December 27, 2023 · Form 4 insider transaction
NATIONAL AMUSEMENTS INC /MD/ sold 700,000 shares of Paramount Global, a transaction worth N/A. The trade was recorded as open-market sale and disclosed on an SEC Form 4, filed 7 days after the transaction.
On May 31, 2023, National Amusements, Inc. ("NAI") sold certain shares of Series A Senior Preferred Stock of NAI, together with one warrant to purchase from NAI up to 3.5 million shares of Class B common stock of Paramount Global, for total consideration of $125 million pursuant to a senior preferred purchase agreement (the "Purchase Agreement") by and between NAI and BDT Columbia Holdings, LLC ("BDT"), dated as of May 25, 2023. On September 7, 2023, pursuant to the Purchase Agreement, NAI sold additional shares of Series A Senior Preferred Stock of NAI and issued one additional warrant to BDT to purchase from NAI up to 700,000 shares of Class B common stock of Paramount Global, for additional consideration of $25 million. (Continued in Footnote 2); (Continued from Footnote 1) On December 27, 2023, pursuant to the Purchase Agreement, NAI sold additional shares of Series A Senior Preferred Stock of NAI and issued one additional warrant to BDT to purchase from NAI up to 700,000 shares of Class B common stock of Paramount Global, for additional consideration of $25 million.; The Sumner M. Redstone National Amusements Part B General Trust (the "Continuing Trust") owns 80% of the voting stock of NAI. Subject to certain exceptions, actions by the Continuing Trust are authorized by a vote of a majority of the trustees. The shares owned directly and indirectly by NAI may also be deemed to be beneficially owned by the Continuing Trust.