SCHEDULE: Redstone Trust Sells NAI, Ends Paramount Control

The Sumner M. Redstone National Amusements Part B General Trust has sold its equity interests in National Amusements, Inc., ceasing its control over the entity and its beneficial ownership of Paramount Global shares.

Summary

• The Sumner M. Redstone National Amusements Part B General Trust has filed an Amendment No. 31 to its Schedule 13G regarding its beneficial ownership of Paramount Global Class A Common Stock.
• On August 7, 2025, the General Trust sold all its outstanding equity interests in National Amusements, Inc. (NAI) to Pinnacle Media Ventures, LLC, Pinnacle Media Ventures II, LLC, Pinnacle Media Ventures III, LLC, and RB Tentpole Holdings LP.
• As a result of this transaction, the General Trust ceased to control NAI.
• The General Trust now reports 0 shares of Paramount Global Class A Common Stock beneficially owned, representing 0% of the class.

Sentiment

Score: 5

Explanation: The filing is purely factual regarding a change in beneficial ownership and control, without presenting positive or negative implications for the issuer's financial performance or outlook.

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Industry Context

This filing indicates a significant shift in the ownership structure of National Amusements, Inc., which historically held a controlling stake in Paramount Global through its Class A shares. This change could imply a potential shift in strategic direction or future merger and acquisition activity for Paramount Global, as the long-standing Redstone family control via NAI has formally ended.

Stakeholder Impact

• Shareholders: The cessation of control by the Sumner M. Redstone National Amusements Part B General Trust over National Amusements, Inc., which historically held a controlling stake in Paramount Global, represents a significant shift in the company's long-standing ownership structure. This could lead to increased speculation regarding future strategic direction, potential mergers and acquisitions, or changes in corporate governance for Paramount Global.

Key Dates

Keywords

Paramount Global, National Amusements, Sumner M. Redstone, Schedule 13G, beneficial ownership, corporate control, media, entertainment