Shari Redstone refusing to sell Paramount to Skydance is shocking after negotiations fell through
Perhaps the biggest sign that traditional media is on the front lines heading to the intensive care unit isn’t that Shari Redstone made the bizarre move and refused to sell her dwindling empire to a company called Skydance, after months of tough negotiations. No, many astute media people, including those involved in the negotiations, believe […]
Mario Gabelli legal threat affected doomed Paramount merger
Legal threats from investor Mario Gabelli were a “major factor” in the collapse this week of Shari Redstone’s $8 billion deal to merge Paramount Global with “Mission: Impossible” production partner Skydance Media, The Washington Post has learned. Redstone was facing a lawsuit from Gabelli for more than $100 million over the deal when she made […]
Paramount vows to focus on strategic plan after Shari Redstone ends deal talks
Paramount Global executives told employees on Wednesday the company would focus on a new plan to revamp its streaming business, cut costs and sell assets to pay down debt, according to an email seen by Reuters. The message came the day after Paramount’s controlling shareholder Shari Redstone decided to terminate deal negotiations with Skydance Media. […]
Shari Redstone kills Skydance bid for Paramount Global
Shari Redstone on Tuesday called off a deal to sell Paramount Global parent company National Amusements to Skydance Media amid months of soap opera drama over the media giant’s fate. According to the Wall Street Journal, the media heir turned down a $1.75 billion offer from the tech heir for a 77 percent stake. National […]
Edgar Bronfman Jr. eyes joining Paramount bidding war: report
Edgar Bronfman Jr., the billionaire who once ran Warner Music and liquor giant Seagram, reportedly expressed interest in buying the company that owns Paramount Global on Monday, adding a new twist to the media giant’s chaotic sale. Bronfman, backed by private equity firm Bain Capital, is considering a takeover bid of between $2 billion and […]
Shari Redstone receives fewest votes in Paramount board election
Paramount Global Inc. controlling shareholder Shari Redstone received the fewest votes of any other director in the company’s director elections, a filing showed on Friday. Redstone received 32.2 million votes for election to the board, the lowest number of any of the six candidates, but also received the most votes against him, more than 905,000. […]
Paramount Global shares drop after annual meeting as hopes of merger with Skydance fade
Paramount Global executives revealed plans to cut costs and find a streaming service partner, but shares fell nearly 5% on Tuesday after hopes of a merger with Skydance Media faded. Paramount controlling shareholder Shari Redstone regaled investors at the company’s annual meeting on Tuesday morning about an aggressive $500 million cost-cutting plan that her three […]
Paramount shares drop as top execs unveil $500M cost-cutting plan
Paramount Global shares fell on Tuesday after its chief executives announced a major restructuring plan that included $500 million in annual cost cuts. The company’s future remains uncertain amid talks of a possible merger with Skydance Media. The executives — CBS President and CEO George Cheeks, Showtime/MTV Entertainment Studios President and CEO Chris McCarthy and […]
Paramount, Skydance $8 billion deal near: reports
FOX Business’ Charlie Gasparino appears on “The Craman Countdown” to discuss the feud between Paramount CEO Bob Bakish and Skydance over the “messy” merger. Paramount Global is finalizing the details of its $8 billion acquisition by Skydance Media, according to multiple reports. FOX Business’ Charlie Gasparino reports. It was reported last week that Skydance and […]
Paramount, Skydance agree to terms on $8B merger deal: report
Paramount Global and Skydance have reportedly agreed to terms for a merger between the two entertainment companies that is valued at $8 billion. Skydance, the media company founded by David Ellison, has agreed to pay $2 billion for Paramount’s parent company National Amusements (controlled by majority shareholder Shari Redstone) under a proposal made by Paramount’s […]