David Ellison’s Skydance demands Paramount stop talks with Edgar Bronfman
Skydance Media has accused Paramount Global’s special board committee of violating the terms of the deal by extending the period during which it could negotiate with other bidders, The Wall Street Journal reported Thursday. This comes after veteran media executive Edgar Bronfman Jr. made a favorable takeover bid for Paramount in exchange for $6 billion […]
Edgar Bronfman sweetens bid for Paramount to $6B: report
Veteran media executive Edgar Bronfman is biding $6 billion to buy National Amusements Inc. and will also buy a minority stake in Paramount Global, the people said. He had previously offered $4.3 billion, according to Reuters. Paramount shares rose more than 2.3% after the close. A competing bid for the home of Paramount Pictures, the […]
Edgar Bronfman Jr to make Paramount bid days before Skydance merger
Alcohol-industry heir Edgar Bronfman Jr. is reportedly preparing to buy Paramount Global, less than a week before its $8 billion merger with Skydance Media becomes official. Bronfman, an entertainment mogul and son of the late Seagram CEO Edgar Bronfman Sr., is in talks with potential investors to back a takeover bid for National Amusements, the […]
Paramount TV Shutting Down, Laying Off Thousands Amid Industry Upheaval
Paramount Global said on Tuesday it would close its television studios and lay off thousands of employees amid an uncertain future for the industry. The company announced that it will close Paramount Television Studios later this week, with president Nicole Clemens saying in a memo to staff on Tuesday morning that industry-wide changes are having […]
Paramount TV Studios to shut down as Shari Redstone-led media giant begins slashing 2K jobs ahead of likely Skydance merger
Paramount Television Studios will be closed as part of a broader cost-cutting effort ahead of parent company Paramount Global’s merger with Skydance Media, company executives said. The entertainment giant’s three co-chief executives announced the closure of the studio, known for producing shows such as “The Offer,” “Reacher” and “13 Reasons Why,” and began major layoffs […]
Shari Redstone’s estranged niece to make $140M from Paramount sale as part of trust from grandpa Sumner: sources
In a powerful media family torn apart by jealousy and rivalry, the aging patriarch publicly deteriorates as his granddaughter rushes to his side. Lies, betrayal, lawsuits. These aren’t the machinations of the fictional Roy family in “Succession,” but dramas involving the very real Redstone family, whose dysfunction is well-documented and partially inspired the critically acclaimed […]
Paramount Global to Cut 15 Percent of Its Workforce
Amid uncertainty about the future of the entertainment industry, Paramount Global is reportedly reducing its workforce by 15 percent in a new round of layoffs. The reported cuts aim to reduce Paramount’s spending by $500 million in 2025, and will be focused primarily on marketing, communications, legal and technology. Paramount Global co-CEO Chris McCarthy announced […]
Paramount Global to lay off 15% of its US staff
Mario Gabelli, chairman and CEO of Gamco Investors, talks sports investing and the surge in small-cap stocks on “The Claman Countdown.” Paramount Global will cut about 15% of its U.S.-based workforce, co-CEO Chris McCarthy said Thursday. The media company revealed plans for job cuts while reporting second-quarter earnings. For more information on FOX Business, click […]
Paramount slashing thousands of jobs, writes down value of cable networks by $6B
Paramount Global on Thursday said it would write down the value of its cable-networks business by about $6 billion and cut 15% of its workforce, even as its streaming business reported its first quarterly profit. Paramount shares rose more than 5% in after-hours trading. The impairment reflects declining viewership for cable networks such as Nickelodeon, […]
Sony says it won’t submit bid for Paramount
The president of Japanese PlayStation maker Sony said it would not make a new bid for Paramount Global, saying it “does not fit our strategy.” Sony’s chief operating officer and chief financial officer, Hiroki Toki, told investors during an earnings call on Wednesday that the company would not make a new proposal for the entertainment […]