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
“CSI: Vegas” may be canceled, but CBS isn’t giving up on the franchise. The Eye network announced Tuesday a new edition in the “CSI” universe — but this time in the unscripted space.
CBS has ordered the unscripted, true-crime docuseries “The Real CSI: Miami” based on the drama “CSI: Miami,” which aired from 2002 to 2012 (for 10 seasons and 232 episodes). The new series is set to release on CBS on June 26 at 10 p.m. Et. The news came as CBS announced its summer lineup.
The logline for “The Real CSI: Miami” reads, “Each episode features gripping real-life crime cases and the cutting-edge forensic science used to solve them. ‘The Real CSI: Miami’ highlights that at the heart of every story is a victim and a family seeking justice.”
The news of another “CSI” show being ordered comes after the last show in the franchise “CSI: Vegas” announced its cancellation in April after three seasons.
CBS has ordered the unscripted, true-crime docuseries “The Real CSI: Miami” based on the drama “CSI: Miami,” which aired from 2002 to 2012 (for 10 seasons and 232 episodes). The new series is set to release on CBS on June 26 at 10 p.m. Et. The news came as CBS announced its summer lineup.
The logline for “The Real CSI: Miami” reads, “Each episode features gripping real-life crime cases and the cutting-edge forensic science used to solve them. ‘The Real CSI: Miami’ highlights that at the heart of every story is a victim and a family seeking justice.”
The news of another “CSI” show being ordered comes after the last show in the franchise “CSI: Vegas” announced its cancellation in April after three seasons.
- 5/7/2024
- by Lexi Carson
- Variety Film + TV
CSI: Miami is getting the docuseries treatment.
CBS has ordered an unscripted series based on its iconic crime drama – The Real CSI: Miami.
It comes from CSI creator Anthony Zuiker, Jerry Bruckheimer, who has produced the franchise and Nailed It! and Top Chef producer Magical Elves.
The series will feature real-life crime cases and the cutting-edge forensic science used to solve them.
CBS Entertainment President Amy Reisenbach recently teased that there was another CSI project in development. She said that the CBS brand was “part of its legacy as a company”. “I definitely think that franchise is alive and well will continue to be in discussions we have,” she said. “I think that ultimately we’ll find different and interesting ways to bring the show back.”
CBS CEO George Cheeks added at a recent CBS press conference, “In addition to CSI being such a global hit and all the iterations,...
CBS has ordered an unscripted series based on its iconic crime drama – The Real CSI: Miami.
It comes from CSI creator Anthony Zuiker, Jerry Bruckheimer, who has produced the franchise and Nailed It! and Top Chef producer Magical Elves.
The series will feature real-life crime cases and the cutting-edge forensic science used to solve them.
CBS Entertainment President Amy Reisenbach recently teased that there was another CSI project in development. She said that the CBS brand was “part of its legacy as a company”. “I definitely think that franchise is alive and well will continue to be in discussions we have,” she said. “I think that ultimately we’ll find different and interesting ways to bring the show back.”
CBS CEO George Cheeks added at a recent CBS press conference, “In addition to CSI being such a global hit and all the iterations,...
- 5/7/2024
- by Peter White
- Deadline 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
While the media giants may have anticipated that the poor conditions and exploitation of film and television workers would cause uproar and discontent, they did not anticipate the magnitude of the WGA and SAG-AFTRA strikes that have kept writers and actors on the picket lines for more than half a year. And even now, six months later, the entertainment industry is feeling the fallout, especially the traditional broadcast networks. They have still not been able to fully restore their 2024 schedules.
The situation at CBS is particularly striking. After last year's drought in new scripted series, viewer demand for shows old and new is as strong as ever, leading to the renewal of popular projects and the announcement of many new ones.
And yet, along with the numerous positive updates, fans were also faced with the disappointing news that the fall season will not see the renewal of shows like CSI: Vegas,...
The situation at CBS is particularly striking. After last year's drought in new scripted series, viewer demand for shows old and new is as strong as ever, leading to the renewal of popular projects and the announcement of many new ones.
And yet, along with the numerous positive updates, fans were also faced with the disappointing news that the fall season will not see the renewal of shows like CSI: Vegas,...
- 5/6/2024
- by louise.everitt@startefacts.com (Louise Everitt)
- STartefacts.com
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 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
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
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
Paramount Global says Chris McCarthy is the company’s “interim principal executive officer,” a necessity required by the SEC that apparently does not signal he has more decision-making power among a trio of top executives who stepped up to replace Bob Bakish this week in a new Office of the CEO.
Security & Exchange Commission rules require a person, not an office, to conduct with over the normal course of business. It’s not clear why McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks, received the designation (maybe he drew the short straw).
The other two in the CEO office are George Cheeks, president and chief executive CBS, and Brian Robbins, president of Paramount Pictures and president-ceo of Nickelodeon.
The filing says that Bakish, who formally exited April 30, will continue as a senior advisor to the company through October 31 “to help ensure a seamless transition of his duties.
Security & Exchange Commission rules require a person, not an office, to conduct with over the normal course of business. It’s not clear why McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks, received the designation (maybe he drew the short straw).
The other two in the CEO office are George Cheeks, president and chief executive CBS, and Brian Robbins, president of Paramount Pictures and president-ceo of Nickelodeon.
The filing says that Bakish, who formally exited April 30, will continue as a senior advisor to the company through October 31 “to help ensure a seamless transition of his duties.
- 5/3/2024
- by Jill Goldsmith
- Deadline Film + TV
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
Welcome to the 257th episode of TV’s Top 5, The Hollywood Reporter’s TV podcast.
Every week, hosts Lesley Goldberg (West Coast TV editor) and Daniel Fienberg (chief TV critic) break down the latest TV news with context from the business and critical sides, welcome showrunners, executives and other guests, and provide a critical guide of what to watch (or skip, as the case may be).
Here’s how this week’s episode plays out:
1. Headlines
Elizabeth Banks, Robin Wright, Scooby-Doo, Chuck Lorre, Ty Burrell, Steve Carell, The Office, Law & Order: Organized Crime and NCIS: Hawai’i lead the week’s top headlines.
2. Paramount Global changes
Bob Bakish is out as Paramount Global CEO, with a trio of execs — Brian Robbins, George Cheeks and Chris McCarthy — taking over as Skydance and Sony make their offers to buy the media giant.
3. CBS’ victory
The network this week took a victory lap after...
Every week, hosts Lesley Goldberg (West Coast TV editor) and Daniel Fienberg (chief TV critic) break down the latest TV news with context from the business and critical sides, welcome showrunners, executives and other guests, and provide a critical guide of what to watch (or skip, as the case may be).
Here’s how this week’s episode plays out:
1. Headlines
Elizabeth Banks, Robin Wright, Scooby-Doo, Chuck Lorre, Ty Burrell, Steve Carell, The Office, Law & Order: Organized Crime and NCIS: Hawai’i lead the week’s top headlines.
2. Paramount Global changes
Bob Bakish is out as Paramount Global CEO, with a trio of execs — Brian Robbins, George Cheeks and Chris McCarthy — taking over as Skydance and Sony make their offers to buy the media giant.
3. CBS’ victory
The network this week took a victory lap after...
- 5/3/2024
- by Lesley Goldberg
- The Hollywood Reporter - Movie News
For the first time this year, CBS did not order any pilots during the traditional pilot season window. And it may not be the last.
“Pilots aren’t dead, I would say pilot season is probably dead for us because why should we be held to that very specific window anymore, nobody else is,” CBS Entertainment President Amy Reisenbach said during the network’s unveiling of its 2024-25 schedule. “We only get so many shots at bat, let’s make sure when we take those swings that the bases are fully loaded for us.”
As Reisenbach revealed in a Q&a with Deadline in January, CBS has switched to a long-term development strategy of making series pickup decisions well in advance to allow for better planning and longer marketing runway. All of CBS’ new scripted series for 2024-25 were locked in by end of January.
Related: George Cheeks Addresses Paramount Global Shakeup,...
“Pilots aren’t dead, I would say pilot season is probably dead for us because why should we be held to that very specific window anymore, nobody else is,” CBS Entertainment President Amy Reisenbach said during the network’s unveiling of its 2024-25 schedule. “We only get so many shots at bat, let’s make sure when we take those swings that the bases are fully loaded for us.”
As Reisenbach revealed in a Q&a with Deadline in January, CBS has switched to a long-term development strategy of making series pickup decisions well in advance to allow for better planning and longer marketing runway. All of CBS’ new scripted series for 2024-25 were locked in by end of January.
Related: George Cheeks Addresses Paramount Global Shakeup,...
- 5/2/2024
- by Nellie Andreeva
- Deadline Film + TV
CBS is finally offering fans of its now-canceled shows some answers about its decision to put an end to their favorite series. Specifically, network bosses George Cheeks and Amy Reisenbach revealed to the press (via Deadline) why it decided not to renew NCIS: Hawai’i. “We had some tough choices this year,” Reisenbach said, citing an “embarrassment of riches” when it came to original programming. However, the execs noted that they made these cuts “to keep the schedule fresh and keep the momentum going.” The execs also confirmed that there is no chance of resurrection for NCIS: Hawai’i (nor fellow canceled shows So Help Me Todd and CSI: Vegas) at CBS or Paramount+. NCIS: Hawai’i‘s cancellation led to an outcry of disappointment from Hawai’i lead Vanessa Lachey and NCIS star Rocky Carroll. Lachey, for example, openly mourned the decision on social media by writing, “Gutted, confused, blindsided. Grateful, confident,...
- 5/2/2024
- TV Insider
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
Just days after Bob Bakish left Paramount Global as CEO, CBS president/CEO George Cheeks — one-third of the newly formed “Office of the CEO” that will now jointly run the company — spoke to reporters about what to expect moving forward. And so far, there’s not much he can say.
Cheeks met with reporters on Thursday, alongside CBS Entertainment prexy Amy Reisenbach, to unveil CBS’ 2024-2025 TV schedule. But Cheeks, who now is also part of the Paramount Global office of the CEO that includes Chris McCarthy and Brian Robbins (president and CEO of Paramount Pictures and Nickelodeon) opened his comments by first addressing the elephant in the room.
The exec can’t comment on the pending fate of Paramount, and like clockwork, news that Sony Pictures Entertainment and Apollo Global Management have made a bid to take Paramount private with an all-cash buyout offer of $26 billion came just minutes before Cheeks met with reporters.
Cheeks met with reporters on Thursday, alongside CBS Entertainment prexy Amy Reisenbach, to unveil CBS’ 2024-2025 TV schedule. But Cheeks, who now is also part of the Paramount Global office of the CEO that includes Chris McCarthy and Brian Robbins (president and CEO of Paramount Pictures and Nickelodeon) opened his comments by first addressing the elephant in the room.
The exec can’t comment on the pending fate of Paramount, and like clockwork, news that Sony Pictures Entertainment and Apollo Global Management have made a bid to take Paramount private with an all-cash buyout offer of $26 billion came just minutes before Cheeks met with reporters.
- 5/2/2024
- by Michael Schneider
- Variety Film + TV
CBS executives are revealing why they decided to cancel So Help Me Todd, CSI: Vegas and NCIS: Hawaii.
If you don’t know, the network renewed 15 TV shows this year, but did cancel 3 and announced several are ending.
Keep reading to find out more…
When asked why those three shows were canceled, they responded, “It is incumbent on us to always keep the schedule fresh, keep momentum going. We had to make some really tough choices this year,” CBS Entertainment president Amy Reisenbach shared. “Everything came back [from the Hollywood strikes] really strong, but ultimately we have to look at the cohesiveness of the schedule flow. We have to evaluate the financials and the performance overall, and we make tough decisions.”
“Every show is different,” CBS CEO George Cheeks added. “We certainly had a wonderful experience with So Help Me Todd. It was heartbreaking.”
They were asked if there is any chance any of...
If you don’t know, the network renewed 15 TV shows this year, but did cancel 3 and announced several are ending.
Keep reading to find out more…
When asked why those three shows were canceled, they responded, “It is incumbent on us to always keep the schedule fresh, keep momentum going. We had to make some really tough choices this year,” CBS Entertainment president Amy Reisenbach shared. “Everything came back [from the Hollywood strikes] really strong, but ultimately we have to look at the cohesiveness of the schedule flow. We have to evaluate the financials and the performance overall, and we make tough decisions.”
“Every show is different,” CBS CEO George Cheeks added. “We certainly had a wonderful experience with So Help Me Todd. It was heartbreaking.”
They were asked if there is any chance any of...
- 5/2/2024
- by Just Jared
- Just Jared
Fans were shocked to hear that “NCIS: Hawai’i,” the newest series in CBS’ “NCIS” franchise, had been canceled after three seasons last week. At a press briefing in Los Angeles, CBS executives said the decision came down to a balance of cost and ratings, as well as cohesion across the network’s 2024-2025 schedule.
“It is incumbent on us to always keep the schedule fresh, keep momentum going. We had to make some really tough choices this year,” CBS Entertainment president Amy Reisenbach told reporters. “Everything came back [from the Hollywood strikes] really strong, but ultimately we have to look at the cohesiveness of the schedule flow. We have to evaluate the financials and the performance overall, and we make tough decisions.”
When asked whether there was a chance of un-cancellation, as happened when CBS reversed its decision to end “S.W.A.T.” on two separate occasions, Reisenbach said no.
Season 3 of “NCIS: Hawai’i” opened to...
“It is incumbent on us to always keep the schedule fresh, keep momentum going. We had to make some really tough choices this year,” CBS Entertainment president Amy Reisenbach told reporters. “Everything came back [from the Hollywood strikes] really strong, but ultimately we have to look at the cohesiveness of the schedule flow. We have to evaluate the financials and the performance overall, and we make tough decisions.”
When asked whether there was a chance of un-cancellation, as happened when CBS reversed its decision to end “S.W.A.T.” on two separate occasions, Reisenbach said no.
Season 3 of “NCIS: Hawai’i” opened to...
- 5/2/2024
- by Selome Hailu
- Variety Film + TV
Drew Barrymore will serve as the centerpiece of an updated version of “Hollywood Squares,” which CBS has picked up to air in January. The Eye network announced the reimagined “Hollywood Squares,” with Barrymore as the center square, on Thursday as it unveiled its schedule for the 2024-2025 TV season. CBS Entertainment president Amy Reisenbach and CBS president/CEO George Cheeks revealed the news at a news conference with reporters.
The gamer will run on Wednesdays at 10 p.m. Et starting in January, paired with “The Price is Right at Night” at 8 p.m. and a new season of “Raid the Cage,” hosted by Damon Wayans, Jr. and co-host Jeannie Mai, at 9 p.m. The three shows will air during a midseason break for CBS’ regular Wednesday schedule of “Survivor” and “The Summit” (fall) and “The Amazing Race” (spring).
Jesse Collins (for Jesse Collins Entertainment) and Barrymore (via her Flower Films...
The gamer will run on Wednesdays at 10 p.m. Et starting in January, paired with “The Price is Right at Night” at 8 p.m. and a new season of “Raid the Cage,” hosted by Damon Wayans, Jr. and co-host Jeannie Mai, at 9 p.m. The three shows will air during a midseason break for CBS’ regular Wednesday schedule of “Survivor” and “The Summit” (fall) and “The Amazing Race” (spring).
Jesse Collins (for Jesse Collins Entertainment) and Barrymore (via her Flower Films...
- 5/2/2024
- by Michael Schneider
- Variety Film + TV
CBS has ordered its first new series for the 2025-26 broadcast season. The network has given a green light to Fire Country spinoff Sheriff Country, headlined by Morena Baccarin. The series order was announced Thursday during CBS’ presentation in Los Angeles.
In Sheriff Country, Baccarin stars as straight-shooting sheriff Mickey Fox, the stepsister of Cal Fire’s division chief Sharon Leone (Diane Farr of Fire Country), who investigates criminal activity as she patrols the streets of small-town Edgewater while contending with her ex-con father and a mysterious incident involving her wayward daughter.
Related: George Cheeks Addresses Paramount Global Shakeup, Company Morale At CBS Schedule Reveal
The (then) potential spinoff was introduced when Baccarin guest starred in an April episode of the mothership series. Like the series’ pilot, the episode was written by Joan Rater and Tony Phelan from a story the Grey’s Anatomy alums co-wrote with series’ star Max Thieriot,...
In Sheriff Country, Baccarin stars as straight-shooting sheriff Mickey Fox, the stepsister of Cal Fire’s division chief Sharon Leone (Diane Farr of Fire Country), who investigates criminal activity as she patrols the streets of small-town Edgewater while contending with her ex-con father and a mysterious incident involving her wayward daughter.
Related: George Cheeks Addresses Paramount Global Shakeup, Company Morale At CBS Schedule Reveal
The (then) potential spinoff was introduced when Baccarin guest starred in an April episode of the mothership series. Like the series’ pilot, the episode was written by Joan Rater and Tony Phelan from a story the Grey’s Anatomy alums co-wrote with series’ star Max Thieriot,...
- 5/2/2024
- by Denise Petski
- Deadline Film + TV
CBS today became the first broadcast network to present its fall schedule. And, in line with CBS’ new strategy for long-term development and planning, the network announced its schedule for the entire 2024-25 season. It is contingent on IATSE making a new deal with the studios to avoid a strike. At the unveiling of the schedule, George Cheeks, President and CEO of CBS, said that they have contingency plans should a work stoppage occur but wouldn’t elaborate further. “If we need to delay, we are ready,” he said.
Related: George Cheeks Addresses Paramount Global Shakeup, Company Morale At CBS Schedule Reveal
Also in accordance with CBS’ new long-term development strategy, the network announced a series pickup for Fire Country spinoff Sherriff Country, starring Morena Baccarin, for the 2025-26 season.
Here is CBS’ 2024-25 schedule, which features the most watched series of 2023-24, Tracker, shifting to a new time slot on Sunday,...
Related: George Cheeks Addresses Paramount Global Shakeup, Company Morale At CBS Schedule Reveal
Also in accordance with CBS’ new long-term development strategy, the network announced a series pickup for Fire Country spinoff Sherriff Country, starring Morena Baccarin, for the 2025-26 season.
Here is CBS’ 2024-25 schedule, which features the most watched series of 2023-24, Tracker, shifting to a new time slot on Sunday,...
- 5/2/2024
- by Nellie Andreeva
- Deadline Film + TV
No second chances are coming for So Help Me Todd, CSI: Vegas and NCIS: Hawaii. But good news for CSI fans: there is another iteration in active development.
While speaking to reporters Thursday about the fall season, CBS bosses George Cheeks and Amy Reisenbach acknowledged their “embarrassment of riches” when it came to new and returning shows but added it was “incumbent to keep the schedule fresh and keep the momentum going.”
Related: George Cheeks Addresses Paramount Global Shakeup, Company Morale At CBS Schedule Reveal
“We had some tough choices this year,” conceded entertainment president Reisenbach. “Everything came back very strong. There is a cohesive schedule, a flow.”
Related: Upfronts 2024: Pilot Buzz & Other Development Updates In Another Atypical Broadcast Cycle
“Every show is different,” added CBS CEO Cheeks, when reminded how S.W.A.T. was uncanceled at the last minute. “We certainly had a wonderful experience with So Help Me Todd.
While speaking to reporters Thursday about the fall season, CBS bosses George Cheeks and Amy Reisenbach acknowledged their “embarrassment of riches” when it came to new and returning shows but added it was “incumbent to keep the schedule fresh and keep the momentum going.”
Related: George Cheeks Addresses Paramount Global Shakeup, Company Morale At CBS Schedule Reveal
“We had some tough choices this year,” conceded entertainment president Reisenbach. “Everything came back very strong. There is a cohesive schedule, a flow.”
Related: Upfronts 2024: Pilot Buzz & Other Development Updates In Another Atypical Broadcast Cycle
“Every show is different,” added CBS CEO Cheeks, when reminded how S.W.A.T. was uncanceled at the last minute. “We certainly had a wonderful experience with So Help Me Todd.
- 5/2/2024
- by Lynette Rice
- Deadline Film + TV
CBS executives were keenly aware of the elephant in the room Thursday as new co-ceo George Cheeks and entertainment president Amy Reisenbach opened their fall schedule presentation by addressing the latest rumblings in the sale process of parent company Paramount Global.
“It’s a super quiet, uneventful week for us,” Cheeks quipped as he kicked off the hourlong presentation just moments after news broke that Sony and Apollo submitted a $26 billion cash offer to buy Paramount Global.
Other than addressing morale — “we’ve all locked arms” and are “focusing on what we can control,” Cheeks said — both execs spent the press briefing at the Paramount offices in Hollywood focused on CBS and its 2024-25 schedule.
Cheeks and Reisenbach opened with a victory lap of sorts as CBS finished the strikes-impacted 2023-24 in first place, breaking a decades-old record set by the network with 16 straight season victories and 21 of the past 22 years.
“It’s a super quiet, uneventful week for us,” Cheeks quipped as he kicked off the hourlong presentation just moments after news broke that Sony and Apollo submitted a $26 billion cash offer to buy Paramount Global.
Other than addressing morale — “we’ve all locked arms” and are “focusing on what we can control,” Cheeks said — both execs spent the press briefing at the Paramount offices in Hollywood focused on CBS and its 2024-25 schedule.
Cheeks and Reisenbach opened with a victory lap of sorts as CBS finished the strikes-impacted 2023-24 in first place, breaking a decades-old record set by the network with 16 straight season victories and 21 of the past 22 years.
- 5/2/2024
- by Lesley Goldberg
- The Hollywood Reporter - Movie News
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
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
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
Amid Paramount Global’s removal of Bob Bakish as CEO and the ongoing uncertainty of a company sale, it was business as usual for the first quarter at the media conglomerate — which included a $1.3 billion charge for content write-offs as well as layoffs.
Paramount Global reported Q1 2024 earnings Monday, announcing Bakish’s exit and the installation of an unusual three-in-a-box “Office of the CEO”: CBS’s George Cheeks, Chris McCarthy, Showtime/MTV Entertainment Studios and Paramount Media Networks, and Paramount Pictures’ Brian Robbins. The committee of three made brief remarks on the earnings call but didn’t take questions from analysts. The call, which lasted less than 10 minutes, concluded with the theme music to “Mission: Impossible.”
During the first quarter of 2024, Paramount Global took a total of $1.12 billion in content charges, including $909 million for the impairment of content to its estimated fair value as well as $209 million for development cost write-offs and contract-termination costs.
Paramount Global reported Q1 2024 earnings Monday, announcing Bakish’s exit and the installation of an unusual three-in-a-box “Office of the CEO”: CBS’s George Cheeks, Chris McCarthy, Showtime/MTV Entertainment Studios and Paramount Media Networks, and Paramount Pictures’ Brian Robbins. The committee of three made brief remarks on the earnings call but didn’t take questions from analysts. The call, which lasted less than 10 minutes, concluded with the theme music to “Mission: Impossible.”
During the first quarter of 2024, Paramount Global took a total of $1.12 billion in content charges, including $909 million for the impairment of content to its estimated fair value as well as $209 million for development cost write-offs and contract-termination costs.
- 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
After trying to reassure Wall Street with their brief opening remarks at the Paramount Global earnings call, the trio of executives named to the newly formed Office of the CEO looked to do the same with the company’s employees rattled by the sudden ouster of longtime CEO Bob Bakish amid sale negotiations with Skydance.
In a joint memo Monday afternoon, 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; addressed staffers in their new roles as Bakish’s successors.
It followed a company email by Shari Redstone, Chair of Paramount’s Board of Directors, who announced the creation of the Office of the CEO comprised of Cheeks, McCarthy and Robbins.
“As a team they bring to bear incredible knowledge and understanding of our business and will bring...
In a joint memo Monday afternoon, 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; addressed staffers in their new roles as Bakish’s successors.
It followed a company email by Shari Redstone, Chair of Paramount’s Board of Directors, who announced the creation of the Office of the CEO comprised of Cheeks, McCarthy and Robbins.
“As a team they bring to bear incredible knowledge and understanding of our business and will bring...
- 4/29/2024
- by Nellie Andreeva
- Deadline Film + TV
In a memo to employees Monday, Chris McCarthy, George Cheeks and Brian Robbins — who are together running Paramount after the ouster of CEO Bob Bakish — thanked Bakish for his tenure at the company, while signaling a new strategy ahead.
Paramount announced Bakish was out at the company Monday, just ahead of releasing first-quarter earnings, with McCarthy, Cheeks and Robbins making up the “Office of the CEO” upon his ouster. The three executives will work with the Paramount board and CFO Naveen Chopra.
“We’d like to thank Shari and the Board for putting their trust in us. This new structure will allow us to continue leveraging the power of the entire company. Ours is a partnership built on respect, camaraderie and, most importantly, a shared love of Paramount Global, its employees and our world-class content,” the memo reads.
The company did not take any questions during the earnings call Monday,...
Paramount announced Bakish was out at the company Monday, just ahead of releasing first-quarter earnings, with McCarthy, Cheeks and Robbins making up the “Office of the CEO” upon his ouster. The three executives will work with the Paramount board and CFO Naveen Chopra.
“We’d like to thank Shari and the Board for putting their trust in us. This new structure will allow us to continue leveraging the power of the entire company. Ours is a partnership built on respect, camaraderie and, most importantly, a shared love of Paramount Global, its employees and our world-class content,” the memo reads.
The company did not take any questions during the earnings call Monday,...
- 4/29/2024
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Paramount Global revenue in the first quarter climbed 6% year-on-year as Paramount+ added 3.7m subscriptions to reach 71m-plus and the streaming business cut losses by more than 40%.
Less than 30 minutes after the company announced the departure of CEO Bob Bakish and the establishment of a new leadership triumvirate comprising divisional heads George Cheeks, Chris McCarthy, and Brian Robbins, the trio led a whistlestop earnings call before signing off to the strains of Mission: Impossible without taking analysts’ questions.
Overall revenue for the period ending March 31 climbed 6% year-on-year from $7.4bn to $7.7bn, while operating loss improved 66% from $1.2bn to $417m.
Streaming losses...
Less than 30 minutes after the company announced the departure of CEO Bob Bakish and the establishment of a new leadership triumvirate comprising divisional heads George Cheeks, Chris McCarthy, and Brian Robbins, the trio led a whistlestop earnings call before signing off to the strains of Mission: Impossible without taking analysts’ questions.
Overall revenue for the period ending March 31 climbed 6% year-on-year from $7.4bn to $7.7bn, while operating loss improved 66% from $1.2bn to $417m.
Streaming losses...
- 4/29/2024
- ScreenDaily
Paramount Global revenue in the first quarter climbed 6% year-on-year as Paramount+ added 3.7m subscriptions to reach 71m-plus and the streaming business cut losses by more than 40%.
Less than 30 minutes after the company announced the departure of CEO Bob Bakish and the establishment of a new leadership triumvirate comprising divisional heads George Cheeks, Chris McCarthy, and Brian Robbins, the trio led a whistlestop earnings call before signing off to the strains of Mission: Impossible without taking analysts’ questions.
Overall revenue for the period ending March 31 climbed 6% year-on-year from $7.4bn to $7.7bn, while operating loss improved 66% from $1.2bn to $417m.
Streaming losses...
Less than 30 minutes after the company announced the departure of CEO Bob Bakish and the establishment of a new leadership triumvirate comprising divisional heads George Cheeks, Chris McCarthy, and Brian Robbins, the trio led a whistlestop earnings call before signing off to the strains of Mission: Impossible without taking analysts’ questions.
Overall revenue for the period ending March 31 climbed 6% year-on-year from $7.4bn to $7.7bn, while operating loss improved 66% from $1.2bn to $417m.
Streaming losses...
- 4/29/2024
- ScreenDaily
As a buyer group led by David Ellison’s Skydance Media aims to iron out a potential deal to take over Paramount Global, many eyes on Wall Street are also watching carriage talks between the entertainment conglomerate and cable giant Charter Communications. On April 30, that deal expires.
Last year, Charter played hardball with Disney in a negotiating showdown that led to a brief blackout last fall before the companies struck a broad carriage deal covering traditional pay TV networks and streaming services, which finance experts called a blueprint for future sector agreements and a potential “tipping point” in the relationship between content and distribution giants.
Depending if, when, how, and what Charter and Paramount agree on in a new pact could affect the value of Paramount and therefore its takeover price target and its strategic positioning for the future. It’s no surprise then that industry observers have their eyes...
Last year, Charter played hardball with Disney in a negotiating showdown that led to a brief blackout last fall before the companies struck a broad carriage deal covering traditional pay TV networks and streaming services, which finance experts called a blueprint for future sector agreements and a potential “tipping point” in the relationship between content and distribution giants.
Depending if, when, how, and what Charter and Paramount agree on in a new pact could affect the value of Paramount and therefore its takeover price target and its strategic positioning for the future. It’s no surprise then that industry observers have their eyes...
- 4/29/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
George Cheeks, Brian Robbins and Chris McCarthy, the Paramount Global executives chosen to occupy the Office of the CEO as a replacement for the departing Bob Bakish, sought to reassure Wall Street on Monday that they have a plan.
The remarks, which took up just two minutes at the start of Paramount’s first-quarter earnings call, featured short comments from each exec, with the trio being played off by the Mission: Impossible theme. Cheeks began by thanking Bakish for his leadership.
“Paramount Global has the greatest content in the world,” he continued. “We’ve got incredible assets at this company.”
Equally as important, McCarthy said, is the fact that the three execs stepping in for Bakish are well-acquainted with each other. “We’re true partners,” he said, with a “deep respect for each other.”
The company is finalizing a long-term strategic plan, McCarthy added, built on three pillars: optimizing hit content,...
The remarks, which took up just two minutes at the start of Paramount’s first-quarter earnings call, featured short comments from each exec, with the trio being played off by the Mission: Impossible theme. Cheeks began by thanking Bakish for his leadership.
“Paramount Global has the greatest content in the world,” he continued. “We’ve got incredible assets at this company.”
Equally as important, McCarthy said, is the fact that the three execs stepping in for Bakish are well-acquainted with each other. “We’re true partners,” he said, with a “deep respect for each other.”
The company is finalizing a long-term strategic plan, McCarthy added, built on three pillars: optimizing hit content,...
- 4/29/2024
- by Dade Hayes
- Deadline Film + TV
Paramount Global unveiled its first-quarter financial results Monday as controlling shareholder National Amusements, led by Shari Redstone, is in exclusive sale negotiations with a group led by David Ellison’s Skydance, as well as Gerry Cardinale’s RedBird Capital and Kkr.
During the latest quarter, the company hit 71 million Paramount+ streaming subscribers worldwide, up from 67.5 million Paramount+ customers at the end of its fourth quarter, with 3.7 million customers added during the past three months.
And the studio shrunk its streaming loss to $286 million for the first quarter, an improvement over a $511 million loss in Q1 2023. Direct-to-consumer revenue rose 24 percent to $1.87 billion, as advertising and subscription revenues were both up, driven by growth from Pluto TV and Paramount+.
Elsewhere, TV media revenue rose 1 percent to $5.2 billion and filmed entertainment revenue rose 3 percent to $605 million, driven by business from Mean Girls and Bob Marley: One Love.
Paramount’s latest earnings were released...
During the latest quarter, the company hit 71 million Paramount+ streaming subscribers worldwide, up from 67.5 million Paramount+ customers at the end of its fourth quarter, with 3.7 million customers added during the past three months.
And the studio shrunk its streaming loss to $286 million for the first quarter, an improvement over a $511 million loss in Q1 2023. Direct-to-consumer revenue rose 24 percent to $1.87 billion, as advertising and subscription revenues were both up, driven by growth from Pluto TV and Paramount+.
Elsewhere, TV media revenue rose 1 percent to $5.2 billion and filmed entertainment revenue rose 3 percent to $605 million, driven by business from Mean Girls and Bob Marley: One Love.
Paramount’s latest earnings were released...
- 4/29/2024
- by Etan Vlessing
- The Hollywood Reporter - Movie News
Paramount Global CEO Bob Bakish is out as the company unveiled a triumvirate leadership team shortly before its Q1 earnings report on Monday, amid ongoing uncertainty over who will eventually own the company.
Paramount Global has established an Office of the CEO comprising 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.
It is understood Bakish, who has worked with controlling shareholder Shari Redstone for more than 25 years since he joined Viacom in 1997, did not favour the bid...
Paramount Global has established an Office of the CEO comprising 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.
It is understood Bakish, who has worked with controlling shareholder Shari Redstone for more than 25 years since he joined Viacom in 1997, did not favour the bid...
- 4/29/2024
- ScreenDaily
In a shocking move that is shocking nobody this afternoon, Paramount Global President and CEO Bob Bakish is out. In are his (hopefully) crack replacement team. The “Office of the CEO” gang consists of Paramount Pictures and Nickelodeon CEO Brian Robbins, Showtime/MTV Entertainment Studios President and CEO Chris McCarthy, and CBS President and CEO George Cheeks.
Paramount Global reported its quarterly earnings on Monday, hence the timing. Company executives, those who remain at least, will host a conference call with Wall Street analysts (and the media listening in) at 4:30 p.m. Et.
“Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the Company,” Shari Redstone, the chair of Paramount’s board, said in a statement. “I have tremendous confidence in George, Chris, and Brian. They have both the ability to develop and execute on a new strategic plan and to work together as true partners.
Paramount Global reported its quarterly earnings on Monday, hence the timing. Company executives, those who remain at least, will host a conference call with Wall Street analysts (and the media listening in) at 4:30 p.m. Et.
“Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the Company,” Shari Redstone, the chair of Paramount’s board, said in a statement. “I have tremendous confidence in George, Chris, and Brian. They have both the ability to develop and execute on a new strategic plan and to work together as true partners.
- 4/29/2024
- by Tony Maglio
- Indiewire
It’s official: Bob Bakish is out as CEO of Paramount Global, the company announced Monday. The exec’s departure after nearly three decades at Paramount Global and predecessor Viacom comes as the media conglomerate’s board and controlling shareholder Shari Redstone are trying to lock down a deal to merge with Skydance Media.
Three of the company’s divisional heads will divvy up duties in the newly formed “Office of the CEO”: 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.
Word emerged over the weekend that Bakish was expected to exit the company imminently. Paramount Global said Bakish is “stepping down from his role as CEO” and from the board of directors. Bakish has agreed to remain employed with the company as a senior adviser from May 1 to Oct.
Three of the company’s divisional heads will divvy up duties in the newly formed “Office of the CEO”: 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.
Word emerged over the weekend that Bakish was expected to exit the company imminently. Paramount Global said Bakish is “stepping down from his role as CEO” and from the board of directors. Bakish has agreed to remain employed with the company as a senior adviser from May 1 to Oct.
- 4/29/2024
- by Todd Spangler
- Variety Film + TV
Paramount Global CEO Bob Bakish is officially out at the company.
The entertainment conglomerate — in the middle of a sales process — is turning to a handful of top executives to run the company.
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 executives will work with the Paramount board and CFO Naveen Chopra.
According to Paramount’s quarterly report, Bakish will officially step down on Tuesday, and has agreed to remain employed by the company through Oct. 31 as a “senior advisor.”
The dramatic change comes as Paramount is in the middle of an exclusive negotiating window with a potential buyer group consisting of David Ellison’s Skydance, RedBird Capital and Kkr, with talks circling a plan that would keep Paramount public but with Skydance and RedBird executives effectively running things and executing a new strategy.
The entertainment conglomerate — in the middle of a sales process — is turning to a handful of top executives to run the company.
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 executives will work with the Paramount board and CFO Naveen Chopra.
According to Paramount’s quarterly report, Bakish will officially step down on Tuesday, and has agreed to remain employed by the company through Oct. 31 as a “senior advisor.”
The dramatic change comes as Paramount is in the middle of an exclusive negotiating window with a potential buyer group consisting of David Ellison’s Skydance, RedBird Capital and Kkr, with talks circling a plan that would keep Paramount public but with Skydance and RedBird executives effectively running things and executing a new strategy.
- 4/29/2024
- by Alex Weprin and Georg Szalai
- The Hollywood Reporter - Movie News
Paramount Global’s CEO Bob Bakish is out. The executive who has been a presence at several iterations of the company since 1997 will exit, effective immediately. A triumvirate of division heads — Brian Robbins, George Cheeks and Chris McCarthy — will step in to lead the company for now in a new office of the CEO.
Robbins is president & CEO of Paramount Pictures & Nickelodeon and chief content officer, Movies and Kids & Family, Paramount+; Cheeks is president-ceo of CBS, and chief content officer, News and Sports, Paramount+; McCarthy is President & CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks.
The company said the “Office of the CEO is working with the Board to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy. The Board has great confidence in the leaders comprising the Office of the CEO,...
Robbins is president & CEO of Paramount Pictures & Nickelodeon and chief content officer, Movies and Kids & Family, Paramount+; Cheeks is president-ceo of CBS, and chief content officer, News and Sports, Paramount+; McCarthy is President & CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks.
The company said the “Office of the CEO is working with the Board to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy. The Board has great confidence in the leaders comprising the Office of the CEO,...
- 4/29/2024
- by Jill Goldsmith
- Deadline Film + TV
Three Paramount executives will take Bakish’s place until the question of Paramount’s ownership is determined.
It has been a tumultuous few months for Paramount Global as the venerated entertainment company has been regularly embroiled in rumors surrounding its ownership and, more recently, who will be in charge of the company. On Monday, some of those questions were answered as Paramount reported its first-quarter earnings for 2024. On the streaming front, the company’s flagship platform Paramount+ added 3.7 million customers worldwide during the first three months of the year to bring its global total to 71.2 million, up 18.67% year over year.
Key Details: Paramount+ saw 18.67% subscriber growth over the course of the past year. The streamer also boasted a 51% revenue jump year over year as well. CEO Bob Bakish stepped down from his post on Monday effective immediately and he will be replaced by a trio of executives while Paramount’s ownership is decided.
It has been a tumultuous few months for Paramount Global as the venerated entertainment company has been regularly embroiled in rumors surrounding its ownership and, more recently, who will be in charge of the company. On Monday, some of those questions were answered as Paramount reported its first-quarter earnings for 2024. On the streaming front, the company’s flagship platform Paramount+ added 3.7 million customers worldwide during the first three months of the year to bring its global total to 71.2 million, up 18.67% year over year.
Key Details: Paramount+ saw 18.67% subscriber growth over the course of the past year. The streamer also boasted a 51% revenue jump year over year as well. CEO Bob Bakish stepped down from his post on Monday effective immediately and he will be replaced by a trio of executives while Paramount’s ownership is decided.
- 4/29/2024
- by Matt Tamanini
- The Streamable
Paramount Global is set to announce as early as Monday morning that Bob Bakish is stepping down as CEO amid talks with Skydance and ahead of the company’s quarterly earnings that afternoon.
News Bakish might exit started circulating Friday. Paramount’s controlling shareholder and executive chair Shari Redstone, while once clearly on the same page with the chief executive, is said to be unhappy with some of his more recent strategic moves including a decision not to unload Showtime and an aborted sale process for BET. Deadline has also heard that Bakish is not a fan of a deal with David Ellison’s Skydance, in opposition to Redstone. The two companies are towards the end of a exclusive month-long negotiating period.
Paramount is reporting first quarter earnings after market close Monday. Bakish is not expected to be on the call.
It’s not clear how the company would replace him.
News Bakish might exit started circulating Friday. Paramount’s controlling shareholder and executive chair Shari Redstone, while once clearly on the same page with the chief executive, is said to be unhappy with some of his more recent strategic moves including a decision not to unload Showtime and an aborted sale process for BET. Deadline has also heard that Bakish is not a fan of a deal with David Ellison’s Skydance, in opposition to Redstone. The two companies are towards the end of a exclusive month-long negotiating period.
Paramount is reporting first quarter earnings after market close Monday. Bakish is not expected to be on the call.
It’s not clear how the company would replace him.
- 4/27/2024
- by Jill Goldsmith
- Deadline Film + TV
By all measures, Ziffren Brittenham senior partner Clifford Gilbert-Lurie has had a storied run as an entertainment attorney. Over the course of his four-decade-plus career, he has made big deals for a long list of loyal clients that have generated pages upon pages of headlines in the show business trades. For those professional accomplishments, along with his philanthropic efforts, he’s being honored with Variety’s Power of Law Award at a breakfast April 18 at the Four Seasons Hotel in Beverly Hills.
But if one had to point to a single metric that sums up how much he is valued, it would be a British luxury car topped by a large red bow.
More specifically, a Bentley, gifted to him by producer Dick Wolf.
Sandra Bullock vividly remembers the night. The year was 2004. She had come to Gilbert-Lurie’s 50th birthday party armed with what she thought was the perfect gift,...
But if one had to point to a single metric that sums up how much he is valued, it would be a British luxury car topped by a large red bow.
More specifically, a Bentley, gifted to him by producer Dick Wolf.
Sandra Bullock vividly remembers the night. The year was 2004. She had come to Gilbert-Lurie’s 50th birthday party armed with what she thought was the perfect gift,...
- 4/17/2024
- by Todd Longwell
- Variety Film + TV
Survivor host Jeff Probst is happy that CBS ordered the show to be more inclusive.
In 2020, CBS President and CEO George Cheeks mandated the 50% of Survivor be Bipoc. The show is one month away from filming Season 47, but Probst already has seen the impact.
“That will go down as one of the most positive and significant changes ever in Survivor,” Probst said during the Contenders TV panel Saturday. “More people are applying now than ever, and it’s going up every season in every single category — African-American, East Asian, Middle Eastern, South Pacific Islander, Latino/Hispanic, Asian. it’s the perfect illustration of what we say all the time, which is representation matters.”
Speaking with the new contestants, Probst observed that representation begat more representation. The numbers of applicants speak to growth.
“Now we have people applying to be on the show saying, ‘I never saw anybody who looked like me.
In 2020, CBS President and CEO George Cheeks mandated the 50% of Survivor be Bipoc. The show is one month away from filming Season 47, but Probst already has seen the impact.
“That will go down as one of the most positive and significant changes ever in Survivor,” Probst said during the Contenders TV panel Saturday. “More people are applying now than ever, and it’s going up every season in every single category — African-American, East Asian, Middle Eastern, South Pacific Islander, Latino/Hispanic, Asian. it’s the perfect illustration of what we say all the time, which is representation matters.”
Speaking with the new contestants, Probst observed that representation begat more representation. The numbers of applicants speak to growth.
“Now we have people applying to be on the show saying, ‘I never saw anybody who looked like me.
- 4/13/2024
- by Fred Topel
- Deadline Film + TV
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