National Amusements Announces Strategic Investment from BDT & MSD Partners
25 Maio 2023 - 5:30PM
Business Wire
Investment Bolsters NAI’s Financial Position
and Reflects Strong Conviction in Paramount Global’s Ability to
Drive Value Creation for all Shareholders
National Amusements, Inc. (“NAI”), the majority voting
shareholder of Paramount Global, today announced that it has
entered into an agreement for a $125 million preferred equity
investment in NAI by BDT Capital Partners, an affiliate of BDT
& MSD Partners, a merchant bank built to serve the distinct
needs of family business owners and founders.
The investment will position NAI for sustainable growth and
further post-pandemic recovery in its underlying operations as
movie theatre attendance continues to increase. This includes
strengthening NAI’s balance sheet by enabling it to reduce interest
expense and pay down its revolving loan and recent term loan
borrowings. Upon termination of those facilities, NAI shares of
Paramount Global (NASDAQ: PARA, PARAA) which had been pledged to
support those loans will be released back to NAI, and obligations
to make future pledges under these facilities will be
eliminated.
“Our expanded partnership with BDT & MSD reflects our strong
belief in Paramount’s ability to deliver value to all shareholders.
Paramount has the best assets in the media industry, with an
incredible content library and IP spanning all genres and
demographics, as well as the #1 broadcast network, the leading free
ad-supported streaming television service and the fastest-growing
pay streaming platform in the U.S.,” said Shari Redstone, Chair,
CEO and President of NAI. “NAI has conviction in Paramount’s
strategy and execution, and we remain committed to supporting
Paramount as it takes the necessary steps to build on its success
and capitalize on the strategic opportunities in our industry.”
“We are pleased to partner with National Amusements in a
transaction that supports its stewardship of Paramount Global,”
said Byron Trott, Chairman and Co-CEO of BDT & MSD Partners.
"Paramount has an incredible legacy, underpinned by its
industry-leading content and media assets. We believe strongly in
the value creation opportunities ahead for the company and its
shareholders.”
The investment is expected to close next week subject to
satisfaction of customary closing conditions.
About National Amusements, Inc.
National Amusements, Inc. is a world leader in the motion
picture exhibition industry operating 837 movie screens in the
U.S., U.K. and Latin America. National Amusements delivers a
superior entertainment experience in theatres around the world
under its Showcase, Cinema de Lux, Multiplex, SuperLux and UCI
brands. Based in Norwood, Massachusetts, National Amusements is a
closely held company operating under the third generation of
leadership by the Redstone family, through which they have been the
majority voting shareholders of Paramount Global for more than 35
years. National Amusements, directly and through subsidiaries, owns
77.3% of the Class A (voting) common stock of Paramount Global and
5.2% of the Class B common stock, constituting approximately 9.8%
of the overall equity of the Company.
About BDT & MSD Partners
BDT & MSD Partners is a merchant bank with an advisory and
investment platform built to serve the distinct needs of business
owners and strategic, long-term investors. We are distinguished by
our decades of experience advising at the intersection of founders,
families, and businesses, as well as by our differentiated capital
base and culture of aligned investing. Since 2010, our affiliated
funds have deployed more than $50 billion across our investment
strategies.
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version on businesswire.com: https://www.businesswire.com/news/home/20230525005840/en/
Media: National Amusements Molly Morse T: (212)
521-4826 E: molly.morse@kekstcnc.com
BDT & MSD Partners Sara Evans / Matthew Glasser T:
(312) 529-6548 / (312) 385-2883 E: communications@bdtmsd.com
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