Paramount Global's future is uncertain as National Amusements is in exclusive talks with Skydance Media to sell its controlling stake, with an expiration deadline on Friday. Other interested parties include Sony Pictures Entertainment and Apollo Global Management, offering $26 billion. Paramount's nonvoting shareholders are concerned about the terms favoring Redstone. The departure of CEO Bob Bakish adds to the turmoil surrounding the media giant's potential sale, with Morningstar analyst Matthew Dolgin predicting Paramount's integration with a new owner in the near future.
Paramount Global is in exclusive talks with Skydance for a potential merger, which could involve Skydance buying National Amusements and merging with Paramount. Other investors like Apollo Global Management and Byron Allen have also shown interest. Paramount's stock has fallen, and its streaming service, Paramount+, is facing financial challenges. The company's debt was downgraded to junk status, making it potentially easier to acquire. Negotiations are ongoing, with Paramount considering its options amidst a competitive media landscape.
Paramount Global investors are voicing unease about a potential merger with Skydance Media, urging the U.S. media conglomerate to consider alternative options and ensure fair treatment of shareholders. Skydance is engaged in exclusive negotiations with Paramount Global, controlled by Shari Redstone, for a stock deal valued at $4-5 billion. Some shareholders fear a "raw deal" and call for a thorough review of all alternatives. Key investor Ariel Investments highlights the importance of fair market value and competitive bidding. Meanwhile, four Paramount Global board members, including Dawn Ostroff and Nicole Seligman, will step down ahead of the annual shareholder meeting.
Paramount Global's board is considering replacing CEO Bob Bakish with a committee of top executives to assess a potential sale. Three senior executives would lead the committee, including Brian Robbins, Chris McCarthy, and George Cheeks. Charles Phillips would serve as the lead independent director. Bakish may address the company's earnings call but not take questions. The company, controlled by Shari Redstone, is in talks to sell a controlling stake to David Ellison's Skydance Media. Some board members are dissatisfied with Bakish's decisions, like rejecting offers for Showtime and BET channels.
Skydance Media, in exclusive merger talks with Paramount Global, anticipates doubling revenue and tripling earnings by 2025. Paramount's stock surged 13% on news of talks with Skydance, alongside reports of a joint bid from Sony Pictures Entertainment and Apollo Global Management. Paramount's revenue dipped 2% in 2024, impacted by shifts to streaming services. Shareholders express concerns over Skydance deal terms, with potential lawsuits looming. Paramount's value has declined since forming in 2019, with ongoing struggles in its streaming segment.
(Reuters) - The Redstone family and Skydance Media CEO David Ellison have both made concessions to make a potential change in control at Paramount Global more appealing the company's other investors, Bloomberg News reported on Sunday. Paramount is currently engaged in exclusive deal talks with Skydance Media, an independent studio led by Ellison, though some investors have urged Paramount to explore other options. Ellison is offering to buy a block of Paramount shares at a premium to help improve Paramount's finances, the report said, citing a person familiar with the talks. He has also been in talks with an independent committee of Paramount directors over a possible deal, the report added. The Redstones, who own a majority of Paramount's voting shares, have agreed to let non-voting shareholders have a say in whether a deal with Skydance should be approved, according to the report.
Paramount Global's shares rose over 9% after reports of Sony Pictures and Apollo Global Management discussing a joint bid to acquire the media company. Paramount is currently in exclusive talks with Skydance Media, but investors suggest exploring other options. Sony and Apollo aim to offer cash for all outstanding shares, taking Paramount private. Sony would operate the media company with its film library, while Apollo would likely control CBS broadcast network. Paramount's market cap has dropped since the CBS-Viacom reunion in 2019.
Paramount's stock dropped 8% after entering exclusive merger talks with David Ellison's Skydance Media following a declined $26 billion offer from Apollo. Paramount has faced losses in streaming and linear TV revenue, implementing cost-efficiency plans. Skydance aims for a two-step deal to purchase Shari Redstone's controlling stake in Paramount Global, but analysts are skeptical of the complex deal. The process involves a 30-day exclusive negotiating window, with a tentative agreement from Redstone to sell her stake to Skydance, pending a merger agreement.
Paramount Global's board is expected to fire CEO Bob Bakish as early as Monday, as they negotiate a possible merger with Skydance Media. Bakish has lost the trust of controlling shareholder Shari Redstone. Skydance intends to name its CEO David Ellison to lead Paramount after the merger. The deal terms could result in almost 50% ownership by Skydance, causing concern about dilution for common shareholders. Staffers at CBS-Politico party express anxiety and speculation about the future of CBS under potential new leadership. Larry Ellison's ties to Trump raise apprehension among some at the party.
Warner Bros. Discovery has ceased discussions regarding the acquisition of Paramount Global following stock market concerns, with Skydance Media and Byron Allen still considering a deal. CNBC reports Comcast's disinterest in purchasing Paramount but potential interest in a partnership involving streaming services bundling or merging. Paramount Global recently announced layoffs to reduce costs, and industry analysts highlighted the risk of pursuing large-scale mergers during an election year with increasing regulatory uncertainties. The decline in TV business profitability and slowed streaming subscriber growth in the US also impacted the industry's dynamics.
Bob Bakish, President and CEO of Paramount Global, has been replaced by a team including Brian Robbins, Chris McCarthy, and George Cheeks. The decision follows Paramount Global reporting its quarterly earnings. Shari Redstone, the chair of Paramount's board, expressed confidence in the new leadership team and thanked Bakish for his contributions. Bakish, who has been with the company since 1997 and CEO since 2019, is being replaced amidst Skydance's David Ellison potentially purchasing Shari Redstone's National Amusements Inc., which controls Paramount Global.
Posted Mar 12, 2024 At 2:31 PM UTC Apollo Global Management, a private equity firm that owns the majority of Yahoo, is discussing a takeover or asset purchase with Paramount, according to a report from Axios . Rumors about a potential Paramount merger or sale have been swirling for months. Skydance Media is also reportedly in the running to purchase Paramounts parent company, while Warner Bros. Discoverys rumored deal is on pause . Meanwhile, reports suggest Comcast is looking into offering a Peacock streaming bundle with Paramount Plus as well.
Paramount Global (doing business as Paramount, formerly ViacomCBS) is an American multinational mass media and entertainment conglomerate controlled by National Amusements and headquartered at One Astor Plaza in Midtown Manhattan in New York City. The company was formed on December 4, 2019, as ViacomCBS Inc. through the merger of the second incarnations of CBS Corporation and Viacom (which were split from the original Viacom on December 31, 2005). The company took its current name on February 16, 2022, the day after its Q4 earnings presentation.Paramount's main properties include the namesake Paramount Pictures film and television studio, the CBS Entertainment Group (consisting of the CBS television network, television stations, BET Networks, (who owns the BET and VH1 channels, among others), and other CBS-branded assets), media networks (consisting of U.S.-based cable television networks including MTV, Nickelodeon, Comedy Central, CMT, Paramount Network, and Showtime) and the company's streaming services (including Paramount+ and Pluto TV). It also has an international division that manages international versions of its pay TV networks, as well as region-specific assets including Argentina's Telefe, Chile's Chilevisión, India's Colors, the United Kingdom's Channel 5, and Australia's Network 10. Between 2011 and 2023, the division also owned a 30% stake in the Rainbow S.p.A. studio.As of 2019, the company operates over 170 networks and reaches approximately 700 million subscribers in 180 countries.
National Amusements, Inc. is an American privately owned movie theater operator and mass media holding company incorporated in Maryland and based in Norwood, Massachusetts. The company owns more than 1,500 cinema theaters throughout the United States, the United Kingdom, and Latin America under several brands, such as Showcase Cinemas, Multiplex Cinemas, and Cinema de Lux. It is the controlling shareholder of Paramount Global.
Paramount Home Entertainment (formerly Paramount Home Media Distribution, and originally Paramount Home Video) is the home video distribution arm of Paramount Pictures.The division oversees Paramount Global's home entertainment and transactional digital distribution activities worldwide. The division is responsible for the sales, marketing and distribution of home entertainment content on behalf of Paramount Pictures, Paramount Players, Paramount Animation, Paramount Television Studios, CBS, Paramount Media Networks (Showtime, MTV, Nickelodeon, Nick Jr., VH1, BET, and Comedy Central), Paramount+, and applicable licensing and servicing of certain pre-2010 DreamWorks Pictures titles, Miramax, pre-2005 Dimension Films titles, and DreamWorks Animation films from 2006 to 2012, as well as select IFC Films titles and Saban Films titles. PHE additionally manages global licensing of studio content and transactional distribution across worldwide digital distribution platforms including online, mobile and portable devices and emerging technologies.
Paramount+ is an American subscription video on-demand over-the-top streaming service owned by Paramount Global. The service's content is drawn primarily from the libraries of CBS Media Ventures, CBS Studios, Paramount Media Networks (formerly Viacom Media Networks and ViacomCBS Domestic Media Networks), and Paramount Pictures, while also including original series and films, live streaming sports coverage, and in the United States, live streaming of local CBS broadcast stations.The service was launched in the United States in 2014, as CBS All Access, initially focusing on the live streaming of CBS programming from its local affiliates, as well as on-demand access to CBS programs and library content. The service began to expand into original programming in 2016, beginning with spin-offs of CBS programs such as Big Brother, The Good Fight, and the new Star Trek television series Star Trek: Discovery. Content from Comedy Central, MTV, Nickelodeon, and other Viacom brands was subsequently included, and in 2021, the service wasrebranded as Paramount+, taking its name from the Paramount Pictures film studio. It expanded into Australia, Latin America, and Europe.
Robert Marc Bakish ( BACK-ish; born December 14, 1963) is an American business executive. He became the president and CEO of Paramount Global on December 4, 2019, formerly holding the same position at Viacom before the merger with CBS Corporation. He stepped down on April 29, 2024.
Paramount Parks was the operator of Paramount's Kings Island, Paramount's Kings Dominion, Paramount's Great America, Paramount's Carowinds, and Paramount Canada's Wonderland, which annually attracted about 13 million patrons. National Amusements-owned Viacom assumed control of the company as part of its acquisition of Paramount Pictures in 1994. On June 30, 2006, Cedar Fair acquired the company, and the deal included a ten-year license to use the Paramount Parks name and theme, and a four-year license to use Nickelodeon names and themes.Cedar Fair declined to exercise the Paramount licenses and they dropped Paramount and CBS-licensed names from the parks after the 2007 season, but opted to retain Nickelodeon names and themes until after the 2009 season when this license expired.
Paramount Pictures Corporation, doing business as Paramount Pictures (also known simply as Paramount) is an American film and television production and distribution company and the namesake subsidiary of Paramount Global (Previously known as ViacomCBS). It is the sixth-oldest film studio in the world, the second-oldest film studio in the United States (behind Universal Pictures), and the sole member of the "Big Five" film studios located within the city limits of Los Angeles.In 1916, film producer Adolph Zukor put 24 actors and actresses under contract and honored each with a star on the logo. In 1967, the number of stars was reduced to 22 and their hidden meaning was dropped. In 2014, Paramount Pictures became the first major Hollywood studio to distribute all of its films in digital form only. The company's headquarters and studios are located at 5555 Melrose Avenue, Hollywood, California.Paramount Pictures is a member of the Motion Picture Association (MPA).
Sumner Murray Redstone (né Rothstein; May 27, 1923 – August 11, 2020) was an American billionaire businessman and media magnate. He was the founder and chairman of the second incarnation of Viacom, chairman of CBS Corporation (both companies merged in 2019, a year before Redstone's death), and the majority owner and chairman of the National Amusements theater chain. Until his death, Redstone was majority voting shareholder of the media conglomerate ViacomCBS, the parent company of the Paramount Pictures film studio, the CBS television network, and various cable networks. According to Forbes, as of April 2020, he was worth US$2.6 billion.Redstone was formerly the executive chairman of both CBS and Viacom. In February 2016, at age 92, Redstone resigned both chairmanships following a court-ordered examination by a geriatric psychiatrist. He was ultimately succeeded by Les Moonves at CBS and Philippe Dauman at Viacom.
Shari Ellin Redstone (born April 14, 1954) is an American media executive. She is the non-executive chairwoman of Paramount Global (formerly known as ViacomCBS) and president of National Amusements, and a former vice chair of CBS Corporation and Viacom. Through National Amusements, Redstone and her family are majority owners of CBS, Comedy Central, BET, Showtime Networks, Nickelodeon, MTV and the film studio Paramount Pictures.In 2020, Redstone was named on Time's list of the 100 most influential people in the world, and in 2022, to Forbes' list of the World's 100 Most Powerful Women.
Paramount+ with Showtime, also known as Showtime (the former name of its main channel from 1976 to 2024, but still used for certain marketing and channel branding contexts), is an American premium television network and the flagship property of Showtime Networks, a sub-division of the Paramount Media Networks division of Paramount Global. Paramount+ with Showtime's programming includes original television series produced exclusively for the linear network and developed for the co-owned Paramount+ streaming service, theatrically released and independent motion pictures, documentaries, and occasional stand-up comedy specials, made-for-TV movies and softcore adult programming.Headquartered at Paramount Plaza in the northern part of New York City's Broadway district, Paramount+ with Showtime operates eight 24-hour, linear multiplex channels and a traditional subscription video on demand service; the channel's programming catalog and livestreams of its primary linear East and West Coast feeds are also available via an ad-free subscription tier of Paramount+ of the same name, which is also sold a la carte through Apple TV Channels, Prime Video Channels, The Roku Channel and YouTube Primetime Channels. (Subscribers of Paramount+'s Prime Video add-on also receive access to the East Coast feeds of Paramount+ with Showtime's seven multiplex channels.)In addition, the Showtime brand has been licensed for use by a number of channels and platforms worldwide including Showtime Arabia (it has been merged into OSN) in the Middle East and North Africa, and the now-defunct Showtime Movie Channels in Australia. As of September 2018, Showtime's programming was available to approximately 28.567 million U.S. households which subscribed to a multichannel television provider (28.318 million of which receive Showtime's primary channel at a minimum).
Skydance Media, LLC (formerly known as Skydance Productions) is an American production company based in Santa Monica, California. Founded by David Ellison in 2006, the company entered a five-year partnership to co-produce and co-finance films with Paramount Pictures starting in 2009, and renewed the agreement twice extending to 2021. The company specializes in films, animation, television, video games, and sports.
Sony Pictures Entertainment Inc. (commonly known as Sony Pictures or SPE, and formerly known as Columbia Pictures Entertainment, Inc.) is an American diversified multinational mass media and entertainment studio conglomerate that produces, acquires, and distributes filmed entertainment (theatrical motion pictures, television programs, and recorded videos) through multiple platforms.Through an intermediate holding company called Sony Film Holding Inc., it is operated as a subsidiary of Sony Entertainment Inc., which is itself a subsidiary of the multinational technology and media conglomerate Sony Group Corporation. Based at the Sony Pictures Studios lot in Culver City, California as one of the "Big Five" major American film studios, it encompasses Sony's motion picture, television production and distribution units. Its sales in the fiscal year 2020 (April 2020 – March 2021) was reported to be $7.16 billion. All of SPE's divisions are members of the Motion Picture Association (MPA). Sony's film franchises include The Karate Kid, Ghostbusters, Jumanji, Men in Black, Spider-Man, and Sony's Spider-Man Universe.
Paramount Pictures announced the reboot of the Scary Movie franchise 11 years after the last installment, Scream 5. The new film, produced by Neal H. Moritz, is set to begin filming in fall and is expected to be released in 2025. Scary Movie, known for parodying hit horror films, was developed by the Wayans brothers and became a global success, grossing over $278 million. Miramax will finance the production, and Paramount will handle distribution. The comedy series will be rebooted as part of Paramount's partnership with Miramax.
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