Paramount Global has a strong future ahead of it and so does broadcast television, despite the uncertainty that has enveloped Hollywood in general and Paramount in particular. That was the message sent Thursday by CBS chief George Cheeks, who last month was also tapped as one of three CEOs to steer Paramount Global through a period that is sure to be challenging no matter what happens with the company.
Cheeks acknowledged the merger and sale activity that has swirled around Paramount Global for nearly nine months during his keynote address at Variety‘s FYC Fest daylong conference held at West Hollywood’s 1 Hotel. But he also emphazied that the tri-part Office of the CEO, consisting of Paramount Pictures chief Brian Robbins and cable head Chris McCarthy, that was established after the ouster of Paramount Global CEO Bob Bakish has a long-term plan for running the company if the much-discussed transaction...
Cheeks acknowledged the merger and sale activity that has swirled around Paramount Global for nearly nine months during his keynote address at Variety‘s FYC Fest daylong conference held at West Hollywood’s 1 Hotel. But he also emphazied that the tri-part Office of the CEO, consisting of Paramount Pictures chief Brian Robbins and cable head Chris McCarthy, that was established after the ouster of Paramount Global CEO Bob Bakish has a long-term plan for running the company if the much-discussed transaction...
- 6/6/2024
- by Cynthia Littleton
- Variety Film + TV
There are multiple offers on the table for Paramount, but the company’s three-headed ‘Office of the CEO’ has a plan if all the deals fall through.
Paramount Global is entering its seventh month of merger and acquisition discussions, and whether or not there is an end in sight remains a bit cloudy. In December, news first broke that the company had begun initial discussions with Warner Bros. Discovery about a potential combination of the two media conglomerates. Those talks came to naught, but more seriously interested parties have emerged to evaluate Paramount’s assets in the meantime. Earlier this week, the special committee established by Paramount to evaluate M&a opportunities approved a bid by Skydance Media and its owner David Ellison, but one of the company’s major shareholder has publicly expressed its disapproval of the deal. With all of the confusion over the company’s future, Paramount executives...
Paramount Global is entering its seventh month of merger and acquisition discussions, and whether or not there is an end in sight remains a bit cloudy. In December, news first broke that the company had begun initial discussions with Warner Bros. Discovery about a potential combination of the two media conglomerates. Those talks came to naught, but more seriously interested parties have emerged to evaluate Paramount’s assets in the meantime. Earlier this week, the special committee established by Paramount to evaluate M&a opportunities approved a bid by Skydance Media and its owner David Ellison, but one of the company’s major shareholder has publicly expressed its disapproval of the deal. With all of the confusion over the company’s future, Paramount executives...
- 6/6/2024
- by David Satin
- The Streamable
After CBS Entertainment President Amy Reisenbach last month permanently closed the door to Blue Bloods continuing beyond its upcoming final 8 episodes this fall, one of Paramount Global’s Office of the CEO members today opened the door to the franchise potentially carrying on.
During Paramount Global’s shareholder meeting this morning, Brian Robbins noted that Paramount is home of 14 brands across film and TV that have generated at least $1B in revenue, including NCIS, South Park, Yellowstone, SpongeBob SquarePants, Paw Patrol and Star Trek.
“We are building tomorrow’s billion dollar brands right now” he added. “In TV, new franchise extensions are coming for Dexter, Billions and Blue Bloods, and CBS’ hit Fire Country shows huge promise.”
Spinoffs for Dexter, Billions, Fire Country as well as NCIS have been announced; there has been no official word on a Blue Bloods offshoot yet.
During Paramount Global’s shareholder meeting this morning, Brian Robbins noted that Paramount is home of 14 brands across film and TV that have generated at least $1B in revenue, including NCIS, South Park, Yellowstone, SpongeBob SquarePants, Paw Patrol and Star Trek.
“We are building tomorrow’s billion dollar brands right now” he added. “In TV, new franchise extensions are coming for Dexter, Billions and Blue Bloods, and CBS’ hit Fire Country shows huge promise.”
Spinoffs for Dexter, Billions, Fire Country as well as NCIS have been announced; there has been no official word on a Blue Bloods offshoot yet.
- 6/5/2024
- by Nellie Andreeva
- Deadline Film + TV
The front of the Paramount Pictures studios in Los Angeles, California. (Stock image by Hannah Wernecke via Unsplash)
The key executive team at Paramount Global has unveiled a plan to move forward with a streaming-focused joint venture, as well as job cuts if its planned merger with Skydance Media fizzles out.
The plans call for expense reductions that would shave $500 million from Paramount’s budget, as well as the divestiture of “non-core assets,” according to CNBC. Where Paramount does spend on content and marketing, executives said the funds would have to be disbursed strategically and carefully.
“We’ll be thoughtful with how we deploy capital, with our world-class content being the priority,” said Paramount Pictures CFO Brian Robbins, who is one of three executives serving in the Office of the CEO.
“To be clear, $500 million in cost savings is just the beginning,” said George Cheeks, another Office of the CEO...
The key executive team at Paramount Global has unveiled a plan to move forward with a streaming-focused joint venture, as well as job cuts if its planned merger with Skydance Media fizzles out.
The plans call for expense reductions that would shave $500 million from Paramount’s budget, as well as the divestiture of “non-core assets,” according to CNBC. Where Paramount does spend on content and marketing, executives said the funds would have to be disbursed strategically and carefully.
“We’ll be thoughtful with how we deploy capital, with our world-class content being the priority,” said Paramount Pictures CFO Brian Robbins, who is one of three executives serving in the Office of the CEO.
“To be clear, $500 million in cost savings is just the beginning,” said George Cheeks, another Office of the CEO...
- 6/5/2024
- by Matthew Keys
- The Desk
The three execs who lead Paramount Global’s “Office of the CEO” have called off their planned town hall meeting with employees that had been scheduled for Wednesday, June 5, citing “ongoing speculation regarding potential M&a.”
The trio — CBS CEO George Cheeks, Paramount CEO Brian Robbins and Chris McCarthy, CEO of Showtime/MTV Entertainment Studios — rescheduled the event for June 25. The move comes as Shari Redstone is evaluating a merger offer from David Ellison’s Skydance Media, which the Paramount Global board’s special committee has recommended and submitted for Redstone’s review over the weekend. Redstone is Paramount non-executive chair and the company’s controlling shareholder through National Amusements Inc.
“Given the ongoing speculation regarding potential M&a, we want to be able to speak to you with as much candor and transparency as possible,” the three executives wrote in a memo to employees. “By moving the date, our hope is to do just that.
The trio — CBS CEO George Cheeks, Paramount CEO Brian Robbins and Chris McCarthy, CEO of Showtime/MTV Entertainment Studios — rescheduled the event for June 25. The move comes as Shari Redstone is evaluating a merger offer from David Ellison’s Skydance Media, which the Paramount Global board’s special committee has recommended and submitted for Redstone’s review over the weekend. Redstone is Paramount non-executive chair and the company’s controlling shareholder through National Amusements Inc.
“Given the ongoing speculation regarding potential M&a, we want to be able to speak to you with as much candor and transparency as possible,” the three executives wrote in a memo to employees. “By moving the date, our hope is to do just that.
- 6/4/2024
- by Todd Spangler
- Variety Film + TV
A town hall for Paramount Global employees originally scheduled to take place Wednesday has been delayed until June 25.
In a note to employees obtained by Deadline, CEOs George Cheeks, Chris McCarthy and Brian Robbins recapped Tuesday morning’s annual shareholder meeting and also noted the rescheduling of the town hall. “Given the ongoing speculation regarding potential M&a, we want to be able to speak to you with as much candor and transparency as possible. By moving the date, our hope is to do just that,” they wrote.
The shift comes at a time that Paramount Global controlling shareholder, Shari Redstone, is mulling a merger offer from Skydance. The shareholder meeting largely skirted the topic of M&a, and instead gave Redstone a chance to make the case for the unorthodox Office of the CEO structure. She conceded it was unusual, but said it would harness the collective experience of three...
In a note to employees obtained by Deadline, CEOs George Cheeks, Chris McCarthy and Brian Robbins recapped Tuesday morning’s annual shareholder meeting and also noted the rescheduling of the town hall. “Given the ongoing speculation regarding potential M&a, we want to be able to speak to you with as much candor and transparency as possible. By moving the date, our hope is to do just that,” they wrote.
The shift comes at a time that Paramount Global controlling shareholder, Shari Redstone, is mulling a merger offer from Skydance. The shareholder meeting largely skirted the topic of M&a, and instead gave Redstone a chance to make the case for the unorthodox Office of the CEO structure. She conceded it was unusual, but said it would harness the collective experience of three...
- 6/4/2024
- by Anthony D'Alessandro and Dade Hayes
- Deadline Film + TV
The future of Paramount Global remains uncertain, with the Skydance-RedBird deal in the hands of Shari Redstone, and the three co-CEOs laying out their own plan for the company Tuesday morning.
With that in mind, the company has opted to postpone a scheduled all-employee town hall that had been set for Wednesday.
Paramount told employees that the town hall will now be held on Tuesday, June 25, suggesting that there should be more clarity on the company’s future by then.
“Given the ongoing speculation regarding potential M&a, we want to be able to speak to you with as much candor and transparency as possible,” the company wrote to employees. “By moving the date, our hope is to do just that.”
The company is in the middle of a critical week that could shape its future. Redstone is currently reviewing a takeover offer led by Skydance that would see the company...
With that in mind, the company has opted to postpone a scheduled all-employee town hall that had been set for Wednesday.
Paramount told employees that the town hall will now be held on Tuesday, June 25, suggesting that there should be more clarity on the company’s future by then.
“Given the ongoing speculation regarding potential M&a, we want to be able to speak to you with as much candor and transparency as possible,” the company wrote to employees. “By moving the date, our hope is to do just that.”
The company is in the middle of a critical week that could shape its future. Redstone is currently reviewing a takeover offer led by Skydance that would see the company...
- 6/4/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Paramount Global needs to (further) reduce its staff size to compete in today’s cutthroat media landscape. Perhaps it could start by trimming a few CEOs.
After Bob Bakish was unceremoniously (but richly) exited from the company, Paramount went with an “Office of the CEO” setup, the trio of George Cheeks, Chris McCarthy, and Brian Robbins. Those three, with a lead-in from controlling shareholder Shari Redstone, ran Paramount Global’s 2024 Investor Day presentation — and a brief (and very rehearsed) Q&a — on Tuesday.
Redstone’s is the final signature required for Paramount to be merged with Skydance; a formal announcement is likely in the coming days. Until then, mum is the word on that pending deal — and Paramount Global must present to investors like the offer doesn’t exist.
Coincidentally, the three men have a three-part plan to turn around this Titanic (and maybe even tow its pieces back to...
After Bob Bakish was unceremoniously (but richly) exited from the company, Paramount went with an “Office of the CEO” setup, the trio of George Cheeks, Chris McCarthy, and Brian Robbins. Those three, with a lead-in from controlling shareholder Shari Redstone, ran Paramount Global’s 2024 Investor Day presentation — and a brief (and very rehearsed) Q&a — on Tuesday.
Redstone’s is the final signature required for Paramount to be merged with Skydance; a formal announcement is likely in the coming days. Until then, mum is the word on that pending deal — and Paramount Global must present to investors like the offer doesn’t exist.
Coincidentally, the three men have a three-part plan to turn around this Titanic (and maybe even tow its pieces back to...
- 6/4/2024
- by Tony Maglio
- Indiewire
Paramount Global’s new leadership team set out their strategic priorities for the company, including $500m in cost savings, selling non-core assets and exploring streaming joint ventures with other media companies.
The plan was presented at the company’s annual meeting of shareholders today (June 4) by its recently established Office of the CEO, which took over from Bob Bakish in April.
The Office of the CEO comprises: 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 presentation...
The plan was presented at the company’s annual meeting of shareholders today (June 4) by its recently established Office of the CEO, which took over from Bob Bakish in April.
The Office of the CEO comprises: 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 presentation...
- 6/4/2024
- ScreenDaily
As Paramount Global controlling shareholder Shari Redstone mulls the terms of a merger between her conglom and Skydance, the network/studio/streaming service trotted out their best and brightest CEO troika this early Am in annual global stockholders meet to tout their hit parade of 14 billion dollar revenue earning franchises across all mediums, their assurance to cut $500 million in overhead, and maximize shareholder value and profits.
With Skydance’s David Ellison knocking on Paramount Global’s door with former NBCUniversal CEO Jeff Shell in tow to execute their own strategy, today’s presentation by Brian Robbins, President & CEO of Paramount Pictures and Nickelodeon; George Cheeks, President & CEO of CBS; and Chris McCarthy, President & CEO Showtime/MTV Entertainment Studios and Paramount Media Networks, was a bullhorn to shareholders that this administration has their stuff together, to prevent any possible nosediving of the stock currently, but also an underscoring that the trio...
With Skydance’s David Ellison knocking on Paramount Global’s door with former NBCUniversal CEO Jeff Shell in tow to execute their own strategy, today’s presentation by Brian Robbins, President & CEO of Paramount Pictures and Nickelodeon; George Cheeks, President & CEO of CBS; and Chris McCarthy, President & CEO Showtime/MTV Entertainment Studios and Paramount Media Networks, was a bullhorn to shareholders that this administration has their stuff together, to prevent any possible nosediving of the stock currently, but also an underscoring that the trio...
- 6/4/2024
- by Anthony D'Alessandro
- Deadline Film + TV
Investors in Paramount Global are waiting for word on whether the latest merger offer from Skydance Media is a go. But they didn’t get any update at the media conglomerate’s awkwardly timed annual shareholders meeting Tuesday.
Shari Redstone, Paramount Global’s chair and controlling shareholder, in her introductory remarks at the virtual shareholders meeting, did not mention the pending Skydance offer. Instead, she touted the company’s content assets and leadership across CBS, Paramount Pictures and its cable networks — and turned the floor over to the three members of its “Office of the CEO,” who took over at the end of April for the ousted Bob Bakish: CBS’s George Cheeks, Paramount Pictures’ Brian Robbins and Chris McCarthy, head of Showtime/MTV Entertainment Studios.
“While we recognize this is not a traditional management structure,” Redstone said, the three-in-a-box leadership team is intended to help the company “take...
Shari Redstone, Paramount Global’s chair and controlling shareholder, in her introductory remarks at the virtual shareholders meeting, did not mention the pending Skydance offer. Instead, she touted the company’s content assets and leadership across CBS, Paramount Pictures and its cable networks — and turned the floor over to the three members of its “Office of the CEO,” who took over at the end of April for the ousted Bob Bakish: CBS’s George Cheeks, Paramount Pictures’ Brian Robbins and Chris McCarthy, head of Showtime/MTV Entertainment Studios.
“While we recognize this is not a traditional management structure,” Redstone said, the three-in-a-box leadership team is intended to help the company “take...
- 6/4/2024
- by Todd Spangler
- Variety Film + TV
Paramount Global Non-Exec Chair Shari Redstone Touts Office Of CEO During Annual Shareholder Meeting
Shari Redstone, Paramount Global’s non-executive chair and controlling shareholder, sought to sell shareholders at the company’s annual meeting Tuesday on the potential of the three-member Office of the CEO.
Convening a video presentation produced like a TV morning show, she delivered brief remarks before tossing to George Cheeks, Chris McCarthy and Brian Robbins. The three execs have formed the Office of the CEO since the ouster of Bob Bakish in April. Hovering over the event, though only briefly alluded to, is a pending merger proposal by Skydance Media, which will transform Paramount yet again if it is finalized.
“Reducing our costs to be consistent with industry standards” is a key strategic objective, Redstone said. “This will then enable us to decrease debt, strengthen our balance sheet and continue to invest in the best-in-class content that has always been at our core. And overall, it would allow us to...
Convening a video presentation produced like a TV morning show, she delivered brief remarks before tossing to George Cheeks, Chris McCarthy and Brian Robbins. The three execs have formed the Office of the CEO since the ouster of Bob Bakish in April. Hovering over the event, though only briefly alluded to, is a pending merger proposal by Skydance Media, which will transform Paramount yet again if it is finalized.
“Reducing our costs to be consistent with industry standards” is a key strategic objective, Redstone said. “This will then enable us to decrease debt, strengthen our balance sheet and continue to invest in the best-in-class content that has always been at our core. And overall, it would allow us to...
- 6/4/2024
- by Dade Hayes
- Deadline Film + TV
Paramount Global’s new trio of co-CEOs laid out their vision for the Hollywood studio as the controlling shareholder, Shari Redstone, mulls a sweetened takeover offer from a buyer consortium led by Skydance and RedBird Capital.
Redstone addressed the investors as the meeting began, indicating the company’s most important goal was “driving value for all our shareholders,” which would come by reducing overall debt to strengthen the balance sheet and continue to invest in “best-in-class content.”
Redstone also addressed the new leadership structure at the studio with three co-CEOs. “While we recognize that this is not a traditional management structure, we are confident that it will enable them to move quickly to implement best practices throughout the company to drive improved performance,” Redstone added.
This opened the way for the new trio of executives – George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios; and Brian Robbins,...
Redstone addressed the investors as the meeting began, indicating the company’s most important goal was “driving value for all our shareholders,” which would come by reducing overall debt to strengthen the balance sheet and continue to invest in “best-in-class content.”
Redstone also addressed the new leadership structure at the studio with three co-CEOs. “While we recognize that this is not a traditional management structure, we are confident that it will enable them to move quickly to implement best practices throughout the company to drive improved performance,” Redstone added.
This opened the way for the new trio of executives – George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios; and Brian Robbins,...
- 6/4/2024
- by Etan Vlessing
- The Hollywood Reporter - Movie News
Und nun doch Skydance: Wie u. a. der gut informierte Filmindustrie-Journalist Matt Belloni in Puck berichtet, muss nur noch National-Amusements-Chefin Shari Redstone endgültig grünes Licht geben, dann kann David Ellison nach einem letzten nachgebesserten Angebot für die B-Aktionäre Paramount Global übernehmen.
Shari Redstone trifft die finale Entscheidung (Credit: Imago / Avalon.red)
Der Deal als solcher sei unter Dach und Fach, lassen die ersten Entertainment-Blogger wissen. Etwas mehr als einen Monat, nachdem das exklusive Verhandlungsfenster für Skydance um eine Übernahme von Paramount Global ausgelaufen war und es so ausgesehen hatte, als würde David Ellison mit seinem beim Aufsichtsrat wenig geliebten Angebot den Kürzeren ziehen, wird sich die junge Finanzierungs- und Produktionsfirma, die längst hinter den großen Marken von Paramount steht, zuletzt „Mission: Impossible“ und „Transformers“, nun doch durchsetzen. Während Sony/Apollo mit ihrem gerade noch so attraktiv erscheinenden Angebot wohl den Kürzeren zieht, hat Ellison die Oberhand gewonnen.
Nach Informationen des...
Shari Redstone trifft die finale Entscheidung (Credit: Imago / Avalon.red)
Der Deal als solcher sei unter Dach und Fach, lassen die ersten Entertainment-Blogger wissen. Etwas mehr als einen Monat, nachdem das exklusive Verhandlungsfenster für Skydance um eine Übernahme von Paramount Global ausgelaufen war und es so ausgesehen hatte, als würde David Ellison mit seinem beim Aufsichtsrat wenig geliebten Angebot den Kürzeren ziehen, wird sich die junge Finanzierungs- und Produktionsfirma, die längst hinter den großen Marken von Paramount steht, zuletzt „Mission: Impossible“ und „Transformers“, nun doch durchsetzen. Während Sony/Apollo mit ihrem gerade noch so attraktiv erscheinenden Angebot wohl den Kürzeren zieht, hat Ellison die Oberhand gewonnen.
Nach Informationen des...
- 6/4/2024
- by Thomas Schultze
- Spot - Media & Film
Shari Redstone, whose National Amusements owns a controlling interest in Paramount Pictures parent Paramount Global, is reportedly weighing up a modified takeover offer of around $8bn from David Ellison’s Skydance Media and his backers RedBird Capital.
On the eve of Paramount Global’s annual general meeting on Tuesday, CNBC reported that the latest offer would see Redstone receive $2bn for National Amusements, while Skydance would pay $4.5bn to buy out half of Paramount Global Class B shareholders at $15 per share.
Skydance and RedBird have reportedly offered to pay $1.5bn in cash to reduce Paramount Global debt.
The overall deal...
On the eve of Paramount Global’s annual general meeting on Tuesday, CNBC reported that the latest offer would see Redstone receive $2bn for National Amusements, while Skydance would pay $4.5bn to buy out half of Paramount Global Class B shareholders at $15 per share.
Skydance and RedBird have reportedly offered to pay $1.5bn in cash to reduce Paramount Global debt.
The overall deal...
- 6/3/2024
- ScreenDaily
Paramount: Now (finally) Under New Ownership! A special committee at the company has approved a deal that will merge Paramount Global with Skydance after David Ellison acquires National Amusements, Inc. (Nai) for about $2 billion.
The National Amusements theater chain has a controlling interest in Paramount. Skydance Media CEO Ellison is paying for that control, and then he’ll make Paramount buy his production company.
All told, it is expected to cost Ellison and his financial backers at RedBird Capital Partners in the ballpark of $8 billion to make this happen, as first reported by CNBC’s David Faber. On top of Shari Redstone’s $2 billion for her family’s Nai, $4.5 billion more will go to current Paramount shareholders; another $1.5 billion in cash will be contributed to Paramount’s balance sheet. The numbers are pretty fresh and could still change some, a person with knowledge of the goings-on tells IndieWire.
The...
The National Amusements theater chain has a controlling interest in Paramount. Skydance Media CEO Ellison is paying for that control, and then he’ll make Paramount buy his production company.
All told, it is expected to cost Ellison and his financial backers at RedBird Capital Partners in the ballpark of $8 billion to make this happen, as first reported by CNBC’s David Faber. On top of Shari Redstone’s $2 billion for her family’s Nai, $4.5 billion more will go to current Paramount shareholders; another $1.5 billion in cash will be contributed to Paramount’s balance sheet. The numbers are pretty fresh and could still change some, a person with knowledge of the goings-on tells IndieWire.
The...
- 6/3/2024
- by Brian Welk and Tony Maglio
- Indiewire
The future of Paramount may be decided in the next couple of days, with the ball now in controlling shareholder Shari Redstone’s court.
With the company set to hold its annual shareholder meeting Tuesday, Paramount’s board and the buyer consortium led Skydance and RedBird Capital have come to terms on a revised deal for the company. Now it is up to Redstone to approve the deal and move forward, or look at other options.
Because Redstone’s National Amusements was recused from the board talks, it is just beginning to review the proposal.
“We received the financial terms of the proposed Paramount/Skydance transaction over the weekend and we are reviewing them,” a spokesperson for Nai said.
Paramount is effectively controlled by Redstone and her National Amusements, which holds more than 70 percent of Class A voting shares.
As The Hollywood Reporter previously wrote last week, the new deal...
With the company set to hold its annual shareholder meeting Tuesday, Paramount’s board and the buyer consortium led Skydance and RedBird Capital have come to terms on a revised deal for the company. Now it is up to Redstone to approve the deal and move forward, or look at other options.
Because Redstone’s National Amusements was recused from the board talks, it is just beginning to review the proposal.
“We received the financial terms of the proposed Paramount/Skydance transaction over the weekend and we are reviewing them,” a spokesperson for Nai said.
Paramount is effectively controlled by Redstone and her National Amusements, which holds more than 70 percent of Class A voting shares.
As The Hollywood Reporter previously wrote last week, the new deal...
- 6/3/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Late last year, there were rumblings of a possible merger being considered with two movie studio giants — Warner Bros. and Paramount. It was reported that Zaslav met with Paramount Global CEO Bob Bakish in New York City to discuss a possible merger. The potential merger would bring many iconic entertainment franchises under one roof, including Star Trek, Harry Potter, Looney Tunes, Transformers, Mission: Impossible, DC, and more. It would also likely see the two streaming services — Max and Paramount+ — combine in order to more effectively challenge Netflix and Disney+.
Wall Street analysts were skeptical of that deal and knew that both companies would have to jump through significant hurdles in order for the deal to go through. That deal would ultimately fall through, but the New York Post is now reporting on a merger that has been sealed. Paramount and Skydance have just agreed to terms that will see both...
Wall Street analysts were skeptical of that deal and knew that both companies would have to jump through significant hurdles in order for the deal to go through. That deal would ultimately fall through, but the New York Post is now reporting on a merger that has been sealed. Paramount and Skydance have just agreed to terms that will see both...
- 6/3/2024
- by EJ Tangonan
- JoBlo.com
Updated with new timeline. Paramount Global and Skydance have agreed to terms on a merger, a person familiar with the deal talks has confirmed to Deadline, with Paramount controlling shareholder Shari Redstone taking a final look.
CNBC reported the stepped-up timeline earlier Monday. As Deadline and other media outlets reported over the weekend, a revised offer from Skydance had gained more traction, though it did not initially appear likely that anything would be firmed up before Tuesday’s annual shareholder meeting. That event was already set to be a significant one, with the three executives sharing the Office of the CEO laying out their strategic plans for the company.
Redstone, through National Amusements, controls 77% of the voting shares of Paramount.
Previously:
As Paramount Global approaches Tuesday’s annual shareholder meeting and a high-stakes town hall for employees the following day, new details are emerging about Skydance Media’s latest acquisition offer.
CNBC reported the stepped-up timeline earlier Monday. As Deadline and other media outlets reported over the weekend, a revised offer from Skydance had gained more traction, though it did not initially appear likely that anything would be firmed up before Tuesday’s annual shareholder meeting. That event was already set to be a significant one, with the three executives sharing the Office of the CEO laying out their strategic plans for the company.
Redstone, through National Amusements, controls 77% of the voting shares of Paramount.
Previously:
As Paramount Global approaches Tuesday’s annual shareholder meeting and a high-stakes town hall for employees the following day, new details are emerging about Skydance Media’s latest acquisition offer.
- 6/2/2024
- by Dade Hayes
- Deadline Film + TV
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
Exclusive: The Paley Center for Media has appointed four new trustees to its board and added some high profile executives to its L.A. contingent on the West Coast.
Kristin Dolan, CEO of AMC Networks, Omar Abbosh, CEO of Pearson, Brad Karp, chair of Paul, Weiss, Rifkind, Wharton & Garrison, and Dennis Mathew, chairman-ceo of Altice USA are new to the board of trustees of the nonprofit programmer and think tank that explores all things media.
The Los Angeles Board of Governors is also expanding with Jesse Collins, founder and CEO of Jesse Collins Entertainment; Sharb Farjami, North America CEO of GroupM; Daryl Lee, Global CEO of McCann Worldgroup; Christian Muirhead, co-chairman of WME; and Ben Samek, CEO of Banijay America. They join Bela Bajaria, Jennifer Salke, Kevin Beggs, Greg Berlanti, Frances Berwick, Casey Bloys, Robert A. Boyd II, Campbell Brown, Brian Robbins, George Cheeks, Agnes Chu, Channing Dungey, Michael Kassan,...
Kristin Dolan, CEO of AMC Networks, Omar Abbosh, CEO of Pearson, Brad Karp, chair of Paul, Weiss, Rifkind, Wharton & Garrison, and Dennis Mathew, chairman-ceo of Altice USA are new to the board of trustees of the nonprofit programmer and think tank that explores all things media.
The Los Angeles Board of Governors is also expanding with Jesse Collins, founder and CEO of Jesse Collins Entertainment; Sharb Farjami, North America CEO of GroupM; Daryl Lee, Global CEO of McCann Worldgroup; Christian Muirhead, co-chairman of WME; and Ben Samek, CEO of Banijay America. They join Bela Bajaria, Jennifer Salke, Kevin Beggs, Greg Berlanti, Frances Berwick, Casey Bloys, Robert A. Boyd II, Campbell Brown, Brian Robbins, George Cheeks, Agnes Chu, Channing Dungey, Michael Kassan,...
- 5/29/2024
- by Jill Goldsmith
- Deadline Film + TV
In a highly anticipated announcement, Paramount Global and Charter Communications said they’re extending their longstanding partnership with a multi-year distribution agreement for Paramount’s full portfolio of linear cable networks, CBS owned-and-operated broadcast stations and direct-to-consumer streaming services.
In addition to CBS, subscribers to Charter’s Spectrum will keep BET, Comedy Central, MTV, Nickelodeon, and Paramount Network, as well as premium service Paramount+ with Showtime.
In a new twist that echoes Charter’s landmark deal with Disney last year, the agreement calls for the ad-supported versions of Paramount’s direct-to-consumer services, Paramount+ Essential and BET+ Essential to be included at no additional cost to Charter’s Spectrum TV customers. Charter also will make Paramount’s direct-to-consumer products available for purchase to its Internet-only customers.
But unlike the Disney pact, Charter is not dropping any cable networks. Its Disney deal eliminated Baby TV, Disney Junior, Disney Xd, Freeform, Fxm, Fxx,...
In addition to CBS, subscribers to Charter’s Spectrum will keep BET, Comedy Central, MTV, Nickelodeon, and Paramount Network, as well as premium service Paramount+ with Showtime.
In a new twist that echoes Charter’s landmark deal with Disney last year, the agreement calls for the ad-supported versions of Paramount’s direct-to-consumer services, Paramount+ Essential and BET+ Essential to be included at no additional cost to Charter’s Spectrum TV customers. Charter also will make Paramount’s direct-to-consumer products available for purchase to its Internet-only customers.
But unlike the Disney pact, Charter is not dropping any cable networks. Its Disney deal eliminated Baby TV, Disney Junior, Disney Xd, Freeform, Fxm, Fxx,...
- 5/23/2024
- by Jill Goldsmith
- Deadline Film + TV
Paramount Global’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
There’s a new, scary reality sinking in for both Paramount shareholders and its board of directors: What if nobody buys Paramount?
Not much more than a week ago it felt like a foregone conclusion that David Ellison would buy out Shari Redstone’s controlling stake in Paramount Global for a few billion bucks, and force Paramount to buy his Skydance for a few billion more bucks than that. That’s what Redstone wanted to happen at least, and what Redstone wants she’s pretty well set up to get. She has the shares to force whatever outcome she wants and stop whatever one she doesn’t.
But there was another suitor who could no longer be ignored.
Apollo Global Management, a private-equity fund, has been knocking on Redstone’s door for months. It’s pounding now. At first, Apollo offered $11 billion to buy out Paramount’s studio. No way,...
Not much more than a week ago it felt like a foregone conclusion that David Ellison would buy out Shari Redstone’s controlling stake in Paramount Global for a few billion bucks, and force Paramount to buy his Skydance for a few billion more bucks than that. That’s what Redstone wanted to happen at least, and what Redstone wants she’s pretty well set up to get. She has the shares to force whatever outcome she wants and stop whatever one she doesn’t.
But there was another suitor who could no longer be ignored.
Apollo Global Management, a private-equity fund, has been knocking on Redstone’s door for months. It’s pounding now. At first, Apollo offered $11 billion to buy out Paramount’s studio. No way,...
- 5/7/2024
- by Tony Maglio and Brian Welk
- Indiewire
“CSI: Vegas” may be canceled, but CBS isn’t giving up on the franchise. The Eye network announced Tuesday a new edition in the “CSI” universe — but this time in the unscripted space.
CBS has ordered the unscripted, true-crime docuseries “The Real CSI: Miami” based on the drama “CSI: Miami,” which aired from 2002 to 2012 (for 10 seasons and 232 episodes). The new series is set to release on CBS on June 26 at 10 p.m. Et. The news came as CBS announced its summer lineup.
The logline for “The Real CSI: Miami” reads, “Each episode features gripping real-life crime cases and the cutting-edge forensic science used to solve them. ‘The Real CSI: Miami’ highlights that at the heart of every story is a victim and a family seeking justice.”
The news of another “CSI” show being ordered comes after the last show in the franchise “CSI: Vegas” announced its cancellation in April after three seasons.
CBS has ordered the unscripted, true-crime docuseries “The Real CSI: Miami” based on the drama “CSI: Miami,” which aired from 2002 to 2012 (for 10 seasons and 232 episodes). The new series is set to release on CBS on June 26 at 10 p.m. Et. The news came as CBS announced its summer lineup.
The logline for “The Real CSI: Miami” reads, “Each episode features gripping real-life crime cases and the cutting-edge forensic science used to solve them. ‘The Real CSI: Miami’ highlights that at the heart of every story is a victim and a family seeking justice.”
The news of another “CSI” show being ordered comes after the last show in the franchise “CSI: Vegas” announced its cancellation in April after three seasons.
- 5/7/2024
- by Lexi Carson
- Variety Film + TV
CSI: Miami is getting the docuseries treatment.
CBS has ordered an unscripted series based on its iconic crime drama – The Real CSI: Miami.
It comes from CSI creator Anthony Zuiker, Jerry Bruckheimer, who has produced the franchise and Nailed It! and Top Chef producer Magical Elves.
The series will feature real-life crime cases and the cutting-edge forensic science used to solve them.
CBS Entertainment President Amy Reisenbach recently teased that there was another CSI project in development. She said that the CBS brand was “part of its legacy as a company”. “I definitely think that franchise is alive and well will continue to be in discussions we have,” she said. “I think that ultimately we’ll find different and interesting ways to bring the show back.”
CBS CEO George Cheeks added at a recent CBS press conference, “In addition to CSI being such a global hit and all the iterations,...
CBS has ordered an unscripted series based on its iconic crime drama – The Real CSI: Miami.
It comes from CSI creator Anthony Zuiker, Jerry Bruckheimer, who has produced the franchise and Nailed It! and Top Chef producer Magical Elves.
The series will feature real-life crime cases and the cutting-edge forensic science used to solve them.
CBS Entertainment President Amy Reisenbach recently teased that there was another CSI project in development. She said that the CBS brand was “part of its legacy as a company”. “I definitely think that franchise is alive and well will continue to be in discussions we have,” she said. “I think that ultimately we’ll find different and interesting ways to bring the show back.”
CBS CEO George Cheeks added at a recent CBS press conference, “In addition to CSI being such a global hit and all the iterations,...
- 5/7/2024
- by Peter White
- Deadline Film + TV
Whatever fate befalls Paramount Global after the smoke clears, one of the Hollywood Trivial Pursuit questions someday will be which heavy hitters have issued statements of support for Skydance’s proposed acquisition of Paramount’s holding company, National Amusements Inc. — and which didn’t.
Even as the Paramount special committee passed on the offer from David Ellison’s company May 4, sources say the Skydance-RedBird alliance has not given up. The premise, a source with knowledge of the situation tells The Hollywood Reporter, is that the rival Apollo/Sony Pictures offer now up for Paramount’s consideration will fail for multiple reasons, with Skydance still waiting in the wings.
So despite much Wall Street skepticism over a proposed deal that favors controlling shareholder Shari Redstone over other investors, “Skydance has been on an extremely aggressive PR campaign in the last month to convince everyone how legitimate they are,” says a prominent media mogul.
Even as the Paramount special committee passed on the offer from David Ellison’s company May 4, sources say the Skydance-RedBird alliance has not given up. The premise, a source with knowledge of the situation tells The Hollywood Reporter, is that the rival Apollo/Sony Pictures offer now up for Paramount’s consideration will fail for multiple reasons, with Skydance still waiting in the wings.
So despite much Wall Street skepticism over a proposed deal that favors controlling shareholder Shari Redstone over other investors, “Skydance has been on an extremely aggressive PR campaign in the last month to convince everyone how legitimate they are,” says a prominent media mogul.
- 5/6/2024
- by Kim Masters
- The Hollywood Reporter - Movie News
While the media giants may have anticipated that the poor conditions and exploitation of film and television workers would cause uproar and discontent, they did not anticipate the magnitude of the WGA and SAG-AFTRA strikes that have kept writers and actors on the picket lines for more than half a year. And even now, six months later, the entertainment industry is feeling the fallout, especially the traditional broadcast networks. They have still not been able to fully restore their 2024 schedules.
The situation at CBS is particularly striking. After last year's drought in new scripted series, viewer demand for shows old and new is as strong as ever, leading to the renewal of popular projects and the announcement of many new ones.
And yet, along with the numerous positive updates, fans were also faced with the disappointing news that the fall season will not see the renewal of shows like CSI: Vegas,...
The situation at CBS is particularly striking. After last year's drought in new scripted series, viewer demand for shows old and new is as strong as ever, leading to the renewal of popular projects and the announcement of many new ones.
And yet, along with the numerous positive updates, fans were also faced with the disappointing news that the fall season will not see the renewal of shows like CSI: Vegas,...
- 5/6/2024
- by louise.everitt@startefacts.com (Louise Everitt)
- STartefacts.com
If no deal for the sale or merger of Paramount Global comes to fruition, talks of a combination of Paramount+ with Peacock could revive.
The saga of Paramount’s ownership future has had more twists and turns than a Hollywood blockbuster. The narrative took a new direction this weekend, as Paramount’s exclusive negotiating window with David Ellison and his production house Skydance Media ended on May 3 without a deal being struck. Despite initially not initially appearing interested, Paramount is now considering an offer from Sony and Apollo Global Management, and various reports indicate that the media conglomerate hasn’t ruled out doing business with Skydance either. But the probability that Paramount will not find a merger and acquisition partner in the current business environment is rising, and if that happens, the company’s controlling shareholder Shari Redstone will have to determine what comes next for the legacy media outlet.
The saga of Paramount’s ownership future has had more twists and turns than a Hollywood blockbuster. The narrative took a new direction this weekend, as Paramount’s exclusive negotiating window with David Ellison and his production house Skydance Media ended on May 3 without a deal being struck. Despite initially not initially appearing interested, Paramount is now considering an offer from Sony and Apollo Global Management, and various reports indicate that the media conglomerate hasn’t ruled out doing business with Skydance either. But the probability that Paramount will not find a merger and acquisition partner in the current business environment is rising, and if that happens, the company’s controlling shareholder Shari Redstone will have to determine what comes next for the legacy media outlet.
- 5/6/2024
- by David Satin
- The Streamable
Paramount Global has reportedly begun talks with Sony Pictures and private equity firm Apollo after the exclusive 30-day negotiating window with David Ellison’s Skydance Media expired on Friday.
Sony and Apollo are said to have put a $26bn cash offer on the table for the consideration of Shari Redstone, whose family owns Paramount Global controlling shareholder National Amusements, and a special committee.
Redstone has the power to veto any deal and was said to favour Skydance, whose CEO Ellison has long been a co-financing partner for Paramount on hits like the Mission: Impossible franchise and Top Gun: Maverick and...
Sony and Apollo are said to have put a $26bn cash offer on the table for the consideration of Shari Redstone, whose family owns Paramount Global controlling shareholder National Amusements, and a special committee.
Redstone has the power to veto any deal and was said to favour Skydance, whose CEO Ellison has long been a co-financing partner for Paramount on hits like the Mission: Impossible franchise and Top Gun: Maverick and...
- 5/6/2024
- ScreenDaily
Paramount Global goes back to playing the field this week with two suitors still pursuing the company that has been surrounded by a highly public M&a drama for months. And it’s unlikely to end any time soon.
The company reached the end of its 30-day exclusive negotiating window with Skydance Media on May 3 without coming to an agreement. Sony Pictures Entertainment and Apollo Global Management, meanwhile, are moving forward with a $26 billion all-cash offer that raises regulatory and political concerns in this election-year environment. The special committee of Paramount Global’s board of directors that has been handling the M&a negotiations now intends to proceed with discussions with both the Skydance and Sony/Apollo groups, as reported Sunday by the New York Times and confirmed by multiple sources.
That decision leaves Skydance CEO David Ellison and his backers, which include Gerry Cardinale’s RedBird Capital, with a...
The company reached the end of its 30-day exclusive negotiating window with Skydance Media on May 3 without coming to an agreement. Sony Pictures Entertainment and Apollo Global Management, meanwhile, are moving forward with a $26 billion all-cash offer that raises regulatory and political concerns in this election-year environment. The special committee of Paramount Global’s board of directors that has been handling the M&a negotiations now intends to proceed with discussions with both the Skydance and Sony/Apollo groups, as reported Sunday by the New York Times and confirmed by multiple sources.
That decision leaves Skydance CEO David Ellison and his backers, which include Gerry Cardinale’s RedBird Capital, with a...
- 5/5/2024
- by Cynthia Littleton
- Variety Film + TV
A special committee of Paramount’s board of directors decided over the weekend to formally open negotiations with Sony Pictures Entertainment and private equity group Apollo Global Management, an individual with knowledge told TheWrap. The decision follows an exclusive negotiation period between Paramount and Skydance ending Friday with no deal made.
A spokesperson for the special committee declined to comment.
Sony Pictures stepped into the race by making a joint informal offer with private equity firm Apollo Global Management of $26 billion, all cash, for Paramount. When it comes to Skydance, it received the public backing Sunday of two big names: director James Cameron and Endeavor CEO Ari Emanuel, who voiced their support for David Ellison’s Skydance acquiring Paramount in an interview with the Financial Times.
The committee also pushed for further negotiations with Skydance. The exclusive negotiating window closing with no deal and not being extended doesn’t mean...
A spokesperson for the special committee declined to comment.
Sony Pictures stepped into the race by making a joint informal offer with private equity firm Apollo Global Management of $26 billion, all cash, for Paramount. When it comes to Skydance, it received the public backing Sunday of two big names: director James Cameron and Endeavor CEO Ari Emanuel, who voiced their support for David Ellison’s Skydance acquiring Paramount in an interview with the Financial Times.
The committee also pushed for further negotiations with Skydance. The exclusive negotiating window closing with no deal and not being extended doesn’t mean...
- 5/5/2024
- by Mike Roe, Sharon Waxman
- The Wrap
Both James Cameron and Ari Emanuel offered their support this weekend of Skydance’s bid to acquire Paramount.
Though reports earlier this week suggested that Paramount’s special board committee was leaning against accepting Skydance’s offer, Cameron and Emanuel told The Financial Times on Sunday that they supported Skydance founder David Ellison’s potential leadership.
The deal, first offered during a 30-day exclusive negotiating window at the beginning of April, would see Skydance, joined by financial partners RedBird Capital and Kkir, acquire controlling shareholder Shari Redstone’s stake in the company and then merge Skydance into Paramount, keeping it as a publicly traded company, with new leadership at the helm.
“I love the Ellison idea,” Cameron, whose 1997 film Titanic remains one of Paramount’s most successful movies, said. “If he gets . . . to run Paramount creatively, it could be a huge boon for this business in these ailing times. David’s proven himself.
Though reports earlier this week suggested that Paramount’s special board committee was leaning against accepting Skydance’s offer, Cameron and Emanuel told The Financial Times on Sunday that they supported Skydance founder David Ellison’s potential leadership.
The deal, first offered during a 30-day exclusive negotiating window at the beginning of April, would see Skydance, joined by financial partners RedBird Capital and Kkir, acquire controlling shareholder Shari Redstone’s stake in the company and then merge Skydance into Paramount, keeping it as a publicly traded company, with new leadership at the helm.
“I love the Ellison idea,” Cameron, whose 1997 film Titanic remains one of Paramount’s most successful movies, said. “If he gets . . . to run Paramount creatively, it could be a huge boon for this business in these ailing times. David’s proven himself.
- 5/5/2024
- by Zoe G Phillips
- The Hollywood Reporter - Movie News
What now?
The Skydance Media deal for National Amusements appears to be dead, with the company declining to extend its exclusive negotiating window, and sources tell The Hollywood Reporter that controlling shareholder Shari Redstone is cool on the $26 billion offer from Sony Pictures and Apollo Global Management — a deal that would lead to the breakup of the empire her father built. While it is possible that Paramount’s independent board committee believes that regulatory concerns presented by the Apollo-Sony offer can be overlooked and recommends that deal, it looks like an increasingly challenged proposition.
For the foreseeable future, it appears, the company is in the hands of the three-man committee made up of CBS chief George Cheeks, Paramount Pictures’ Brian Robbins and Chris McCarthy, head of Showtime/MTV Entertainment Studios and Paramount Media Networks. Paramount stock dropped 7 percent to $12.89 at the close in the wake of the news.
The Skydance Media deal for National Amusements appears to be dead, with the company declining to extend its exclusive negotiating window, and sources tell The Hollywood Reporter that controlling shareholder Shari Redstone is cool on the $26 billion offer from Sony Pictures and Apollo Global Management — a deal that would lead to the breakup of the empire her father built. While it is possible that Paramount’s independent board committee believes that regulatory concerns presented by the Apollo-Sony offer can be overlooked and recommends that deal, it looks like an increasingly challenged proposition.
For the foreseeable future, it appears, the company is in the hands of the three-man committee made up of CBS chief George Cheeks, Paramount Pictures’ Brian Robbins and Chris McCarthy, head of Showtime/MTV Entertainment Studios and Paramount Media Networks. Paramount stock dropped 7 percent to $12.89 at the close in the wake of the news.
- 5/4/2024
- by Kim Masters and Alex Weprin
- The Hollywood Reporter - Movie News
Paramount Global says Chris McCarthy is the company’s “interim principal executive officer,” a necessity required by the SEC that apparently does not signal he has more decision-making power among a trio of top executives who stepped up to replace Bob Bakish this week in a new Office of the CEO.
Security & Exchange Commission rules require a person, not an office, to conduct with over the normal course of business. It’s not clear why McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks, received the designation (maybe he drew the short straw).
The other two in the CEO office are George Cheeks, president and chief executive CBS, and Brian Robbins, president of Paramount Pictures and president-ceo of Nickelodeon.
The filing says that Bakish, who formally exited April 30, will continue as a senior advisor to the company through October 31 “to help ensure a seamless transition of his duties.
Security & Exchange Commission rules require a person, not an office, to conduct with over the normal course of business. It’s not clear why McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks, received the designation (maybe he drew the short straw).
The other two in the CEO office are George Cheeks, president and chief executive CBS, and Brian Robbins, president of Paramount Pictures and president-ceo of Nickelodeon.
The filing says that Bakish, who formally exited April 30, will continue as a senior advisor to the company through October 31 “to help ensure a seamless transition of his duties.
- 5/3/2024
- by Jill Goldsmith
- Deadline Film + TV
After weeks of negotiations, Skydance’s proposed merger with Paramount Global appears to be on the ropes.
Paramount’s special board committee appears to have cooled on the offer, which would have seen the David Ellison-led studio, joined by financial partners RedBird Capital and Kkr, acquire controlling shareholder Shari Redstone’s stake in the company and then merge Skydance into Paramount, keeping it as a publicly traded company, with new leadership at the helm.
Skydance had been in a 30-day exclusive negotiating window, and had proposed a revised offer last weekend that would have offered some sweeteners for Paramount common shareholders, some of whom had been vocally opposed to the deal. That window ends today, and is not likely to be extended.
Another source close to the deal says that talks between the sides continue.
Paramount has another offer on the table: A $26 billion all-cash deal from Apollo and Sony Pictures.
Paramount’s special board committee appears to have cooled on the offer, which would have seen the David Ellison-led studio, joined by financial partners RedBird Capital and Kkr, acquire controlling shareholder Shari Redstone’s stake in the company and then merge Skydance into Paramount, keeping it as a publicly traded company, with new leadership at the helm.
Skydance had been in a 30-day exclusive negotiating window, and had proposed a revised offer last weekend that would have offered some sweeteners for Paramount common shareholders, some of whom had been vocally opposed to the deal. That window ends today, and is not likely to be extended.
Another source close to the deal says that talks between the sides continue.
Paramount has another offer on the table: A $26 billion all-cash deal from Apollo and Sony Pictures.
- 5/3/2024
- by Kim Masters and Alex Weprin
- The Hollywood Reporter - Movie News
Upadted: After months of M&a talks, Paramount Global and controlling shareholder Shari Redstone might be going it alone after all — for now.
Insiders tell Variety that the expectation at the company is that neither of the two offers in play — Skydance Media-RedBird Capital Partners and Sony Pictures Entertainment-Apollo Global Management — will come to fruition. And Redstone is said to have concluded that the deal currently on the table from David Ellison’s Skydance, a longtime partner of Paramount Pictures, will not be possible.
As of Friday morning, the special committee established by Paramount Global’s board to evaluate M&a proposals had not notified Skydance one way or the other about its best and final offer, which would involve Skydance acquiring Redstone’s National Amusements Inc. and merging Skydance and Paramount Global, per a source familiar with the talks. The exclusive 30-day negotiating window between Skydance and...
Insiders tell Variety that the expectation at the company is that neither of the two offers in play — Skydance Media-RedBird Capital Partners and Sony Pictures Entertainment-Apollo Global Management — will come to fruition. And Redstone is said to have concluded that the deal currently on the table from David Ellison’s Skydance, a longtime partner of Paramount Pictures, will not be possible.
As of Friday morning, the special committee established by Paramount Global’s board to evaluate M&a proposals had not notified Skydance one way or the other about its best and final offer, which would involve Skydance acquiring Redstone’s National Amusements Inc. and merging Skydance and Paramount Global, per a source familiar with the talks. The exclusive 30-day negotiating window between Skydance and...
- 5/3/2024
- by Todd Spangler
- Variety Film + TV
As the exclusive window for merger discussions between Paramount Global and David Ellison’s Skydance Media enters its final hours, the future of the company remains uncertain.
There has been no official decision on an extension on the exclusivity window between Skydance and Paramount, which is set to expire Friday night. A spokesperson for Paramount declined to comment. Representatives for Skydance did not immediately return TheWrap’s request for comment.
Paramount’s board faces three potential options now. It could carry on with negotiations with Skydance, a deal that has proven highly unpopular with shareholders. It could let the exclusivity deadline expire and pivot to consideration of a $26 billion all-cash joint bid by Sony and Apollo Global Management. Or it could go it alone under its new Office of the CEO after the departure last week of CEO Bob Bakish.
The tough decision comes as Paramount shares have fallen 36.8% in the past year.
There has been no official decision on an extension on the exclusivity window between Skydance and Paramount, which is set to expire Friday night. A spokesperson for Paramount declined to comment. Representatives for Skydance did not immediately return TheWrap’s request for comment.
Paramount’s board faces three potential options now. It could carry on with negotiations with Skydance, a deal that has proven highly unpopular with shareholders. It could let the exclusivity deadline expire and pivot to consideration of a $26 billion all-cash joint bid by Sony and Apollo Global Management. Or it could go it alone under its new Office of the CEO after the departure last week of CEO Bob Bakish.
The tough decision comes as Paramount shares have fallen 36.8% in the past year.
- 5/3/2024
- by Lucas Manfredi
- The Wrap
Welcome to the 257th episode of TV’s Top 5, The Hollywood Reporter’s TV podcast.
Every week, hosts Lesley Goldberg (West Coast TV editor) and Daniel Fienberg (chief TV critic) break down the latest TV news with context from the business and critical sides, welcome showrunners, executives and other guests, and provide a critical guide of what to watch (or skip, as the case may be).
Here’s how this week’s episode plays out:
1. Headlines
Elizabeth Banks, Robin Wright, Scooby-Doo, Chuck Lorre, Ty Burrell, Steve Carell, The Office, Law & Order: Organized Crime and NCIS: Hawai’i lead the week’s top headlines.
2. Paramount Global changes
Bob Bakish is out as Paramount Global CEO, with a trio of execs — Brian Robbins, George Cheeks and Chris McCarthy — taking over as Skydance and Sony make their offers to buy the media giant.
3. CBS’ victory
The network this week took a victory lap after...
Every week, hosts Lesley Goldberg (West Coast TV editor) and Daniel Fienberg (chief TV critic) break down the latest TV news with context from the business and critical sides, welcome showrunners, executives and other guests, and provide a critical guide of what to watch (or skip, as the case may be).
Here’s how this week’s episode plays out:
1. Headlines
Elizabeth Banks, Robin Wright, Scooby-Doo, Chuck Lorre, Ty Burrell, Steve Carell, The Office, Law & Order: Organized Crime and NCIS: Hawai’i lead the week’s top headlines.
2. Paramount Global changes
Bob Bakish is out as Paramount Global CEO, with a trio of execs — Brian Robbins, George Cheeks and Chris McCarthy — taking over as Skydance and Sony make their offers to buy the media giant.
3. CBS’ victory
The network this week took a victory lap after...
- 5/3/2024
- by Lesley Goldberg
- The Hollywood Reporter - Movie News
For the first time this year, CBS did not order any pilots during the traditional pilot season window. And it may not be the last.
“Pilots aren’t dead, I would say pilot season is probably dead for us because why should we be held to that very specific window anymore, nobody else is,” CBS Entertainment President Amy Reisenbach said during the network’s unveiling of its 2024-25 schedule. “We only get so many shots at bat, let’s make sure when we take those swings that the bases are fully loaded for us.”
As Reisenbach revealed in a Q&a with Deadline in January, CBS has switched to a long-term development strategy of making series pickup decisions well in advance to allow for better planning and longer marketing runway. All of CBS’ new scripted series for 2024-25 were locked in by end of January.
Related: George Cheeks Addresses Paramount Global Shakeup,...
“Pilots aren’t dead, I would say pilot season is probably dead for us because why should we be held to that very specific window anymore, nobody else is,” CBS Entertainment President Amy Reisenbach said during the network’s unveiling of its 2024-25 schedule. “We only get so many shots at bat, let’s make sure when we take those swings that the bases are fully loaded for us.”
As Reisenbach revealed in a Q&a with Deadline in January, CBS has switched to a long-term development strategy of making series pickup decisions well in advance to allow for better planning and longer marketing runway. All of CBS’ new scripted series for 2024-25 were locked in by end of January.
Related: George Cheeks Addresses Paramount Global Shakeup,...
- 5/2/2024
- by Nellie Andreeva
- Deadline Film + TV
CBS is finally offering fans of its now-canceled shows some answers about its decision to put an end to their favorite series. Specifically, network bosses George Cheeks and Amy Reisenbach revealed to the press (via Deadline) why it decided not to renew NCIS: Hawai’i. “We had some tough choices this year,” Reisenbach said, citing an “embarrassment of riches” when it came to original programming. However, the execs noted that they made these cuts “to keep the schedule fresh and keep the momentum going.” The execs also confirmed that there is no chance of resurrection for NCIS: Hawai’i (nor fellow canceled shows So Help Me Todd and CSI: Vegas) at CBS or Paramount+. NCIS: Hawai’i‘s cancellation led to an outcry of disappointment from Hawai’i lead Vanessa Lachey and NCIS star Rocky Carroll. Lachey, for example, openly mourned the decision on social media by writing, “Gutted, confused, blindsided. Grateful, confident,...
- 5/2/2024
- TV Insider
Three days after he was named to the newly formed Office of the CEO of Paramount Global, George Cheeks, President and CEO of CBS, faced reporters at the unveiling of the broadcast network’s fall 2024 schedule.
On Monday, Bob Bakish exited as Paramount Global CEO, replaced by a trio of senior executives, division heads Cheeks, Chris McCarthy and Brian Robbins who comprise the Office of the CEO.
Cheeks quipped about having an uneventful week and spoke briefly of his partnership with McCarthy and Robbins in his opening remarks.
Related: ‘Blue Bloods’ Future Is Sealed: The Long-Running Series Will Wrap For Good In December
“We are in the process of finalizing our strategic plan which we are going to roll out as soon as possible,” he said, echoing the trio’s comments from Monday.
Related: Upfronts 2024: Pilot Buzz & Other Development Updates In Another Atypical Broadcast Cycle
Cheeks also stressed...
On Monday, Bob Bakish exited as Paramount Global CEO, replaced by a trio of senior executives, division heads Cheeks, Chris McCarthy and Brian Robbins who comprise the Office of the CEO.
Cheeks quipped about having an uneventful week and spoke briefly of his partnership with McCarthy and Robbins in his opening remarks.
Related: ‘Blue Bloods’ Future Is Sealed: The Long-Running Series Will Wrap For Good In December
“We are in the process of finalizing our strategic plan which we are going to roll out as soon as possible,” he said, echoing the trio’s comments from Monday.
Related: Upfronts 2024: Pilot Buzz & Other Development Updates In Another Atypical Broadcast Cycle
Cheeks also stressed...
- 5/2/2024
- by Nellie Andreeva
- Deadline Film + TV
Just days after Bob Bakish left Paramount Global as CEO, CBS president/CEO George Cheeks — one-third of the newly formed “Office of the CEO” that will now jointly run the company — spoke to reporters about what to expect moving forward. And so far, there’s not much he can say.
Cheeks met with reporters on Thursday, alongside CBS Entertainment prexy Amy Reisenbach, to unveil CBS’ 2024-2025 TV schedule. But Cheeks, who now is also part of the Paramount Global office of the CEO that includes Chris McCarthy and Brian Robbins (president and CEO of Paramount Pictures and Nickelodeon) opened his comments by first addressing the elephant in the room.
The exec can’t comment on the pending fate of Paramount, and like clockwork, news that Sony Pictures Entertainment and Apollo Global Management have made a bid to take Paramount private with an all-cash buyout offer of $26 billion came just minutes before Cheeks met with reporters.
Cheeks met with reporters on Thursday, alongside CBS Entertainment prexy Amy Reisenbach, to unveil CBS’ 2024-2025 TV schedule. But Cheeks, who now is also part of the Paramount Global office of the CEO that includes Chris McCarthy and Brian Robbins (president and CEO of Paramount Pictures and Nickelodeon) opened his comments by first addressing the elephant in the room.
The exec can’t comment on the pending fate of Paramount, and like clockwork, news that Sony Pictures Entertainment and Apollo Global Management have made a bid to take Paramount private with an all-cash buyout offer of $26 billion came just minutes before Cheeks met with reporters.
- 5/2/2024
- by Michael Schneider
- Variety Film + TV
CBS executives are revealing why they decided to cancel So Help Me Todd, CSI: Vegas and NCIS: Hawaii.
If you don’t know, the network renewed 15 TV shows this year, but did cancel 3 and announced several are ending.
Keep reading to find out more…
When asked why those three shows were canceled, they responded, “It is incumbent on us to always keep the schedule fresh, keep momentum going. We had to make some really tough choices this year,” CBS Entertainment president Amy Reisenbach shared. “Everything came back [from the Hollywood strikes] really strong, but ultimately we have to look at the cohesiveness of the schedule flow. We have to evaluate the financials and the performance overall, and we make tough decisions.”
“Every show is different,” CBS CEO George Cheeks added. “We certainly had a wonderful experience with So Help Me Todd. It was heartbreaking.”
They were asked if there is any chance any of...
If you don’t know, the network renewed 15 TV shows this year, but did cancel 3 and announced several are ending.
Keep reading to find out more…
When asked why those three shows were canceled, they responded, “It is incumbent on us to always keep the schedule fresh, keep momentum going. We had to make some really tough choices this year,” CBS Entertainment president Amy Reisenbach shared. “Everything came back [from the Hollywood strikes] really strong, but ultimately we have to look at the cohesiveness of the schedule flow. We have to evaluate the financials and the performance overall, and we make tough decisions.”
“Every show is different,” CBS CEO George Cheeks added. “We certainly had a wonderful experience with So Help Me Todd. It was heartbreaking.”
They were asked if there is any chance any of...
- 5/2/2024
- by Just Jared
- Just Jared
Fans were shocked to hear that “NCIS: Hawai’i,” the newest series in CBS’ “NCIS” franchise, had been canceled after three seasons last week. At a press briefing in Los Angeles, CBS executives said the decision came down to a balance of cost and ratings, as well as cohesion across the network’s 2024-2025 schedule.
“It is incumbent on us to always keep the schedule fresh, keep momentum going. We had to make some really tough choices this year,” CBS Entertainment president Amy Reisenbach told reporters. “Everything came back [from the Hollywood strikes] really strong, but ultimately we have to look at the cohesiveness of the schedule flow. We have to evaluate the financials and the performance overall, and we make tough decisions.”
When asked whether there was a chance of un-cancellation, as happened when CBS reversed its decision to end “S.W.A.T.” on two separate occasions, Reisenbach said no.
Season 3 of “NCIS: Hawai’i” opened to...
“It is incumbent on us to always keep the schedule fresh, keep momentum going. We had to make some really tough choices this year,” CBS Entertainment president Amy Reisenbach told reporters. “Everything came back [from the Hollywood strikes] really strong, but ultimately we have to look at the cohesiveness of the schedule flow. We have to evaluate the financials and the performance overall, and we make tough decisions.”
When asked whether there was a chance of un-cancellation, as happened when CBS reversed its decision to end “S.W.A.T.” on two separate occasions, Reisenbach said no.
Season 3 of “NCIS: Hawai’i” opened to...
- 5/2/2024
- by Selome Hailu
- Variety Film + TV
Drew Barrymore will serve as the centerpiece of an updated version of “Hollywood Squares,” which CBS has picked up to air in January. The Eye network announced the reimagined “Hollywood Squares,” with Barrymore as the center square, on Thursday as it unveiled its schedule for the 2024-2025 TV season. CBS Entertainment president Amy Reisenbach and CBS president/CEO George Cheeks revealed the news at a news conference with reporters.
The gamer will run on Wednesdays at 10 p.m. Et starting in January, paired with “The Price is Right at Night” at 8 p.m. and a new season of “Raid the Cage,” hosted by Damon Wayans, Jr. and co-host Jeannie Mai, at 9 p.m. The three shows will air during a midseason break for CBS’ regular Wednesday schedule of “Survivor” and “The Summit” (fall) and “The Amazing Race” (spring).
Jesse Collins (for Jesse Collins Entertainment) and Barrymore (via her Flower Films...
The gamer will run on Wednesdays at 10 p.m. Et starting in January, paired with “The Price is Right at Night” at 8 p.m. and a new season of “Raid the Cage,” hosted by Damon Wayans, Jr. and co-host Jeannie Mai, at 9 p.m. The three shows will air during a midseason break for CBS’ regular Wednesday schedule of “Survivor” and “The Summit” (fall) and “The Amazing Race” (spring).
Jesse Collins (for Jesse Collins Entertainment) and Barrymore (via her Flower Films...
- 5/2/2024
- by Michael Schneider
- Variety Film + TV
CBS has ordered its first new series for the 2025-26 broadcast season. The network has given a green light to Fire Country spinoff Sheriff Country, headlined by Morena Baccarin. The series order was announced Thursday during CBS’ presentation in Los Angeles.
In Sheriff Country, Baccarin stars as straight-shooting sheriff Mickey Fox, the stepsister of Cal Fire’s division chief Sharon Leone (Diane Farr of Fire Country), who investigates criminal activity as she patrols the streets of small-town Edgewater while contending with her ex-con father and a mysterious incident involving her wayward daughter.
Related: George Cheeks Addresses Paramount Global Shakeup, Company Morale At CBS Schedule Reveal
The (then) potential spinoff was introduced when Baccarin guest starred in an April episode of the mothership series. Like the series’ pilot, the episode was written by Joan Rater and Tony Phelan from a story the Grey’s Anatomy alums co-wrote with series’ star Max Thieriot,...
In Sheriff Country, Baccarin stars as straight-shooting sheriff Mickey Fox, the stepsister of Cal Fire’s division chief Sharon Leone (Diane Farr of Fire Country), who investigates criminal activity as she patrols the streets of small-town Edgewater while contending with her ex-con father and a mysterious incident involving her wayward daughter.
Related: George Cheeks Addresses Paramount Global Shakeup, Company Morale At CBS Schedule Reveal
The (then) potential spinoff was introduced when Baccarin guest starred in an April episode of the mothership series. Like the series’ pilot, the episode was written by Joan Rater and Tony Phelan from a story the Grey’s Anatomy alums co-wrote with series’ star Max Thieriot,...
- 5/2/2024
- by Denise Petski
- Deadline Film + TV
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