Paramount, in the process of being acquired by Skydance Media, is already initiating its plan to reduce expenses by $500 million. The first round of staff cuts took place in August. Joint CEOs George Cheeks, Chris McCarthy and Brian Robbins said that after the current round, 90 per cent of the planned staff reductions will […]

Documents filed with the FCC show that Larry Ellison, father of Skydance’s David Ellison, will take over the controlling interest from Shari Redstone. The document, obtained by The New York Times, lists Oracle founder Larry Ellison at the top of an organisational chart of the companies that will acquire the majority of Paramount’s voting interest […]

Edgar Bronfman Jr has dropped a $6 billion (€5.3bn) bid for Paramount, leaving the way clear for the Skydance offer. “It was a privilege to have the opportunity to participate,” Bronfman said. “While there may have been differences, we believe that everyone involved in the sale process is united in the belief that Paramount’s best […]

Edgar Bronfman Jr has raised up to $5.5 billion (€4.9bn) to boost his last gasp offer for Paramount and gatecrash the agreed deal with Skydance Media, reports FT. Bronfman tabled an initial $4.3 billion bid on August 19th – the deadline for the expiration of Paramount’s 45-day ‘go shop’ period. But the former Warner Music […]

Paramount Television Studios is shutting down after Paramount Global began the latest round of cost-cutting ahead of the expected merger with Skydance Media. The company is looking to make some $500 million (€453.5m) in cuts and already laid off approximately 800 staff back in February. “This has been a challenging and transformative time for the […]

Paramount Global’s shares jumped 6 per cent as investors were upbeat at the media group’s streaming business, even as the company joined rival Warner Bros Discovery in writing down the value of its TV assets. Paramount took a Q2 impairment charge of $5.98 billion on its cable networks. Full year revenue dropped 11 per cent […]

We have a deal, say Paramount and Skydance, and this time it will stick. Shari Redstone got a slightly sweeter price and proved she was no pushover, just in case anyone thought she was. That’s the trouble with being the 2.0 in a dynasty, everyone, and I mean everyone, assumes you only get to run […]

Skydance Media and Paramount Global have entered into a definitive agreement to form ‘New Paramount’ – a next-generation media and technology leader, through a two-step transaction including the acquisition of National Amusements Inc (NAI), which holds the controlling share stake in Paramount, and subsequently a merger of Skydance and Paramount Global. The transaction combines the […]

Paramount has resumed merger talks with Skydance Media just weeks after an earlier deal fell apart at the last hurdle. The renewed bid from Skydance included a higher offer of $177 billion (€162bn) to get the deal done. Shari Redstone, who controls Paramount, abruptly ended negotiations in the first go-around in mid-June. David Ellison, the […]

Shari Redstone has called an end to talks with David Ellison’s Skydance Media, ending the potential sale of a controlling stake in Paramount Global after some six months of negotiations. The move by Redstone, Paramount’s largest shareholder, came just as it seemed a deal was close. A special committee of Paramount’s board had been scheduled […]