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 endgültig 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...
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...
- 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 today (June 4).
The deal would see Skydance acquire National Amusements from Shari Redstone for around $2 billion, then buy out nearly 50% 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 today (June 4).
The deal would see Skydance acquire National Amusements from Shari Redstone for around $2 billion, then buy out nearly 50% 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
For a limited time, get 50% off...
- 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
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
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