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 has signed an NDA with Paramount Global, a move that will give it access to the books and allow deal talks to move ahead, Deadline hears.
Sony and private equity giant Apollo kicked things off previously with a preliminary bid of $26 billion, but what’s being contemplated now is not that, but something narrower. A look at the books is necessary to move forward in any case.
The non-disclosure agreement comes two weeks after a Paramount’s month-long exclusive negotiating window with David Ellison’s Skydance ended with no deal but the indie studio still hanging in, still interested.
After a few weeks passed with no Sony NDA, there’s was speculation its interest was waning as it considered the significant regulatory hurdles, and that’s possibly what’s at play in looking for a different kind of deal.
Sony just wants the studio. Some industry players believe Apollo...
Sony and private equity giant Apollo kicked things off previously with a preliminary bid of $26 billion, but what’s being contemplated now is not that, but something narrower. A look at the books is necessary to move forward in any case.
The non-disclosure agreement comes two weeks after a Paramount’s month-long exclusive negotiating window with David Ellison’s Skydance ended with no deal but the indie studio still hanging in, still interested.
After a few weeks passed with no Sony NDA, there’s was speculation its interest was waning as it considered the significant regulatory hurdles, and that’s possibly what’s at play in looking for a different kind of deal.
Sony just wants the studio. Some industry players believe Apollo...
- 5/18/2024
- by Jill Goldsmith
- Deadline Film + TV
Director-writer-producer-star Kevin Costner’s two-part Western opus “Horizon: An American Saga” will bookend the summer. Part one hits theaters on June 28, followed by part two on August 12. On Friday, Warner Bros. released a new trailer that shows off the films’ sprawling and impressive ensemble cast.
Here’s the list of who is in these movies: Sienna Miller, Sam Worthington, Jena Malone, Owen Crow Shoe, Tatanka Means, Ella Hunt, Tim Guinee, Danny Huston, Colin Cunningham, Scott Haze, Tom Payne, Abbey Lee, Michael Rooker, Will Patton, Georgia MacPhail, Douglas Smith, Luke Wilson, Isabelle Fuhrman, Jamie Campbell Bower, Alejandro Edda, Wasé Winyan Chief, Michael Anganaro, Angus Macfadyen, Jon Beavers, Alex Nibley, Kathleen Quinlan, Etienne Kellici, Amos Jason Charging Cloud, Bodhi Okuma Linton, Gregory Cruz, James Russo, Jeff Fahey, David O’Hara, Chris Conner, Leroy M. Silva, Bernardo Velasco, Tom Everett, Glynn Turman, and Giovanni Ribisi.
“Stranger Things” star Campbell Bower is heavily featured, delivering...
Here’s the list of who is in these movies: Sienna Miller, Sam Worthington, Jena Malone, Owen Crow Shoe, Tatanka Means, Ella Hunt, Tim Guinee, Danny Huston, Colin Cunningham, Scott Haze, Tom Payne, Abbey Lee, Michael Rooker, Will Patton, Georgia MacPhail, Douglas Smith, Luke Wilson, Isabelle Fuhrman, Jamie Campbell Bower, Alejandro Edda, Wasé Winyan Chief, Michael Anganaro, Angus Macfadyen, Jon Beavers, Alex Nibley, Kathleen Quinlan, Etienne Kellici, Amos Jason Charging Cloud, Bodhi Okuma Linton, Gregory Cruz, James Russo, Jeff Fahey, David O’Hara, Chris Conner, Leroy M. Silva, Bernardo Velasco, Tom Everett, Glynn Turman, and Giovanni Ribisi.
“Stranger Things” star Campbell Bower is heavily featured, delivering...
- 5/17/2024
- by Liam Mathews
- Gold Derby
As another M&a opportunity is potentially headed to the scrap heap, Paramount may be left to go it alone.
There’s very little about Paramount Global’s recent ownership question that has gone the way that company officials would want. The special committee designated to consider merger and acquisition opportunities is now working through its second major offer for the company, a $26 billion bid by Sony and its private equity firm partner Apollo Global Management. But a new report from CNBC is casting doubt on whether Sony really wants to follow through with its attempt to purchase Paramount Global, and it appears increasingly likely that the company won’t be sold at all.
Key Details: CNBC’s David Faber reports that Sony is “rethinking” its bid for Paramount Global. Due diligence has not begun, so while deal talks could still heat up, the two sides are not progressing as they would have hoped.
There’s very little about Paramount Global’s recent ownership question that has gone the way that company officials would want. The special committee designated to consider merger and acquisition opportunities is now working through its second major offer for the company, a $26 billion bid by Sony and its private equity firm partner Apollo Global Management. But a new report from CNBC is casting doubt on whether Sony really wants to follow through with its attempt to purchase Paramount Global, and it appears increasingly likely that the company won’t be sold at all.
Key Details: CNBC’s David Faber reports that Sony is “rethinking” its bid for Paramount Global. Due diligence has not begun, so while deal talks could still heat up, the two sides are not progressing as they would have hoped.
- 5/15/2024
- 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
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
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
Updated with Paramount’s board decision to begin new negotiations: A special committee of the Paramount Global board decided at a meeting yesterday to begin talking with Sony and Apollo following the expiration of a month-long negotiating window with Skydance on Friday night.
The committee met over the weekend to consider its approach to the preliminary $26 billion cash bid, including the assumption of debt, made jointly by the entertainment giant and global private equity film.
But the David Ellison studio is still in the mix as Paramount seeks to continue those talks – just non-exclusive, obviously, Deadline has learned.
That’s a deal that won’t have any regulatory issues in closing, and is the one that Par’s controlling shareholder Shari Restone prefers.
Paramount shareholders hate the Skydance deal, just as much of Hollywood detests the idea of Paramount and Sony merging – a combination that would need to pass regulatory scrutiny.
The committee met over the weekend to consider its approach to the preliminary $26 billion cash bid, including the assumption of debt, made jointly by the entertainment giant and global private equity film.
But the David Ellison studio is still in the mix as Paramount seeks to continue those talks – just non-exclusive, obviously, Deadline has learned.
That’s a deal that won’t have any regulatory issues in closing, and is the one that Par’s controlling shareholder Shari Restone prefers.
Paramount shareholders hate the Skydance deal, just as much of Hollywood detests the idea of Paramount and Sony merging – a combination that would need to pass regulatory scrutiny.
- 5/5/2024
- by Jill Goldsmith
- Deadline Film + TV
Both James Cameron and Ari Emanuel offered their support this weekend of Skydance’s bid to acquire Paramount.
Though reports earlier this week suggested that Paramount’s special board committee was leaning against accepting Skydance’s offer, Cameron and Emanuel told The Financial Times on Sunday that they supported Skydance founder David Ellison’s potential leadership.
The deal, first offered during a 30-day exclusive negotiating window at the beginning of April, would see Skydance, joined by financial partners RedBird Capital and Kkir, acquire controlling shareholder Shari Redstone’s stake in the company and then merge Skydance into Paramount, keeping it as a publicly traded company, with new leadership at the helm.
“I love the Ellison idea,” Cameron, whose 1997 film Titanic remains one of Paramount’s most successful movies, said. “If he gets . . . to run Paramount creatively, it could be a huge boon for this business in these ailing times. David’s proven himself.
Though reports earlier this week suggested that Paramount’s special board committee was leaning against accepting Skydance’s offer, Cameron and Emanuel told The Financial Times on Sunday that they supported Skydance founder David Ellison’s potential leadership.
The deal, first offered during a 30-day exclusive negotiating window at the beginning of April, would see Skydance, joined by financial partners RedBird Capital and Kkir, acquire controlling shareholder Shari Redstone’s stake in the company and then merge Skydance into Paramount, keeping it as a publicly traded company, with new leadership at the helm.
“I love the Ellison idea,” Cameron, whose 1997 film Titanic remains one of Paramount’s most successful movies, said. “If he gets . . . to run Paramount creatively, it could be a huge boon for this business in these ailing times. David’s proven himself.
- 5/5/2024
- by Zoe G Phillips
- The Hollywood Reporter - Movie News
Although exclusive talks between Paramount Global and Skydance Media are expected to end without a deal, questions linger about controlling shareholder Shari Redstone’s duty to minority investors, some of whom have vocally opposed the merger on grounds that their interests have taken a backseat in negotiations.
A Paramount investor, in a complaint filed on April 30 in Delaware Chancery Court, moved to force the company to turn over records related to talks with David Ellison’s Skydance. The Employees’ Retirement System of Rhode Island alleged that Redstone has “conflicting interests” undermining the company’s motives to find a better deal than the one offered by Skydance.
The legal move could be a precursor to a lawsuit challenging any potential deal in which common shareholders perceive as enriching Redstone at their expense. It follows several law firms, in the wake of Paramount’s deal talks with Skydance, announcing investigations into whether...
A Paramount investor, in a complaint filed on April 30 in Delaware Chancery Court, moved to force the company to turn over records related to talks with David Ellison’s Skydance. The Employees’ Retirement System of Rhode Island alleged that Redstone has “conflicting interests” undermining the company’s motives to find a better deal than the one offered by Skydance.
The legal move could be a precursor to a lawsuit challenging any potential deal in which common shareholders perceive as enriching Redstone at their expense. It follows several law firms, in the wake of Paramount’s deal talks with Skydance, announcing investigations into whether...
- 5/3/2024
- by Winston Cho
- The Hollywood Reporter - Movie News
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
The board room and executive suite drama at Paramount Global escalated on Monday, with Bob Bakish leaving his role as CEO and a trio of executives taking over just days before an exclusive negotiating window for a sale to David Ellison’s SkyDance Media and partners closes.
Veteran company leaders Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three will work with the Paramount board and CFO Naveen Chopra.
“We’re finalizing a long-term strategic plan to best position this storied company to reach new and greater heights in our rapidly changing world,” McCarthy told a conference call following Paramount’s first-quarter earnings report after the market close on Monday that lasted just nine minutes and didn’t allow for analysts’ questions. As of 11:15 a.m. Et on Tuesday, Paramount shares were down 4.3 percent,...
Veteran company leaders Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three will work with the Paramount board and CFO Naveen Chopra.
“We’re finalizing a long-term strategic plan to best position this storied company to reach new and greater heights in our rapidly changing world,” McCarthy told a conference call following Paramount’s first-quarter earnings report after the market close on Monday that lasted just nine minutes and didn’t allow for analysts’ questions. As of 11:15 a.m. Et on Tuesday, Paramount shares were down 4.3 percent,...
- 4/30/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
Paramount Global’s ouster of CEO Bob Bakish did not reassure investors that there’s a favorable exit in store for the media conglomerate.
Shares of the company were down more than 4% in trading Tuesday morning to under $12/share, after Bakish’s exit was officially announced and he was replaced by three senior execs tasked with running Paramount Global — for now, anyway.
Wall Street analysts said the dismissal of Bakish, who was said to oppose Paramount Global’s prospective merger with David Ellison’s Skydance Media, along with the company’s refusal to take questions during its first-quarter 2024 earnings call Monday was evidence that an M&a deal is nearing. Paramount’s Q1 results were decent, as the company boosted Paramount+ streaming subs to more than 71 million and significantly narrowed streaming losses, while its TV group saw revenue up 1% thanks largely to the Super Bowl on CBS. But the financial results...
Shares of the company were down more than 4% in trading Tuesday morning to under $12/share, after Bakish’s exit was officially announced and he was replaced by three senior execs tasked with running Paramount Global — for now, anyway.
Wall Street analysts said the dismissal of Bakish, who was said to oppose Paramount Global’s prospective merger with David Ellison’s Skydance Media, along with the company’s refusal to take questions during its first-quarter 2024 earnings call Monday was evidence that an M&a deal is nearing. Paramount’s Q1 results were decent, as the company boosted Paramount+ streaming subs to more than 71 million and significantly narrowed streaming losses, while its TV group saw revenue up 1% thanks largely to the Super Bowl on CBS. But the financial results...
- 4/30/2024
- by Todd Spangler
- Variety Film + TV
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
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
Updated with details of revised Skydance offer: Deadline has learned that Skydance’s offer for Paramount, said to be its last and final, includes a sweetened $3 billion cash in injection — up by at least $1 billion contemplated previously. That’s key as a priority is Paramount holding enough cash on its balance sheet for an investment grade status with big ratings agencies.
The deal also includes a premium sweetener for a percentage of non-voting Class B shares, although details of that aren’t clear. Shari Redstone would take an unspecified haircut compared with the initial deal terms, below. Paramount’s all stock acquisition of Skydance, planned as a second step in the transaction, wouldn’t change, with a value remaining at about $5 billion.
It’s not clear what happens to the few other Class A shareholders beyond Redstone, but most, like Mario Gabelli, also hold B shares. Class A share have...
The deal also includes a premium sweetener for a percentage of non-voting Class B shares, although details of that aren’t clear. Shari Redstone would take an unspecified haircut compared with the initial deal terms, below. Paramount’s all stock acquisition of Skydance, planned as a second step in the transaction, wouldn’t change, with a value remaining at about $5 billion.
It’s not clear what happens to the few other Class A shareholders beyond Redstone, but most, like Mario Gabelli, also hold B shares. Class A share have...
- 4/29/2024
- by Jill Goldsmith
- Deadline Film + TV
Confusion and anxiety reigned at a CBS-Politico joint party today ahead of the annual White House Correspondents’ Dinner, with staffers shocked at news that Bob Bakish, CEO of parent Paramount Global, is set to exit abruptly as early as Monday morning.
There have been rumblings about Bakish for days as the company enters the final stretch of exclusive merger negotiations with David Ellison’s Skydance. But his imminent departure triggered a wave of anxious speculation tonight in Washington, D.C. Ellison has always been mostly interested in the movie studio and historic lot. Although it seems Skydance does plan to keep the company intact, at least for a time, network folks aren’t betting on it and felt uncertain about the future of CBS, and about who might be running Paramount Global in a few short days — a troika of top execs, a new chief executive?
“We knew changes were coming,...
There have been rumblings about Bakish for days as the company enters the final stretch of exclusive merger negotiations with David Ellison’s Skydance. But his imminent departure triggered a wave of anxious speculation tonight in Washington, D.C. Ellison has always been mostly interested in the movie studio and historic lot. Although it seems Skydance does plan to keep the company intact, at least for a time, network folks aren’t betting on it and felt uncertain about the future of CBS, and about who might be running Paramount Global in a few short days — a troika of top execs, a new chief executive?
“We knew changes were coming,...
- 4/28/2024
- by Dominic Patten and Jill Goldsmith
- Deadline Film + TV
Amid the M&a drama enveloping Paramount Global, Bob Bakish is about to step down as CEO after eight years at the helm of Shari Redstone’s media empire.
Bakish is expected to resign under pressure as early as Monday. The executive has been with Paramount and its Viacom predecessor since 1997. He was recruited by Redstone in 2016 to help bring order to a company that had descended into public legal brawling among shareholders and a battle for control between Redstone and former Viacom CEO Philippe Dauman. Word of Bakish’s pending exit first surfaced Friday in the Wall Street Journal.
At present, Paramount‘s board of directors is deep in exclusive acquisitions talks with Skydance Media and RedBird Capital. Another group, Sony Pictures and Apollo Global Management, is poised to field a formal all-cash offer for the company next week as the May 3 expiration date of the exclusive negotiating window with Skydance nears.
Bakish is expected to resign under pressure as early as Monday. The executive has been with Paramount and its Viacom predecessor since 1997. He was recruited by Redstone in 2016 to help bring order to a company that had descended into public legal brawling among shareholders and a battle for control between Redstone and former Viacom CEO Philippe Dauman. Word of Bakish’s pending exit first surfaced Friday in the Wall Street Journal.
At present, Paramount‘s board of directors is deep in exclusive acquisitions talks with Skydance Media and RedBird Capital. Another group, Sony Pictures and Apollo Global Management, is poised to field a formal all-cash offer for the company next week as the May 3 expiration date of the exclusive negotiating window with Skydance nears.
- 4/27/2024
- by Cynthia Littleton
- Variety Film + TV
Paramount Global shares jumped 13% Friday as investors cheered news that Sony Pictures Entertainment is talking with Apollo Global Management about joining Apollo’s bid for Paramount.
The beleaguered stock ended the day at $12.44 after registering more than twice its normal trading volume. Shares reached their highest point since February, offering fresh evidence that many investors appear to be gravitating toward the Apollo/Sony scenario, largely for structural reasons. Importantly, even if the two entities joined forces, they are not yet officially in the arena. For the next two weeks, David Ellison’s Skydance Media, backed by RedBird Capital and other investors, is in an exclusive negotiating window with Paramount’s controlling shareholder, National Amusements.
While Skydance appeals to many media industry vets given Ellison’s strong track record and enthusiasm for keeping Paramount Pictures intact, the deal it is pursuing has inherent strings attached. National Amusements Inc., which is run by Shari Redstone,...
The beleaguered stock ended the day at $12.44 after registering more than twice its normal trading volume. Shares reached their highest point since February, offering fresh evidence that many investors appear to be gravitating toward the Apollo/Sony scenario, largely for structural reasons. Importantly, even if the two entities joined forces, they are not yet officially in the arena. For the next two weeks, David Ellison’s Skydance Media, backed by RedBird Capital and other investors, is in an exclusive negotiating window with Paramount’s controlling shareholder, National Amusements.
While Skydance appeals to many media industry vets given Ellison’s strong track record and enthusiasm for keeping Paramount Pictures intact, the deal it is pursuing has inherent strings attached. National Amusements Inc., which is run by Shari Redstone,...
- 4/19/2024
- by Dade Hayes
- Deadline Film + TV
Sony Pictures Entertainment and Apollo Global Management are considering a possible joint bid for Paramount Global.
News of the discussions was first reported by the New York Times. Sources close to the situation confirmed the conversations but cautioned that there are numerous obstacles that would need to be overcome before the sides could formally submit an offer. Apollo previously floated a $26 billion offer for Paramount by itself and before that it floated an $11 billion offer for the Paramount Pictures film studio on its own.
At present, Paramount Global is in the midst of an exclusive 30-day negotiating window with Skydance Media. Skydance and Paramount are trying to work out a deal that would merge Paramount into Skydance and bring in a new management regime led by Skydance CEO David Ellison. Paramount Global has set up a special committee of board members to consider offers and options for Paramount. That committee...
News of the discussions was first reported by the New York Times. Sources close to the situation confirmed the conversations but cautioned that there are numerous obstacles that would need to be overcome before the sides could formally submit an offer. Apollo previously floated a $26 billion offer for Paramount by itself and before that it floated an $11 billion offer for the Paramount Pictures film studio on its own.
At present, Paramount Global is in the midst of an exclusive 30-day negotiating window with Skydance Media. Skydance and Paramount are trying to work out a deal that would merge Paramount into Skydance and bring in a new management regime led by Skydance CEO David Ellison. Paramount Global has set up a special committee of board members to consider offers and options for Paramount. That committee...
- 4/19/2024
- by Cynthia Littleton
- Variety Film + TV
The upcoming Apple TV+ series “Government Cheese” has filled out its main cast with four new additions, Variety has learned exclusively.
Jahi Winston, Evan Alexander Ellison, Jeremy Bobb, and Louis Cancelmi have all joined the show. They will appear alongside previously announced series lead David Oyelowo as well as cast members Simone Missick, Bokeem Woodbine, Sunita Mani, and Adam Beach.
Based on the short film of the same name by Paul Hunter, “Government Cheese” follows Hampton Chambers (Oyelowo), described as “a man recently released from prison who struggles to keep his criminal past at bay and win back his family, all while processing moments of divine intervention that seem to happen with increasing frequency.”
Winston is repped by WME and Jackoway Austen Tyerman. Ellison is repped by Amplified for management and talent agency Pacific Artists Management. Bobb is repped by Gersh, and Suskin/Karshan Management. Cancelmi is repped by Gersh and Red Letter Entertainment.
Jahi Winston, Evan Alexander Ellison, Jeremy Bobb, and Louis Cancelmi have all joined the show. They will appear alongside previously announced series lead David Oyelowo as well as cast members Simone Missick, Bokeem Woodbine, Sunita Mani, and Adam Beach.
Based on the short film of the same name by Paul Hunter, “Government Cheese” follows Hampton Chambers (Oyelowo), described as “a man recently released from prison who struggles to keep his criminal past at bay and win back his family, all while processing moments of divine intervention that seem to happen with increasing frequency.”
Winston is repped by WME and Jackoway Austen Tyerman. Ellison is repped by Amplified for management and talent agency Pacific Artists Management. Bobb is repped by Gersh, and Suskin/Karshan Management. Cancelmi is repped by Gersh and Red Letter Entertainment.
- 4/16/2024
- by Joe Otterson
- Variety Film + TV
As Paramount Global and Skydance Media’s exclusive talks about a potential merger continue, Ariel Investments founder and co-ceo John Rogers Jr. told TheWrap that the media conglomerate’s recent stock decline indicates a lack of faith in Skydance’s CEO David Ellison.
Watching the developments closely, the executive said that he could consider legal action in the event that a deal doesn’t appropriately benefit his clients.
The firm, which is a long-term shareholder with a 1.8% stake in Paramount as of the new year, previously told TheWrap Friday that pursuing exclusive talks with Skydance and a deal that would benefit controlling shareholder Shari Redstone at the expense of other shareholders would be “averse” to the company’s fair market value.
On Monday, he added that they are “talking to our outside counsel.”
Paramount shares have fallen 50% in the past year (Credit: Nasdaq)
“It’s something that we’re going...
Watching the developments closely, the executive said that he could consider legal action in the event that a deal doesn’t appropriately benefit his clients.
The firm, which is a long-term shareholder with a 1.8% stake in Paramount as of the new year, previously told TheWrap Friday that pursuing exclusive talks with Skydance and a deal that would benefit controlling shareholder Shari Redstone at the expense of other shareholders would be “averse” to the company’s fair market value.
On Monday, he added that they are “talking to our outside counsel.”
Paramount shares have fallen 50% in the past year (Credit: Nasdaq)
“It’s something that we’re going...
- 4/15/2024
- by Lucas Manfredi
- The Wrap
Paramount's Second-Largest Shareholder Would Rather See Company Go Unsold Than Approve Skydance Deal
Speaking with the New York Post last week, Wall Street mogul Mario Gabelli said there was “no question” he’d prefer no deal to the Skydance offer.
There aren’t many Paramount shareholders beyond the controlling shareholder Shari Redstone who are enthusiastic about the company’s decision to enter into exclusive negotiations with David Ellison of Skydance Media regarding a merger. A report from the New York Post indicates that Paramount’s second-largest shareholder Mario Gabelli is also against the deal, and in fact would rather Paramount remain unsold than see it be merged or acquired by some other company.
Gabelli said there was “no question I’d rather see no sale” when queried by the Post. His plan is to follow Paramount CEO Bob Bakish’s guidance on keeping the company going, as well as to sell its cable channels to Byron Allen. Allen has already registered a bid for Paramount Global,...
There aren’t many Paramount shareholders beyond the controlling shareholder Shari Redstone who are enthusiastic about the company’s decision to enter into exclusive negotiations with David Ellison of Skydance Media regarding a merger. A report from the New York Post indicates that Paramount’s second-largest shareholder Mario Gabelli is also against the deal, and in fact would rather Paramount remain unsold than see it be merged or acquired by some other company.
Gabelli said there was “no question I’d rather see no sale” when queried by the Post. His plan is to follow Paramount CEO Bob Bakish’s guidance on keeping the company going, as well as to sell its cable channels to Byron Allen. Allen has already registered a bid for Paramount Global,...
- 4/15/2024
- by David Satin
- The Streamable
What do you do when your conglom might be a target for a takeover? Don’t sweat it and laugh.
As Skydance remains in talks with Paramount Global‘s majority shareholder National Amusements to take control of the studio, Paramount Pictures CEO Brian Robbins made light of sales talks before exhibitors at CinemaCon in Las Vegas on Thursday, saying “My colleague Chris Aronson is also raising money to make a bid for the studio; he has a Kickstarter … I don’t know how corporate will feel.”
Flashed behind Robbins on the screen was a fake news report about Paramount’s domestic distribution president Aronson with a cardboard sign that read “Anything helps” in a plea for donations.
Paramount is currently in an exclusive 30-day negotiating window with Skydance Media for a deal that’s favored by Shari Redstone but getting tons of blowback from other shareholders.
Despite’s Paramount financial...
As Skydance remains in talks with Paramount Global‘s majority shareholder National Amusements to take control of the studio, Paramount Pictures CEO Brian Robbins made light of sales talks before exhibitors at CinemaCon in Las Vegas on Thursday, saying “My colleague Chris Aronson is also raising money to make a bid for the studio; he has a Kickstarter … I don’t know how corporate will feel.”
Flashed behind Robbins on the screen was a fake news report about Paramount’s domestic distribution president Aronson with a cardboard sign that read “Anything helps” in a plea for donations.
Paramount is currently in an exclusive 30-day negotiating window with Skydance Media for a deal that’s favored by Shari Redstone but getting tons of blowback from other shareholders.
Despite’s Paramount financial...
- 4/11/2024
- by Anthony D'Alessandro and Jill Goldsmith
- Deadline Film + TV
Conversation about a Paramount merger is growing louder, and a new report from Variety shows how audiences would respond if it teamed with NBCU’s Peacock in the future.
To say that the future of Paramount+ is uncertain right now would be an understatement. The streamer’s parent company Paramount Global is deep in discussions with David Ellison and Skydance Media about a possible merger of the two companies, a move that could signal the start of big changes for Paramount+ and every other division inside the media giant. One option on the table for Paramount, that predates its M&a conversations with Skydance, is bundling its flagship streamer with other services; Peacock has long been discussed as a potential partner for Paramount+, and a new report from Variety demonstrates that a bundle of the two relatively smaller streaming services would be quite popular among customers.
Nearly half of people who...
To say that the future of Paramount+ is uncertain right now would be an understatement. The streamer’s parent company Paramount Global is deep in discussions with David Ellison and Skydance Media about a possible merger of the two companies, a move that could signal the start of big changes for Paramount+ and every other division inside the media giant. One option on the table for Paramount, that predates its M&a conversations with Skydance, is bundling its flagship streamer with other services; Peacock has long been discussed as a potential partner for Paramount+, and a new report from Variety demonstrates that a bundle of the two relatively smaller streaming services would be quite popular among customers.
Nearly half of people who...
- 4/9/2024
- by David Satin
- The Streamable
Paramount Global’s beleaguered stock faltered Monday as investors fretted over the ongoing talks between controlling shareholder National Amusements Inc. and Skydance Media.
As the moon blocked out the sun across a swath of the U.S. in a total eclipse, the stock behaved accordingly, falling almost 8% on heavier-than-average trading volume to finish at $11.06. The shares, which have lost nearly half their value over the past year, retreated amid numerous reports about how a tentative deal between David Ellison’s Skydance and Shari Redstone’s National Amusements would be structured.
While Nai controls more than three-quarters of Paramount’s voting shares, it has only about 10% of the company’s equity, posing a risk of dilution for a number of other shareholders. During their 30-day exclusive negotiating window, Skydance and Nai are said to have established a framework for an all-stock transaction valued in the range of $5 billion. An initial step...
As the moon blocked out the sun across a swath of the U.S. in a total eclipse, the stock behaved accordingly, falling almost 8% on heavier-than-average trading volume to finish at $11.06. The shares, which have lost nearly half their value over the past year, retreated amid numerous reports about how a tentative deal between David Ellison’s Skydance and Shari Redstone’s National Amusements would be structured.
While Nai controls more than three-quarters of Paramount’s voting shares, it has only about 10% of the company’s equity, posing a risk of dilution for a number of other shareholders. During their 30-day exclusive negotiating window, Skydance and Nai are said to have established a framework for an all-stock transaction valued in the range of $5 billion. An initial step...
- 4/8/2024
- by Dade Hayes
- Deadline Film + TV
Former NBC Universal CEO Jeff Shell appears in an undated handout photo.
The former chief executive of Comcast’s NBC Universal business could be headed to Paramount Global if the company moves forward with its merger plan involving Skydance Media, according to a report.
Over the weekend, CNBC offered additional details about what Paramount Global might look like after consummating its marriage with Skydance Media, which would involve other companies like RedBird Capital Partners, where Jeff Shell oversees its sports and media investments.
Shell is likely to take a senior leadership role at Paramount should the companies merge, according to CNBC, with Skydance founder and CEO David Ellison taking charge of the combined operation.
Paramount would continue to trade as a public company, the network said, with shareholders having more control over the film and television enterprise. Currently, Shari Redstone and her family control the majority of Paramount through their...
The former chief executive of Comcast’s NBC Universal business could be headed to Paramount Global if the company moves forward with its merger plan involving Skydance Media, according to a report.
Over the weekend, CNBC offered additional details about what Paramount Global might look like after consummating its marriage with Skydance Media, which would involve other companies like RedBird Capital Partners, where Jeff Shell oversees its sports and media investments.
Shell is likely to take a senior leadership role at Paramount should the companies merge, according to CNBC, with Skydance founder and CEO David Ellison taking charge of the combined operation.
Paramount would continue to trade as a public company, the network said, with shareholders having more control over the film and television enterprise. Currently, Shari Redstone and her family control the majority of Paramount through their...
- 4/8/2024
- by Matthew Keys
- The Desk
The deal is not shaping up to be a full takeover of Paramount by Skydance, though no details are currently set in stone.
After months of speculation, all signs point to a deal between Skydance Media’s David Ellison and Paramount Global in the next few weeks. The two sides are currently in an exclusive negotiating period as look to hammer out a deal that would see Ellison take control of Paramount. That had been the expectation over the past few weeks, but new details reported by CNBC and other outlets indicate that the agreement could look far different than the one analysts have been prognosticating for months.
Bloomberg reports that Ellison has agreed to pay $2 billion for Shari Redstone’s voting stock in Paramount Global. Ellison and his financial consortium would own 45% to 50% of the new company and would keep its stock public. Reports indicate Ellison would keep Paramount...
After months of speculation, all signs point to a deal between Skydance Media’s David Ellison and Paramount Global in the next few weeks. The two sides are currently in an exclusive negotiating period as look to hammer out a deal that would see Ellison take control of Paramount. That had been the expectation over the past few weeks, but new details reported by CNBC and other outlets indicate that the agreement could look far different than the one analysts have been prognosticating for months.
Bloomberg reports that Ellison has agreed to pay $2 billion for Shari Redstone’s voting stock in Paramount Global. Ellison and his financial consortium would own 45% to 50% of the new company and would keep its stock public. Reports indicate Ellison would keep Paramount...
- 4/8/2024
- by David Satin
- The Streamable
Charter Communications is about to play a guest-star role in the corporate drama surrounding Paramount Global.
As if Shari Redstone’s media empire wasn’t under enough pressure, Paramount Global now is in the final few weeks of its most recent carriage agreement with Charter, the nation’s second largest cable operator behind Comcast. The two companies are in renewal discussions, the outcome of which will have significant influence on Paramount’s ability to deliver the free cash flow that media investors are expecting from the company that has lately posted big losses on streaming operations. The company warned investors in February that it expects to take a nearly $1 billion write-down in its Q1 earnings report to adjust for the diminished value of programming on its books (roughly $800 million) as well as in restructuring costs ($200 million). But CEO Bob Bakish has also vowed that Paramount+ will be profitable in the U.
As if Shari Redstone’s media empire wasn’t under enough pressure, Paramount Global now is in the final few weeks of its most recent carriage agreement with Charter, the nation’s second largest cable operator behind Comcast. The two companies are in renewal discussions, the outcome of which will have significant influence on Paramount’s ability to deliver the free cash flow that media investors are expecting from the company that has lately posted big losses on streaming operations. The company warned investors in February that it expects to take a nearly $1 billion write-down in its Q1 earnings report to adjust for the diminished value of programming on its books (roughly $800 million) as well as in restructuring costs ($200 million). But CEO Bob Bakish has also vowed that Paramount+ will be profitable in the U.
- 4/6/2024
- by Cynthia Littleton
- Variety Film + TV
The bid marks the second reported attempt by Apollo to buy Paramount, but David Ellison and Skydance appear to be in the driver’s seat to make a deal.
There appears to be real movement on the Paramount merger and acquisition front. This week, the company entered into exclusive negotiations with David Ellison, founder of Skydance Media, which means that the two companies have likely already agreed on some major deal points and are now ready to get into the gritty details. However, Skydance is not the only potential buyer that has expressed interest; a report from Variety indicates that Apollo Global Management submitted a $27 billion bid for the entirety of Paramount this week, but was rebuffed. It’s clear that Paramount prefers the Ellison/Skydance deal, and there could be several compelling reasons for this inclination.
Apollo’s first bid to buy Paramount was an $11 billion offer for just its movie and TV studio.
There appears to be real movement on the Paramount merger and acquisition front. This week, the company entered into exclusive negotiations with David Ellison, founder of Skydance Media, which means that the two companies have likely already agreed on some major deal points and are now ready to get into the gritty details. However, Skydance is not the only potential buyer that has expressed interest; a report from Variety indicates that Apollo Global Management submitted a $27 billion bid for the entirety of Paramount this week, but was rebuffed. It’s clear that Paramount prefers the Ellison/Skydance deal, and there could be several compelling reasons for this inclination.
Apollo’s first bid to buy Paramount was an $11 billion offer for just its movie and TV studio.
- 4/4/2024
- by David Satin
- The Streamable
Paramount Global shares are soaring as talks of a deal with Skydance Media continue to heat up.
The stock price rose by 15 percent Wednesday, all in the minutes leading up to the market close, after The Wall Street Journal reported that Paramount and its controlling shareholder National Amusements, led by Shari Redstone, have agreed to an exclusive negotiating window with David Ellison’s Skydance in a key step towards a possible sale of the media and entertainment empire controlled by Redstone in a two-stage process. Paramount and Skydance declined to comment on the report.
Bloomberg reported shortly after that there was a “tentative” agreement between the companies on a deal.
Skydance, controlled by the Ellison family, and Paramount, which owns the Paramount film and TV studios, streaming service Paramount+, broadcast network CBS, and such cable channels as Nickelodeon, MTV, BET and Comedy Central, have a long track record of collaborating...
The stock price rose by 15 percent Wednesday, all in the minutes leading up to the market close, after The Wall Street Journal reported that Paramount and its controlling shareholder National Amusements, led by Shari Redstone, have agreed to an exclusive negotiating window with David Ellison’s Skydance in a key step towards a possible sale of the media and entertainment empire controlled by Redstone in a two-stage process. Paramount and Skydance declined to comment on the report.
Bloomberg reported shortly after that there was a “tentative” agreement between the companies on a deal.
Skydance, controlled by the Ellison family, and Paramount, which owns the Paramount film and TV studios, streaming service Paramount+, broadcast network CBS, and such cable channels as Nickelodeon, MTV, BET and Comedy Central, have a long track record of collaborating...
- 4/3/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
Updated with stock price. Shares of Paramount Global gave up some gains on Thursday after surging more than 15% yesterday as Skydance chief David Ellison secured pole position to clinch a majority stake of National Amusements.
Led by Shari Redstone, National Amusements operates a movie theater circuit and also controls more than three-quarters of Paramount’s voting shares. A report in Bloomberg just prior to market close said a tentative deal was reached between Ellison, a longtime business partner on film and TV projects with Paramount, and Redstone. There is no deal done. But as Deadline reported earlier today, the two sides are in an exclusive negotiating period. Such an arrangement is only entered into with a framework in place, in the hope of reaching a final agreement.
The two sides have established a 30-day exclusive negotiating window, Deadline has learned, a sign that things are moving forward more decisively after months of speculation.
Led by Shari Redstone, National Amusements operates a movie theater circuit and also controls more than three-quarters of Paramount’s voting shares. A report in Bloomberg just prior to market close said a tentative deal was reached between Ellison, a longtime business partner on film and TV projects with Paramount, and Redstone. There is no deal done. But as Deadline reported earlier today, the two sides are in an exclusive negotiating period. Such an arrangement is only entered into with a framework in place, in the hope of reaching a final agreement.
The two sides have established a 30-day exclusive negotiating window, Deadline has learned, a sign that things are moving forward more decisively after months of speculation.
- 4/3/2024
- by Jill Goldsmith and Dade Hayes
- Deadline Film + TV
A new report indicates the process of merging Paramount and Skydance Media could be picking up steam.
Update (2:08 p.m. Et): In an exclusive report from The Wall Street Journal, Jessica Toonkel reported that members of Paramount Global’s board and Skydance Media have agreed to enter an exclusive period of negotiations for the latter company to take over majority ownership of the latter. The period of exclusivity will last for 30 days while the two sides attempt to come to an agreement for Skydance’s founder David Ellison to purchase enough shares to control the company.
Continue to follow this major story on The Streamable as we cover all angles over the next month of exclusive negotiations between the two sides.
After months of speculating and making educated guesses about Paramount Global’s next move, it appears that some clarity is taking shape in the media giant’s recent merger and acquisition talks.
Update (2:08 p.m. Et): In an exclusive report from The Wall Street Journal, Jessica Toonkel reported that members of Paramount Global’s board and Skydance Media have agreed to enter an exclusive period of negotiations for the latter company to take over majority ownership of the latter. The period of exclusivity will last for 30 days while the two sides attempt to come to an agreement for Skydance’s founder David Ellison to purchase enough shares to control the company.
Continue to follow this major story on The Streamable as we cover all angles over the next month of exclusive negotiations between the two sides.
After months of speculating and making educated guesses about Paramount Global’s next move, it appears that some clarity is taking shape in the media giant’s recent merger and acquisition talks.
- 4/3/2024
- by David Satin
- The Streamable
Paramount Global is said to be in an exclusive 30-day negotiating window with Skydance Media as the parties explore a reported tentative deal that could see Paramount Pictures end up in the Skydance stable.
According to reports Skydance head David Ellison, son of Oracle founder and multi-billionaire Larry Ellison, wants to buy National Amusements, the Redstone family holding company which owns around three-quarters of Paramount Global.
Shari Redstone, the controlling Paramount Global shareholder, is said to have reached a tentative deal with Ellison.
Were he to close a deal for National Amusements, Ellison’s next step would be to acquire Paramount Pictures,...
According to reports Skydance head David Ellison, son of Oracle founder and multi-billionaire Larry Ellison, wants to buy National Amusements, the Redstone family holding company which owns around three-quarters of Paramount Global.
Shari Redstone, the controlling Paramount Global shareholder, is said to have reached a tentative deal with Ellison.
Were he to close a deal for National Amusements, Ellison’s next step would be to acquire Paramount Pictures,...
- 4/3/2024
- ScreenDaily
Reports were circling in Hollywood on Tuesday evening that Paramount Global parent National Amusements might be about to open an exclusive negotiating window with Skydance Media.
The development comes two months after David Ellison’s Skydance reportedly made an offer to buy National Amusements.
It was unclear whether Shari Redstone, the controlling shareholder of National Amusements, and Ellison were on course to reach an agreement after a competing $11bn offer from private equity firm Apollo Global Management to acquire the film and television studio Paramount Pictures came in last month.
According to The New York Times, one scenario could see...
The development comes two months after David Ellison’s Skydance reportedly made an offer to buy National Amusements.
It was unclear whether Shari Redstone, the controlling shareholder of National Amusements, and Ellison were on course to reach an agreement after a competing $11bn offer from private equity firm Apollo Global Management to acquire the film and television studio Paramount Pictures came in last month.
According to The New York Times, one scenario could see...
- 4/3/2024
- ScreenDaily
Reports were circling in Hollywood on Tuesday evening that Paramount Global parent National Amusements might be about to open an exclusive negotiating window with Skydance Media.
The development comes two months after David Ellison’s Skydance reportedly made an offer to buy National Amusements.
It was unclear whether Shari Redstone, the controlling shareholder of National Amusements, and Ellison were on course to reach an agreement after a competing $11bn offer from private equity firm Apollo Global Management to acquire the film and television studio Paramount Pictures came in last month.
According to The New York Times, one scenario could see...
The development comes two months after David Ellison’s Skydance reportedly made an offer to buy National Amusements.
It was unclear whether Shari Redstone, the controlling shareholder of National Amusements, and Ellison were on course to reach an agreement after a competing $11bn offer from private equity firm Apollo Global Management to acquire the film and television studio Paramount Pictures came in last month.
According to The New York Times, one scenario could see...
- 4/3/2024
- ScreenDaily
Reports were circling in Hollywood on Tuesday evening that Paramount Global parent National Amusements might be about to open an exclusive negotiation window with Skydance Media.
The development comes two months after David Ellison’s Skydance reportedly made an offer to buy National Amusements.
It was unclear whether Shari Redstone, the controlling shareholder of National Amusements, and Ellison were on course to reach an agreement after a competing $11bn offer to acquire the film and television studio Paramount Pictures came in from private equity firm Apollo Global Management last month.
According to The New York Times, one scenario could see...
The development comes two months after David Ellison’s Skydance reportedly made an offer to buy National Amusements.
It was unclear whether Shari Redstone, the controlling shareholder of National Amusements, and Ellison were on course to reach an agreement after a competing $11bn offer to acquire the film and television studio Paramount Pictures came in from private equity firm Apollo Global Management last month.
According to The New York Times, one scenario could see...
- 4/3/2024
- ScreenDaily
Sam Bankman-Fried has been sentenced to 25 years in prison after being found guilty of fraud charges in connection to his collapsed cryptocurrency exchange Ftx.
Bankman-Fried was charged with conspiracy to commit wire fraud, securities fraud, money laundering, and violations of campaign finance law in December 2022. The then-30-year-old allegedly defrauded millions of investors through Ftx crypto schemes, including using customer investments in the amount of $8 million to fund side investments and pay off debts.
In November 2023 — after a trial that featured both shocking testimony from ex-girfriend/co-conspirator Caroline Ellison as...
Bankman-Fried was charged with conspiracy to commit wire fraud, securities fraud, money laundering, and violations of campaign finance law in December 2022. The then-30-year-old allegedly defrauded millions of investors through Ftx crypto schemes, including using customer investments in the amount of $8 million to fund side investments and pay off debts.
In November 2023 — after a trial that featured both shocking testimony from ex-girfriend/co-conspirator Caroline Ellison as...
- 3/28/2024
- by Daniel Kreps
- Rollingstone.com
The credit-ratings agency S&P Global just threatened to turn Paramount Mountain into Paramount Hillock.
Standard & Poor’s cut Paramount Global’s credit rating for senior unsecured debt to a “Bb+,” down from a “Bbb-.” Talk about “poor.” Paramount’s credit rating, which will carry through 2025, is now in what the agency considers “junk” status. (S&P Global considers any rating lower than “Bbb” to be junk grade and a “high risk.”)
Even with the downgrade to its borrowing power, Paramount Global’s stock (Para) grew on Wednesday.
In its Wednesday report (obtained by IndieWire), S&P Global cited “the ongoing deterioration of the linear television ecosystem and the elevated investments for its direct-to-consumer (Dtc) streaming model” as its reason for the downgrade. Specifically, Paramount’s Fofc/debt (free operating cash flow vs. debt) rate is “well below” 10 percent. S&P Global expects Paramount to stay there — for a while,...
Standard & Poor’s cut Paramount Global’s credit rating for senior unsecured debt to a “Bb+,” down from a “Bbb-.” Talk about “poor.” Paramount’s credit rating, which will carry through 2025, is now in what the agency considers “junk” status. (S&P Global considers any rating lower than “Bbb” to be junk grade and a “high risk.”)
Even with the downgrade to its borrowing power, Paramount Global’s stock (Para) grew on Wednesday.
In its Wednesday report (obtained by IndieWire), S&P Global cited “the ongoing deterioration of the linear television ecosystem and the elevated investments for its direct-to-consumer (Dtc) streaming model” as its reason for the downgrade. Specifically, Paramount’s Fofc/debt (free operating cash flow vs. debt) rate is “well below” 10 percent. S&P Global expects Paramount to stay there — for a while,...
- 3/27/2024
- by Tony Maglio and Brian Welk
- Indiewire
As M&a talks surrounding Paramount appear to pick up steam, what will happen to its various properties if it’s sold off piece by piece?
Paramount Global’s controlling shareholder Shari Redstone is confronted with several choices about the future of the company. At the forefront of her mind is the question of whether or not to sell the company, and if so, to whom. Paramount has fielded serious merger and acquisition (M&a) offers from the private equity firm Apollo Global Management, as well as from billionaire David Ellison of Skydance Media in recent months. New details from Variety help lay out exactly what might happen to the various segments of Paramount if the company is sold piecemeal, and they make clear why Redstone seems to be leaning toward Ellison’s offer.
Apollo Global Management’s offer for Paramount encompassed only the Paramount movie and TV studios. Ellison’s...
Paramount Global’s controlling shareholder Shari Redstone is confronted with several choices about the future of the company. At the forefront of her mind is the question of whether or not to sell the company, and if so, to whom. Paramount has fielded serious merger and acquisition (M&a) offers from the private equity firm Apollo Global Management, as well as from billionaire David Ellison of Skydance Media in recent months. New details from Variety help lay out exactly what might happen to the various segments of Paramount if the company is sold piecemeal, and they make clear why Redstone seems to be leaning toward Ellison’s offer.
Apollo Global Management’s offer for Paramount encompassed only the Paramount movie and TV studios. Ellison’s...
- 3/25/2024
- by David Satin
- The Streamable
Shari Redstone holds Paramount’s ultimate fate in her hands, and appears to be narrowing her focus to David Ellison’s offer for the company.
Another day, another update on the potential sale of Paramount Global. Earlier this week, it was reported that the private equity firm Apollo Global Management had offered $11 billion for Paramount’s TV and movie studios, which constitutes a greater sum than the entire company’s current market cap. But a new report from the Financial Times suggests that Paramount’s controlling shareholder Shari Redstone is not convinced by the offer, and is leaning toward a bid by billionaire David Ellison, owner of Skydance Media.
Redstone prefers to sell Paramount as a whole company, as opposed to stripping it for parts and selling it piece by piece. Ellison may bring in former NBCUniversal CEO Jeff Shell and former CNN head Jeff Zucker to run cable and...
Another day, another update on the potential sale of Paramount Global. Earlier this week, it was reported that the private equity firm Apollo Global Management had offered $11 billion for Paramount’s TV and movie studios, which constitutes a greater sum than the entire company’s current market cap. But a new report from the Financial Times suggests that Paramount’s controlling shareholder Shari Redstone is not convinced by the offer, and is leaning toward a bid by billionaire David Ellison, owner of Skydance Media.
Redstone prefers to sell Paramount as a whole company, as opposed to stripping it for parts and selling it piece by piece. Ellison may bring in former NBCUniversal CEO Jeff Shell and former CNN head Jeff Zucker to run cable and...
- 3/22/2024
- by David Satin
- The Streamable
Paramount has a new offer on the table, but Shari Redstone might not even get out of bed for this one. The Wall Street Journal reported Wednesday that private equity firm Apollo Global Management (also an investor in “Dune” studio Legendary Entertainment) offered Paramount Global $11 billion for its film and TV studio.
The specifics of exactly which assets Apollo wants to buy (and not buy) are unclear, but the film and TV studios would include Paramount Pictures and the production capabilities at networks like CBS and MTV. Linear networks would stay behind, as well as distribution platforms like Paramount+ and BET+.
Also unknown is if the iconic Paramount lot is part of the offer, which houses so much of Paramount’s studio production. When reached by IndieWire, a Paramount Global rep had no comment. Reps for Apollo did not return a request for comment.
Redstone is “unconvinced” by the offer,...
The specifics of exactly which assets Apollo wants to buy (and not buy) are unclear, but the film and TV studios would include Paramount Pictures and the production capabilities at networks like CBS and MTV. Linear networks would stay behind, as well as distribution platforms like Paramount+ and BET+.
Also unknown is if the iconic Paramount lot is part of the offer, which houses so much of Paramount’s studio production. When reached by IndieWire, a Paramount Global rep had no comment. Reps for Apollo did not return a request for comment.
Redstone is “unconvinced” by the offer,...
- 3/21/2024
- by Brian Welk and Tony Maglio
- Indiewire
Paramount Global shares, which soared Wednesday on news that Apollo had made an $11 billion offer for Paramount Pictures, has slumped today after a report splashed cold water on the scenario.
Shares in the media company had dropped 5% by mid-day, to below $12, after the Financial Times reported that controlling shareholder Shari Redstone is “unconvinced” by the private equity offer. Apollo’s offer, which valued just the studio at more than the entirety of Paramount Global, pushed the stock up 12% on Wednesday. Redstone has long regarded the studio, which was a cherished asset of her father, Sumner Redstone, as the centerpiece for Paramount and a deal without the studio could be far trickier to engineer.
Reps for Redstone and Paramount did not immediately respond to Deadline’s requests for comment.
Redstone, whose National Amusements controls more than three-quarters of the voting shares in Paramount, is looking more favorably on a competing offer...
Shares in the media company had dropped 5% by mid-day, to below $12, after the Financial Times reported that controlling shareholder Shari Redstone is “unconvinced” by the private equity offer. Apollo’s offer, which valued just the studio at more than the entirety of Paramount Global, pushed the stock up 12% on Wednesday. Redstone has long regarded the studio, which was a cherished asset of her father, Sumner Redstone, as the centerpiece for Paramount and a deal without the studio could be far trickier to engineer.
Reps for Redstone and Paramount did not immediately respond to Deadline’s requests for comment.
Redstone, whose National Amusements controls more than three-quarters of the voting shares in Paramount, is looking more favorably on a competing offer...
- 3/21/2024
- by Dade Hayes
- Deadline Film + TV
Paramount will have to seriously consider this latest bid to purchase some of its assets.
There’s seemingly too much smoke around Paramount and its discussions with other companies regarding mergers and acquisitions for it not to eventually lead to some fire. The Wall Street Journal is stoking those flames yet again by reporting that Apollo Global Management is offering $11 billion to acquire Paramount’s TV and movie studio, which is more than the market capitalization of the entire Paramount Global company, which also includes multiple TV channels, merchandising, and more.
Key Details: Apollo’s interest in Paramount was first reported earlier in March. Acquiring just Paramount’s studios would allow Apollo to sidestep regulatory concerns regarding CBS. Paramount is still mulling an offer from David Ellison of Skydance Media, as well. Get 30 Days Free $5.99+ / month paramountplus.com
For a Limited Time, Get a Month of Paramount+ With Code: Stallone.
There’s seemingly too much smoke around Paramount and its discussions with other companies regarding mergers and acquisitions for it not to eventually lead to some fire. The Wall Street Journal is stoking those flames yet again by reporting that Apollo Global Management is offering $11 billion to acquire Paramount’s TV and movie studio, which is more than the market capitalization of the entire Paramount Global company, which also includes multiple TV channels, merchandising, and more.
Key Details: Apollo’s interest in Paramount was first reported earlier in March. Acquiring just Paramount’s studios would allow Apollo to sidestep regulatory concerns regarding CBS. Paramount is still mulling an offer from David Ellison of Skydance Media, as well. Get 30 Days Free $5.99+ / month paramountplus.com
For a Limited Time, Get a Month of Paramount+ With Code: Stallone.
- 3/21/2024
- by David Satin
- The Streamable
Shares of Paramount Global popped in afternoon trade on a report that Apollo Global has made an $11 billion bid for the company’s film and TV studio. The private equity giant has been in and out of the mix of suitors, which also include David Ellison’s Skydance Media and Byron Allen.
The stock heading into market close is up over 11% at $12.48 in heavier than usual volume. That’s still half of where it was a year ago as the company battles streaming losses and high debt. It’s been a takeover target for months now without any deal.
The WSJ cited people familiar with the situation saying the board is reviewing the Apollo offer. Deadline has heard that Ellison has fielded a bid for the whole company but no details. There’s been speculation out there by some industry sources that Larry Ellison would never back a money-losing proposition such as Paramount.
The stock heading into market close is up over 11% at $12.48 in heavier than usual volume. That’s still half of where it was a year ago as the company battles streaming losses and high debt. It’s been a takeover target for months now without any deal.
The WSJ cited people familiar with the situation saying the board is reviewing the Apollo offer. Deadline has heard that Ellison has fielded a bid for the whole company but no details. There’s been speculation out there by some industry sources that Larry Ellison would never back a money-losing proposition such as Paramount.
- 3/20/2024
- by Jill Goldsmith and Anthony D'Alessandro
- Deadline Film + TV
Well, this is a semi-dangerous decision. Yes, I’m starting with The Twilight Zone 80s. Niki, haven’t we been telling you to do Og Twilight Zone… why are you doing this? A couple of reasons, the first being that this has been on repeat for me the past 6 months or longer, with Tales from the Crypt never being too far behind it. The other being that I felt like it. You’re lucky I didn’t start with Night Gallery, or maybe that’s what you wanted. So let’s talk 80s Twilight Zone, or New Twilight Zone, or Twilight Zone reboot/revival, whatever you choose to call it.
The reason to give it another go was simple. Rod Serling, my personal hero, sold the rights to Twilight Zone after the show ended its run in 1964. The studio bought the rights even though they weren’t exactly ready to start it up again.
The reason to give it another go was simple. Rod Serling, my personal hero, sold the rights to Twilight Zone after the show ended its run in 1964. The studio bought the rights even though they weren’t exactly ready to start it up again.
- 3/20/2024
- by Niki Minter
- JoBlo.com
Paramount Global stock surged on Wednesday after a report said private equity company Apollo Global Management has made an $11bn offer for the media conglomerate’s film and TV studio.
News of the latest suitor was first reported by The Wall Street Journal and sent shares in Paramount Global stock soaring by nearly 12% as the price reached $12.51 after hours. Market cap climbed to $8.66bn.
Paramount Global’s value has plummeted from $21.25 exactly one year ago and $23.44 last May. The fact that a suitor values the film and TV studio more than $2bn above the current market cap of its media conglomerate parent is telling.
News of the latest suitor was first reported by The Wall Street Journal and sent shares in Paramount Global stock soaring by nearly 12% as the price reached $12.51 after hours. Market cap climbed to $8.66bn.
Paramount Global’s value has plummeted from $21.25 exactly one year ago and $23.44 last May. The fact that a suitor values the film and TV studio more than $2bn above the current market cap of its media conglomerate parent is telling.
- 3/20/2024
- ScreenDaily
Paramount was a no-show on Oscars Sunday with just two nominations (sound and visual effects for “Mission: Impossible — Dead Reckoning”) and no wins, but for president and CEO Bob Bakish, Monday is no better.
This morning, media analyst Rich Greenfield of LightShed Partners published a blistering open letter to Paramount controller Shari Redstone: “Dear Shari: Why You Must Fire Bob Bakish to Save Paramount.” Here we go.
Greenfield said Bakish was the man for the job… in 2016, when Viacom and CBS were still split (and Les Moonves had the top job at CBS a job). But with the creation of Paramount Global (fka ViacomCBS), Bakish made the “critical mistake” — Greenfield’s words — of getting wrapped up in the streaming wars.
The mistake, according to Greenfield, was creating Paramount+. By attempting to reinvent niche service CBS All Access as a Netflix competitor, Paramount+ may have created a “mountain of entertainment.
This morning, media analyst Rich Greenfield of LightShed Partners published a blistering open letter to Paramount controller Shari Redstone: “Dear Shari: Why You Must Fire Bob Bakish to Save Paramount.” Here we go.
Greenfield said Bakish was the man for the job… in 2016, when Viacom and CBS were still split (and Les Moonves had the top job at CBS a job). But with the creation of Paramount Global (fka ViacomCBS), Bakish made the “critical mistake” — Greenfield’s words — of getting wrapped up in the streaming wars.
The mistake, according to Greenfield, was creating Paramount+. By attempting to reinvent niche service CBS All Access as a Netflix competitor, Paramount+ may have created a “mountain of entertainment.
- 3/12/2024
- by Tony Maglio
- Indiewire
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