Skydance and RedBird Capital are sweetening their takeover deal for Paramount Global.
A source confirms to The Hollywood Reporter that the investor group, which also includes Kkr, has made a revised offer to Paramount’s independent board committee reviewing deals.
While the specifics of the new offer were not immediately available, it is believed to sweeten the deal for Paramount’s Class B shareholders, many of which have expressed concern about the original offer. Paramount is effectively controlled by Shari Redstone and her National Amusements, which holds more than 70 percent of Class A voting shares.
Class B shareholders have expressed concern that they are not getting the same value out of the deal that Redstone is, with some threatening lawsuits if the company moves forward with the deal.
The original deal on the table would see the Skydance-RedBird consortium acquire National Amusements’ stake in Paramount at a premium (given their...
A source confirms to The Hollywood Reporter that the investor group, which also includes Kkr, has made a revised offer to Paramount’s independent board committee reviewing deals.
While the specifics of the new offer were not immediately available, it is believed to sweeten the deal for Paramount’s Class B shareholders, many of which have expressed concern about the original offer. Paramount is effectively controlled by Shari Redstone and her National Amusements, which holds more than 70 percent of Class A voting shares.
Class B shareholders have expressed concern that they are not getting the same value out of the deal that Redstone is, with some threatening lawsuits if the company moves forward with the deal.
The original deal on the table would see the Skydance-RedBird consortium acquire National Amusements’ stake in Paramount at a premium (given their...
- 5/30/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
In a highly anticipated announcement, Paramount Global and Charter Communications said they’re extending their longstanding partnership with a multi-year distribution agreement for Paramount’s full portfolio of linear cable networks, CBS owned-and-operated broadcast stations and direct-to-consumer streaming services.
In addition to CBS, subscribers to Charter’s Spectrum will keep BET, Comedy Central, MTV, Nickelodeon, and Paramount Network, as well as premium service Paramount+ with Showtime.
In a new twist that echoes Charter’s landmark deal with Disney last year, the agreement calls for the ad-supported versions of Paramount’s direct-to-consumer services, Paramount+ Essential and BET+ Essential to be included at no additional cost to Charter’s Spectrum TV customers. Charter also will make Paramount’s direct-to-consumer products available for purchase to its Internet-only customers.
But unlike the Disney pact, Charter is not dropping any cable networks. Its Disney deal eliminated Baby TV, Disney Junior, Disney Xd, Freeform, Fxm, Fxx,...
In addition to CBS, subscribers to Charter’s Spectrum will keep BET, Comedy Central, MTV, Nickelodeon, and Paramount Network, as well as premium service Paramount+ with Showtime.
In a new twist that echoes Charter’s landmark deal with Disney last year, the agreement calls for the ad-supported versions of Paramount’s direct-to-consumer services, Paramount+ Essential and BET+ Essential to be included at no additional cost to Charter’s Spectrum TV customers. Charter also will make Paramount’s direct-to-consumer products available for purchase to its Internet-only customers.
But unlike the Disney pact, Charter is not dropping any cable networks. Its Disney deal eliminated Baby TV, Disney Junior, Disney Xd, Freeform, Fxm, Fxx,...
- 5/23/2024
- by Jill Goldsmith
- Deadline Film + TV
Paramount Global’s EVP, Chief Communications and Corporate Marketing Officer Julia Phelps will leave the company at the end of May.
Her group — which encompasses Corporate Communications, Marketing, Social Impact, Esg, Creative & Strategy, Production, Board Relations and Events and Brand Experience — will report to studio chief Brian Robbins on an interim basis.
The exec has been with Paramount for two decades, overseeing the comms group through the Viacom and CBS merger, the launch of Paramount+ and a rebrand to Paramount Global. Working in partnerships with other divisions and corporate functions, her team helped develop initiatives including Spark, the global expansion of BET’s Content for Change campaign, ongoing community engagement and Esg efforts, cross-company marketing and publicity functions.
Phelps alerted her team to her departure in an email, obtained by Deadline. “In two decades and across multiple roles, I’ve been lucky to work with the very best all around the world.
Her group — which encompasses Corporate Communications, Marketing, Social Impact, Esg, Creative & Strategy, Production, Board Relations and Events and Brand Experience — will report to studio chief Brian Robbins on an interim basis.
The exec has been with Paramount for two decades, overseeing the comms group through the Viacom and CBS merger, the launch of Paramount+ and a rebrand to Paramount Global. Working in partnerships with other divisions and corporate functions, her team helped develop initiatives including Spark, the global expansion of BET’s Content for Change campaign, ongoing community engagement and Esg efforts, cross-company marketing and publicity functions.
Phelps alerted her team to her departure in an email, obtained by Deadline. “In two decades and across multiple roles, I’ve been lucky to work with the very best all around the world.
- 5/17/2024
- by Jill Goldsmith
- Deadline Film + TV
Julia Phelps, Paramount Global’s executive VP and chief communications and corporate marketing officer, is exiting after almost 20 years with the company and predecessor Viacom.
Phelps had long worked with Bob Bakish, who was ousted as CEO of the company last month and replaced by a three-exec committee. Phelps, in a memo to her team Friday that was obtained by Variety, said she will leave Paramount at the end of May. (Read the full memo below.)
According to Phelps’ memo, the company’s marketing and communications group for the time being will report into Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon. Robbins is one of the troika of execs in the company’s “Office of the CEO,” alongside George Cheeks, president and CEO of CBS, and Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks.
The senior management changes at Paramount Global come...
Phelps had long worked with Bob Bakish, who was ousted as CEO of the company last month and replaced by a three-exec committee. Phelps, in a memo to her team Friday that was obtained by Variety, said she will leave Paramount at the end of May. (Read the full memo below.)
According to Phelps’ memo, the company’s marketing and communications group for the time being will report into Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon. Robbins is one of the troika of execs in the company’s “Office of the CEO,” alongside George Cheeks, president and CEO of CBS, and Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks.
The senior management changes at Paramount Global come...
- 5/17/2024
- by Todd Spangler
- Variety Film + TV
Shares of Paramount Global slid Tuesday following a CNBC report that Sony was “rethinking” its bid to acquire Paramount in conjunction with private-equity firm Apollo Global Management.
Earlier this month, Sony Pictures Entertainment and Apollo sent a nonbinding offer to Paramount Global’s board offering to take Paramount private for $26 billion in cash, a price tag that would include the assumption of debt. Paramount Global’s stock dropped more than 5% after CNBC’s David Faber reported Tuesday that “the likelihood of a bid [by Sony and Apollo] at least for the full company seems to be fading a bit.”
“There has not been an NDA signed by Sony [with Paramount Global] at this point, a nondisclosure agreement that you would typically sign so you can begin real due diligence,” Faber said on CNBC’s “Power Lunch.”
Sony Group’s stock price dropped last week and “that may have given them some pause, not to mention, of course…...
Earlier this month, Sony Pictures Entertainment and Apollo sent a nonbinding offer to Paramount Global’s board offering to take Paramount private for $26 billion in cash, a price tag that would include the assumption of debt. Paramount Global’s stock dropped more than 5% after CNBC’s David Faber reported Tuesday that “the likelihood of a bid [by Sony and Apollo] at least for the full company seems to be fading a bit.”
“There has not been an NDA signed by Sony [with Paramount Global] at this point, a nondisclosure agreement that you would typically sign so you can begin real due diligence,” Faber said on CNBC’s “Power Lunch.”
Sony Group’s stock price dropped last week and “that may have given them some pause, not to mention, of course…...
- 5/14/2024
- by Todd Spangler
- Variety Film + TV
Shari Redstone strolled onto the red carpet in New York City tonight for the premiere of Paramount Pictures If, John Krasinski’ star-studded PG adventure that opens this weekend. She was there to support studio chief Brian Robbins.
As of April, the executive (who also oversees Nickelodeon) is also one of three members of a new Office of the CEO. The premiere hits as Redstone, Paramount Global’s controlling shareholder and non-executive board chair, is in the midst of trying to sell the company but finding a deal complicated. She did no interviews outside the Sva Theatre in Chelsea, but chatted and stood for photographs with Robbins, Krasinski (who also stars) and talent from Ryan Reynolds to Matt Damon.
Redstone also attended the world premiere of Top Gun: Maverick two years agoi in May of 2022 aboard the USS Midway in San Diego.
A special committee of Paramount’s board talked exclusively...
As of April, the executive (who also oversees Nickelodeon) is also one of three members of a new Office of the CEO. The premiere hits as Redstone, Paramount Global’s controlling shareholder and non-executive board chair, is in the midst of trying to sell the company but finding a deal complicated. She did no interviews outside the Sva Theatre in Chelsea, but chatted and stood for photographs with Robbins, Krasinski (who also stars) and talent from Ryan Reynolds to Matt Damon.
Redstone also attended the world premiere of Top Gun: Maverick two years agoi in May of 2022 aboard the USS Midway in San Diego.
A special committee of Paramount’s board talked exclusively...
- 5/14/2024
- by Jill Goldsmith
- Deadline Film + TV
Today, MTV Entertainment Studios and Paramount Audio announced a new weekly Comedy Central podcast from Jon Stewart, “The Weekly Show With Jon Stewart.” The podcast, which launches in early June, will feature the Emmy® and Peabody® award-winning host as he dives into the most critical topics across current events. The show will feature a variety of guests, including newsmakers, authors and celebrities. “The Weekly Show With Jon Stewart.” will be available across all major podcast platforms and produced by Paramount Audio in association with Busboy Productions.
“After much reflection, meditation, and prayer, I have decided to extend my work week to two days,” said Emmy® and Peabody® award-winning host Jon Stewart. “All hail Comedy Central!”
“Jon’s return to The Daily Show has been a runaway success – a powerful reminder of why he’s the voice of our generation and so critical to the national conversation," said Chris McCarthy, Paramount...
“After much reflection, meditation, and prayer, I have decided to extend my work week to two days,” said Emmy® and Peabody® award-winning host Jon Stewart. “All hail Comedy Central!”
“Jon’s return to The Daily Show has been a runaway success – a powerful reminder of why he’s the voice of our generation and so critical to the national conversation," said Chris McCarthy, Paramount...
- 5/10/2024
- Podnews.net
Jon Stewart will be signing on for a new weekly podcast called The Weekly Show with Jon Stewart. On Thursday, Comedy Central announced that Stewart — who rejoined the Daily Show as the Monday night host — will host the new podcast when it premieres in June.
The new weekly show will hear Stewart “dive into the most critical topics across current events” and will feature “a variety of guests, including newsmakers, authors, and celebrities.” Paramount Audio will produce the podcast with Busboy Productions.
“After much reflection, meditation, and prayer, I have...
The new weekly show will hear Stewart “dive into the most critical topics across current events” and will feature “a variety of guests, including newsmakers, authors, and celebrities.” Paramount Audio will produce the podcast with Busboy Productions.
“After much reflection, meditation, and prayer, I have...
- 5/9/2024
- by Tomás Mier
- Rollingstone.com
Jon Stewart will take an extended dive into current events in a new The Weekly Show With Jon Stewart a Comedy Central podcast set to launch in June.
From MTV Entertainment Studios and Paramount Audio, the podcast will focus on “the most critical topics across current events,” featuring a variety of guests, including newsmakers, authors and celebrities. Produced by Paramount Audio in association with Busboy Productions, The Weekly Show With Jon Stewart will be available across all major podcast platforms.
“After much reflection, meditation, and prayer, I have decided to extend my work week to two days,” said Stewart. “All hail Comedy Central!”
“Jon’s return to The Daily Show has been a runaway success – a powerful reminder of why he’s the voice of our generation and so critical to the national conversation,” said Chris McCarthy, Paramount Global Office of the CEO and President/CEO, Showtime & MTV Entertainment Studios.
From MTV Entertainment Studios and Paramount Audio, the podcast will focus on “the most critical topics across current events,” featuring a variety of guests, including newsmakers, authors and celebrities. Produced by Paramount Audio in association with Busboy Productions, The Weekly Show With Jon Stewart will be available across all major podcast platforms.
“After much reflection, meditation, and prayer, I have decided to extend my work week to two days,” said Stewart. “All hail Comedy Central!”
“Jon’s return to The Daily Show has been a runaway success – a powerful reminder of why he’s the voice of our generation and so critical to the national conversation,” said Chris McCarthy, Paramount Global Office of the CEO and President/CEO, Showtime & MTV Entertainment Studios.
- 5/9/2024
- by Denise Petski
- Deadline Film + TV
Jon Stewart is adding another hosting gig to his Daily Show plate — though this one isn’t on camera.
Stewart, who returned to The Daily Show for a once-a-week turn behind the desk in February, will host a podcast for Comedy Central beginning in June. It will be called The Weekly Show and will essentially bea an audio version of The Daily Show, with Stewart delving into pressing topics from the news and interviewing newsmakers, authors and celebrities.
“After much reflection, meditation, and prayer, I have decided to extend my work week to two days,” Stewart joked in a statement. “All hail Comedy Central!”
Stewart has been back at The Daily Show — which he hosted for 16 years before stepping aside in 2015 — for about two months, following Comedy Central’s surprise announcement that he’d anchor the late-night show on Mondays (except for this week) through the presidential election. His return...
Stewart, who returned to The Daily Show for a once-a-week turn behind the desk in February, will host a podcast for Comedy Central beginning in June. It will be called The Weekly Show and will essentially bea an audio version of The Daily Show, with Stewart delving into pressing topics from the news and interviewing newsmakers, authors and celebrities.
“After much reflection, meditation, and prayer, I have decided to extend my work week to two days,” Stewart joked in a statement. “All hail Comedy Central!”
Stewart has been back at The Daily Show — which he hosted for 16 years before stepping aside in 2015 — for about two months, following Comedy Central’s surprise announcement that he’d anchor the late-night show on Mondays (except for this week) through the presidential election. His return...
- 5/9/2024
- by Rick Porter
- The Hollywood Reporter - Movie News
Jon Stewart is upping his output with Comedy Central to bring a weekly audio show to your earbuds.
Stewart — after exiting “The Daily Show” in 2015 — rejoined the Comedy Central show as host on Mondays and as an executive producer this February. That came after Apple TV+ canceled his talk show last year, with Stewart claiming Apple “didn’t want me to say things that might get me in trouble.”
Now he’s signed on for a new weekly Comedy Central podcast, “The Weekly Show With Jon Stewart,” set to premiere in early June. The show will span “the most critical topics across current events,” featuring a variety of guests including newsmakers, authors and celebrities. “The Weekly Show With Jon Stewart,” produced by Paramount Audio in association with Busboy Productions, will be available across all major podcast platforms.
“After much reflection, meditation, and prayer, I have decided to extend my work week to two days,...
Stewart — after exiting “The Daily Show” in 2015 — rejoined the Comedy Central show as host on Mondays and as an executive producer this February. That came after Apple TV+ canceled his talk show last year, with Stewart claiming Apple “didn’t want me to say things that might get me in trouble.”
Now he’s signed on for a new weekly Comedy Central podcast, “The Weekly Show With Jon Stewart,” set to premiere in early June. The show will span “the most critical topics across current events,” featuring a variety of guests including newsmakers, authors and celebrities. “The Weekly Show With Jon Stewart,” produced by Paramount Audio in association with Busboy Productions, will be available across all major podcast platforms.
“After much reflection, meditation, and prayer, I have decided to extend my work week to two days,...
- 5/9/2024
- by Todd Spangler
- Variety Film + TV
Taylor Sheridan will continue his reign over at Paramount+ as one of his new shows at the streamer has just been given the greenlight for continuation. Deadline is reporting that Lioness, which previously held the title Special Ops: Lioness, has just been renewed for a second season. The show starred an all-star cast, including Zoe Saldaña, Nicole Kidman, Laysla De Oliveira, Michael Kelly and Morgan Freeman.
Lioness became a smash hit for Paramount+ as it would set a new record as the platform’s most watched worldwide series premiere on launch day that totaled nearly 6 million total viewers in its first week across Paramount+ globally, as well as on a linear preview on the Paramount Network. The militaristic espionage thriller is produced by MTV Entertainment Studios and 101 Studios for Paramount+. Lioness premiered last summer and our own Alex Maidy was hooked just from the first episode, “While I have...
Lioness became a smash hit for Paramount+ as it would set a new record as the platform’s most watched worldwide series premiere on launch day that totaled nearly 6 million total viewers in its first week across Paramount+ globally, as well as on a linear preview on the Paramount Network. The militaristic espionage thriller is produced by MTV Entertainment Studios and 101 Studios for Paramount+. Lioness premiered last summer and our own Alex Maidy was hooked just from the first episode, “While I have...
- 5/9/2024
- by EJ Tangonan
- JoBlo.com
Paramount+ today announced that the original drama series Lioness (previously titled Special Ops: Lioness) has been renewed for a second season. The espionage thriller is produced by MTV Entertainment Studios and 101 Studios exclusively for Paramount+.
From Oscar nominee Taylor Sheridan, the returning star-studded cast includes series lead and executive producer Zoe Saldaña, Laysla De Oliveira; Emmy nominee Michael Kelly, with Oscar winner Morgan Freeman, who will be a series regular in season two, and Oscar winner and executive producer Nicole Kidman.
Season one of Lioness set a new record as the service’s most-watched worldwide series premiere on launch day at that time, with nearly six million total viewers in its first week across Paramount+ globally and a linear preview on the Paramount Network.
“Our Paramount+ audience resoundingly has joined forces in support of Lioness’ gripping, global story and the powerhouse performances from Zoe Saldaña, Laysla De Oliveira, and Nicole Kidman,...
From Oscar nominee Taylor Sheridan, the returning star-studded cast includes series lead and executive producer Zoe Saldaña, Laysla De Oliveira; Emmy nominee Michael Kelly, with Oscar winner Morgan Freeman, who will be a series regular in season two, and Oscar winner and executive producer Nicole Kidman.
Season one of Lioness set a new record as the service’s most-watched worldwide series premiere on launch day at that time, with nearly six million total viewers in its first week across Paramount+ globally and a linear preview on the Paramount Network.
“Our Paramount+ audience resoundingly has joined forces in support of Lioness’ gripping, global story and the powerhouse performances from Zoe Saldaña, Laysla De Oliveira, and Nicole Kidman,...
- 5/9/2024
- by Mirko Parlevliet
- Vital Thrills
Lioness, the Taylor Sheridan drama starring Zoe Saldaña and Laysla De Oliveira, has been renewed for a second season by Paramount+.
Previously titled Special Ops: Lioness, the drama is inspired by an actual U.S. military program that follows the life of Joe (Saldaña) while she attempts to balance her personal and professional life as the tip of the CIA’s spear in the war on terror.
The drama, which also stars Michael Kelly, Morgan Freeman and Nicole Kidman, set a record as the streamer’s most-watched worldwide series premiere on launch day, with nearly 6 million total viewers in its first week across Paramount+ globally and on a linear preview on the Paramount Network.
The espionage thriller is produced by MTV Entertainment Studios and 101 Studios for Paramount+.
Related: Breaking Baz: Nicole Kidman Reveals The Secret Of Her Role In Taylor Sheridan’s Paramount+ Spy Action Thriller ‘Special Ops: Lioness...
Previously titled Special Ops: Lioness, the drama is inspired by an actual U.S. military program that follows the life of Joe (Saldaña) while she attempts to balance her personal and professional life as the tip of the CIA’s spear in the war on terror.
The drama, which also stars Michael Kelly, Morgan Freeman and Nicole Kidman, set a record as the streamer’s most-watched worldwide series premiere on launch day, with nearly 6 million total viewers in its first week across Paramount+ globally and on a linear preview on the Paramount Network.
The espionage thriller is produced by MTV Entertainment Studios and 101 Studios for Paramount+.
Related: Breaking Baz: Nicole Kidman Reveals The Secret Of Her Role In Taylor Sheridan’s Paramount+ Spy Action Thriller ‘Special Ops: Lioness...
- 5/9/2024
- by Lynette Rice
- Deadline Film + TV
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
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
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 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 cast of season two of Tulsa King keeps building, as Neal McDonough has signed on to appear as a series regular of the Paramount+ series.
The news that McDonough would be joining the cast of Tulsa King comes just one month after it was announced that Frank Grillo – who plays Brock Rumlow in the Marvel Cinematic Universe – would be playing a vital role in season two, taking on the role of a mobster named Bill Bevilaqua. As for McDonough’s role, Variety reports that he will be playing “a powerful and extremely territorial businessman” named Cal Thresher.
McDonough has been a staple on television for a few decades now, with recurring roles on World War II miniseries Band of Brothers, animated series The Incredible Hulk, ABC’s Desperate Housewives, western Justified, and more.
Like Grillo, McDonough also has a connection to the MCU, playing Howling Commandos leader Timothy “Dum...
The news that McDonough would be joining the cast of Tulsa King comes just one month after it was announced that Frank Grillo – who plays Brock Rumlow in the Marvel Cinematic Universe – would be playing a vital role in season two, taking on the role of a mobster named Bill Bevilaqua. As for McDonough’s role, Variety reports that he will be playing “a powerful and extremely territorial businessman” named Cal Thresher.
McDonough has been a staple on television for a few decades now, with recurring roles on World War II miniseries Band of Brothers, animated series The Incredible Hulk, ABC’s Desperate Housewives, western Justified, and more.
Like Grillo, McDonough also has a connection to the MCU, playing Howling Commandos leader Timothy “Dum...
- 5/1/2024
- by Mathew Plale
- JoBlo.com
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
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