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Paramount Global Must Get Skydance Approval for Any Paramount+ Joint Venture or Bundling Deals With Biggest U.S. Streamers

11 July 2024 at 15:32
The full contract terms for Skydance Media’s takeover of Paramount Global were disclosed Thursday. And, as expected, there are various restrictions on what Paramount and Skydance can do without the other party’s consent in the pre-closing period. Under the terms of the agreement, Paramount Global has the right to shop around for a better offer in […]

CBS News President Will Exit Role Amid Expectations for Paramount Cost Cuts

10 July 2024 at 13:00
CBS News may be on the hunt for another newsroom honcho. Ingrid Ciprian-Matthews, a veteran journalism executive who was named president of the Paramount Global news unit just last August, told staffers Wednesday morning that she planned to cede her role, opting instead to serve as a senior advisor for coverage of the 2024 presidential […]

Paramount Global Deal With Skydance ‘May Not Be Sufficient to Stabilize the Credit Profile,’ Moody’s Says

9 July 2024 at 17:38
Skydance Media this week clinched a deal to merge with Paramount Global, and execs outlined a plan to cut costs and boost the combined company’s profitability in the years ahead. But the turnaround plan might not be enough to save Paramount Global from seeing its debt rating cut to junk status by credit-rating agency Moody’s. […]

Paramount-Skydance Merger: 5 Burning Questions About the Deal

9 July 2024 at 17:25
Is Skydance Media the forward-looking entity that Paramount Global needs right now to save the company? Ending months of M&A drama, Paramount Global and Skydance Media, David Ellison’s smaller media and production company, on Sunday announced a two-part transaction that will result in Skydance buying out Shari Redstone’s National Amusements Inc. and then merging with […]

Paramount Investor Mario Gabelli ‘Very Impressed’ With Skydance Deal Presentation but Isn’t Sure Buyout Price of Voting Shares Is ‘Fair’

8 July 2024 at 20:01
Billionaire investor and money manager Mario Gabelli likes what David Ellison and the Skydance Media team said about their rationale for merging the media and production company with Paramount Global. But at this point, he doesn’t know whether the buyout price Skydance is offering Paramount’s Class A voting shareholders is fair — and he indicated […]

Paramount Global Will Pay Skydance $400 Million Breakup Fee if It Lands a Better Offer

8 July 2024 at 13:39
Even after clinching a deal with Skydance Media, Paramount Global has the right to shop around for a better offer in a 45-day window. But if Paramount agrees to accept a more attractive buyout deal, it would be on the hook to pay Skydance a $400 million breakup fee, David Ellison, founder and CEO of […]

Shari Redstone Tells Paramount Employees Skydance ‘Has a Clear Strategic Vision for the Future’; Co-CEOs Say in Memo ‘It’s Business as Usual’ for Now

8 July 2024 at 04:50
After months of talks, Paramount Global and Skydance Media officially announced a deal to merge Sunday night. Shari Redstone, non-executive chair of Paramount Global and its controlling shareholder through National Amusements Inc., addressed the pact in a memo to employees, as did the trio of co-CEOs currently leading the company: George Cheeks, president and CEO […]

David Ellison Set as Chairman-CEO, Jeff Shell as President of Paramount; Shari Redstone to Sell Family Empire to Skydance Media in $8 Billion Deal

7 July 2024 at 21:50
The sides have made it official: David Ellison’s Skydance Media has set a deal with Paramount Global that calls for Ellison to become chairman and CEO of an enhanced Paramount while former NBCUniversal CEO Jeff Shell will take operational reins as president. “In 1987, my father, Sumner Redstone, acquired Viacom and began assembling and growing […]

How Low Can They Go? Big Media Stocks Hammered by Industry Headwinds and Hollywood’s M&A Dilemma

3 July 2024 at 19:27
As always, the numbers tell the tale. At the half-year mark, 2024 has been a brutal ride of double-digit stock price declines for traditional media giants with the exception of Disney and Fox Corp. Big Tech and Netflix, on the other hand, have swelled with double-digit gains year to date. So why aren’t the well-heeled […]

Paramount Stock Rises on New Skydance Merger Offer

3 July 2024 at 13:41
Shares of Paramount Global sprang to life ahead of the July 4 holiday on a renewed agreement between Skydance Media and controlling shareholder Shari Redstone that would merge Skydance and Paramount. On Wednesday (July 3), Paramount’s stock opened up 13% to over $12/share, its highest levels in nearly a month. However, by 11:15 a.m. ET, […]

Skydance Media and National Amusements Inc. Reach New Merger Agreement for Paramount Global

2 July 2024 at 22:33
In a holiday week shocker, Skydance Media and Shari Redstone’s National Amusements Inc. have quietly renewed acquisition talks and have reached a tentative agreement to acquire Paramount Global. That deal will now be reviewed by Paramount Global’s special committee of its board of directors that has steered the media giant through its roller coaster ride […]

Paramount Reportedly in Talks to Sell BET for $1.6 Billion in Buyout Led by CEO Scott Mills

2 July 2024 at 20:21
Paramount Global’s trio of co-CEOs have publicly said they’ve hired bankers to evaluate the sale of certain assets. Industry speculation has swirled around BET, which has been the target of acquisition offers in the past. Now Paramount Global is engaged in exclusive discussions to sell BET in a deal valued at $1.6 billion-$1.7 billion to […]