Good morning! Simone Biles is Sports Illustrated’s Sportsperson of the Year, Meghan Markle has a new lifestyle show, and Shari Redstone plans her exit from her family’s company. Have a restful weekend!
– Paramount importance. Emotions ran high throughout 2024 at Shari Redstone’s Paramount Global, as my colleague Lila MacLellan details for Fortune. Multiple rounds of layoffs and general mismanagement—including a confusing C-suite structure with three co-CEOs—created an atmosphere “full of tension, grief, and uncertainty” for employees, according to former employees. The company’s stock fell significantly in 2024, and its cable business took a $6 billion write-down in August.
When Redstone, currently chairwoman of the media empire, reached an $8 billion deal to merge Paramount with Skydance Media in July of last year, it seemed like everyone could finally take a breath—at least until more details come out about what it could look like post-merger.
Of course, the turmoil that rocked Paramount is not all on Redstone. The entertainment industry writ large is facing massive disruption and upheaval; it’s not an easy time to be a legacy media boss. As Matthew Belloni, founder of digital media company Puck, writes, Redstone secured promises from Skydance’s David Ellison, the Oracle heir, to try to save the historic film and TV company.
The deal still needs regulatory approval. But if it does go through, Redstone could receive not only a handsome payout, but a little relief from the behind-the-scenes machinations that have defined much of Paramount’s last few years. Redstone declined to comment for Fortune’s story.
It’s been a drama-filled conclusion for Redstone’s run at Paramount. And depending on what happens this year as Donald Trump’s administration takes charge (Redstone reportedly has a friendly relationship with the president elect, though he is suing CBS, also owned by Paramount’s parent company, for $10 billion), this chapter of the family’s saga may be coming to a close. You can read the rest of Lila’s story here.
Alicia Adamczyk
alicia.adamczyk@fortune.com
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ALSO IN THE HEADLINES
- Comeback kid. Simone Biles is Sports Illustrated’s 2024 Sportsperson of the Year after her “astonishing” comeback at the Paris Summer Olympics. Not only is Biles the most decorated gymnast of all time—with a handful of skills named after her in multiple events—but she she has changed the face of her sport and become an advocate for taking care of one’s mental health. Sports Illustrated
- Underrated CEO. Jane Fraser might not get the recognition of CEOs like Nvidia’s Jensen Huang or Tesla’s Elon Musk, but the turnaround she’s orchestrated as CEO of Citi deserves praise. She’s streamlined businesses and doubled down on lucrative franchises; the stock for the country’s third largest bank was up more than 30% last year as a result. Fortune
- That's the life. Meghan Markle released a trailer for her new Netflix lifestyle show, “With Love, Meghan.” The show, which premieres later this month, is produced by Markle and her husband Prince Harry’s Archewell Productions and The Intellectual Property Corporation. It will feature guests including Prince Harry, Mindy Kaling, and Alice Waters. Variety
- Careful planning. More than 75% of all caregivers in the U.S. are women—and that can make balancing short-term responsibilities with long-term financial needs complicated. But planning for retirement is critical, and there are steps caregivers can take so that their personal finances don't suffer as they help others. MarketWatch
ON MY RADAR
Sophie Thatcher is not scared of you The Cut
Doomed to be a tradwife The Atlantic
The surprising depths of the Real Housewives franchise BBC
PARTING WORDS
“You make art to share in these accolades and even though you say you don’t want them, come on, just throw me a compliment every now and then. It’s that thing of me always asking the universe, do I matter? Does what I’m doing matter?”
—Actress Zoe Saldaña on celebrating her achievements and displaying her best actress trophy from 2024’s Cannes Film Festival
