Paramount+ has been at the center of several bundle discussions, but it’s not the only streamer that could benefit from combining with others.
One of streaming’s longest-standing taboos has finally been broken. Disney and Warner Bros. Discovery are taking their collaboration on a joint venture sports streaming service one step further, and announced this week that they would bring their subscription video-on-demand (SVOD) services Disney+, Hulu, and Max together in a cross-company bundle, the first in streaming’s history to be offered to all consumers. Now that Disney and Wbd have crossed this particular Rubicon, the experts at The Streamable are examining what other potential streaming partnerships have already been discussed between companies, as well as some that they should be talking about.
Key Details: Paramount+ has been at the heart of several bundle discussions in the past year. Fox CEO Lachlan Murdoch said this week that the...
One of streaming’s longest-standing taboos has finally been broken. Disney and Warner Bros. Discovery are taking their collaboration on a joint venture sports streaming service one step further, and announced this week that they would bring their subscription video-on-demand (SVOD) services Disney+, Hulu, and Max together in a cross-company bundle, the first in streaming’s history to be offered to all consumers. Now that Disney and Wbd have crossed this particular Rubicon, the experts at The Streamable are examining what other potential streaming partnerships have already been discussed between companies, as well as some that they should be talking about.
Key Details: Paramount+ has been at the heart of several bundle discussions in the past year. Fox CEO Lachlan Murdoch said this week that the...
- 5/9/2024
- by David Satin
- The Streamable
Paramount Plus with Showtime offered live access to March Madness games on CBS. Paramount Plus and CBS could be sold off by Sony and Apollo if their acquisition of Paramount Global is approved. (Graphic by The Desk)
Sony and Apollo Global Management intend to sell of Paramount Global’s linear broadcast and television networks if its offer to acquire the company is approved, according to a report.
On Wednesday, the New York Times said Sony and Apollo would “auction off” the CBS broadcast network and co-owned cable channels like MTV, VH1, Nickelodeon, TV Land, CMT and BET if Paramount’s board and shareholders approve its $26 billion takeover offer.
The report said Sony and Apollo are likely to keep the famed Paramount Pictures studio and Paramount’s intellectual content, including shows like “Spongebob Squarepants,” “Paw Patrol,” “Star Trek” and “Mission: Impossible.” But it would sell off Paramount Plus with Showtime, the...
Sony and Apollo Global Management intend to sell of Paramount Global’s linear broadcast and television networks if its offer to acquire the company is approved, according to a report.
On Wednesday, the New York Times said Sony and Apollo would “auction off” the CBS broadcast network and co-owned cable channels like MTV, VH1, Nickelodeon, TV Land, CMT and BET if Paramount’s board and shareholders approve its $26 billion takeover offer.
The report said Sony and Apollo are likely to keep the famed Paramount Pictures studio and Paramount’s intellectual content, including shows like “Spongebob Squarepants,” “Paw Patrol,” “Star Trek” and “Mission: Impossible.” But it would sell off Paramount Plus with Showtime, the...
- 5/9/2024
- by Matthew Keys
- The Desk
Amazon UK MD Chris Bird was among the latest group of industry execs to appear in front of the UK’s British Film & High-End TV Inquiry this afternoon, during which he revealed how much cash the streamer has invested in content from UK broadcasters for the first time.
“We have spent more than $400 million licensing, co-producing, and co-commissioning content from the UK Public Service Broadcasters,” Bird said. “Not only to make bigger and better shows but we’ve also helped produce everything from Steve McQueen’s Small Axe and Phoebe Waller-Bridge’s Fleabag to the recently announced second and third seasons of The Night Manager with the BBC.”
Deadline was first to break news of The Night Manager returning with Tom Hiddleston signed on to star.
Prime Video doesn’t only help produce these hits but also distributes them to territories across the globe, Bird added. “Outside of America, British...
“We have spent more than $400 million licensing, co-producing, and co-commissioning content from the UK Public Service Broadcasters,” Bird said. “Not only to make bigger and better shows but we’ve also helped produce everything from Steve McQueen’s Small Axe and Phoebe Waller-Bridge’s Fleabag to the recently announced second and third seasons of The Night Manager with the BBC.”
Deadline was first to break news of The Night Manager returning with Tom Hiddleston signed on to star.
Prime Video doesn’t only help produce these hits but also distributes them to territories across the globe, Bird added. “Outside of America, British...
- 5/8/2024
- by Zac Ntim
- 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
Massachusetts Senator Elizabeth Warren didn’t mince any words. “CEO pay is out of control,” she posted on April 22, singling out Warner Bros. Discovery CEO David Zaslav, whose team has had a rocky road integrating two companies since the mega-merger that created the Hollywood conglomerate, dealing with a high debt load and shoring up profits. Zaslav “made $49.7 million last year, +26% from 2022 — despite layoffs, box office bombs, a lagging stock price,” Warren wrote on X. “Meanwhile, WB workers had to strike for higher pay.”
The latest annual executive pay disclosure season, which is now wrapped up, is unlikely to change the views of critics like Warren. Hollywood CEOs struggled with a plethora of challenges in 2023 — from the dual writers’ and actors’ strikes, cord-cutting, and a soft advertising market to a battle for streaming profits and M&a chatter, with the remedy often being layoffs, cost reductions and cutbacks in spending. One thing...
The latest annual executive pay disclosure season, which is now wrapped up, is unlikely to change the views of critics like Warren. Hollywood CEOs struggled with a plethora of challenges in 2023 — from the dual writers’ and actors’ strikes, cord-cutting, and a soft advertising market to a battle for streaming profits and M&a chatter, with the remedy often being layoffs, cost reductions and cutbacks in spending. One thing...
- 5/7/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
Warner Bros. Discovery chief David Zaslav largely evaded questions about NBA talks and Paramount Global’s potential as a Wbd merger partner, but he did weigh in on the hot topic of executive pay.
“All CEOs need to be paid with alignment with shareholders,” he declared. In 2023, a year when his company’s stock price hovered around $10 a share, less than half of its value when it began trading in 2022, Zaslav collected a total payday of $49.7 million, up more than $10 million from the prior year.
The comments came during a Milken Conference panel titled “The Corporate Compass: Charting the Role of the CEO.” Zaslav appeared alongside three other chief executives: Ey’s Carmine Di Sibio, Time magazine’s Jessica Sibley and FedEx’s Raj Subramaniam.
Throughout his nearly two decades in the corner office, Zaslav has often become enmeshed in controversy over executive compensation. In 2021, the year when he spearheaded...
“All CEOs need to be paid with alignment with shareholders,” he declared. In 2023, a year when his company’s stock price hovered around $10 a share, less than half of its value when it began trading in 2022, Zaslav collected a total payday of $49.7 million, up more than $10 million from the prior year.
The comments came during a Milken Conference panel titled “The Corporate Compass: Charting the Role of the CEO.” Zaslav appeared alongside three other chief executives: Ey’s Carmine Di Sibio, Time magazine’s Jessica Sibley and FedEx’s Raj Subramaniam.
Throughout his nearly two decades in the corner office, Zaslav has often become enmeshed in controversy over executive compensation. In 2021, the year when he spearheaded...
- 5/6/2024
- by Dade Hayes
- Deadline Film + TV
Warner Bros. Discovery is staying on the sidelines of the Paramount Global acquisition drama — at least for now. That was the signal sent Monday by WB Discovery CEO David Zaslav during his appearance at the Milken Institute Global Conference in Beverly Hills.
Zaslav was pressed during the hourlong panel about the status of WB Discovery’s bid to extend its TV rights agreement with the NBA, and he was pointedly asked to defend the high levels of compensation for media CEOs, including himself. Zaslav came in for criticism last week when his 2023 comp package of about $49 million was disclosed after a year in which Wbd’s stock price sank by double digits.
“I think all CEOs need to be paid with alignment with shareholders,” Zaslav said. “And the majority of compensation should be aligned with the performance of the stock. And if the stock does well, then the CEO should...
Zaslav was pressed during the hourlong panel about the status of WB Discovery’s bid to extend its TV rights agreement with the NBA, and he was pointedly asked to defend the high levels of compensation for media CEOs, including himself. Zaslav came in for criticism last week when his 2023 comp package of about $49 million was disclosed after a year in which Wbd’s stock price sank by double digits.
“I think all CEOs need to be paid with alignment with shareholders,” Zaslav said. “And the majority of compensation should be aligned with the performance of the stock. And if the stock does well, then the CEO should...
- 5/6/2024
- by Cynthia Littleton
- Variety Film + TV
If no deal for the sale or merger of Paramount Global comes to fruition, talks of a combination of Paramount+ with Peacock could revive.
The saga of Paramount’s ownership future has had more twists and turns than a Hollywood blockbuster. The narrative took a new direction this weekend, as Paramount’s exclusive negotiating window with David Ellison and his production house Skydance Media ended on May 3 without a deal being struck. Despite initially not initially appearing interested, Paramount is now considering an offer from Sony and Apollo Global Management, and various reports indicate that the media conglomerate hasn’t ruled out doing business with Skydance either. But the probability that Paramount will not find a merger and acquisition partner in the current business environment is rising, and if that happens, the company’s controlling shareholder Shari Redstone will have to determine what comes next for the legacy media outlet.
The saga of Paramount’s ownership future has had more twists and turns than a Hollywood blockbuster. The narrative took a new direction this weekend, as Paramount’s exclusive negotiating window with David Ellison and his production house Skydance Media ended on May 3 without a deal being struck. Despite initially not initially appearing interested, Paramount is now considering an offer from Sony and Apollo Global Management, and various reports indicate that the media conglomerate hasn’t ruled out doing business with Skydance either. But the probability that Paramount will not find a merger and acquisition partner in the current business environment is rising, and if that happens, the company’s controlling shareholder Shari Redstone will have to determine what comes next for the legacy media outlet.
- 5/6/2024
- by David Satin
- The Streamable
Paramount Advertising President John Halley was preparing to preside over an upfront pitch to Publicis, one of the four major holding companies in the ad business, when big news crossed the wire.
Bob Bakish was officially out as CEO of Paramount Global. Much of the reason that the 27-year company veteran lost favor with board members and controlling shareholder Shari Redstone had to do with intensifying merger talks, which have also kept Paramount in the headlines. A couple of hours before the Publicis dinner, Paramount capped its newsy day by conducting a 9-minute earnings call and declining to field any questions from Wall Street analysts.
“It’s not my favorite backdrop,” Halley dryly conceded in an interview with Deadline. “I thought, ‘Is this going to derail our messaging?’ And we got into the room and it was very clear immediately that that was background and not foreground. We acknowledged it,...
Bob Bakish was officially out as CEO of Paramount Global. Much of the reason that the 27-year company veteran lost favor with board members and controlling shareholder Shari Redstone had to do with intensifying merger talks, which have also kept Paramount in the headlines. A couple of hours before the Publicis dinner, Paramount capped its newsy day by conducting a 9-minute earnings call and declining to field any questions from Wall Street analysts.
“It’s not my favorite backdrop,” Halley dryly conceded in an interview with Deadline. “I thought, ‘Is this going to derail our messaging?’ And we got into the room and it was very clear immediately that that was background and not foreground. We acknowledged it,...
- 5/6/2024
- by Dade Hayes
- Deadline Film + TV
Taylor Sheridan is one of those masterminds of masterminds, wracking his brain down to the core to find out the next best storyline for his Yellowstone universe and all the spin-offs attached to it. Not only has he delivered some of the most epic tales through all of his projects, but he has also set multiple records and won many star-studded accolades for the same.
Taylor Sheridan in Yellowstone.
However, the genius was pretty much at his wits’ end the studios quite literally made an impossible demand for one of his most famous spin-offs, 1883. But what’s worth commending is that, despite knowing that fulfilling this demand was close to impossible, Sheridan still managed to find a solution to it by bringing the next classic spin-off in line to life, 1923.
Taylor Sheridan Had to Fulfill This Impossible Demand for 1883
[Warning: This article contains major spoilers related to 1883‘s series finale ahead. Don’t read further than this if you haven’t watched the series yet but are planning to watch it.]
As the fans who have watched the Isabel May-starrer series must already know,...
Taylor Sheridan in Yellowstone.
However, the genius was pretty much at his wits’ end the studios quite literally made an impossible demand for one of his most famous spin-offs, 1883. But what’s worth commending is that, despite knowing that fulfilling this demand was close to impossible, Sheridan still managed to find a solution to it by bringing the next classic spin-off in line to life, 1923.
Taylor Sheridan Had to Fulfill This Impossible Demand for 1883
[Warning: This article contains major spoilers related to 1883‘s series finale ahead. Don’t read further than this if you haven’t watched the series yet but are planning to watch it.]
As the fans who have watched the Isabel May-starrer series must already know,...
- 5/6/2024
- by Mahin Sultan
- FandomWire
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
Updated with Paramount’s board decision to begin new negotiations: A special committee of the Paramount Global board decided at a meeting yesterday to begin talking with Sony and Apollo following the expiration of a month-long negotiating window with Skydance on Friday night.
The committee met over the weekend to consider its approach to the preliminary $26 billion cash bid, including the assumption of debt, made jointly by the entertainment giant and global private equity film.
But the David Ellison studio is still in the mix as Paramount seeks to continue those talks – just non-exclusive, obviously, Deadline has learned.
That’s a deal that won’t have any regulatory issues in closing, and is the one that Par’s controlling shareholder Shari Restone prefers.
Paramount shareholders hate the Skydance deal, just as much of Hollywood detests the idea of Paramount and Sony merging – a combination that would need to pass regulatory scrutiny.
The committee met over the weekend to consider its approach to the preliminary $26 billion cash bid, including the assumption of debt, made jointly by the entertainment giant and global private equity film.
But the David Ellison studio is still in the mix as Paramount seeks to continue those talks – just non-exclusive, obviously, Deadline has learned.
That’s a deal that won’t have any regulatory issues in closing, and is the one that Par’s controlling shareholder Shari Restone prefers.
Paramount shareholders hate the Skydance deal, just as much of Hollywood detests the idea of Paramount and Sony merging – a combination that would need to pass regulatory scrutiny.
- 5/5/2024
- by Jill Goldsmith
- Deadline Film + TV
Both James Cameron and Ari Emanuel offered their support this weekend of Skydance’s bid to acquire Paramount.
Though reports earlier this week suggested that Paramount’s special board committee was leaning against accepting Skydance’s offer, Cameron and Emanuel told The Financial Times on Sunday that they supported Skydance founder David Ellison’s potential leadership.
The deal, first offered during a 30-day exclusive negotiating window at the beginning of April, would see Skydance, joined by financial partners RedBird Capital and Kkir, acquire controlling shareholder Shari Redstone’s stake in the company and then merge Skydance into Paramount, keeping it as a publicly traded company, with new leadership at the helm.
“I love the Ellison idea,” Cameron, whose 1997 film Titanic remains one of Paramount’s most successful movies, said. “If he gets . . . to run Paramount creatively, it could be a huge boon for this business in these ailing times. David’s proven himself.
Though reports earlier this week suggested that Paramount’s special board committee was leaning against accepting Skydance’s offer, Cameron and Emanuel told The Financial Times on Sunday that they supported Skydance founder David Ellison’s potential leadership.
The deal, first offered during a 30-day exclusive negotiating window at the beginning of April, would see Skydance, joined by financial partners RedBird Capital and Kkir, acquire controlling shareholder Shari Redstone’s stake in the company and then merge Skydance into Paramount, keeping it as a publicly traded company, with new leadership at the helm.
“I love the Ellison idea,” Cameron, whose 1997 film Titanic remains one of Paramount’s most successful movies, said. “If he gets . . . to run Paramount creatively, it could be a huge boon for this business in these ailing times. David’s proven himself.
- 5/5/2024
- by Zoe G Phillips
- The Hollywood Reporter - Movie News
Following the resounding success of the Yellowstone prequel 1883, creator Taylor Sheridan delved even deeper into the Dutton family history and launched 1923. In an interview, Sheridan shed light on an intriguing aspect of the prequel. He revealed that during the development of 1883, Paramount expressed interest in a storyline that he personally didn’t feel was appropriate just to milk it even more.
In addition to being a creator, Taylor Sheridan played Travis Wheatley in Yellowstone [Credit: Paramount Network]They aimed to resurrect Sam Elliott’s character for a potential second season after Season 1. However, that wasn’t Sheridan’s vision. While there won’t be a Season 2 of 1883, what Sheridan stumbled upon is nothing short of gold!
Paramount Was Shocked to Learn 1883 Couldn’t Have a Season 2!
In a pretty heartfelt and important moment in the series, 1883 fan-favorite Shea Brennan played by none other than Sam Elliott fulfilled his promise to his...
In addition to being a creator, Taylor Sheridan played Travis Wheatley in Yellowstone [Credit: Paramount Network]They aimed to resurrect Sam Elliott’s character for a potential second season after Season 1. However, that wasn’t Sheridan’s vision. While there won’t be a Season 2 of 1883, what Sheridan stumbled upon is nothing short of gold!
Paramount Was Shocked to Learn 1883 Couldn’t Have a Season 2!
In a pretty heartfelt and important moment in the series, 1883 fan-favorite Shea Brennan played by none other than Sam Elliott fulfilled his promise to his...
- 5/5/2024
- by Sampurna Banerjee
- FandomWire
Warren Buffett’s two-year dalliance with Paramount Global has come to an end.
The famed investor and Berkshire Hathaway CEO says that his company has exited its position in Paramount. Buffett disclosed the news during Berkshire’s annual meeting in Omaha, Nebraska, on Saturday.
“We sold it all, and we lost quite a bit of money, that happens in this business too,” Buffett told the crowd, adding that he was the one who decided to buy into the company in the first place (there had been speculation that one of Buffett’s deputies may have initiated the trade). “I did it all by myself, folks.”
Berkshire surprised Wall Street when it disclosed a $2.6 billion stake in Paramount in May 2022. Later that year, it added even more shares, ultimately becoming the largest shareholder in the company (or at least its non-voting shares, with Shari Redstone and the Redstone family’s National Amusements...
The famed investor and Berkshire Hathaway CEO says that his company has exited its position in Paramount. Buffett disclosed the news during Berkshire’s annual meeting in Omaha, Nebraska, on Saturday.
“We sold it all, and we lost quite a bit of money, that happens in this business too,” Buffett told the crowd, adding that he was the one who decided to buy into the company in the first place (there had been speculation that one of Buffett’s deputies may have initiated the trade). “I did it all by myself, folks.”
Berkshire surprised Wall Street when it disclosed a $2.6 billion stake in Paramount in May 2022. Later that year, it added even more shares, ultimately becoming the largest shareholder in the company (or at least its non-voting shares, with Shari Redstone and the Redstone family’s National Amusements...
- 5/4/2024
- by Alex Weprin
- 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
Although exclusive talks between Paramount Global and Skydance Media are expected to end without a deal, questions linger about controlling shareholder Shari Redstone’s duty to minority investors, some of whom have vocally opposed the merger on grounds that their interests have taken a backseat in negotiations.
A Paramount investor, in a complaint filed on April 30 in Delaware Chancery Court, moved to force the company to turn over records related to talks with David Ellison’s Skydance. The Employees’ Retirement System of Rhode Island alleged that Redstone has “conflicting interests” undermining the company’s motives to find a better deal than the one offered by Skydance.
The legal move could be a precursor to a lawsuit challenging any potential deal in which common shareholders perceive as enriching Redstone at their expense. It follows several law firms, in the wake of Paramount’s deal talks with Skydance, announcing investigations into whether...
A Paramount investor, in a complaint filed on April 30 in Delaware Chancery Court, moved to force the company to turn over records related to talks with David Ellison’s Skydance. The Employees’ Retirement System of Rhode Island alleged that Redstone has “conflicting interests” undermining the company’s motives to find a better deal than the one offered by Skydance.
The legal move could be a precursor to a lawsuit challenging any potential deal in which common shareholders perceive as enriching Redstone at their expense. It follows several law firms, in the wake of Paramount’s deal talks with Skydance, announcing investigations into whether...
- 5/3/2024
- by Winston Cho
- The Hollywood Reporter - Movie News
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
We have witnessed some of the most important studio mergers recently. Following Warner Bros’ merger with Discovery and Disney’s acquisition of 20th Century Fox, the reported Sony-Paramount deal is the latest topic of discussion in the town. Sony Pictures has reportedly joined hands with the private equity firm Apollo and made an all-cash offer of $26 billion to buy Paramount.
The logos of Sony Pictures and Paramount
Skydance Media has also been involved in a deal with Paramount for some time now. Currently, the former is waiting to hear from Paramount Global’s Special Committee. Despite their negotiation window ending on May 3rd, the parties can mutually extend the deadline.
The reported deal between Sony and Paramount can change the entire moviescape. The latter owns some major IPs that will come under Sony’s umbrella if the deal goes through. The fans took over the internet to discuss...
The logos of Sony Pictures and Paramount
Skydance Media has also been involved in a deal with Paramount for some time now. Currently, the former is waiting to hear from Paramount Global’s Special Committee. Despite their negotiation window ending on May 3rd, the parties can mutually extend the deadline.
The reported deal between Sony and Paramount can change the entire moviescape. The latter owns some major IPs that will come under Sony’s umbrella if the deal goes through. The fans took over the internet to discuss...
- 5/3/2024
- by Subham Mandal
- FandomWire
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
Paramount Pictures is in the midst of fielding offers from other companies as the legendary studio looks to shore up its future. Now, a new contender has emerged in the form of Sony Pictures as the drama continues to unfold. One of Paramount's most direct rivals in Hollywood has thrown its hat in the ring to buy the studio for $26 billion. If this is the option the powers that be decide to go with, it would represent a huge shake-up for the industry on several fronts.
According to the Wall Street Journal, Sony and private equity firm Apollo Global Management have submitted a $26 billion, all-cash offer to buy Paramount. Rather crucially, the deal would take the company private, whereas it currently exists as a publicly traded company. As a result, it would be a major change beyond combining two of the biggest studios in Hollywood under one roof, so...
According to the Wall Street Journal, Sony and private equity firm Apollo Global Management have submitted a $26 billion, all-cash offer to buy Paramount. Rather crucially, the deal would take the company private, whereas it currently exists as a publicly traded company. As a result, it would be a major change beyond combining two of the biggest studios in Hollywood under one roof, so...
- 5/2/2024
- by Ryan Scott
- Slash Film
The future of Paramount may be decided in the coming days. In addition to a bid from Skydance, the Wall Street Journal reports Sony and Apollo Global Management have teamed up to offer $26 billion in cash for the entertainment company. Ultimately, the decision will be made by Shari Redstone, who owns most of the voting shares of Paramount.
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While it’s hard to guess where Paramount would pivot under Skydance, a Sony/Apollo ownership offers more clues. Sony doesn’t own any TV stations, but it does create a lot of television shows that air on multiple networks. Its shows include “Shark Tank,” “The Wheel of Time,” “The Boys,” “Jeopardy!” “Wheel of Fortune,” and “Twisted Metal.”
The big question is whether Sony holds on to Paramount’s CBS or...
7-Day Free Trial $5.99+ / month ParamountPlus.com
For a limited time, get 50% off a year of Paramount+ With Showtime with Code: Thechi.
While it’s hard to guess where Paramount would pivot under Skydance, a Sony/Apollo ownership offers more clues. Sony doesn’t own any TV stations, but it does create a lot of television shows that air on multiple networks. Its shows include “Shark Tank,” “The Wheel of Time,” “The Boys,” “Jeopardy!” “Wheel of Fortune,” and “Twisted Metal.”
The big question is whether Sony holds on to Paramount’s CBS or...
- 5/2/2024
- by Ben Bowman
- The Streamable
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
The front of the Paramount Pictures studios in Los Angeles, California. (Stock image by Hannah Wernecke via Unsplash)
Sony and Apollo Global Management have formalized their $26 billion all-cash bid for Paramount Global, according to a report published on Thursday.
The offer — first reported by the Wall Street Journal, then confirmed separately by the New York Times — was submitted on Wednesday and signed by Sony Pictures CEO Tony Vinciquerra and Apollo Global partner Aaron Sobel.
If accepted, Sony would become the majority owner of Paramount Global, which includes the Paramount Pictures studio, CBS and MTV Networks linear television channels, foreign broadcast outlets like Channel 5 in Britain and Network 10 in Australia and the streaming platforms Paramount Plus and Pluto TV.
Apollo Global would be a minority shareholder in Paramount and cede operational control to Sony, the Journal said, citing unnamed sources.
The bid comes two days before the expiration of...
Sony and Apollo Global Management have formalized their $26 billion all-cash bid for Paramount Global, according to a report published on Thursday.
The offer — first reported by the Wall Street Journal, then confirmed separately by the New York Times — was submitted on Wednesday and signed by Sony Pictures CEO Tony Vinciquerra and Apollo Global partner Aaron Sobel.
If accepted, Sony would become the majority owner of Paramount Global, which includes the Paramount Pictures studio, CBS and MTV Networks linear television channels, foreign broadcast outlets like Channel 5 in Britain and Network 10 in Australia and the streaming platforms Paramount Plus and Pluto TV.
Apollo Global would be a minority shareholder in Paramount and cede operational control to Sony, the Journal said, citing unnamed sources.
The bid comes two days before the expiration of...
- 5/2/2024
- by Matthew Keys
- The Desk
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
It was a year of pain for the entertainment industry and shareholders of (many) media companies with months-long Hollywood strikes and layoffs. Linear television continued to decline and a nascent theatrical recovery went sideways. Most CEOs saw pay packages rise in 2023, some by big multiples.
“The pay is egregious, but it is something we have learned to accept,” says one longtime entertainment analyst.
Irritants cited: CEOs rewarded for deals before its clear how they’ll pan out; CEOs who should looking for growth but keep cutting; CEO pay packages that feel disproportionate to the size of the company. Paramount Global’s (now ex) CEO Bob Bakish saw compensation of $31 million, a hair lower than Disney’s Bob Iger in his first year back as chief executive. (See CEO pay chart below right)
Bakish may also be entitled to severance in the neighborhood of $48.5 million after being ejected earlier this week,...
“The pay is egregious, but it is something we have learned to accept,” says one longtime entertainment analyst.
Irritants cited: CEOs rewarded for deals before its clear how they’ll pan out; CEOs who should looking for growth but keep cutting; CEO pay packages that feel disproportionate to the size of the company. Paramount Global’s (now ex) CEO Bob Bakish saw compensation of $31 million, a hair lower than Disney’s Bob Iger in his first year back as chief executive. (See CEO pay chart below right)
Bakish may also be entitled to severance in the neighborhood of $48.5 million after being ejected earlier this week,...
- 5/2/2024
- by Jill Goldsmith
- Deadline 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
If you read the headline and are asking yourselves, pilots? what pilots? — you are not wrong. It’s been largely a 2024 pilot season without pilots. A grand total of maybe one of them is expected to factor into any fall decisions as the broadcast networks prepare to unveil their schedules, starting with CBS tomorrow, May 2.
Needless to say, the broadcast pilot season is no longer the industry obsession it once was this time of year, with back-to-back disruptions from the pandemic and the dual Hollywood strikes providing the proverbial final nail in the coffin of the decades-old pilot cycle. But for tradition’s sake, here are some insights into the networks’ current development plans.
There is no more stacked lineup for next season than CBS’ with three new drama series, Young Gibbs prequel NCIS: Origins; Matlock, starring Kathy Bates; and Watson, headlined by Morris Chestnut; and two new comedies, Poppa’s House,...
Needless to say, the broadcast pilot season is no longer the industry obsession it once was this time of year, with back-to-back disruptions from the pandemic and the dual Hollywood strikes providing the proverbial final nail in the coffin of the decades-old pilot cycle. But for tradition’s sake, here are some insights into the networks’ current development plans.
There is no more stacked lineup for next season than CBS’ with three new drama series, Young Gibbs prequel NCIS: Origins; Matlock, starring Kathy Bates; and Watson, headlined by Morris Chestnut; and two new comedies, Poppa’s House,...
- 5/1/2024
- by Nellie Andreeva
- Deadline Film + TV
Paramount Global, which is in the midst of corporate upheaval on a number of fronts, got a slight reprieve in one key area, extending carriage negotiations with Charter Communications.
In just the past 48 hours, the media company has seen the exit of CEO Bob Bakish, the closely watched release of first-quarter earnings and a revised acquisition offer from Skydance Media.
The expiration of the current agreement between the companies was set to arrive at midnight Tuesday. The extension of talks was confirmed to Deadline by sources familiar with the negotiations. It was unclear if there would be a firm revised deadline put in place, but talks are ongoing. No on-screen crawl or ominous email warning to customers has been deployed, signaling that the parties are aiming to reach a settlement without fireworks – at least as of now.
Related: Bob Bakish Exit: Shock Ripples Through CBS’ Whcd Party As Paramount CEO...
In just the past 48 hours, the media company has seen the exit of CEO Bob Bakish, the closely watched release of first-quarter earnings and a revised acquisition offer from Skydance Media.
The expiration of the current agreement between the companies was set to arrive at midnight Tuesday. The extension of talks was confirmed to Deadline by sources familiar with the negotiations. It was unclear if there would be a firm revised deadline put in place, but talks are ongoing. No on-screen crawl or ominous email warning to customers has been deployed, signaling that the parties are aiming to reach a settlement without fireworks – at least as of now.
Related: Bob Bakish Exit: Shock Ripples Through CBS’ Whcd Party As Paramount CEO...
- 4/30/2024
- by Dade Hayes
- Deadline Film + TV
Paramount Global and Charter Communications agreed to extend their talks on a deal renewal, which — for now — will prevent Paramount’s networks like CBS, Comedy Central and MTV from going dark on the cable operator’s systems.
The current carriage agreement between Paramount and Charter, the nation’s second largest cable operator behind Comcast, was set to expire at midnight Et Tuesday (April 30). The two companies have been in renewal discussions for months. The two sides reached a short extension on the deadline in order to prevent a blackout as active talks continue, a source confirmed.
The deal renewal negotiations are coming to a head as Paramount Global is in flux. On Monday, the company said CEO Bob Bakish was stepping down, replaced by a three-member “Office of the CEO” management team. Bakish’s ouster came as Paramount Global’s board is reviewing an offer from Skydance Media that would...
The current carriage agreement between Paramount and Charter, the nation’s second largest cable operator behind Comcast, was set to expire at midnight Et Tuesday (April 30). The two companies have been in renewal discussions for months. The two sides reached a short extension on the deadline in order to prevent a blackout as active talks continue, a source confirmed.
The deal renewal negotiations are coming to a head as Paramount Global is in flux. On Monday, the company said CEO Bob Bakish was stepping down, replaced by a three-member “Office of the CEO” management team. Bakish’s ouster came as Paramount Global’s board is reviewing an offer from Skydance Media that would...
- 4/30/2024
- by Jennifer Maas
- Variety Film + TV
The board room and executive suite drama at Paramount Global escalated on Monday, with Bob Bakish leaving his role as CEO and a trio of executives taking over just days before an exclusive negotiating window for a sale to David Ellison’s SkyDance Media and partners closes.
Veteran company leaders Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three will work with the Paramount board and CFO Naveen Chopra.
“We’re finalizing a long-term strategic plan to best position this storied company to reach new and greater heights in our rapidly changing world,” McCarthy told a conference call following Paramount’s first-quarter earnings report after the market close on Monday that lasted just nine minutes and didn’t allow for analysts’ questions. As of 11:15 a.m. Et on Tuesday, Paramount shares were down 4.3 percent,...
Veteran company leaders Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three will work with the Paramount board and CFO Naveen Chopra.
“We’re finalizing a long-term strategic plan to best position this storied company to reach new and greater heights in our rapidly changing world,” McCarthy told a conference call following Paramount’s first-quarter earnings report after the market close on Monday that lasted just nine minutes and didn’t allow for analysts’ questions. As of 11:15 a.m. Et on Tuesday, Paramount shares were down 4.3 percent,...
- 4/30/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
Paramount Global’s ouster of CEO Bob Bakish did not reassure investors that there’s a favorable exit in store for the media conglomerate.
Shares of the company were down more than 4% in trading Tuesday morning to under $12/share, after Bakish’s exit was officially announced and he was replaced by three senior execs tasked with running Paramount Global — for now, anyway.
Wall Street analysts said the dismissal of Bakish, who was said to oppose Paramount Global’s prospective merger with David Ellison’s Skydance Media, along with the company’s refusal to take questions during its first-quarter 2024 earnings call Monday was evidence that an M&a deal is nearing. Paramount’s Q1 results were decent, as the company boosted Paramount+ streaming subs to more than 71 million and significantly narrowed streaming losses, while its TV group saw revenue up 1% thanks largely to the Super Bowl on CBS. But the financial results...
Shares of the company were down more than 4% in trading Tuesday morning to under $12/share, after Bakish’s exit was officially announced and he was replaced by three senior execs tasked with running Paramount Global — for now, anyway.
Wall Street analysts said the dismissal of Bakish, who was said to oppose Paramount Global’s prospective merger with David Ellison’s Skydance Media, along with the company’s refusal to take questions during its first-quarter 2024 earnings call Monday was evidence that an M&a deal is nearing. Paramount’s Q1 results were decent, as the company boosted Paramount+ streaming subs to more than 71 million and significantly narrowed streaming losses, while its TV group saw revenue up 1% thanks largely to the Super Bowl on CBS. But the financial results...
- 4/30/2024
- by Todd Spangler
- Variety Film + TV
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 producers of festival-winning titles Lamb, Holly and Our Mothers are among those selected for European Film Promotion’s (Efp) Producers On The Move programme, which showcases rising talent and fosters international co-productions.
Some 20 European producers have been selected for the 2024 Efp programme, which celebrates its 25th anniversary this year.
Scroll down for full list
The group will take part in a programme that aims to foster international co-productions, share experiences and create professional networks. The Pre-Festival online programme, starts today and runs until 3 May, and includes speed meetings, roundtables and pitching sessions. The producers will then meet in...
Some 20 European producers have been selected for the 2024 Efp programme, which celebrates its 25th anniversary this year.
Scroll down for full list
The group will take part in a programme that aims to foster international co-productions, share experiences and create professional networks. The Pre-Festival online programme, starts today and runs until 3 May, and includes speed meetings, roundtables and pitching sessions. The producers will then meet in...
- 4/30/2024
- ScreenDaily
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
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