In a surprising development, Shari Redstone, Paramount Global’s controlling shareholder, received the fewest votes in the recent board election. The filing showed Redstone secured 32.2 million votes, the lowest among the six candidates. Redstone also faced strong opposition, garnering more than 905,000 votes against her re-election. This outcome came at Paramount’s annual shareholder meeting held on Tuesday. Restructuring Plan Unveiled During the meeting, Paramount’s co-CEOs introduced a restructuring plan aimed at cutting $500 million in annual costs. The plan includes potential asset sales and exploring partnerships or joint ventures for its Paramount+ streaming service. The company continues to struggle with...
- 6/8/2024
- by Steve Delikson
- TVovermind.com
Shares of Paramount Global edged lower Thursday, day three in the red, amid lingering uncertainty around Skydance’s latest offer. With bigger than anticipated sweeteners for Class B shareholders, it was approved by Par’s special board committee and sent on to controlling shareholder Shari Redstone but with no announcement forthcoming.
Redstone controls Paramount through family holding company Nai, which owns about 80% of the company’s Class A voting shares. She’s always had the last word and Skydance wasn’t necessarily going to be an immediate slam dunk. But Deadline also hears Redstone continues to explore two other options as well the Skydance offer that formally landed on her plate over the weekend.
One of the two is a bid from an investor group led by Steven Paul. Deadline hears there is one other interested party. Both of those proposals — they may not be formal offers yet — would only...
Redstone controls Paramount through family holding company Nai, which owns about 80% of the company’s Class A voting shares. She’s always had the last word and Skydance wasn’t necessarily going to be an immediate slam dunk. But Deadline also hears Redstone continues to explore two other options as well the Skydance offer that formally landed on her plate over the weekend.
One of the two is a bid from an investor group led by Steven Paul. Deadline hears there is one other interested party. Both of those proposals — they may not be formal offers yet — would only...
- 6/6/2024
- by Jill Goldsmith and Anthony D'Alessandro
- Deadline Film + TV
Paramount Global has a strong future ahead of it and so does broadcast television, despite the uncertainty that has enveloped Hollywood in general and Paramount in particular. That was the message sent Thursday by CBS chief George Cheeks, who last month was also tapped as one of three CEOs to steer Paramount Global through a period that is sure to be challenging no matter what happens with the company.
Cheeks acknowledged the merger and sale activity that has swirled around Paramount Global for nearly nine months during his keynote address at Variety‘s FYC Fest daylong conference held at West Hollywood’s 1 Hotel. But he also emphazied that the tri-part Office of the CEO, consisting of Paramount Pictures chief Brian Robbins and cable head Chris McCarthy, that was established after the ouster of Paramount Global CEO Bob Bakish has a long-term plan for running the company if the much-discussed transaction...
Cheeks acknowledged the merger and sale activity that has swirled around Paramount Global for nearly nine months during his keynote address at Variety‘s FYC Fest daylong conference held at West Hollywood’s 1 Hotel. But he also emphazied that the tri-part Office of the CEO, consisting of Paramount Pictures chief Brian Robbins and cable head Chris McCarthy, that was established after the ouster of Paramount Global CEO Bob Bakish has a long-term plan for running the company if the much-discussed transaction...
- 6/6/2024
- by Cynthia Littleton
- Variety Film + TV
There are multiple offers on the table for Paramount, but the company’s three-headed ‘Office of the CEO’ has a plan if all the deals fall through.
Paramount Global is entering its seventh month of merger and acquisition discussions, and whether or not there is an end in sight remains a bit cloudy. In December, news first broke that the company had begun initial discussions with Warner Bros. Discovery about a potential combination of the two media conglomerates. Those talks came to naught, but more seriously interested parties have emerged to evaluate Paramount’s assets in the meantime. Earlier this week, the special committee established by Paramount to evaluate M&a opportunities approved a bid by Skydance Media and its owner David Ellison, but one of the company’s major shareholder has publicly expressed its disapproval of the deal. With all of the confusion over the company’s future, Paramount executives...
Paramount Global is entering its seventh month of merger and acquisition discussions, and whether or not there is an end in sight remains a bit cloudy. In December, news first broke that the company had begun initial discussions with Warner Bros. Discovery about a potential combination of the two media conglomerates. Those talks came to naught, but more seriously interested parties have emerged to evaluate Paramount’s assets in the meantime. Earlier this week, the special committee established by Paramount to evaluate M&a opportunities approved a bid by Skydance Media and its owner David Ellison, but one of the company’s major shareholder has publicly expressed its disapproval of the deal. With all of the confusion over the company’s future, Paramount executives...
- 6/6/2024
- by David Satin
- The Streamable
The front of the Paramount Pictures studios in Los Angeles, California. (Stock image by Hannah Wernecke via Unsplash)
The key executive team at Paramount Global has unveiled a plan to move forward with a streaming-focused joint venture, as well as job cuts if its planned merger with Skydance Media fizzles out.
The plans call for expense reductions that would shave $500 million from Paramount’s budget, as well as the divestiture of “non-core assets,” according to CNBC. Where Paramount does spend on content and marketing, executives said the funds would have to be disbursed strategically and carefully.
“We’ll be thoughtful with how we deploy capital, with our world-class content being the priority,” said Paramount Pictures CFO Brian Robbins, who is one of three executives serving in the Office of the CEO.
“To be clear, $500 million in cost savings is just the beginning,” said George Cheeks, another Office of the CEO...
The key executive team at Paramount Global has unveiled a plan to move forward with a streaming-focused joint venture, as well as job cuts if its planned merger with Skydance Media fizzles out.
The plans call for expense reductions that would shave $500 million from Paramount’s budget, as well as the divestiture of “non-core assets,” according to CNBC. Where Paramount does spend on content and marketing, executives said the funds would have to be disbursed strategically and carefully.
“We’ll be thoughtful with how we deploy capital, with our world-class content being the priority,” said Paramount Pictures CFO Brian Robbins, who is one of three executives serving in the Office of the CEO.
“To be clear, $500 million in cost savings is just the beginning,” said George Cheeks, another Office of the CEO...
- 6/5/2024
- by Matthew Keys
- The Desk
The three execs who lead Paramount Global’s “Office of the CEO” have called off their planned town hall meeting with employees that had been scheduled for Wednesday, June 5, citing “ongoing speculation regarding potential M&a.”
The trio — CBS CEO George Cheeks, Paramount CEO Brian Robbins and Chris McCarthy, CEO of Showtime/MTV Entertainment Studios — rescheduled the event for June 25. The move comes as Shari Redstone is evaluating a merger offer from David Ellison’s Skydance Media, which the Paramount Global board’s special committee has recommended and submitted for Redstone’s review over the weekend. Redstone is Paramount non-executive chair and the company’s controlling shareholder through National Amusements Inc.
“Given the ongoing speculation regarding potential M&a, we want to be able to speak to you with as much candor and transparency as possible,” the three executives wrote in a memo to employees. “By moving the date, our hope is to do just that.
The trio — CBS CEO George Cheeks, Paramount CEO Brian Robbins and Chris McCarthy, CEO of Showtime/MTV Entertainment Studios — rescheduled the event for June 25. The move comes as Shari Redstone is evaluating a merger offer from David Ellison’s Skydance Media, which the Paramount Global board’s special committee has recommended and submitted for Redstone’s review over the weekend. Redstone is Paramount non-executive chair and the company’s controlling shareholder through National Amusements Inc.
“Given the ongoing speculation regarding potential M&a, we want to be able to speak to you with as much candor and transparency as possible,” the three executives wrote in a memo to employees. “By moving the date, our hope is to do just that.
- 6/4/2024
- by Todd Spangler
- Variety Film + TV
A town hall for Paramount Global employees originally scheduled to take place Wednesday has been delayed until June 25.
In a note to employees obtained by Deadline, CEOs George Cheeks, Chris McCarthy and Brian Robbins recapped Tuesday morning’s annual shareholder meeting and also noted the rescheduling of the town hall. “Given the ongoing speculation regarding potential M&a, we want to be able to speak to you with as much candor and transparency as possible. By moving the date, our hope is to do just that,” they wrote.
The shift comes at a time that Paramount Global controlling shareholder, Shari Redstone, is mulling a merger offer from Skydance. The shareholder meeting largely skirted the topic of M&a, and instead gave Redstone a chance to make the case for the unorthodox Office of the CEO structure. She conceded it was unusual, but said it would harness the collective experience of three...
In a note to employees obtained by Deadline, CEOs George Cheeks, Chris McCarthy and Brian Robbins recapped Tuesday morning’s annual shareholder meeting and also noted the rescheduling of the town hall. “Given the ongoing speculation regarding potential M&a, we want to be able to speak to you with as much candor and transparency as possible. By moving the date, our hope is to do just that,” they wrote.
The shift comes at a time that Paramount Global controlling shareholder, Shari Redstone, is mulling a merger offer from Skydance. The shareholder meeting largely skirted the topic of M&a, and instead gave Redstone a chance to make the case for the unorthodox Office of the CEO structure. She conceded it was unusual, but said it would harness the collective experience of three...
- 6/4/2024
- by Anthony D'Alessandro and Dade Hayes
- Deadline Film + TV
The future of Paramount Global remains uncertain, with the Skydance-RedBird deal in the hands of Shari Redstone, and the three co-CEOs laying out their own plan for the company Tuesday morning.
With that in mind, the company has opted to postpone a scheduled all-employee town hall that had been set for Wednesday.
Paramount told employees that the town hall will now be held on Tuesday, June 25, suggesting that there should be more clarity on the company’s future by then.
“Given the ongoing speculation regarding potential M&a, we want to be able to speak to you with as much candor and transparency as possible,” the company wrote to employees. “By moving the date, our hope is to do just that.”
The company is in the middle of a critical week that could shape its future. Redstone is currently reviewing a takeover offer led by Skydance that would see the company...
With that in mind, the company has opted to postpone a scheduled all-employee town hall that had been set for Wednesday.
Paramount told employees that the town hall will now be held on Tuesday, June 25, suggesting that there should be more clarity on the company’s future by then.
“Given the ongoing speculation regarding potential M&a, we want to be able to speak to you with as much candor and transparency as possible,” the company wrote to employees. “By moving the date, our hope is to do just that.”
The company is in the middle of a critical week that could shape its future. Redstone is currently reviewing a takeover offer led by Skydance that would see the company...
- 6/4/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Paramount Global needs to (further) reduce its staff size to compete in today’s cutthroat media landscape. Perhaps it could start by trimming a few CEOs.
After Bob Bakish was unceremoniously (but richly) exited from the company, Paramount went with an “Office of the CEO” setup, the trio of George Cheeks, Chris McCarthy, and Brian Robbins. Those three, with a lead-in from controlling shareholder Shari Redstone, ran Paramount Global’s 2024 Investor Day presentation — and a brief (and very rehearsed) Q&a — on Tuesday.
Redstone’s is the final signature required for Paramount to be merged with Skydance; a formal announcement is likely in the coming days. Until then, mum is the word on that pending deal — and Paramount Global must present to investors like the offer doesn’t exist.
Coincidentally, the three men have a three-part plan to turn around this Titanic (and maybe even tow its pieces back to...
After Bob Bakish was unceremoniously (but richly) exited from the company, Paramount went with an “Office of the CEO” setup, the trio of George Cheeks, Chris McCarthy, and Brian Robbins. Those three, with a lead-in from controlling shareholder Shari Redstone, ran Paramount Global’s 2024 Investor Day presentation — and a brief (and very rehearsed) Q&a — on Tuesday.
Redstone’s is the final signature required for Paramount to be merged with Skydance; a formal announcement is likely in the coming days. Until then, mum is the word on that pending deal — and Paramount Global must present to investors like the offer doesn’t exist.
Coincidentally, the three men have a three-part plan to turn around this Titanic (and maybe even tow its pieces back to...
- 6/4/2024
- by Tony Maglio
- Indiewire
Paramount Global’s new leadership team set out their strategic priorities for the company, including $500m in cost savings, selling non-core assets and exploring streaming joint ventures with other media companies.
The plan was presented at the company’s annual meeting of shareholders today (June 4) by its recently established Office of the CEO, which took over from Bob Bakish in April.
The Office of the CEO comprises: George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon.
The presentation...
The plan was presented at the company’s annual meeting of shareholders today (June 4) by its recently established Office of the CEO, which took over from Bob Bakish in April.
The Office of the CEO comprises: George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon.
The presentation...
- 6/4/2024
- ScreenDaily
As Paramount Global controlling shareholder Shari Redstone mulls the terms of a merger between her conglom and Skydance, the network/studio/streaming service trotted out their best and brightest CEO troika this early Am in annual global stockholders meet to tout their hit parade of 14 billion dollar revenue earning franchises across all mediums, their assurance to cut $500 million in overhead, and maximize shareholder value and profits.
With Skydance’s David Ellison knocking on Paramount Global’s door with former NBCUniversal CEO Jeff Shell in tow to execute their own strategy, today’s presentation by Brian Robbins, President & CEO of Paramount Pictures and Nickelodeon; George Cheeks, President & CEO of CBS; and Chris McCarthy, President & CEO Showtime/MTV Entertainment Studios and Paramount Media Networks, was a bullhorn to shareholders that this administration has their stuff together, to prevent any possible nosediving of the stock currently, but also an underscoring that the trio...
With Skydance’s David Ellison knocking on Paramount Global’s door with former NBCUniversal CEO Jeff Shell in tow to execute their own strategy, today’s presentation by Brian Robbins, President & CEO of Paramount Pictures and Nickelodeon; George Cheeks, President & CEO of CBS; and Chris McCarthy, President & CEO Showtime/MTV Entertainment Studios and Paramount Media Networks, was a bullhorn to shareholders that this administration has their stuff together, to prevent any possible nosediving of the stock currently, but also an underscoring that the trio...
- 6/4/2024
- by Anthony D'Alessandro
- Deadline Film + TV
Investors in Paramount Global are waiting for word on whether the latest merger offer from Skydance Media is a go. But they didn’t get any update at the media conglomerate’s awkwardly timed annual shareholders meeting Tuesday.
Shari Redstone, Paramount Global’s chair and controlling shareholder, in her introductory remarks at the virtual shareholders meeting, did not mention the pending Skydance offer. Instead, she touted the company’s content assets and leadership across CBS, Paramount Pictures and its cable networks — and turned the floor over to the three members of its “Office of the CEO,” who took over at the end of April for the ousted Bob Bakish: CBS’s George Cheeks, Paramount Pictures’ Brian Robbins and Chris McCarthy, head of Showtime/MTV Entertainment Studios.
“While we recognize this is not a traditional management structure,” Redstone said, the three-in-a-box leadership team is intended to help the company “take...
Shari Redstone, Paramount Global’s chair and controlling shareholder, in her introductory remarks at the virtual shareholders meeting, did not mention the pending Skydance offer. Instead, she touted the company’s content assets and leadership across CBS, Paramount Pictures and its cable networks — and turned the floor over to the three members of its “Office of the CEO,” who took over at the end of April for the ousted Bob Bakish: CBS’s George Cheeks, Paramount Pictures’ Brian Robbins and Chris McCarthy, head of Showtime/MTV Entertainment Studios.
“While we recognize this is not a traditional management structure,” Redstone said, the three-in-a-box leadership team is intended to help the company “take...
- 6/4/2024
- by Todd Spangler
- Variety Film + TV
Paramount Global Non-Exec Chair Shari Redstone Touts Office Of CEO During Annual Shareholder Meeting
Shari Redstone, Paramount Global’s non-executive chair and controlling shareholder, sought to sell shareholders at the company’s annual meeting Tuesday on the potential of the three-member Office of the CEO.
Convening a video presentation produced like a TV morning show, she delivered brief remarks before tossing to George Cheeks, Chris McCarthy and Brian Robbins. The three execs have formed the Office of the CEO since the ouster of Bob Bakish in April. Hovering over the event, though only briefly alluded to, is a pending merger proposal by Skydance Media, which will transform Paramount yet again if it is finalized.
“Reducing our costs to be consistent with industry standards” is a key strategic objective, Redstone said. “This will then enable us to decrease debt, strengthen our balance sheet and continue to invest in the best-in-class content that has always been at our core. And overall, it would allow us to...
Convening a video presentation produced like a TV morning show, she delivered brief remarks before tossing to George Cheeks, Chris McCarthy and Brian Robbins. The three execs have formed the Office of the CEO since the ouster of Bob Bakish in April. Hovering over the event, though only briefly alluded to, is a pending merger proposal by Skydance Media, which will transform Paramount yet again if it is finalized.
“Reducing our costs to be consistent with industry standards” is a key strategic objective, Redstone said. “This will then enable us to decrease debt, strengthen our balance sheet and continue to invest in the best-in-class content that has always been at our core. And overall, it would allow us to...
- 6/4/2024
- by Dade Hayes
- Deadline Film + TV
Paramount Global’s new trio of co-CEOs laid out their vision for the Hollywood studio as the controlling shareholder, Shari Redstone, mulls a sweetened takeover offer from a buyer consortium led by Skydance and RedBird Capital.
Redstone addressed the investors as the meeting began, indicating the company’s most important goal was “driving value for all our shareholders,” which would come by reducing overall debt to strengthen the balance sheet and continue to invest in “best-in-class content.”
Redstone also addressed the new leadership structure at the studio with three co-CEOs. “While we recognize that this is not a traditional management structure, we are confident that it will enable them to move quickly to implement best practices throughout the company to drive improved performance,” Redstone added.
This opened the way for the new trio of executives – George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios; and Brian Robbins,...
Redstone addressed the investors as the meeting began, indicating the company’s most important goal was “driving value for all our shareholders,” which would come by reducing overall debt to strengthen the balance sheet and continue to invest in “best-in-class content.”
Redstone also addressed the new leadership structure at the studio with three co-CEOs. “While we recognize that this is not a traditional management structure, we are confident that it will enable them to move quickly to implement best practices throughout the company to drive improved performance,” Redstone added.
This opened the way for the new trio of executives – George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios; and Brian Robbins,...
- 6/4/2024
- by Etan Vlessing
- The Hollywood Reporter - Movie News
According to reports, the future of Paramount has finally been decided, with Skydance Media merging with the famous old studio in a deal worth $8bn.
It’s been a long time coming but the future of Paramount Pictures and its parent company Paramount Global has seemingly been decided. As has long been suspected, the company will be merging with Skydance Media in a deal which is set to be worth around $8bn.
So what does this mean for the future of Paramount Pictures, a storied Hollywood institution? Shari Redstone – the controlling stakeholder in Paramount Global – is said to have favoured the Skydance Media bid over a competing bid that reportedly involved Sony) because Skydance had expressed a desire to keep the company whole rather than purchasing it and then selling off its assets. She’s taken a lower price to ensure this happens, and fair play to her. Even though...
It’s been a long time coming but the future of Paramount Pictures and its parent company Paramount Global has seemingly been decided. As has long been suspected, the company will be merging with Skydance Media in a deal which is set to be worth around $8bn.
So what does this mean for the future of Paramount Pictures, a storied Hollywood institution? Shari Redstone – the controlling stakeholder in Paramount Global – is said to have favoured the Skydance Media bid over a competing bid that reportedly involved Sony) because Skydance had expressed a desire to keep the company whole rather than purchasing it and then selling off its assets. She’s taken a lower price to ensure this happens, and fair play to her. Even though...
- 6/4/2024
- by Dan Cooper
- Film Stories
Und nun doch Skydance: Wie u. a. der gut informierte Filmindustrie-Journalist Matt Belloni in Puck berichtet, muss nur noch National-Amusements-Chefin Shari Redstone endgültig grünes Licht geben, dann kann David Ellison nach einem letzten nachgebesserten Angebot für die B-Aktionäre Paramount Global übernehmen.
Shari Redstone trifft die finale Entscheidung (Credit: Imago / Avalon.red)
Der Deal als solcher sei unter Dach und Fach, lassen die ersten Entertainment-Blogger wissen. Etwas mehr als einen Monat, nachdem das exklusive Verhandlungsfenster für Skydance um eine Übernahme von Paramount Global ausgelaufen war und es so ausgesehen hatte, als würde David Ellison mit seinem beim Aufsichtsrat wenig geliebten Angebot den Kürzeren ziehen, wird sich die junge Finanzierungs- und Produktionsfirma, die längst hinter den großen Marken von Paramount steht, zuletzt „Mission: Impossible“ und „Transformers“, nun doch durchsetzen. Während Sony/Apollo mit ihrem gerade noch so attraktiv erscheinenden Angebot wohl den Kürzeren zieht, hat Ellison die Oberhand gewonnen.
Nach Informationen des...
Shari Redstone trifft die finale Entscheidung (Credit: Imago / Avalon.red)
Der Deal als solcher sei unter Dach und Fach, lassen die ersten Entertainment-Blogger wissen. Etwas mehr als einen Monat, nachdem das exklusive Verhandlungsfenster für Skydance um eine Übernahme von Paramount Global ausgelaufen war und es so ausgesehen hatte, als würde David Ellison mit seinem beim Aufsichtsrat wenig geliebten Angebot den Kürzeren ziehen, wird sich die junge Finanzierungs- und Produktionsfirma, die längst hinter den großen Marken von Paramount steht, zuletzt „Mission: Impossible“ und „Transformers“, nun doch durchsetzen. Während Sony/Apollo mit ihrem gerade noch so attraktiv erscheinenden Angebot wohl den Kürzeren zieht, hat Ellison die Oberhand gewonnen.
Nach Informationen des...
- 6/4/2024
- by Thomas Schultze
- Spot - Media & Film
Paramount Global shares rose 7.5% to close at $12.80 Monday on the news that a long-awaited merger with Skydance Media moved closer to completion.
The company’s stock has declined markedly in recent years, falling to about one-third of its level in late-2019, when the reunion of CBS and Viacom became official. As various M&a scenarios circulated over the past three months, however, including a now-less-likely transaction involving Sony Pictures Entertainment and private equity giant Apollo, the shares have risen almost 30%. Monday’s spike, on higher-than-average trading volume, showed investor’s continued belief in the near-term upside of an acquisition.
Skydance has been in talks for months with Shari Redstone’s National Amusements Inc., which controls 77% of Paramount’s voting shares but only 10% of its equity. The David Ellison-led suitor appears to have largely satisfied many initial critics who viewed his previous offers as sweetheart deals for Redstone. According to multiple press reports,...
The company’s stock has declined markedly in recent years, falling to about one-third of its level in late-2019, when the reunion of CBS and Viacom became official. As various M&a scenarios circulated over the past three months, however, including a now-less-likely transaction involving Sony Pictures Entertainment and private equity giant Apollo, the shares have risen almost 30%. Monday’s spike, on higher-than-average trading volume, showed investor’s continued belief in the near-term upside of an acquisition.
Skydance has been in talks for months with Shari Redstone’s National Amusements Inc., which controls 77% of Paramount’s voting shares but only 10% of its equity. The David Ellison-led suitor appears to have largely satisfied many initial critics who viewed his previous offers as sweetheart deals for Redstone. According to multiple press reports,...
- 6/3/2024
- by Dade Hayes
- Deadline Film + TV
Shari Redstone, whose National Amusements owns a controlling interest in Paramount Pictures parent Paramount Global, is reportedly weighing up a modified takeover offer of around $8bn from David Ellison’s Skydance Media and his backers RedBird Capital.
On the eve of Paramount Global’s annual general meeting on Tuesday, CNBC reported that the latest offer would see Redstone receive $2bn for National Amusements, while Skydance would pay $4.5bn to buy out half of Paramount Global Class B shareholders at $15 per share.
Skydance and RedBird have reportedly offered to pay $1.5bn in cash to reduce Paramount Global debt.
The overall deal...
On the eve of Paramount Global’s annual general meeting on Tuesday, CNBC reported that the latest offer would see Redstone receive $2bn for National Amusements, while Skydance would pay $4.5bn to buy out half of Paramount Global Class B shareholders at $15 per share.
Skydance and RedBird have reportedly offered to pay $1.5bn in cash to reduce Paramount Global debt.
The overall deal...
- 6/3/2024
- ScreenDaily
The Paramount Pictures lot in Southern California. (Photo by Patrick Pelster
via Wikimedia Commons)
Paramount Global and production company Skydance Media have agreed to a framework of a merger that could receive approval from Paramount’s board as soon as this week.
The deal would see Skydance acquire National Amusements from Shari Redstone for around $2 billion, then buy out nearly 50 percent of Paramount’s Class B stock at $15 per share, according to CNBC. The transaction, if approved, would allow Paramount’s shareholders to retain equity in the newly-formed company once the merger is approved, with Skydance and other partners owning two-thirds of Paramount and shareholders owning the rest.
The revised framework values Paramount at $8 billion, up from $5 billion under the proposed terms of Skydance’s initial offer. It is aimed at satisfying some institutional and retail investor concerns that Redstone would benefit substantially from the arrangement.
The proposed deal does not require shareholder approval,...
via Wikimedia Commons)
Paramount Global and production company Skydance Media have agreed to a framework of a merger that could receive approval from Paramount’s board as soon as this week.
The deal would see Skydance acquire National Amusements from Shari Redstone for around $2 billion, then buy out nearly 50 percent of Paramount’s Class B stock at $15 per share, according to CNBC. The transaction, if approved, would allow Paramount’s shareholders to retain equity in the newly-formed company once the merger is approved, with Skydance and other partners owning two-thirds of Paramount and shareholders owning the rest.
The revised framework values Paramount at $8 billion, up from $5 billion under the proposed terms of Skydance’s initial offer. It is aimed at satisfying some institutional and retail investor concerns that Redstone would benefit substantially from the arrangement.
The proposed deal does not require shareholder approval,...
- 6/3/2024
- by Matthew Keys
- The Desk
Paramount: Now (finally) Under New Ownership! A special committee at the company has approved a deal that will merge Paramount Global with Skydance after David Ellison acquires National Amusements, Inc. (Nai) for about $2 billion.
The National Amusements theater chain has a controlling interest in Paramount. Skydance Media CEO Ellison is paying for that control, and then he’ll make Paramount buy his production company.
All told, it is expected to cost Ellison and his financial backers at RedBird Capital Partners in the ballpark of $8 billion to make this happen, as first reported by CNBC’s David Faber. On top of Shari Redstone’s $2 billion for her family’s Nai, $4.5 billion more will go to current Paramount shareholders; another $1.5 billion in cash will be contributed to Paramount’s balance sheet. The numbers are pretty fresh and could still change some, a person with knowledge of the goings-on tells IndieWire.
The...
The National Amusements theater chain has a controlling interest in Paramount. Skydance Media CEO Ellison is paying for that control, and then he’ll make Paramount buy his production company.
All told, it is expected to cost Ellison and his financial backers at RedBird Capital Partners in the ballpark of $8 billion to make this happen, as first reported by CNBC’s David Faber. On top of Shari Redstone’s $2 billion for her family’s Nai, $4.5 billion more will go to current Paramount shareholders; another $1.5 billion in cash will be contributed to Paramount’s balance sheet. The numbers are pretty fresh and could still change some, a person with knowledge of the goings-on tells IndieWire.
The...
- 6/3/2024
- by Brian Welk and Tony Maglio
- Indiewire
The future of Paramount may be decided in the next couple of days, with the ball now in controlling shareholder Shari Redstone’s court.
With the company set to hold its annual shareholder meeting Tuesday, Paramount’s board and the buyer consortium led Skydance and RedBird Capital have come to terms on a revised deal for the company. Now it is up to Redstone to approve the deal and move forward, or look at other options.
Because Redstone’s National Amusements was recused from the board talks, it is just beginning to review the proposal.
“We received the financial terms of the proposed Paramount/Skydance transaction over the weekend and we are reviewing them,” a spokesperson for Nai said.
Paramount is effectively controlled by Redstone and her National Amusements, which holds more than 70 percent of Class A voting shares.
As The Hollywood Reporter previously wrote last week, the new deal...
With the company set to hold its annual shareholder meeting Tuesday, Paramount’s board and the buyer consortium led Skydance and RedBird Capital have come to terms on a revised deal for the company. Now it is up to Redstone to approve the deal and move forward, or look at other options.
Because Redstone’s National Amusements was recused from the board talks, it is just beginning to review the proposal.
“We received the financial terms of the proposed Paramount/Skydance transaction over the weekend and we are reviewing them,” a spokesperson for Nai said.
Paramount is effectively controlled by Redstone and her National Amusements, which holds more than 70 percent of Class A voting shares.
As The Hollywood Reporter previously wrote last week, the new deal...
- 6/3/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Paramount Global’s months-long M&a drama may soon be coming to a conclusion.
The special committee established by Paramount Global’s board of directors to evaluate M&a proposals has reached an agreement with David Ellison’s Skydance Media and his private-equity backers on the terms of a complicated deal that would merge Skydance and Paramount while keeping Paramount publicly traded, Variety has confirmed. Skydance and its partners, RedBird Capital and Kkr, sweetened the original buyout offer to make it more attractive to nonvoting shareholders of Paramount Global.
Now, the deal awaits approval by Shari Redstone, non-executive chair of Paramount Global, whose National Amusements Inc. owns 77% of the voting shares in Paramount Global. Redstone has not officially decided whether or not to go forward on the deal, sources said — and the terms of the Skydance-nai part of the agreement have yet to be worked out. If she does agree, it...
The special committee established by Paramount Global’s board of directors to evaluate M&a proposals has reached an agreement with David Ellison’s Skydance Media and his private-equity backers on the terms of a complicated deal that would merge Skydance and Paramount while keeping Paramount publicly traded, Variety has confirmed. Skydance and its partners, RedBird Capital and Kkr, sweetened the original buyout offer to make it more attractive to nonvoting shareholders of Paramount Global.
Now, the deal awaits approval by Shari Redstone, non-executive chair of Paramount Global, whose National Amusements Inc. owns 77% of the voting shares in Paramount Global. Redstone has not officially decided whether or not to go forward on the deal, sources said — and the terms of the Skydance-nai part of the agreement have yet to be worked out. If she does agree, it...
- 6/3/2024
- by Todd Spangler
- Variety Film + TV
It's (almost) official: Paramount Pictures is the latest Hollywood studio to merge with another major player in the business. After months of speculation, with multiple potential buyers entering the fold, it has been confirmed that Skydance Media, the producer of the "Mission: Impossible" franchise, will merge with the longstanding studio, per CNBC. The news comes just ahead of Paramount's annual shareholder meeting on Tuesday, June 4. It's expected that the deal will be formally announced by the company during the meeting.
Skydance RedBird Capital and investment firm Kkr partnered on the deal. It is valued at around $8 billion, which is far less than some other major media mergers in recent years. Disney's purchase of most of Fox's media assets, for example, cost a whopping $71.3 billion in 2019. Even Amazon's more recent purchase of MGM in 2022 was valued at $8.5 billion. But that speaks in large part to why this deal is happening.
Skydance RedBird Capital and investment firm Kkr partnered on the deal. It is valued at around $8 billion, which is far less than some other major media mergers in recent years. Disney's purchase of most of Fox's media assets, for example, cost a whopping $71.3 billion in 2019. Even Amazon's more recent purchase of MGM in 2022 was valued at $8.5 billion. But that speaks in large part to why this deal is happening.
- 6/3/2024
- by Ryan Scott
- Slash Film
Late last year, there were rumblings of a possible merger being considered with two movie studio giants — Warner Bros. and Paramount. It was reported that Zaslav met with Paramount Global CEO Bob Bakish in New York City to discuss a possible merger. The potential merger would bring many iconic entertainment franchises under one roof, including Star Trek, Harry Potter, Looney Tunes, Transformers, Mission: Impossible, DC, and more. It would also likely see the two streaming services — Max and Paramount+ — combine in order to more effectively challenge Netflix and Disney+.
Wall Street analysts were skeptical of that deal and knew that both companies would have to jump through significant hurdles in order for the deal to go through. That deal would ultimately fall through, but the New York Post is now reporting on a merger that has been sealed. Paramount and Skydance have just agreed to terms that will see both...
Wall Street analysts were skeptical of that deal and knew that both companies would have to jump through significant hurdles in order for the deal to go through. That deal would ultimately fall through, but the New York Post is now reporting on a merger that has been sealed. Paramount and Skydance have just agreed to terms that will see both...
- 6/3/2024
- by EJ Tangonan
- JoBlo.com
Skydance juiced the amount of money non-voting shareholders would get for their Paramount stock in its latest proposal.
Just when Skydance thought it was out, Paramount pulled the production company back in. According to The Wall Street Journal, merger and acquisition talks between the two sides reignited last week after Skydance sweetened its offer to provide substantial compensation for non-voting shareholders. Now, CNBC’s David Faber reports that Skydance is ready to announce that it will take over the entertainment conglomerate.
Key Details: Skydance improved its offer to include a purchase of some non-voting shares for $15 each, a 26% premium over the stock’s current value. Paramount’s special M&a committee has officially endorsed the deal ahead of the annual shareholders meeting. **The Skydance offer would keep Paramount as one cohesive company, as opposed to the Sony/Apollo bid. 7-Day Free Trial $5.99+ / month ParamountPlus.com
For a limited time, get 50% off...
Just when Skydance thought it was out, Paramount pulled the production company back in. According to The Wall Street Journal, merger and acquisition talks between the two sides reignited last week after Skydance sweetened its offer to provide substantial compensation for non-voting shareholders. Now, CNBC’s David Faber reports that Skydance is ready to announce that it will take over the entertainment conglomerate.
Key Details: Skydance improved its offer to include a purchase of some non-voting shares for $15 each, a 26% premium over the stock’s current value. Paramount’s special M&a committee has officially endorsed the deal ahead of the annual shareholders meeting. **The Skydance offer would keep Paramount as one cohesive company, as opposed to the Sony/Apollo bid. 7-Day Free Trial $5.99+ / month ParamountPlus.com
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- 6/3/2024
- by David Satin
- The Streamable
Vor Wochenfrist hat sich Skydance im Bieterwettstreit um Paramount Global zurückgemeldet. Kurz vor der Paramount-Hauptversammlung am morgigen Dienstag sind jetzt neue Details zum überarbeiteten Angebot bekannt geworden.
Skydance-Gründer und -Chef David Ellison (Credit: Imago / TheNews2)
Wenige Tage, nachdem sich Skydance im Bieterwettstreit um Paramount Global zurückgemeldet hat, sind jetzt neue Details zu dem überarbeiteten Angebot bekannt geworden – kurz vor der morgen stattfindenden Hauptversammlung von Paramount Global.
Wie US-Wirtschaftsmedien berichten, sollen die nicht-stimmberechtigten Aktionäre von Paramount Global 15 Dollar pro Aktie erhalten; das entspricht in etwa einem Plus von 26 Prozent gegenüber dem Schlusskurs vom gestrigen Sonntag. Darüber hinaus wolle Skydance zunächst National Amusements, das 80 Prozent der stimmberechtigten Aktien von Paramount Global, aber nur rund zehn Prozent von dessen Aktienwert kontrolliert, übernehmen. In einem zweiten Schritt soll Paramount Global dann mit entsprechenden Barmitteln ausgestattet werden, um dann seinerseits Skydance zu übernehmen. Die Berichte wurden weder von Skydance, noch von Paramount Global oder National Amusements kommentiert.
Skydance-Gründer und -Chef David Ellison (Credit: Imago / TheNews2)
Wenige Tage, nachdem sich Skydance im Bieterwettstreit um Paramount Global zurückgemeldet hat, sind jetzt neue Details zu dem überarbeiteten Angebot bekannt geworden – kurz vor der morgen stattfindenden Hauptversammlung von Paramount Global.
Wie US-Wirtschaftsmedien berichten, sollen die nicht-stimmberechtigten Aktionäre von Paramount Global 15 Dollar pro Aktie erhalten; das entspricht in etwa einem Plus von 26 Prozent gegenüber dem Schlusskurs vom gestrigen Sonntag. Darüber hinaus wolle Skydance zunächst National Amusements, das 80 Prozent der stimmberechtigten Aktien von Paramount Global, aber nur rund zehn Prozent von dessen Aktienwert kontrolliert, übernehmen. In einem zweiten Schritt soll Paramount Global dann mit entsprechenden Barmitteln ausgestattet werden, um dann seinerseits Skydance zu übernehmen. Die Berichte wurden weder von Skydance, noch von Paramount Global oder National Amusements kommentiert.
- 6/3/2024
- by Jochen Müller
- Spot - Media & Film
Updated with new timeline. Paramount Global and Skydance have agreed to terms on a merger, a person familiar with the deal talks has confirmed to Deadline, with Paramount controlling shareholder Shari Redstone taking a final look.
CNBC reported the stepped-up timeline earlier Monday. As Deadline and other media outlets reported over the weekend, a revised offer from Skydance had gained more traction, though it did not initially appear likely that anything would be firmed up before Tuesday’s annual shareholder meeting. That event was already set to be a significant one, with the three executives sharing the Office of the CEO laying out their strategic plans for the company.
Redstone, through National Amusements, controls 77% of the voting shares of Paramount.
Previously:
As Paramount Global approaches Tuesday’s annual shareholder meeting and a high-stakes town hall for employees the following day, new details are emerging about Skydance Media’s latest acquisition offer.
CNBC reported the stepped-up timeline earlier Monday. As Deadline and other media outlets reported over the weekend, a revised offer from Skydance had gained more traction, though it did not initially appear likely that anything would be firmed up before Tuesday’s annual shareholder meeting. That event was already set to be a significant one, with the three executives sharing the Office of the CEO laying out their strategic plans for the company.
Redstone, through National Amusements, controls 77% of the voting shares of Paramount.
Previously:
As Paramount Global approaches Tuesday’s annual shareholder meeting and a high-stakes town hall for employees the following day, new details are emerging about Skydance Media’s latest acquisition offer.
- 6/2/2024
- by Dade Hayes
- Deadline Film + TV
Paramount Global’s independent special committee agreed to recommend a revised offer from David Ellison’s Skydance Media, paving a way for the potential merger of his production company with the struggling media conglomerate, according to the Wall Street Journal and other media reports.
The decision, which follows months of negotiations, now puts the fate of the media conglomerate in the hands of controlling shareholder Shari Redstone.
Representatives for Paramount and Skydance declined to comment.
Under Skydance’s initial two-step plan, the company offered around $2 billion to acquire Redstone’s National Amusements, which owns 77% of Paramount’s class A voting stock and 5.2% of its class B common stock. The second step would then see Skydance merge with Paramount to create a combined company valued at around $5 billion.
An individual familiar with the plan previously told TheWrap that former NBCUniversal CEO Jeff Shell and Skydance’s chief creative officer Dana Goldberg...
The decision, which follows months of negotiations, now puts the fate of the media conglomerate in the hands of controlling shareholder Shari Redstone.
Representatives for Paramount and Skydance declined to comment.
Under Skydance’s initial two-step plan, the company offered around $2 billion to acquire Redstone’s National Amusements, which owns 77% of Paramount’s class A voting stock and 5.2% of its class B common stock. The second step would then see Skydance merge with Paramount to create a combined company valued at around $5 billion.
An individual familiar with the plan previously told TheWrap that former NBCUniversal CEO Jeff Shell and Skydance’s chief creative officer Dana Goldberg...
- 5/31/2024
- by Lucas Manfredi
- The Wrap
Belt-tightening and cost-cutting continues across Hollywood as the Peak TV era has come to a close, and another legacy TV brand is being shuttered as a result.
Sony Television is shutting down its TriStar Television banner, which recently has been responsible for series like “Lucky Hank” (AMC), “The Afterparty” (Apple TV+), “On Becoming a God in Central Florida” (Showtime), “The Last Tycoon” (Amazon), and “Good Girls Revolt” (Amazon). In its heyday, TriStar TV produced and distributed “The Nanny,” “Mad About You,” and many more series.
A source says the decision is part of a larger shift around Sony Pictures Television’s boutique labels, not unlike the shuttering of the Gemstone brand several years ago, and that the hope is to weave all of TriStar’s values and goals into the bigger studio.
As THR first reported, TriStar TV’s active productions will be absorbed into the larger Sony Television operation,...
Sony Television is shutting down its TriStar Television banner, which recently has been responsible for series like “Lucky Hank” (AMC), “The Afterparty” (Apple TV+), “On Becoming a God in Central Florida” (Showtime), “The Last Tycoon” (Amazon), and “Good Girls Revolt” (Amazon). In its heyday, TriStar TV produced and distributed “The Nanny,” “Mad About You,” and many more series.
A source says the decision is part of a larger shift around Sony Pictures Television’s boutique labels, not unlike the shuttering of the Gemstone brand several years ago, and that the hope is to weave all of TriStar’s values and goals into the bigger studio.
As THR first reported, TriStar TV’s active productions will be absorbed into the larger Sony Television operation,...
- 5/31/2024
- by Brian Welk
- Indiewire
The Paramount Pictures lot in Southern California. (Photo by Patrick Pelster
via Wikimedia Commons)
Skydance Media is still pursuing a potential merger with Paramount Global, and has made an amended offer that aims to be more attractive to both voting and non-voting shareholders of the entertainment giant.
The revised deal was reported by the Wall Street Journal, which said it couldn’t nail down the specific terms of the offer. It comes several weeks after pre-merger discussions between Skydance and Paramount exited a window of exclusivity, and shortly after Sony Pictures and hedge fund Apollo Global Management were said to be interested in making a play for Paramount.
Sony and Apollo Global have since backed off their $26 billion all-cash offer, reportedly over concerns about how to leverage Paramount’s streaming platforms and which part of the company to sell off should the deal go through.
Skydance has been in discussion...
via Wikimedia Commons)
Skydance Media is still pursuing a potential merger with Paramount Global, and has made an amended offer that aims to be more attractive to both voting and non-voting shareholders of the entertainment giant.
The revised deal was reported by the Wall Street Journal, which said it couldn’t nail down the specific terms of the offer. It comes several weeks after pre-merger discussions between Skydance and Paramount exited a window of exclusivity, and shortly after Sony Pictures and hedge fund Apollo Global Management were said to be interested in making a play for Paramount.
Sony and Apollo Global have since backed off their $26 billion all-cash offer, reportedly over concerns about how to leverage Paramount’s streaming platforms and which part of the company to sell off should the deal go through.
Skydance has been in discussion...
- 5/31/2024
- by Matthew Keys
- The Desk
Mit einem nachgebesserten Angebot kehrt Skydance jetzt wieder zurück in das Bieterrennen um Paramount Global und hofft damit, die bisher betont unzufriedenen stimmrechtslosen Klasse-b-Aktionäre des Unternehmens auf seine Seite zu holen. Das berichtet das Wall Street Journal.
David Ellison kehrt zurück an den Verhandlungstisch (Credit: Imago / TheNews2)
Während die Gespräche zwischen Sony/Apollo und National Amusements über einen Kauf von Paramount Global nach Aussage von Tony Vinciquerra, CEO von Sony Pictures Entertainment, voranschreiten, kehrt nach einem Bericht des Wall Street Journals nun auch Skydance Media zurück an den Bietertisch. Die Firma von David Ellison, die lange als Favorit für die Übernahme des Traditionsstudios gegolten hatte, den Paramount-Vorstand aber mit seinen Angeboten nicht überzeugen konnte, legt ein neu überarbeitetes Angebot vor, um das Pendel wieder in seine Richtung schlagen zu lassen.
Demnach würde der Betrag, den Skydance und seine Finanzpartner an Shari Redstone, Paramounts Hauptaktionärin, zahlen würden, reduziert und gerechter...
David Ellison kehrt zurück an den Verhandlungstisch (Credit: Imago / TheNews2)
Während die Gespräche zwischen Sony/Apollo und National Amusements über einen Kauf von Paramount Global nach Aussage von Tony Vinciquerra, CEO von Sony Pictures Entertainment, voranschreiten, kehrt nach einem Bericht des Wall Street Journals nun auch Skydance Media zurück an den Bietertisch. Die Firma von David Ellison, die lange als Favorit für die Übernahme des Traditionsstudios gegolten hatte, den Paramount-Vorstand aber mit seinen Angeboten nicht überzeugen konnte, legt ein neu überarbeitetes Angebot vor, um das Pendel wieder in seine Richtung schlagen zu lassen.
Demnach würde der Betrag, den Skydance und seine Finanzpartner an Shari Redstone, Paramounts Hauptaktionärin, zahlen würden, reduziert und gerechter...
- 5/31/2024
- by Thomas Schultze
- Spot - Media & Film
Skydance and RedBird Capital are sweetening their takeover deal for Paramount Global.
A source confirms to The Hollywood Reporter that the investor group, which also includes Kkr, has made a revised offer to Paramount’s independent board committee reviewing deals.
While the specifics of the new offer were not immediately available, it is believed to sweeten the deal for Paramount’s Class B shareholders, many of which have expressed concern about the original offer. Paramount is effectively controlled by Shari Redstone and her National Amusements, which holds more than 70 percent of Class A voting shares.
Class B shareholders have expressed concern that they are not getting the same value out of the deal that Redstone is, with some threatening lawsuits if the company moves forward with the deal.
The original deal on the table would see the Skydance-RedBird consortium acquire National Amusements’ stake in Paramount at a premium (given their...
A source confirms to The Hollywood Reporter that the investor group, which also includes Kkr, has made a revised offer to Paramount’s independent board committee reviewing deals.
While the specifics of the new offer were not immediately available, it is believed to sweeten the deal for Paramount’s Class B shareholders, many of which have expressed concern about the original offer. Paramount is effectively controlled by Shari Redstone and her National Amusements, which holds more than 70 percent of Class A voting shares.
Class B shareholders have expressed concern that they are not getting the same value out of the deal that Redstone is, with some threatening lawsuits if the company moves forward with the deal.
The original deal on the table would see the Skydance-RedBird consortium acquire National Amusements’ stake in Paramount at a premium (given their...
- 5/30/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
After months of on-again-off-again haggling, Skydance Media submitted a newly revised offer for Paramount Global. The revised bid would reduce the amount Skydance and its financial partners would pay Shari Redstone, Paramount’s controlling shareholder, and reallocate that more equitably to the company’s nonvoting Class B shareholders, Variety has confirmed. Skydance would also put in more cash upfront to swing the deal, sources said.
The special committee established by Paramount’s board is currently reviewing Skydance’s revised proposal, sources said. Reps for Skydance and Paramount Global declined to comment. Reps for Nai and the Paramount board’s special committee did not respond to requests for comment. Skydance’s sweetened offer for Paramount was first reported by the Wall Street Journal.
The broad outlines remain the same on the offer from Skydance, headed by producer David Ellison, and financial backers RedBird Capital Partners and Kkr. Redstone would sell her stake in National Amusements Inc.
The special committee established by Paramount’s board is currently reviewing Skydance’s revised proposal, sources said. Reps for Skydance and Paramount Global declined to comment. Reps for Nai and the Paramount board’s special committee did not respond to requests for comment. Skydance’s sweetened offer for Paramount was first reported by the Wall Street Journal.
The broad outlines remain the same on the offer from Skydance, headed by producer David Ellison, and financial backers RedBird Capital Partners and Kkr. Redstone would sell her stake in National Amusements Inc.
- 5/30/2024
- by Todd Spangler
- Variety Film + TV
David Ellison’s Skydance has sweetened its offer to acquire Paramount Global, Deadline has learned, in an attempt to make it more palatable to the company’s Class B stockholders after they trashed the outlines of a previous deal and threatened to sue.
Ellison’s original offer was to buy out Par’s controlling shareholder Shari Redstone for a significant premium, resulting in a windfall for her, and then merge Skydance into Paramount keeping the combined company public. Stockholders wanted to be bought out at a premium as well.
Skydance, backed by Oracle co-founder Larry Ellison and Gerry Cardinale’s RedBird Capital, sweetened the offer once late last month — offering to buy out a certain number of shares from stockholders other than Redstone — as an exclusive monthlong negotiating period with Par ended. But it wasn’t enough to woo holders of the Class B non-voting stock, who are the majority of shareholders,...
Ellison’s original offer was to buy out Par’s controlling shareholder Shari Redstone for a significant premium, resulting in a windfall for her, and then merge Skydance into Paramount keeping the combined company public. Stockholders wanted to be bought out at a premium as well.
Skydance, backed by Oracle co-founder Larry Ellison and Gerry Cardinale’s RedBird Capital, sweetened the offer once late last month — offering to buy out a certain number of shares from stockholders other than Redstone — as an exclusive monthlong negotiating period with Par ended. But it wasn’t enough to woo holders of the Class B non-voting stock, who are the majority of shareholders,...
- 5/30/2024
- by Jill Goldsmith and Anthony D'Alessandro
- Deadline Film + TV
It’s that time of year again!
The old guard in media and finance and the tech innovators disrupting them are gearing up to hit Allen & Co.’s leadership retreat Sun Valley – where private jets sit bumper-to-bumper and power is carved up and handed out among global players. It’s an ultra-secretive event for the one-percent set (think Davos with higher fences).
But Variety can exclusively report that the guest list for the Idaho gathering includes National Amusements president Shari Redstone — in the thick of a deal to sell Paramount Global and with it her family’s media empire to Skydance — as well as OpenAI CEO Sam Altman and Hollywood super-producer Jason Blum. They join veterans like Meta’s Mark Zuckerberg, Bill Gates, Bob Iger, Amazon’s Andy Jassy and Jeff Bezos, Warner Bros. Discovery’s David Zaslav, Apple’s Tim Cook and Netflix co-ceo’s Ted Sarandos and Greg Peters.
The old guard in media and finance and the tech innovators disrupting them are gearing up to hit Allen & Co.’s leadership retreat Sun Valley – where private jets sit bumper-to-bumper and power is carved up and handed out among global players. It’s an ultra-secretive event for the one-percent set (think Davos with higher fences).
But Variety can exclusively report that the guest list for the Idaho gathering includes National Amusements president Shari Redstone — in the thick of a deal to sell Paramount Global and with it her family’s media empire to Skydance — as well as OpenAI CEO Sam Altman and Hollywood super-producer Jason Blum. They join veterans like Meta’s Mark Zuckerberg, Bill Gates, Bob Iger, Amazon’s Andy Jassy and Jeff Bezos, Warner Bros. Discovery’s David Zaslav, Apple’s Tim Cook and Netflix co-ceo’s Ted Sarandos and Greg Peters.
- 5/30/2024
- by Matt Donnelly and Brent Lang
- Variety Film + TV
Warner Bros. Discovery CEO David Zaslav, who started talking about more deals shortly after inking a massive merger, irritating Wall Street, has been publicly quiet on that front for a bit. Today said he sees opportunities in M&a with the company on a stronger financial footing and rolling streamer Max out globally to achieve necessary scale.
Discovery’s acquisition of Warner Media generated significant debt which stood at about $50 billion at one point. Wbd has paid about $15 billion of that down, Zaslav said during a Q&a at Bernstein’s Strategic Decisions investor conference today. Free cash flow is stronger, streaming is (on-and-off) profitable “and we have a long-term plan.”
“Over the next two to three years, I expect that there’s going to be some opportunities. There will be some players that want to get out of the business. There will be others that will look to consolidate … And...
Discovery’s acquisition of Warner Media generated significant debt which stood at about $50 billion at one point. Wbd has paid about $15 billion of that down, Zaslav said during a Q&a at Bernstein’s Strategic Decisions investor conference today. Free cash flow is stronger, streaming is (on-and-off) profitable “and we have a long-term plan.”
“Over the next two to three years, I expect that there’s going to be some opportunities. There will be some players that want to get out of the business. There will be others that will look to consolidate … And...
- 5/30/2024
- by Jill Goldsmith
- Deadline Film + TV
For nearly two weeks it’s been crickets when it comes to the push and pull between Skydance and Sony Pictures Entertainment/Apollo over Paramount Global.
However, making some noise during a Sony investor event tonight (tomorrow morning Tokyo time) was Sony Pictures Entertainment CEO Tony Vinciquerra. The chief executive presented business highlights and took some questions, as did the giant conglom’s other division heads.
Analysts didn’t ask about Sony’s desire for Paramount Global, nor did Vinciquerra spill any beans about the elephant in the room. But he did hint at something when asked on the call about investment strategy.
“We are looking for strategic investments … that complement our strategy. We are not going to go outside the strategy that has been enormously successful for us over the past several years,” he said. “We will not make investments that don’t complement our core strategy, and our...
However, making some noise during a Sony investor event tonight (tomorrow morning Tokyo time) was Sony Pictures Entertainment CEO Tony Vinciquerra. The chief executive presented business highlights and took some questions, as did the giant conglom’s other division heads.
Analysts didn’t ask about Sony’s desire for Paramount Global, nor did Vinciquerra spill any beans about the elephant in the room. But he did hint at something when asked on the call about investment strategy.
“We are looking for strategic investments … that complement our strategy. We are not going to go outside the strategy that has been enormously successful for us over the past several years,” he said. “We will not make investments that don’t complement our core strategy, and our...
- 5/30/2024
- by Anthony D'Alessandro and Jill Goldsmith
- Deadline Film + TV
Exclusive: The Paley Center for Media has appointed four new trustees to its board and added some high profile executives to its L.A. contingent on the West Coast.
Kristin Dolan, CEO of AMC Networks, Omar Abbosh, CEO of Pearson, Brad Karp, chair of Paul, Weiss, Rifkind, Wharton & Garrison, and Dennis Mathew, chairman-ceo of Altice USA are new to the board of trustees of the nonprofit programmer and think tank that explores all things media.
The Los Angeles Board of Governors is also expanding with Jesse Collins, founder and CEO of Jesse Collins Entertainment; Sharb Farjami, North America CEO of GroupM; Daryl Lee, Global CEO of McCann Worldgroup; Christian Muirhead, co-chairman of WME; and Ben Samek, CEO of Banijay America. They join Bela Bajaria, Jennifer Salke, Kevin Beggs, Greg Berlanti, Frances Berwick, Casey Bloys, Robert A. Boyd II, Campbell Brown, Brian Robbins, George Cheeks, Agnes Chu, Channing Dungey, Michael Kassan,...
Kristin Dolan, CEO of AMC Networks, Omar Abbosh, CEO of Pearson, Brad Karp, chair of Paul, Weiss, Rifkind, Wharton & Garrison, and Dennis Mathew, chairman-ceo of Altice USA are new to the board of trustees of the nonprofit programmer and think tank that explores all things media.
The Los Angeles Board of Governors is also expanding with Jesse Collins, founder and CEO of Jesse Collins Entertainment; Sharb Farjami, North America CEO of GroupM; Daryl Lee, Global CEO of McCann Worldgroup; Christian Muirhead, co-chairman of WME; and Ben Samek, CEO of Banijay America. They join Bela Bajaria, Jennifer Salke, Kevin Beggs, Greg Berlanti, Frances Berwick, Casey Bloys, Robert A. Boyd II, Campbell Brown, Brian Robbins, George Cheeks, Agnes Chu, Channing Dungey, Michael Kassan,...
- 5/29/2024
- by Jill Goldsmith
- Deadline Film + TV
In a highly anticipated announcement, Paramount Global and Charter Communications said they’re extending their longstanding partnership with a multi-year distribution agreement for Paramount’s full portfolio of linear cable networks, CBS owned-and-operated broadcast stations and direct-to-consumer streaming services.
In addition to CBS, subscribers to Charter’s Spectrum will keep BET, Comedy Central, MTV, Nickelodeon, and Paramount Network, as well as premium service Paramount+ with Showtime.
In a new twist that echoes Charter’s landmark deal with Disney last year, the agreement calls for the ad-supported versions of Paramount’s direct-to-consumer services, Paramount+ Essential and BET+ Essential to be included at no additional cost to Charter’s Spectrum TV customers. Charter also will make Paramount’s direct-to-consumer products available for purchase to its Internet-only customers.
But unlike the Disney pact, Charter is not dropping any cable networks. Its Disney deal eliminated Baby TV, Disney Junior, Disney Xd, Freeform, Fxm, Fxx,...
In addition to CBS, subscribers to Charter’s Spectrum will keep BET, Comedy Central, MTV, Nickelodeon, and Paramount Network, as well as premium service Paramount+ with Showtime.
In a new twist that echoes Charter’s landmark deal with Disney last year, the agreement calls for the ad-supported versions of Paramount’s direct-to-consumer services, Paramount+ Essential and BET+ Essential to be included at no additional cost to Charter’s Spectrum TV customers. Charter also will make Paramount’s direct-to-consumer products available for purchase to its Internet-only customers.
But unlike the Disney pact, Charter is not dropping any cable networks. Its Disney deal eliminated Baby TV, Disney Junior, Disney Xd, Freeform, Fxm, Fxx,...
- 5/23/2024
- by Jill Goldsmith
- Deadline Film + TV
Paramount Global and Charter Communications announced that they reached a new multiyear distribution deal covering Paramount’s full portfolio of linear cable TV networks, CBS owned stations — and will for the first time include Paramount+ and BET+ streaming services.
The two companies’ previous carriage pact expired April 30. The parties temporarily extended that while they hashed out a new agreement, thereby avoiding a blackout of Paramount’s networks on Charter, currently the U.S.’s largest pay-tv provider.
Financial terms weren’t disclosed. The deal will keep CBS and cable channels including BET, Comedy Central, MTV, Nickelodeon and Paramount Network — home to hit series “Yellowstone” — on Charter’s Spectrum TV service. The renewal also covers the premium linear TV service Paramount+ With Showtime (which confusingly has the same name as the direct-to-consumer streamer).
As part of the deal, the ad-supported versions of Paramount’s Paramount+ Essential and BET+ Essential will be...
The two companies’ previous carriage pact expired April 30. The parties temporarily extended that while they hashed out a new agreement, thereby avoiding a blackout of Paramount’s networks on Charter, currently the U.S.’s largest pay-tv provider.
Financial terms weren’t disclosed. The deal will keep CBS and cable channels including BET, Comedy Central, MTV, Nickelodeon and Paramount Network — home to hit series “Yellowstone” — on Charter’s Spectrum TV service. The renewal also covers the premium linear TV service Paramount+ With Showtime (which confusingly has the same name as the direct-to-consumer streamer).
As part of the deal, the ad-supported versions of Paramount’s Paramount+ Essential and BET+ Essential will be...
- 5/23/2024
- by Todd Spangler
- Variety Film + TV
Ari Emanuel tonight left no ambiguity of what he thinks about Benjamin Netanyahu.
Speaking at the Simon Wiesenthal Center’s National Tribute Gala, where he was awarded its Humanitarian Prize, the Endeavor CEO blasted the Israeli prime minister, saying, “The time for Bibi Netanyahu to go has come.”
“This is a painful and crucial moment for all of us who are Jews. It is not a time to stay silent,” Emanuel said to the packed Beverly Wilshire ballroom. Among the high-powered audience at the Beverly Hills hotel on Wednesday were Larry David, Amazon Prime Video boss Jennifer Salke and spouse Bert Salke, Jeffery and Marilyn Katzenberg, powerhouse attorney Patty Glaser and husband Sam, WME co-chairs Christian Muirhead and Richard Weitz, and producer Brian Grazer. As well, a number of Holocaust survivors and those who lived through the fatal terror of Hamas’ October 7 attack on Israeli border towns and army bases.
Speaking at the Simon Wiesenthal Center’s National Tribute Gala, where he was awarded its Humanitarian Prize, the Endeavor CEO blasted the Israeli prime minister, saying, “The time for Bibi Netanyahu to go has come.”
“This is a painful and crucial moment for all of us who are Jews. It is not a time to stay silent,” Emanuel said to the packed Beverly Wilshire ballroom. Among the high-powered audience at the Beverly Hills hotel on Wednesday were Larry David, Amazon Prime Video boss Jennifer Salke and spouse Bert Salke, Jeffery and Marilyn Katzenberg, powerhouse attorney Patty Glaser and husband Sam, WME co-chairs Christian Muirhead and Richard Weitz, and producer Brian Grazer. As well, a number of Holocaust survivors and those who lived through the fatal terror of Hamas’ October 7 attack on Israeli border towns and army bases.
- 5/23/2024
- by Dominic Patten
- Deadline Film + TV
Troubled Hollywood conglomerate Paramount Global is scaling back its wide-ranging partnership with Korean entertainment leader Cj Enm, Variety has learned.
The deal was initially struck in December 2021 (when Paramount Global was called ViacomCBS) and was described at the time as “a global content deal encompassing coproductions for original TV shows and films as well as content licensing and distribution across the companies’ streaming services.”
The Paramount+ streaming service, currently housed within the Cj Enm-controlled Tving streaming platform, is to become unavailable from June 19, Tving has informed subscribers. Paramount+ began operating on Tving, as a free-of-charge addition for existing subscribers, in June 2022.
“Tving and Paramount+ have decided not to renew their partnership,” a Paramount Global spokesperson confirmed to Variety.
“In line with our respective business strategies, we have decided together to end the ‘Paramount+ Branded Pavilion’ service on June 18th. Going forward, Tving will strive to secure various businesses to increase user satisfaction,...
The deal was initially struck in December 2021 (when Paramount Global was called ViacomCBS) and was described at the time as “a global content deal encompassing coproductions for original TV shows and films as well as content licensing and distribution across the companies’ streaming services.”
The Paramount+ streaming service, currently housed within the Cj Enm-controlled Tving streaming platform, is to become unavailable from June 19, Tving has informed subscribers. Paramount+ began operating on Tving, as a free-of-charge addition for existing subscribers, in June 2022.
“Tving and Paramount+ have decided not to renew their partnership,” a Paramount Global spokesperson confirmed to Variety.
“In line with our respective business strategies, we have decided together to end the ‘Paramount+ Branded Pavilion’ service on June 18th. Going forward, Tving will strive to secure various businesses to increase user satisfaction,...
- 5/22/2024
- by Patrick Frater and Todd Spangler
- Variety Film + TV
It’s been less than two years since TV exec Matt Thunell left Netflix to become president of Skydance Television. And in that time, Thunell — who previously ran spectacle and event programming at the streamer — has completed his first major assignment from Skydance boss David Ellison and chief creative officer Dana Goldberg: doubling their TV series output.
Today, Skydance has five series in active production: Amazon’s “Reacher” and “Cross,” Netflix’s “Fubar,” Apple TV+’s’ “Foundation” and “The Big Door Prize,” as well as five new series orders setup across Amazon, Apple TV+ and Netflix, including a comedy, a YA series, an action series starring Octavia Spencer and Hannah Waddingham, and a bull rider project led by Tim McGraw.
Skydance Television has also signed a first-look TV deal with filmmakers Gina Prince-Bythewood and Reggie Rock Bythewood’s Undisputed Cinema. The partners are about to sell their first series from the producing couple,...
Today, Skydance has five series in active production: Amazon’s “Reacher” and “Cross,” Netflix’s “Fubar,” Apple TV+’s’ “Foundation” and “The Big Door Prize,” as well as five new series orders setup across Amazon, Apple TV+ and Netflix, including a comedy, a YA series, an action series starring Octavia Spencer and Hannah Waddingham, and a bull rider project led by Tim McGraw.
Skydance Television has also signed a first-look TV deal with filmmakers Gina Prince-Bythewood and Reggie Rock Bythewood’s Undisputed Cinema. The partners are about to sell their first series from the producing couple,...
- 5/21/2024
- by Jennifer Maas
- Variety Film + TV
The longer the Paramount sale process drags out, the less likely it appears any major transactions surrounding the company will take place.
The merger and acquisition talks surrounding Paramount Global continue, but the company’s options are beginning to narrow. The first company to make a meaningful pursuit of Paramount was David Ellison’s Skydance, and when the two sides entered an exclusive negotiating period in April, many observers thought a deal was just a matter of time. During that window, Sony teamed up with the private equity firm Apollo Global Management to craft a $26 billion all-cash bid, in case Paramount and Skydance’s talks came to naught. Since the exclusive window with Skydance has lapsed, Paramount’s board has been considering the Sony/Apollo offer and, a new report from Bloomberg, it appears that things are moving forward as the two sides have signed a non-disclosure agreement. However, there...
The merger and acquisition talks surrounding Paramount Global continue, but the company’s options are beginning to narrow. The first company to make a meaningful pursuit of Paramount was David Ellison’s Skydance, and when the two sides entered an exclusive negotiating period in April, many observers thought a deal was just a matter of time. During that window, Sony teamed up with the private equity firm Apollo Global Management to craft a $26 billion all-cash bid, in case Paramount and Skydance’s talks came to naught. Since the exclusive window with Skydance has lapsed, Paramount’s board has been considering the Sony/Apollo offer and, a new report from Bloomberg, it appears that things are moving forward as the two sides have signed a non-disclosure agreement. However, there...
- 5/20/2024
- by David Satin
- The Streamable
Sony Pictures and private equity firm Apollo have signed non-disclosure agreements with Paramount Global, according to reports, suggesting that the companies may be moving closer to a deal to buy the Hollywood studio.
Sony and Apollo are thought to have been in talks with Paramount for the past ten days, since the studio’s 30-day exclusive negotiating window with David Ellison’s Skydance Media expired. Non-disclosure agreements would allow Sony and Apollo to examine financial information about Paramount that is not publicly available.
According to the New York Times, however, Sony and Apollo have now backed away from the $26bn...
Sony and Apollo are thought to have been in talks with Paramount for the past ten days, since the studio’s 30-day exclusive negotiating window with David Ellison’s Skydance Media expired. Non-disclosure agreements would allow Sony and Apollo to examine financial information about Paramount that is not publicly available.
According to the New York Times, however, Sony and Apollo have now backed away from the $26bn...
- 5/18/2024
- ScreenDaily
Sony and Apollo have apparently decided to back away from their previous all cash $26 billion offer to buy Paramount Global, in part due to concerns from Sony shareholders about costs related to Paramount’s streaming assets, The New York Times reported Friday.
But according to Nyt, Sony and Apollo are still serious about acquiring Paramount assets and are exploring other possible deal structures. As part of this, the companies have signed a non disclosure agreement with Paramount that allows them to examine financial information that hasn’t been made public.
Formal talks with Sony were approved by a special committee of Paramount’s board of directors on May 5, after the company’s exclusive negotiation window with Skydance Media expired without a deal,
But the committee also signaled interest in further negotiations with Skydance, even though the end of the exclusivity window makes a deal less likely. Skydance talks centered on...
But according to Nyt, Sony and Apollo are still serious about acquiring Paramount assets and are exploring other possible deal structures. As part of this, the companies have signed a non disclosure agreement with Paramount that allows them to examine financial information that hasn’t been made public.
Formal talks with Sony were approved by a special committee of Paramount’s board of directors on May 5, after the company’s exclusive negotiation window with Skydance Media expired without a deal,
But the committee also signaled interest in further negotiations with Skydance, even though the end of the exclusivity window makes a deal less likely. Skydance talks centered on...
- 5/18/2024
- by Ross A. Lincoln
- The Wrap
Paramount Global’s EVP, Chief Communications and Corporate Marketing Officer Julia Phelps will leave the company at the end of May.
Her group — which encompasses Corporate Communications, Marketing, Social Impact, Esg, Creative & Strategy, Production, Board Relations and Events and Brand Experience — will report to studio chief Brian Robbins on an interim basis.
The exec has been with Paramount for two decades, overseeing the comms group through the Viacom and CBS merger, the launch of Paramount+ and a rebrand to Paramount Global. Working in partnerships with other divisions and corporate functions, her team helped develop initiatives including Spark, the global expansion of BET’s Content for Change campaign, ongoing community engagement and Esg efforts, cross-company marketing and publicity functions.
Phelps alerted her team to her departure in an email, obtained by Deadline. “In two decades and across multiple roles, I’ve been lucky to work with the very best all around the world.
Her group — which encompasses Corporate Communications, Marketing, Social Impact, Esg, Creative & Strategy, Production, Board Relations and Events and Brand Experience — will report to studio chief Brian Robbins on an interim basis.
The exec has been with Paramount for two decades, overseeing the comms group through the Viacom and CBS merger, the launch of Paramount+ and a rebrand to Paramount Global. Working in partnerships with other divisions and corporate functions, her team helped develop initiatives including Spark, the global expansion of BET’s Content for Change campaign, ongoing community engagement and Esg efforts, cross-company marketing and publicity functions.
Phelps alerted her team to her departure in an email, obtained by Deadline. “In two decades and across multiple roles, I’ve been lucky to work with the very best all around the world.
- 5/17/2024
- by Jill Goldsmith
- Deadline Film + TV
Julia Phelps, Paramount Global’s executive VP and chief communications and corporate marketing officer, is exiting after almost 20 years with the company and predecessor Viacom.
Phelps had long worked with Bob Bakish, who was ousted as CEO of the company last month and replaced by a three-exec committee. Phelps, in a memo to her team Friday that was obtained by Variety, said she will leave Paramount at the end of May. (Read the full memo below.)
According to Phelps’ memo, the company’s marketing and communications group for the time being will report into Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon. Robbins is one of the troika of execs in the company’s “Office of the CEO,” alongside George Cheeks, president and CEO of CBS, and Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks.
The senior management changes at Paramount Global come...
Phelps had long worked with Bob Bakish, who was ousted as CEO of the company last month and replaced by a three-exec committee. Phelps, in a memo to her team Friday that was obtained by Variety, said she will leave Paramount at the end of May. (Read the full memo below.)
According to Phelps’ memo, the company’s marketing and communications group for the time being will report into Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon. Robbins is one of the troika of execs in the company’s “Office of the CEO,” alongside George Cheeks, president and CEO of CBS, and Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks.
The senior management changes at Paramount Global come...
- 5/17/2024
- by Todd Spangler
- Variety Film + TV
Now that the upfronts are over, it’s time to hand out much-deserved accolades to those who made this year’s presentations truly unforgettable.
Just remember, everyone’s a winner here. But these folks made the week extra special in New York.
Most Ominous Overture: Kelly Clarkson kicking off a week of upfronts that used to be the sole proprietorship of broadcast networks with tunes like “Whatever Makes You Stronger” and “Since U Been Gone.”
Best Dressed Code Breakers: Men like Bob Iger, Casey Bloys, Mike Hopkins and Rob Wade for appearing without ties. Nothing says we are hemorrhaging money more than a nude neck.
Earworm Award: Beyoncé’s Texas Hold ‘Em and Miley Cyrus’ Flowers that were played on a loop.
Best Joke of the Week: “NBC is launching the new adventure Destination X,” said Seth Meyers at the NBCU upfront. “It was originally titled the Linda Yaccarino story.
Just remember, everyone’s a winner here. But these folks made the week extra special in New York.
Most Ominous Overture: Kelly Clarkson kicking off a week of upfronts that used to be the sole proprietorship of broadcast networks with tunes like “Whatever Makes You Stronger” and “Since U Been Gone.”
Best Dressed Code Breakers: Men like Bob Iger, Casey Bloys, Mike Hopkins and Rob Wade for appearing without ties. Nothing says we are hemorrhaging money more than a nude neck.
Earworm Award: Beyoncé’s Texas Hold ‘Em and Miley Cyrus’ Flowers that were played on a loop.
Best Joke of the Week: “NBC is launching the new adventure Destination X,” said Seth Meyers at the NBCU upfront. “It was originally titled the Linda Yaccarino story.
- 5/17/2024
- by The Deadline TV Team
- Deadline Film + TV
Shares of Paramount Global dipped in afternoon trading on a CNBC report that Sony may be “rethinking” a joint bid with Apollo for the company.
A person familiar with the situation said there’s no indication Sony is pulling out of a deal. And the CNBC report noted that the “rethinking” may mean a restructuring of what would be a very complex transaction.
The studio and private equity fund made a formal, but preliminary, $26 billion offer for the company controlled by Shari Redstone just as Par’s monthlong exclusive negotiating window with Skydance expired early this month. It wasn’t extended, but the David Ellison-led studio backed by Larry Ellison and RedBird Capital still has an offer on the table.
A special committee of the Paramount Global board met then to consider the Sony-led deal, which is preferred by Paramount stockholders.
Sony and Apollo would need to conduct due diligence,...
A person familiar with the situation said there’s no indication Sony is pulling out of a deal. And the CNBC report noted that the “rethinking” may mean a restructuring of what would be a very complex transaction.
The studio and private equity fund made a formal, but preliminary, $26 billion offer for the company controlled by Shari Redstone just as Par’s monthlong exclusive negotiating window with Skydance expired early this month. It wasn’t extended, but the David Ellison-led studio backed by Larry Ellison and RedBird Capital still has an offer on the table.
A special committee of the Paramount Global board met then to consider the Sony-led deal, which is preferred by Paramount stockholders.
Sony and Apollo would need to conduct due diligence,...
- 5/14/2024
- by Jill Goldsmith
- Deadline Film + TV
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