owed to Redstone.

Paramount, National Amusement and Skydance did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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