With its heavy dependence on declining cable networks, executives’ refusal to part with assets like BET and Showtime that others wanted to buy, and its creation out of two old-school media companies called Viacom and CBS, Paramount in recent years has seemed like a case study is how to do everything wrong. Now one of the financial world’s biggest backers of sports and entertainment sees a chance to do it all right.

Gerry Cardinale , known for his investments in United Football League, AC Milan and the Yankees YES regional sports network, as well as setting up a large investment fund with former NBCU and CNN chief Jeff Zucker at the helm , has injected $1.8 billion into a “new” Paramount that he now owns along with David Ellison and his family. He believes traditional media compani

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