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
Shares of Paramount Global slid Tuesday following a CNBC report that Sony was “rethinking” its bid to acquire Paramount in conjunction with private-equity firm Apollo Global Management.
Earlier this month, Sony Pictures Entertainment and Apollo sent a nonbinding offer to Paramount Global’s board offering to take Paramount private for $26 billion in cash, a price tag that would include the assumption of debt. Paramount Global’s stock dropped more than 5% after CNBC’s David Faber reported Tuesday that “the likelihood of a bid [by Sony and Apollo] at least for the full company seems to be fading a bit.”
“There has not been an NDA signed by Sony [with Paramount Global] at this point, a nondisclosure agreement that you would typically sign so you can begin real due diligence,” Faber said on CNBC’s “Power Lunch.”
Sony Group’s stock price dropped last week and “that may have given them some pause, not to mention, of course…...
Earlier this month, Sony Pictures Entertainment and Apollo sent a nonbinding offer to Paramount Global’s board offering to take Paramount private for $26 billion in cash, a price tag that would include the assumption of debt. Paramount Global’s stock dropped more than 5% after CNBC’s David Faber reported Tuesday that “the likelihood of a bid [by Sony and Apollo] at least for the full company seems to be fading a bit.”
“There has not been an NDA signed by Sony [with Paramount Global] at this point, a nondisclosure agreement that you would typically sign so you can begin real due diligence,” Faber said on CNBC’s “Power Lunch.”
Sony Group’s stock price dropped last week and “that may have given them some pause, not to mention, of course…...
- 5/14/2024
- by Todd Spangler
- Variety Film + TV
Shari Redstone strolled onto the red carpet in New York City tonight for the premiere of Paramount Pictures If, John Krasinski’ star-studded PG adventure that opens this weekend. She was there to support studio chief Brian Robbins.
As of April, the executive (who also oversees Nickelodeon) is also one of three members of a new Office of the CEO. The premiere hits as Redstone, Paramount Global’s controlling shareholder and non-executive board chair, is in the midst of trying to sell the company but finding a deal complicated. She did no interviews outside the Sva Theatre in Chelsea, but chatted and stood for photographs with Robbins, Krasinski (who also stars) and talent from Ryan Reynolds to Matt Damon.
Redstone also attended the world premiere of Top Gun: Maverick two years agoi in May of 2022 aboard the USS Midway in San Diego.
A special committee of Paramount’s board talked exclusively...
As of April, the executive (who also oversees Nickelodeon) is also one of three members of a new Office of the CEO. The premiere hits as Redstone, Paramount Global’s controlling shareholder and non-executive board chair, is in the midst of trying to sell the company but finding a deal complicated. She did no interviews outside the Sva Theatre in Chelsea, but chatted and stood for photographs with Robbins, Krasinski (who also stars) and talent from Ryan Reynolds to Matt Damon.
Redstone also attended the world premiere of Top Gun: Maverick two years agoi in May of 2022 aboard the USS Midway in San Diego.
A special committee of Paramount’s board talked exclusively...
- 5/14/2024
- by Jill Goldsmith
- Deadline Film + TV
Ari Emanuel, the CEO of Endeavor and one of Hollywood’s most outspoken voices in the fight against antisemitism, will be honored at the Simon Wiesenthal Center’s National Tribute Gala.
At the annual fundraiser for Swc, which has taken place since 1977 and brings together many of the most powerful and influential people in the business, Jews and non-Jews alike, Emanuel will receive the organization’s highest honor, the Humanitarian Award, The Hollywood Reporter has learned.
Emanuel, 63, will be feted by colleagues — and give an acceptance speech — at the Beverly Wilshire Hotel on May 22. Members of the public can purchase tickets to attend, starting at $1500 a plate, but, in a first, the event will be closed to the press.
Emanuel famously does not mince his words, especially on matters related to antisemitism and Israel. Among other things, he led the industry’s boycott of Kanye West after the rapper went...
At the annual fundraiser for Swc, which has taken place since 1977 and brings together many of the most powerful and influential people in the business, Jews and non-Jews alike, Emanuel will receive the organization’s highest honor, the Humanitarian Award, The Hollywood Reporter has learned.
Emanuel, 63, will be feted by colleagues — and give an acceptance speech — at the Beverly Wilshire Hotel on May 22. Members of the public can purchase tickets to attend, starting at $1500 a plate, but, in a first, the event will be closed to the press.
Emanuel famously does not mince his words, especially on matters related to antisemitism and Israel. Among other things, he led the industry’s boycott of Kanye West after the rapper went...
- 5/10/2024
- by Scott Feinberg
- The Hollywood Reporter - Movie News
Paramount+ has been at the center of several bundle discussions, but it’s not the only streamer that could benefit from combining with others.
One of streaming’s longest-standing taboos has finally been broken. Disney and Warner Bros. Discovery are taking their collaboration on a joint venture sports streaming service one step further, and announced this week that they would bring their subscription video-on-demand (SVOD) services Disney+, Hulu, and Max together in a cross-company bundle, the first in streaming’s history to be offered to all consumers. Now that Disney and Wbd have crossed this particular Rubicon, the experts at The Streamable are examining what other potential streaming partnerships have already been discussed between companies, as well as some that they should be talking about.
Key Details: Paramount+ has been at the heart of several bundle discussions in the past year. Fox CEO Lachlan Murdoch said this week that the...
One of streaming’s longest-standing taboos has finally been broken. Disney and Warner Bros. Discovery are taking their collaboration on a joint venture sports streaming service one step further, and announced this week that they would bring their subscription video-on-demand (SVOD) services Disney+, Hulu, and Max together in a cross-company bundle, the first in streaming’s history to be offered to all consumers. Now that Disney and Wbd have crossed this particular Rubicon, the experts at The Streamable are examining what other potential streaming partnerships have already been discussed between companies, as well as some that they should be talking about.
Key Details: Paramount+ has been at the heart of several bundle discussions in the past year. Fox CEO Lachlan Murdoch said this week that the...
- 5/9/2024
- by David Satin
- The Streamable
Paramount’s controlling shareholder Shari Redstone preferred to keep the company together in a sale, but that outcome appears less and less likely.
The sale of a company as large as Paramount Global is a highly involved process. The company’s primary shareholder Shari Redstone’s haste to do business with David Ellison and Skydance Media led to an exclusive negotiating period regarding a merger, but on May 3 that window ended without a deal. Now, Paramount executives have moved on to considering a $26 billion offer from Sony and their private equity partner Apollo Global Management. There has been a significant amount of talk regarding the regulatory issues that would face Sony and Apollo in their attempt to get control of Paramount, but new details surfacing this week indicate many of those concerns will be made irrelevant, as Sony and Apollo plan to sell off assets that would otherwise potentially run them afoul with government officials.
The sale of a company as large as Paramount Global is a highly involved process. The company’s primary shareholder Shari Redstone’s haste to do business with David Ellison and Skydance Media led to an exclusive negotiating period regarding a merger, but on May 3 that window ended without a deal. Now, Paramount executives have moved on to considering a $26 billion offer from Sony and their private equity partner Apollo Global Management. There has been a significant amount of talk regarding the regulatory issues that would face Sony and Apollo in their attempt to get control of Paramount, but new details surfacing this week indicate many of those concerns will be made irrelevant, as Sony and Apollo plan to sell off assets that would otherwise potentially run them afoul with government officials.
- 5/9/2024
- by David Satin
- The Streamable
Should Sony and Apollo get their hooks into Paramount Global their strategy would be to keep theatrical release output steady between both studios –not reduced– while cutting the more burdensome parts of the conglom, read auctioning off CBS, the linear channels like MTV and Paramount Plus streaming service.
The news about theatrical output is per Deadline tonight, while the New York Times reported earlier that Sony and Apollo have plans to cut Paramount’s TV assets in their $26 billion bid for the entertainment company. Per the Nyt, Sony hasn’t shared their plan with Paramount and its consiglieres who decided on May 4 to hold separate talks with Sony/Apollo and continued negotiations with David Ellison’s Skydance/Red Bird. Talks have eased between Paramount and Skydance, though the latter remains interested.
Many have pointed out that a Sony merger with Paramount would put the former under scrutiny with the FCC...
The news about theatrical output is per Deadline tonight, while the New York Times reported earlier that Sony and Apollo have plans to cut Paramount’s TV assets in their $26 billion bid for the entertainment company. Per the Nyt, Sony hasn’t shared their plan with Paramount and its consiglieres who decided on May 4 to hold separate talks with Sony/Apollo and continued negotiations with David Ellison’s Skydance/Red Bird. Talks have eased between Paramount and Skydance, though the latter remains interested.
Many have pointed out that a Sony merger with Paramount would put the former under scrutiny with the FCC...
- 5/9/2024
- by Anthony D'Alessandro
- Deadline Film + TV
Getting ahold of Paramount-owned franchises could be a dream for Sony, but big regulatory issues stand in its way.
Sony has spent the last decade doing things a little differently than Hollywood-based entertainment companies. That makes plenty of sense, considering that so much of Sony’s revenue comes from other sources than its TV and movie productions; video game sales and hardware manufacturing are the company’s true bread and butter. But the company could be about to undergo a big shift, as it has joined private equity company Apollo Global Management to make a $26 billion offer to acquire Paramount Global. There are plenty of obstacles to clear before a deal can be made, but if the transaction does eventually go through, Sony will be able to evolve to a new level of content arms dealing that has made the company so successful in recent years.
Key Details: Paramount owns some highly popular franchises,...
Sony has spent the last decade doing things a little differently than Hollywood-based entertainment companies. That makes plenty of sense, considering that so much of Sony’s revenue comes from other sources than its TV and movie productions; video game sales and hardware manufacturing are the company’s true bread and butter. But the company could be about to undergo a big shift, as it has joined private equity company Apollo Global Management to make a $26 billion offer to acquire Paramount Global. There are plenty of obstacles to clear before a deal can be made, but if the transaction does eventually go through, Sony will be able to evolve to a new level of content arms dealing that has made the company so successful in recent years.
Key Details: Paramount owns some highly popular franchises,...
- 5/8/2024
- by David Satin
- The Streamable
There’s a new, scary reality sinking in for both Paramount shareholders and its board of directors: What if nobody buys Paramount?
Not much more than a week ago it felt like a foregone conclusion that David Ellison would buy out Shari Redstone’s controlling stake in Paramount Global for a few billion bucks, and force Paramount to buy his Skydance for a few billion more bucks than that. That’s what Redstone wanted to happen at least, and what Redstone wants she’s pretty well set up to get. She has the shares to force whatever outcome she wants and stop whatever one she doesn’t.
But there was another suitor who could no longer be ignored.
Apollo Global Management, a private-equity fund, has been knocking on Redstone’s door for months. It’s pounding now. At first, Apollo offered $11 billion to buy out Paramount’s studio. No way,...
Not much more than a week ago it felt like a foregone conclusion that David Ellison would buy out Shari Redstone’s controlling stake in Paramount Global for a few billion bucks, and force Paramount to buy his Skydance for a few billion more bucks than that. That’s what Redstone wanted to happen at least, and what Redstone wants she’s pretty well set up to get. She has the shares to force whatever outcome she wants and stop whatever one she doesn’t.
But there was another suitor who could no longer be ignored.
Apollo Global Management, a private-equity fund, has been knocking on Redstone’s door for months. It’s pounding now. At first, Apollo offered $11 billion to buy out Paramount’s studio. No way,...
- 5/7/2024
- by Tony Maglio and Brian Welk
- Indiewire
Warner Bros. Discovery chief David Zaslav largely evaded questions about NBA talks and Paramount Global’s potential as a Wbd merger partner, but he did weigh in on the hot topic of executive pay.
“All CEOs need to be paid with alignment with shareholders,” he declared. In 2023, a year when his company’s stock price hovered around $10 a share, less than half of its value when it began trading in 2022, Zaslav collected a total payday of $49.7 million, up more than $10 million from the prior year.
The comments came during a Milken Conference panel titled “The Corporate Compass: Charting the Role of the CEO.” Zaslav appeared alongside three other chief executives: Ey’s Carmine Di Sibio, Time magazine’s Jessica Sibley and FedEx’s Raj Subramaniam.
Throughout his nearly two decades in the corner office, Zaslav has often become enmeshed in controversy over executive compensation. In 2021, the year when he spearheaded...
“All CEOs need to be paid with alignment with shareholders,” he declared. In 2023, a year when his company’s stock price hovered around $10 a share, less than half of its value when it began trading in 2022, Zaslav collected a total payday of $49.7 million, up more than $10 million from the prior year.
The comments came during a Milken Conference panel titled “The Corporate Compass: Charting the Role of the CEO.” Zaslav appeared alongside three other chief executives: Ey’s Carmine Di Sibio, Time magazine’s Jessica Sibley and FedEx’s Raj Subramaniam.
Throughout his nearly two decades in the corner office, Zaslav has often become enmeshed in controversy over executive compensation. In 2021, the year when he spearheaded...
- 5/6/2024
- by Dade Hayes
- Deadline Film + TV
Warner Bros. Discovery is staying on the sidelines of the Paramount Global acquisition drama — at least for now. That was the signal sent Monday by WB Discovery CEO David Zaslav during his appearance at the Milken Institute Global Conference in Beverly Hills.
Zaslav was pressed during the hourlong panel about the status of WB Discovery’s bid to extend its TV rights agreement with the NBA, and he was pointedly asked to defend the high levels of compensation for media CEOs, including himself. Zaslav came in for criticism last week when his 2023 comp package of about $49 million was disclosed after a year in which Wbd’s stock price sank by double digits.
“I think all CEOs need to be paid with alignment with shareholders,” Zaslav said. “And the majority of compensation should be aligned with the performance of the stock. And if the stock does well, then the CEO should...
Zaslav was pressed during the hourlong panel about the status of WB Discovery’s bid to extend its TV rights agreement with the NBA, and he was pointedly asked to defend the high levels of compensation for media CEOs, including himself. Zaslav came in for criticism last week when his 2023 comp package of about $49 million was disclosed after a year in which Wbd’s stock price sank by double digits.
“I think all CEOs need to be paid with alignment with shareholders,” Zaslav said. “And the majority of compensation should be aligned with the performance of the stock. And if the stock does well, then the CEO should...
- 5/6/2024
- by Cynthia Littleton
- Variety Film + TV
Whatever fate befalls Paramount Global after the smoke clears, one of the Hollywood Trivial Pursuit questions someday will be which heavy hitters have issued statements of support for Skydance’s proposed acquisition of Paramount’s holding company, National Amusements Inc. — and which didn’t.
Even as the Paramount special committee passed on the offer from David Ellison’s company May 4, sources say the Skydance-RedBird alliance has not given up. The premise, a source with knowledge of the situation tells The Hollywood Reporter, is that the rival Apollo/Sony Pictures offer now up for Paramount’s consideration will fail for multiple reasons, with Skydance still waiting in the wings.
So despite much Wall Street skepticism over a proposed deal that favors controlling shareholder Shari Redstone over other investors, “Skydance has been on an extremely aggressive PR campaign in the last month to convince everyone how legitimate they are,” says a prominent media mogul.
Even as the Paramount special committee passed on the offer from David Ellison’s company May 4, sources say the Skydance-RedBird alliance has not given up. The premise, a source with knowledge of the situation tells The Hollywood Reporter, is that the rival Apollo/Sony Pictures offer now up for Paramount’s consideration will fail for multiple reasons, with Skydance still waiting in the wings.
So despite much Wall Street skepticism over a proposed deal that favors controlling shareholder Shari Redstone over other investors, “Skydance has been on an extremely aggressive PR campaign in the last month to convince everyone how legitimate they are,” says a prominent media mogul.
- 5/6/2024
- by Kim Masters
- The Hollywood Reporter - Movie News
If no deal for the sale or merger of Paramount Global comes to fruition, talks of a combination of Paramount+ with Peacock could revive.
The saga of Paramount’s ownership future has had more twists and turns than a Hollywood blockbuster. The narrative took a new direction this weekend, as Paramount’s exclusive negotiating window with David Ellison and his production house Skydance Media ended on May 3 without a deal being struck. Despite initially not initially appearing interested, Paramount is now considering an offer from Sony and Apollo Global Management, and various reports indicate that the media conglomerate hasn’t ruled out doing business with Skydance either. But the probability that Paramount will not find a merger and acquisition partner in the current business environment is rising, and if that happens, the company’s controlling shareholder Shari Redstone will have to determine what comes next for the legacy media outlet.
The saga of Paramount’s ownership future has had more twists and turns than a Hollywood blockbuster. The narrative took a new direction this weekend, as Paramount’s exclusive negotiating window with David Ellison and his production house Skydance Media ended on May 3 without a deal being struck. Despite initially not initially appearing interested, Paramount is now considering an offer from Sony and Apollo Global Management, and various reports indicate that the media conglomerate hasn’t ruled out doing business with Skydance either. But the probability that Paramount will not find a merger and acquisition partner in the current business environment is rising, and if that happens, the company’s controlling shareholder Shari Redstone will have to determine what comes next for the legacy media outlet.
- 5/6/2024
- by David Satin
- The Streamable
Paramount Advertising President John Halley was preparing to preside over an upfront pitch to Publicis, one of the four major holding companies in the ad business, when big news crossed the wire.
Bob Bakish was officially out as CEO of Paramount Global. Much of the reason that the 27-year company veteran lost favor with board members and controlling shareholder Shari Redstone had to do with intensifying merger talks, which have also kept Paramount in the headlines. A couple of hours before the Publicis dinner, Paramount capped its newsy day by conducting a 9-minute earnings call and declining to field any questions from Wall Street analysts.
“It’s not my favorite backdrop,” Halley dryly conceded in an interview with Deadline. “I thought, ‘Is this going to derail our messaging?’ And we got into the room and it was very clear immediately that that was background and not foreground. We acknowledged it,...
Bob Bakish was officially out as CEO of Paramount Global. Much of the reason that the 27-year company veteran lost favor with board members and controlling shareholder Shari Redstone had to do with intensifying merger talks, which have also kept Paramount in the headlines. A couple of hours before the Publicis dinner, Paramount capped its newsy day by conducting a 9-minute earnings call and declining to field any questions from Wall Street analysts.
“It’s not my favorite backdrop,” Halley dryly conceded in an interview with Deadline. “I thought, ‘Is this going to derail our messaging?’ And we got into the room and it was very clear immediately that that was background and not foreground. We acknowledged it,...
- 5/6/2024
- by Dade Hayes
- Deadline Film + TV
Another big Hollywood name rooting for a Paramount-Skydance deal is Jeffrey Katzenberg, who says that outcome would be “a great win for Paramount and for people in the industry.”
Speaking a the Axios Bfd Talks: LA this evening, the DreamWorks co-founder and former Walt Disney Studios head acknowledged that the situation is complicated. “There’s a reason why the David Ellison deal did not fly, which I think is unfortunate. Because I think David is a phenomenal entrepreneur, and he is super ambitious, and loves the movie business, the studio business. I think that would have been a great win for Paramount and for people in the industry.”
“The economic complexity of how this has sort of played out, over decades, by the way, makes it really hard to get to a successful outcome. But not impossible. And I would say don’t count Ellison out,” said Katzenberg whose...
Speaking a the Axios Bfd Talks: LA this evening, the DreamWorks co-founder and former Walt Disney Studios head acknowledged that the situation is complicated. “There’s a reason why the David Ellison deal did not fly, which I think is unfortunate. Because I think David is a phenomenal entrepreneur, and he is super ambitious, and loves the movie business, the studio business. I think that would have been a great win for Paramount and for people in the industry.”
“The economic complexity of how this has sort of played out, over decades, by the way, makes it really hard to get to a successful outcome. But not impossible. And I would say don’t count Ellison out,” said Katzenberg whose...
- 5/6/2024
- by Jill Goldsmith and Dominic Patten
- Deadline Film + TV
Paramount Global has reportedly begun talks with Sony Pictures and private equity firm Apollo after the exclusive 30-day negotiating window with David Ellison’s Skydance Media expired on Friday.
Sony and Apollo are said to have put a $26bn cash offer on the table for the consideration of Shari Redstone, whose family owns Paramount Global controlling shareholder National Amusements, and a special committee.
Redstone has the power to veto any deal and was said to favour Skydance, whose CEO Ellison has long been a co-financing partner for Paramount on hits like the Mission: Impossible franchise and Top Gun: Maverick and...
Sony and Apollo are said to have put a $26bn cash offer on the table for the consideration of Shari Redstone, whose family owns Paramount Global controlling shareholder National Amusements, and a special committee.
Redstone has the power to veto any deal and was said to favour Skydance, whose CEO Ellison has long been a co-financing partner for Paramount on hits like the Mission: Impossible franchise and Top Gun: Maverick and...
- 5/6/2024
- ScreenDaily
Paramount Global goes back to playing the field this week with two suitors still pursuing the company that has been surrounded by a highly public M&a drama for months. And it’s unlikely to end any time soon.
The company reached the end of its 30-day exclusive negotiating window with Skydance Media on May 3 without coming to an agreement. Sony Pictures Entertainment and Apollo Global Management, meanwhile, are moving forward with a $26 billion all-cash offer that raises regulatory and political concerns in this election-year environment. The special committee of Paramount Global’s board of directors that has been handling the M&a negotiations now intends to proceed with discussions with both the Skydance and Sony/Apollo groups, as reported Sunday by the New York Times and confirmed by multiple sources.
That decision leaves Skydance CEO David Ellison and his backers, which include Gerry Cardinale’s RedBird Capital, with a...
The company reached the end of its 30-day exclusive negotiating window with Skydance Media on May 3 without coming to an agreement. Sony Pictures Entertainment and Apollo Global Management, meanwhile, are moving forward with a $26 billion all-cash offer that raises regulatory and political concerns in this election-year environment. The special committee of Paramount Global’s board of directors that has been handling the M&a negotiations now intends to proceed with discussions with both the Skydance and Sony/Apollo groups, as reported Sunday by the New York Times and confirmed by multiple sources.
That decision leaves Skydance CEO David Ellison and his backers, which include Gerry Cardinale’s RedBird Capital, with a...
- 5/5/2024
- by Cynthia Littleton
- Variety Film + TV
A special committee of Paramount’s board of directors decided over the weekend to formally open negotiations with Sony Pictures Entertainment and private equity group Apollo Global Management, an individual with knowledge told TheWrap. The decision follows an exclusive negotiation period between Paramount and Skydance ending Friday with no deal made.
A spokesperson for the special committee declined to comment.
Sony Pictures stepped into the race by making a joint informal offer with private equity firm Apollo Global Management of $26 billion, all cash, for Paramount. When it comes to Skydance, it received the public backing Sunday of two big names: director James Cameron and Endeavor CEO Ari Emanuel, who voiced their support for David Ellison’s Skydance acquiring Paramount in an interview with the Financial Times.
The committee also pushed for further negotiations with Skydance. The exclusive negotiating window closing with no deal and not being extended doesn’t mean...
A spokesperson for the special committee declined to comment.
Sony Pictures stepped into the race by making a joint informal offer with private equity firm Apollo Global Management of $26 billion, all cash, for Paramount. When it comes to Skydance, it received the public backing Sunday of two big names: director James Cameron and Endeavor CEO Ari Emanuel, who voiced their support for David Ellison’s Skydance acquiring Paramount in an interview with the Financial Times.
The committee also pushed for further negotiations with Skydance. The exclusive negotiating window closing with no deal and not being extended doesn’t mean...
- 5/5/2024
- by Mike Roe, Sharon Waxman
- The Wrap
Updated with Paramount’s board decision to begin new negotiations: A special committee of the Paramount Global board decided at a meeting yesterday to begin talking with Sony and Apollo following the expiration of a month-long negotiating window with Skydance on Friday night.
The committee met over the weekend to consider its approach to the preliminary $26 billion cash bid, including the assumption of debt, made jointly by the entertainment giant and global private equity film.
But the David Ellison studio is still in the mix as Paramount seeks to continue those talks – just non-exclusive, obviously, Deadline has learned.
That’s a deal that won’t have any regulatory issues in closing, and is the one that Par’s controlling shareholder Shari Restone prefers.
Paramount shareholders hate the Skydance deal, just as much of Hollywood detests the idea of Paramount and Sony merging – a combination that would need to pass regulatory scrutiny.
The committee met over the weekend to consider its approach to the preliminary $26 billion cash bid, including the assumption of debt, made jointly by the entertainment giant and global private equity film.
But the David Ellison studio is still in the mix as Paramount seeks to continue those talks – just non-exclusive, obviously, Deadline has learned.
That’s a deal that won’t have any regulatory issues in closing, and is the one that Par’s controlling shareholder Shari Restone prefers.
Paramount shareholders hate the Skydance deal, just as much of Hollywood detests the idea of Paramount and Sony merging – a combination that would need to pass regulatory scrutiny.
- 5/5/2024
- by Jill Goldsmith
- Deadline Film + TV
Both James Cameron and Ari Emanuel offered their support this weekend of Skydance’s bid to acquire Paramount.
Though reports earlier this week suggested that Paramount’s special board committee was leaning against accepting Skydance’s offer, Cameron and Emanuel told The Financial Times on Sunday that they supported Skydance founder David Ellison’s potential leadership.
The deal, first offered during a 30-day exclusive negotiating window at the beginning of April, would see Skydance, joined by financial partners RedBird Capital and Kkir, acquire controlling shareholder Shari Redstone’s stake in the company and then merge Skydance into Paramount, keeping it as a publicly traded company, with new leadership at the helm.
“I love the Ellison idea,” Cameron, whose 1997 film Titanic remains one of Paramount’s most successful movies, said. “If he gets . . . to run Paramount creatively, it could be a huge boon for this business in these ailing times. David’s proven himself.
Though reports earlier this week suggested that Paramount’s special board committee was leaning against accepting Skydance’s offer, Cameron and Emanuel told The Financial Times on Sunday that they supported Skydance founder David Ellison’s potential leadership.
The deal, first offered during a 30-day exclusive negotiating window at the beginning of April, would see Skydance, joined by financial partners RedBird Capital and Kkir, acquire controlling shareholder Shari Redstone’s stake in the company and then merge Skydance into Paramount, keeping it as a publicly traded company, with new leadership at the helm.
“I love the Ellison idea,” Cameron, whose 1997 film Titanic remains one of Paramount’s most successful movies, said. “If he gets . . . to run Paramount creatively, it could be a huge boon for this business in these ailing times. David’s proven himself.
- 5/5/2024
- by Zoe G Phillips
- The Hollywood Reporter - Movie News
Warren Buffett says he has sold all of his shares in Paramount Global at a significant loss.
Speaking at the annual meeting of Berkshire Hathaway, his company, today in Omaha, Ne, the billionaire investor took full ownership of the bad call. Despite speculation to the contrary, he said, “It was 100% my decision” to invest in Paramount in 2022. “We sold it all and we lost quite a bit of money. That happens in this business.” (Watch a clip of him above.)
As of the end of 2023, Berkshire owned 63.3 million Class B, or non-voting shares, which had a value of about $800 million at the time. The stake, which represented about 10.1% of the company’s equity, helped boost the stock when Buffett initially invested in 2022. He then went on to make public comments criticizing the companies pursuing Netflix in subscription streaming, a cohort that includes Paramount, given the economics of the emerging sector.
Speaking at the annual meeting of Berkshire Hathaway, his company, today in Omaha, Ne, the billionaire investor took full ownership of the bad call. Despite speculation to the contrary, he said, “It was 100% my decision” to invest in Paramount in 2022. “We sold it all and we lost quite a bit of money. That happens in this business.” (Watch a clip of him above.)
As of the end of 2023, Berkshire owned 63.3 million Class B, or non-voting shares, which had a value of about $800 million at the time. The stake, which represented about 10.1% of the company’s equity, helped boost the stock when Buffett initially invested in 2022. He then went on to make public comments criticizing the companies pursuing Netflix in subscription streaming, a cohort that includes Paramount, given the economics of the emerging sector.
- 5/4/2024
- by Dade Hayes
- Deadline Film + TV
Warren Buffett’s two-year dalliance with Paramount Global has come to an end.
The famed investor and Berkshire Hathaway CEO says that his company has exited its position in Paramount. Buffett disclosed the news during Berkshire’s annual meeting in Omaha, Nebraska, on Saturday.
“We sold it all, and we lost quite a bit of money, that happens in this business too,” Buffett told the crowd, adding that he was the one who decided to buy into the company in the first place (there had been speculation that one of Buffett’s deputies may have initiated the trade). “I did it all by myself, folks.”
Berkshire surprised Wall Street when it disclosed a $2.6 billion stake in Paramount in May 2022. Later that year, it added even more shares, ultimately becoming the largest shareholder in the company (or at least its non-voting shares, with Shari Redstone and the Redstone family’s National Amusements...
The famed investor and Berkshire Hathaway CEO says that his company has exited its position in Paramount. Buffett disclosed the news during Berkshire’s annual meeting in Omaha, Nebraska, on Saturday.
“We sold it all, and we lost quite a bit of money, that happens in this business too,” Buffett told the crowd, adding that he was the one who decided to buy into the company in the first place (there had been speculation that one of Buffett’s deputies may have initiated the trade). “I did it all by myself, folks.”
Berkshire surprised Wall Street when it disclosed a $2.6 billion stake in Paramount in May 2022. Later that year, it added even more shares, ultimately becoming the largest shareholder in the company (or at least its non-voting shares, with Shari Redstone and the Redstone family’s National Amusements...
- 5/4/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
What now?
The Skydance Media deal for National Amusements appears to be dead, with the company declining to extend its exclusive negotiating window, and sources tell The Hollywood Reporter that controlling shareholder Shari Redstone is cool on the $26 billion offer from Sony Pictures and Apollo Global Management — a deal that would lead to the breakup of the empire her father built. While it is possible that Paramount’s independent board committee believes that regulatory concerns presented by the Apollo-Sony offer can be overlooked and recommends that deal, it looks like an increasingly challenged proposition.
For the foreseeable future, it appears, the company is in the hands of the three-man committee made up of CBS chief George Cheeks, Paramount Pictures’ Brian Robbins and Chris McCarthy, head of Showtime/MTV Entertainment Studios and Paramount Media Networks. Paramount stock dropped 7 percent to $12.89 at the close in the wake of the news.
The Skydance Media deal for National Amusements appears to be dead, with the company declining to extend its exclusive negotiating window, and sources tell The Hollywood Reporter that controlling shareholder Shari Redstone is cool on the $26 billion offer from Sony Pictures and Apollo Global Management — a deal that would lead to the breakup of the empire her father built. While it is possible that Paramount’s independent board committee believes that regulatory concerns presented by the Apollo-Sony offer can be overlooked and recommends that deal, it looks like an increasingly challenged proposition.
For the foreseeable future, it appears, the company is in the hands of the three-man committee made up of CBS chief George Cheeks, Paramount Pictures’ Brian Robbins and Chris McCarthy, head of Showtime/MTV Entertainment Studios and Paramount Media Networks. Paramount stock dropped 7 percent to $12.89 at the close in the wake of the news.
- 5/4/2024
- by Kim Masters and Alex Weprin
- The Hollywood Reporter - Movie News
Although exclusive talks between Paramount Global and Skydance Media are expected to end without a deal, questions linger about controlling shareholder Shari Redstone’s duty to minority investors, some of whom have vocally opposed the merger on grounds that their interests have taken a backseat in negotiations.
A Paramount investor, in a complaint filed on April 30 in Delaware Chancery Court, moved to force the company to turn over records related to talks with David Ellison’s Skydance. The Employees’ Retirement System of Rhode Island alleged that Redstone has “conflicting interests” undermining the company’s motives to find a better deal than the one offered by Skydance.
The legal move could be a precursor to a lawsuit challenging any potential deal in which common shareholders perceive as enriching Redstone at their expense. It follows several law firms, in the wake of Paramount’s deal talks with Skydance, announcing investigations into whether...
A Paramount investor, in a complaint filed on April 30 in Delaware Chancery Court, moved to force the company to turn over records related to talks with David Ellison’s Skydance. The Employees’ Retirement System of Rhode Island alleged that Redstone has “conflicting interests” undermining the company’s motives to find a better deal than the one offered by Skydance.
The legal move could be a precursor to a lawsuit challenging any potential deal in which common shareholders perceive as enriching Redstone at their expense. It follows several law firms, in the wake of Paramount’s deal talks with Skydance, announcing investigations into whether...
- 5/3/2024
- by Winston Cho
- The Hollywood Reporter - Movie News
After weeks of negotiations, Skydance’s proposed merger with Paramount Global appears to be on the ropes.
Paramount’s special board committee appears to have cooled on the offer, which would have seen the David Ellison-led studio, joined by financial partners RedBird Capital and Kkr, acquire controlling shareholder Shari Redstone’s stake in the company and then merge Skydance into Paramount, keeping it as a publicly traded company, with new leadership at the helm.
Skydance had been in a 30-day exclusive negotiating window, and had proposed a revised offer last weekend that would have offered some sweeteners for Paramount common shareholders, some of whom had been vocally opposed to the deal. That window ends today, and is not likely to be extended.
Another source close to the deal says that talks between the sides continue.
Paramount has another offer on the table: A $26 billion all-cash deal from Apollo and Sony Pictures.
Paramount’s special board committee appears to have cooled on the offer, which would have seen the David Ellison-led studio, joined by financial partners RedBird Capital and Kkr, acquire controlling shareholder Shari Redstone’s stake in the company and then merge Skydance into Paramount, keeping it as a publicly traded company, with new leadership at the helm.
Skydance had been in a 30-day exclusive negotiating window, and had proposed a revised offer last weekend that would have offered some sweeteners for Paramount common shareholders, some of whom had been vocally opposed to the deal. That window ends today, and is not likely to be extended.
Another source close to the deal says that talks between the sides continue.
Paramount has another offer on the table: A $26 billion all-cash deal from Apollo and Sony Pictures.
- 5/3/2024
- by Kim Masters and Alex Weprin
- The Hollywood Reporter - Movie News
Upadted: After months of M&a talks, Paramount Global and controlling shareholder Shari Redstone might be going it alone after all — for now.
Insiders tell Variety that the expectation at the company is that neither of the two offers in play — Skydance Media-RedBird Capital Partners and Sony Pictures Entertainment-Apollo Global Management — will come to fruition. And Redstone is said to have concluded that the deal currently on the table from David Ellison’s Skydance, a longtime partner of Paramount Pictures, will not be possible.
As of Friday morning, the special committee established by Paramount Global’s board to evaluate M&a proposals had not notified Skydance one way or the other about its best and final offer, which would involve Skydance acquiring Redstone’s National Amusements Inc. and merging Skydance and Paramount Global, per a source familiar with the talks. The exclusive 30-day negotiating window between Skydance and...
Insiders tell Variety that the expectation at the company is that neither of the two offers in play — Skydance Media-RedBird Capital Partners and Sony Pictures Entertainment-Apollo Global Management — will come to fruition. And Redstone is said to have concluded that the deal currently on the table from David Ellison’s Skydance, a longtime partner of Paramount Pictures, will not be possible.
As of Friday morning, the special committee established by Paramount Global’s board to evaluate M&a proposals had not notified Skydance one way or the other about its best and final offer, which would involve Skydance acquiring Redstone’s National Amusements Inc. and merging Skydance and Paramount Global, per a source familiar with the talks. The exclusive 30-day negotiating window between Skydance and...
- 5/3/2024
- by Todd Spangler
- Variety Film + TV
As the exclusive window for merger discussions between Paramount Global and David Ellison’s Skydance Media enters its final hours, the future of the company remains uncertain.
There has been no official decision on an extension on the exclusivity window between Skydance and Paramount, which is set to expire Friday night. A spokesperson for Paramount declined to comment. Representatives for Skydance did not immediately return TheWrap’s request for comment.
Paramount’s board faces three potential options now. It could carry on with negotiations with Skydance, a deal that has proven highly unpopular with shareholders. It could let the exclusivity deadline expire and pivot to consideration of a $26 billion all-cash joint bid by Sony and Apollo Global Management. Or it could go it alone under its new Office of the CEO after the departure last week of CEO Bob Bakish.
The tough decision comes as Paramount shares have fallen 36.8% in the past year.
There has been no official decision on an extension on the exclusivity window between Skydance and Paramount, which is set to expire Friday night. A spokesperson for Paramount declined to comment. Representatives for Skydance did not immediately return TheWrap’s request for comment.
Paramount’s board faces three potential options now. It could carry on with negotiations with Skydance, a deal that has proven highly unpopular with shareholders. It could let the exclusivity deadline expire and pivot to consideration of a $26 billion all-cash joint bid by Sony and Apollo Global Management. Or it could go it alone under its new Office of the CEO after the departure last week of CEO Bob Bakish.
The tough decision comes as Paramount shares have fallen 36.8% in the past year.
- 5/3/2024
- by Lucas Manfredi
- The Wrap
The fat-trimming of Paramount’s streaming operations comes amidst the company’s efforts to find a buyer or merger partner.
Paramount Global is pulling out of the kids’ streaming game. As first reported in February, the company is shutting down its kid-focused streaming platform Noggin and laying off its entire staff. Few details were available about the move to sunset Noggin at the time, but now Viacom is providing more information about when viewers can expect to see Noggin log off for the final time, allowing Paramount to focus its streaming efforts more on Paramount+.
Key Details: Noggin will shut down on July 2, and all billing will stop by May 30 at the latest. Many Noggin titles will continue to be available on Paramount+. Paramount is still working through merger talks with Skydance Media. 7-Day Free Trial $5.99+ / month ParamountPlus.com
For a limited time, get 50% off a year of Paramount+ With Showtime with Code: Thechi.
Paramount Global is pulling out of the kids’ streaming game. As first reported in February, the company is shutting down its kid-focused streaming platform Noggin and laying off its entire staff. Few details were available about the move to sunset Noggin at the time, but now Viacom is providing more information about when viewers can expect to see Noggin log off for the final time, allowing Paramount to focus its streaming efforts more on Paramount+.
Key Details: Noggin will shut down on July 2, and all billing will stop by May 30 at the latest. Many Noggin titles will continue to be available on Paramount+. Paramount is still working through merger talks with Skydance Media. 7-Day Free Trial $5.99+ / month ParamountPlus.com
For a limited time, get 50% off a year of Paramount+ With Showtime with Code: Thechi.
- 5/3/2024
- by David Satin
- The Streamable
We have witnessed some of the most important studio mergers recently. Following Warner Bros’ merger with Discovery and Disney’s acquisition of 20th Century Fox, the reported Sony-Paramount deal is the latest topic of discussion in the town. Sony Pictures has reportedly joined hands with the private equity firm Apollo and made an all-cash offer of $26 billion to buy Paramount.
The logos of Sony Pictures and Paramount
Skydance Media has also been involved in a deal with Paramount for some time now. Currently, the former is waiting to hear from Paramount Global’s Special Committee. Despite their negotiation window ending on May 3rd, the parties can mutually extend the deadline.
The reported deal between Sony and Paramount can change the entire moviescape. The latter owns some major IPs that will come under Sony’s umbrella if the deal goes through. The fans took over the internet to discuss...
The logos of Sony Pictures and Paramount
Skydance Media has also been involved in a deal with Paramount for some time now. Currently, the former is waiting to hear from Paramount Global’s Special Committee. Despite their negotiation window ending on May 3rd, the parties can mutually extend the deadline.
The reported deal between Sony and Paramount can change the entire moviescape. The latter owns some major IPs that will come under Sony’s umbrella if the deal goes through. The fans took over the internet to discuss...
- 5/3/2024
- by Subham Mandal
- FandomWire
Three days after he was named to the newly formed Office of the CEO of Paramount Global, George Cheeks, President and CEO of CBS, faced reporters at the unveiling of the broadcast network’s fall 2024 schedule.
On Monday, Bob Bakish exited as Paramount Global CEO, replaced by a trio of senior executives, division heads Cheeks, Chris McCarthy and Brian Robbins who comprise the Office of the CEO.
Cheeks quipped about having an uneventful week and spoke briefly of his partnership with McCarthy and Robbins in his opening remarks.
Related: ‘Blue Bloods’ Future Is Sealed: The Long-Running Series Will Wrap For Good In December
“We are in the process of finalizing our strategic plan which we are going to roll out as soon as possible,” he said, echoing the trio’s comments from Monday.
Related: Upfronts 2024: Pilot Buzz & Other Development Updates In Another Atypical Broadcast Cycle
Cheeks also stressed...
On Monday, Bob Bakish exited as Paramount Global CEO, replaced by a trio of senior executives, division heads Cheeks, Chris McCarthy and Brian Robbins who comprise the Office of the CEO.
Cheeks quipped about having an uneventful week and spoke briefly of his partnership with McCarthy and Robbins in his opening remarks.
Related: ‘Blue Bloods’ Future Is Sealed: The Long-Running Series Will Wrap For Good In December
“We are in the process of finalizing our strategic plan which we are going to roll out as soon as possible,” he said, echoing the trio’s comments from Monday.
Related: Upfronts 2024: Pilot Buzz & Other Development Updates In Another Atypical Broadcast Cycle
Cheeks also stressed...
- 5/2/2024
- by Nellie Andreeva
- Deadline Film + TV
Paramount Pictures is in the midst of fielding offers from other companies as the legendary studio looks to shore up its future. Now, a new contender has emerged in the form of Sony Pictures as the drama continues to unfold. One of Paramount's most direct rivals in Hollywood has thrown its hat in the ring to buy the studio for $26 billion. If this is the option the powers that be decide to go with, it would represent a huge shake-up for the industry on several fronts.
According to the Wall Street Journal, Sony and private equity firm Apollo Global Management have submitted a $26 billion, all-cash offer to buy Paramount. Rather crucially, the deal would take the company private, whereas it currently exists as a publicly traded company. As a result, it would be a major change beyond combining two of the biggest studios in Hollywood under one roof, so...
According to the Wall Street Journal, Sony and private equity firm Apollo Global Management have submitted a $26 billion, all-cash offer to buy Paramount. Rather crucially, the deal would take the company private, whereas it currently exists as a publicly traded company. As a result, it would be a major change beyond combining two of the biggest studios in Hollywood under one roof, so...
- 5/2/2024
- by Ryan Scott
- Slash Film
The future of Paramount may be decided in the coming days. In addition to a bid from Skydance, the Wall Street Journal reports Sony and Apollo Global Management have teamed up to offer $26 billion in cash for the entertainment company. Ultimately, the decision will be made by Shari Redstone, who owns most of the voting shares of Paramount.
7-Day Free Trial $5.99+ / month ParamountPlus.com
For a limited time, get 50% off a year of Paramount+ With Showtime with Code: Thechi.
While it’s hard to guess where Paramount would pivot under Skydance, a Sony/Apollo ownership offers more clues. Sony doesn’t own any TV stations, but it does create a lot of television shows that air on multiple networks. Its shows include “Shark Tank,” “The Wheel of Time,” “The Boys,” “Jeopardy!” “Wheel of Fortune,” and “Twisted Metal.”
The big question is whether Sony holds on to Paramount’s CBS or...
7-Day Free Trial $5.99+ / month ParamountPlus.com
For a limited time, get 50% off a year of Paramount+ With Showtime with Code: Thechi.
While it’s hard to guess where Paramount would pivot under Skydance, a Sony/Apollo ownership offers more clues. Sony doesn’t own any TV stations, but it does create a lot of television shows that air on multiple networks. Its shows include “Shark Tank,” “The Wheel of Time,” “The Boys,” “Jeopardy!” “Wheel of Fortune,” and “Twisted Metal.”
The big question is whether Sony holds on to Paramount’s CBS or...
- 5/2/2024
- by Ben Bowman
- The Streamable
Partners Sony and Apollo have formally reached out to Paramount’s special board committee asking to discuss a potential $26 billion cash offer, Deadline has learned. It comes as Par’s exclusive negotiating window with David Ellison’s Skydance is set to expire.
Paramount share are up more than 13% on the news. Investors would vastly prefer a Sony/Apollo acquisition to a Skydance deal as it is currently configured, even after Skydance made a revised offer, that was said to be its best and last, last week.
Sony and Apollo’s overture is really jus a start, a non-binding expression of interest, Deadline has learned, in meeting and exploring the contours of a possible deal. While Skydance has been given access to Paramount’s books for the last month, Sony and Apollo have yet to do any due diligence.
The partners would buy out the whole company and take it private.
Paramount share are up more than 13% on the news. Investors would vastly prefer a Sony/Apollo acquisition to a Skydance deal as it is currently configured, even after Skydance made a revised offer, that was said to be its best and last, last week.
Sony and Apollo’s overture is really jus a start, a non-binding expression of interest, Deadline has learned, in meeting and exploring the contours of a possible deal. While Skydance has been given access to Paramount’s books for the last month, Sony and Apollo have yet to do any due diligence.
The partners would buy out the whole company and take it private.
- 5/2/2024
- by Jill Goldsmith and Anthony D'Alessandro
- Deadline Film + TV
The front of the Paramount Pictures studios in Los Angeles, California. (Stock image by Hannah Wernecke via Unsplash)
Sony and Apollo Global Management have formalized their $26 billion all-cash bid for Paramount Global, according to a report published on Thursday.
The offer — first reported by the Wall Street Journal, then confirmed separately by the New York Times — was submitted on Wednesday and signed by Sony Pictures CEO Tony Vinciquerra and Apollo Global partner Aaron Sobel.
If accepted, Sony would become the majority owner of Paramount Global, which includes the Paramount Pictures studio, CBS and MTV Networks linear television channels, foreign broadcast outlets like Channel 5 in Britain and Network 10 in Australia and the streaming platforms Paramount Plus and Pluto TV.
Apollo Global would be a minority shareholder in Paramount and cede operational control to Sony, the Journal said, citing unnamed sources.
The bid comes two days before the expiration of...
Sony and Apollo Global Management have formalized their $26 billion all-cash bid for Paramount Global, according to a report published on Thursday.
The offer — first reported by the Wall Street Journal, then confirmed separately by the New York Times — was submitted on Wednesday and signed by Sony Pictures CEO Tony Vinciquerra and Apollo Global partner Aaron Sobel.
If accepted, Sony would become the majority owner of Paramount Global, which includes the Paramount Pictures studio, CBS and MTV Networks linear television channels, foreign broadcast outlets like Channel 5 in Britain and Network 10 in Australia and the streaming platforms Paramount Plus and Pluto TV.
Apollo Global would be a minority shareholder in Paramount and cede operational control to Sony, the Journal said, citing unnamed sources.
The bid comes two days before the expiration of...
- 5/2/2024
- by Matthew Keys
- The Desk
In the latest twist in Paramount Global’s M&a saga, Sony Pictures Entertainment and Apollo Global Management have made a bid to take Paramount private with an all-cash buyout offer of $26 billion.
Sony and private-equity giant Apollo submitted a letter with the non-binding offer Wednesday to Paramount Global, as first reported by the New York Times and the Wall Street Journal. The bid, which would include the assumption of debt and could be negotiated, would be a premium over the company’s current $22 billion enterprise value.
The tag-teamed buyout bid comes as Paramount Global board’s special committee established to consider M&a proposals is evaluating the best and final offer from Skydance Media to merge Paramount and Skydance while keeping Paramount Global public. Shari Redstone, the controlling shareholder of Paramount Global, is known to prefer consummating a deal with David Ellison’s Skydance, whose bid is backed by RedBird Capital Partners and Kkr.
Sony and private-equity giant Apollo submitted a letter with the non-binding offer Wednesday to Paramount Global, as first reported by the New York Times and the Wall Street Journal. The bid, which would include the assumption of debt and could be negotiated, would be a premium over the company’s current $22 billion enterprise value.
The tag-teamed buyout bid comes as Paramount Global board’s special committee established to consider M&a proposals is evaluating the best and final offer from Skydance Media to merge Paramount and Skydance while keeping Paramount Global public. Shari Redstone, the controlling shareholder of Paramount Global, is known to prefer consummating a deal with David Ellison’s Skydance, whose bid is backed by RedBird Capital Partners and Kkr.
- 5/2/2024
- by Todd Spangler
- Variety Film + TV
Paramount Global said it would bake a new suite of data into all ad deals “at no additional cost” that examines whether a commercial spurred a consumer to take a particular action, a measure known as “attribution” that is gaining new sway on Madison Avenue as marketers struggle to determine the effectiveness of their paid media pitches.
Paramount said it would offer data from both Mastercard and Edo, a start-up founded in part by actor Ed Norton, that will help clients examine “outcomes,” such as a visit to a marketer’s web site or showroom, or a consumer search for a product being advertised. The company unveils the offer with just days to go before the start of the industry’s annual “upfront” market, when U.S. TV networks try to sell the bulk fo their commercial inventory ahead of their next cycles of programming.
“Our goal here is to...
Paramount said it would offer data from both Mastercard and Edo, a start-up founded in part by actor Ed Norton, that will help clients examine “outcomes,” such as a visit to a marketer’s web site or showroom, or a consumer search for a product being advertised. The company unveils the offer with just days to go before the start of the industry’s annual “upfront” market, when U.S. TV networks try to sell the bulk fo their commercial inventory ahead of their next cycles of programming.
“Our goal here is to...
- 5/2/2024
- by Brian Steinberg
- Variety Film + TV
Paramount Global and Charter Communications agreed to extend their talks on a deal renewal, which — for now — will prevent Paramount’s networks like CBS, Comedy Central and MTV from going dark on the cable operator’s systems.
The current carriage agreement between Paramount and Charter, the nation’s second largest cable operator behind Comcast, was set to expire at midnight Et Tuesday (April 30). The two companies have been in renewal discussions for months. The two sides reached a short extension on the deadline in order to prevent a blackout as active talks continue, a source confirmed.
The deal renewal negotiations are coming to a head as Paramount Global is in flux. On Monday, the company said CEO Bob Bakish was stepping down, replaced by a three-member “Office of the CEO” management team. Bakish’s ouster came as Paramount Global’s board is reviewing an offer from Skydance Media that would...
The current carriage agreement between Paramount and Charter, the nation’s second largest cable operator behind Comcast, was set to expire at midnight Et Tuesday (April 30). The two companies have been in renewal discussions for months. The two sides reached a short extension on the deadline in order to prevent a blackout as active talks continue, a source confirmed.
The deal renewal negotiations are coming to a head as Paramount Global is in flux. On Monday, the company said CEO Bob Bakish was stepping down, replaced by a three-member “Office of the CEO” management team. Bakish’s ouster came as Paramount Global’s board is reviewing an offer from Skydance Media that would...
- 4/30/2024
- by Jennifer Maas
- Variety Film + TV
The board room and executive suite drama at Paramount Global escalated on Monday, with Bob Bakish leaving his role as CEO and a trio of executives taking over just days before an exclusive negotiating window for a sale to David Ellison’s SkyDance Media and partners closes.
Veteran company leaders Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three will work with the Paramount board and CFO Naveen Chopra.
“We’re finalizing a long-term strategic plan to best position this storied company to reach new and greater heights in our rapidly changing world,” McCarthy told a conference call following Paramount’s first-quarter earnings report after the market close on Monday that lasted just nine minutes and didn’t allow for analysts’ questions. As of 11:15 a.m. Et on Tuesday, Paramount shares were down 4.3 percent,...
Veteran company leaders Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three will work with the Paramount board and CFO Naveen Chopra.
“We’re finalizing a long-term strategic plan to best position this storied company to reach new and greater heights in our rapidly changing world,” McCarthy told a conference call following Paramount’s first-quarter earnings report after the market close on Monday that lasted just nine minutes and didn’t allow for analysts’ questions. As of 11:15 a.m. Et on Tuesday, Paramount shares were down 4.3 percent,...
- 4/30/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
Paramount Global’s ouster of CEO Bob Bakish did not reassure investors that there’s a favorable exit in store for the media conglomerate.
Shares of the company were down more than 4% in trading Tuesday morning to under $12/share, after Bakish’s exit was officially announced and he was replaced by three senior execs tasked with running Paramount Global — for now, anyway.
Wall Street analysts said the dismissal of Bakish, who was said to oppose Paramount Global’s prospective merger with David Ellison’s Skydance Media, along with the company’s refusal to take questions during its first-quarter 2024 earnings call Monday was evidence that an M&a deal is nearing. Paramount’s Q1 results were decent, as the company boosted Paramount+ streaming subs to more than 71 million and significantly narrowed streaming losses, while its TV group saw revenue up 1% thanks largely to the Super Bowl on CBS. But the financial results...
Shares of the company were down more than 4% in trading Tuesday morning to under $12/share, after Bakish’s exit was officially announced and he was replaced by three senior execs tasked with running Paramount Global — for now, anyway.
Wall Street analysts said the dismissal of Bakish, who was said to oppose Paramount Global’s prospective merger with David Ellison’s Skydance Media, along with the company’s refusal to take questions during its first-quarter 2024 earnings call Monday was evidence that an M&a deal is nearing. Paramount’s Q1 results were decent, as the company boosted Paramount+ streaming subs to more than 71 million and significantly narrowed streaming losses, while its TV group saw revenue up 1% thanks largely to the Super Bowl on CBS. But the financial results...
- 4/30/2024
- by Todd Spangler
- Variety Film + TV
The front of the Paramount Pictures studios in Los Angeles, California. (Stock image by Hannah Wernecke via Unsplash)
No company had the business world’s attention on Monday quite like Paramount.
The five-week period that sees most technology, media and telecommunications companies report their quarterly earnings is closely followed by business reporters and Wall Street analysts alike, as it offers insight into the health of the sector at a time when those three industries are increasingly converging.
But Paramount is a different beast altogether. The company is in the midst of a blockbuster — and, to some, controversial — merger with Skydance Media, one that appears almost certain at this point. For weeks, institutional and retail investors have been split between shareholders supporting the Skydance deal and those backing a different bid from Sony Pictures and Apollo Global Management. Over the weekend, two newspapers and a leading business television channel reported CEO...
No company had the business world’s attention on Monday quite like Paramount.
The five-week period that sees most technology, media and telecommunications companies report their quarterly earnings is closely followed by business reporters and Wall Street analysts alike, as it offers insight into the health of the sector at a time when those three industries are increasingly converging.
But Paramount is a different beast altogether. The company is in the midst of a blockbuster — and, to some, controversial — merger with Skydance Media, one that appears almost certain at this point. For weeks, institutional and retail investors have been split between shareholders supporting the Skydance deal and those backing a different bid from Sony Pictures and Apollo Global Management. Over the weekend, two newspapers and a leading business television channel reported CEO...
- 4/30/2024
- by Matthew Keys
- The Desk
The three Paramount Global executives installed to run the company after Bob Bakish was removed as CEO sought to reassure employees that they have a long-term strategy.
On Monday, Paramount Global said Bakish was stepping down as CEO and leaving the board. In his place, the company established an “Office of the CEO” committee led by three divisional heads: 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 shake-up added further fuel to the uncertainty about the media conglomerate’s future. Bakish’s exit came as the Paramount Global board and controlling shareholder Shari Redstone were working to close a deal to merge Paramount with David Ellison’s Skydance Media.
The three new heads of Paramount Global’s Office of the CEO sent a memo to staff after the news was announced.
On Monday, Paramount Global said Bakish was stepping down as CEO and leaving the board. In his place, the company established an “Office of the CEO” committee led by three divisional heads: 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 shake-up added further fuel to the uncertainty about the media conglomerate’s future. Bakish’s exit came as the Paramount Global board and controlling shareholder Shari Redstone were working to close a deal to merge Paramount with David Ellison’s Skydance Media.
The three new heads of Paramount Global’s Office of the CEO sent a memo to staff after the news was announced.
- 4/29/2024
- by Todd Spangler
- Variety Film + TV
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