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New York CNN —Paramount Global on Monday parted ways with its chief executive, Bob Bakish, in a seismic move that sent reverberations through the media conglomerate as it actively engages in acquisition talks with Skydance Media. In place of Bakish, who led the company since controlling shareholder Shari Redstone reunited Viacom and CBS Corporation under one roof in 2019, will be a triumvirate of leaders: Brian Robbins, chief executive of Paramount Pictures; Chris McCarthy, chief executive of Showtime and MTV Entertainment Studios; and George Cheeks, chief executive of CBS. In an attempt to stave off declining cable revenues, Paramount has spent billions of dollars building its own streaming service, Paramount+. Supporters of the Skydance deal hope that merging Paramount with the Ellison-led company will change its fortunes. Those shareholders have argued the deal primarily benefits Redstone and they have encouraged Paramount’s board to evaluate other options.
Persons: Bob Bakish, Bakish, Shari Redstone, Brian Robbins, Chris McCarthy, George Cheeks, Bob, ” Redstone, David Ellison, Larry Ellison, Ellison, Skydance, Jeff Shell Organizations: New, New York CNN, Paramount Global, Skydance Media, Viacom, CBS Corporation, Paramount Pictures, Showtime, MTV Entertainment Studios, CBS, Paramount, Skydance, CNN, BET, Nickelodeon, MTV, Comedy, Netflix Locations: New York, Redstone, Skydance
Bob Bakish, the chief executive of Paramount, is stepping down effective immediately, the company announced on Monday, a stunning shake-up in the top ranks of the company as it considers a major merger. Mr. Bakish, 60, will be replaced by an “office of the C.E.O.” run by three executives: Brian Robbins, head of the Paramount movie studio; George Cheeks, chief executive of Paramount’s CBS division; and Chris McCarthy, chief executive of Showtime and MTV Entertainment Studios. Like many media companies, Paramount has struggled in recent years to get its streaming business off the ground as audiences for its cable channels have diminished. In recent months, the company has been in discussions to merge with Skydance, a media company run by the tech scion and Hollywood executive David Ellison. Shari Redstone, Paramount’s controlling shareholder, has already signed off on a potential deal for her stake, but the company’s directors have yet to reach an agreement for the whole company.
Persons: Bob Bakish, Bakish, Brian Robbins, George Cheeks, Chris McCarthy, Bakish’s, David Ellison, Shari Redstone Organizations: Paramount, Paramount’s CBS, Showtime, MTV Entertainment Studios
David A. Grogan | CNBCParamount Global CEO Bob Bakish is stepping down, the company announced Monday, as merger negotiations with Skydance Media continue. Bakish climbed the corporate ladder after joining Viacom in 1997, until he became CEO of the company in 2016. Following the merger of Viacom and CBS, he became CEO of the combined company in 2019, which was later renamed as Paramount Global. Paramount will now be led by CBS president and CEO George Cheeks; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the head of Paramount Pictures and Nickelodeon. Paramount said it added 3.7 million Paramount+ subscribers during the quarter, bringing the total to 71 million.
Persons: Bob Bakish, David A, Bakish, George Cheeks, Chris McCarthy, Brian Robbins, Naveen Chopra, Chopra, LSEG, Bob Marley Organizations: Viacom, Allen & Company Sun Valley Conference, Grogan, CNBC Paramount Global, Skydance Media, CBS, Paramount Global, Paramount, Showtime, MTV Entertainment Studios, Paramount Media Networks, Paramount Pictures, Nickelodeon, LSEG, Super, BET, MTV, NFL, TV Media, Hollywood Locations: Sun Valley , Idaho
Paramount CEO Bob Bakish is officially out
  + stars: | 2024-04-29 | by ( Paul Squire | ) www.businessinsider.com   time to read: +2 min
CEO Bob Bakish will step down and be replaced by a trio of senior executives. David Ellison has been itching to strike a deal with Shari Redstone to buy Paramount. AdvertisementParamount announced Monday that its president and CEO Bob Bakish is out and will be replaced by a trio of execs. Bakish is stepping down from the entertainment studio as major shareholder Shari Redstone inches closer to a possible sale of her controlling stake in the company. In the statement, Shari Redstone (who also serves as the chair of the board) said she has "tremendous confidence" in the new leadership.
Persons: Bob Bakish, David Ellison, Shari Redstone, , Shari, David Ellison's Skydance, Larry Elison, George Cheeks, Chris McCarthy, Brian Robbins, Bakish, David Ellison's Organizations: Paramount, Service, Oracle, Bloomberg, — CBS, Showtime, MTV Entertainment Studios, Paramount Media Networks, Nickelodeon, Board, Paramount Global, Hollywood
Paramount, home to one of Hollywood’s most storied movie studios as well as CBS and cable networks like Nickelodeon, has been discussing entering into exclusive talks with the media company Skydance for a potential deal, according to four people with knowledge of the discussions. Apollo Global Management, an investment firm with more than $500 billion under management, has submitted an $11 billion offer to acquire the Paramount movie studio. Byron Allen, whose Entertainment Studios owns the Weather Channel, has also expressed interest in acquiring Paramount. Ms. Redstone, the controlling shareholder of Paramount, began negotiating with Skydance to sell her stake in the company last year. She controls Paramount through National Amusements, a holding company that owns her voting stock in Paramount.
Persons: Shari Redstone, Byron Allen Organizations: Paramount, CBS, Nickelodeon, Apollo Global Management, Entertainment Studios, Weather, Skydance, National
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. 3 things in marketsJim Esposito, Goldman Sachs' head of global markets and banking, is set to retire from the bank, the firm said Monday. Jim Esposito is leaving Goldman Sachs after nearly 30 years. While he didn't share his next move, he told peers he'd "bleed Goldman Sachs forever." Goldman Sachs says rate cuts need to be on the menu in March.
Persons: , Brooks Koepka, Rory McIlroy, Keyur Khamar, Marc Lasry, Steve Cohen, Aaron Mok, LeBron James, — Arthur Blank, Gerry Cardinale, Goldman Sachs, who's, Lasry, Cohen, Point72, it's, Patrick Smith, Peacock, David Tepper, Jim Esposito, We've, he'd, Jean Boivin, David Mericle, NurPhoto, Getty, Javier Zayas, Kevin Winter, Tyler Le, Critics, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb Organizations: Service, Costco, Getty, PGA Tour, Fenway Sports Group, NFL's Atlanta Falcons, Capital Group, Milwaukee Bucks, New York Mets, NFL, Denver Broncos, Washington, Washington Post, Kansas City Chiefs, San Francisco 49ers, Carolina Panthers, BlackRock, Spotify, Apple, Google, Entertainment, Netflix, Studios, HBO, Disney, Walmart, Microsoft, Business Locations: Vegas, BlackRock, New York, London
Read previewCash-hungry entertainment studios are back in the content licensing game, sending their valuable shows like HBO's "Sex and the City" and Disney's "Grey's Anatomy" back to Netflix. Licensing has historically been a mainstay of entertainment companies, except for a brief period when many hoarded content while they built up their own streaming services. "It's the future," said Dan Cohen, the chief content licensing officer at Paramount. Netflix and other entertainment companies that sought full ownership of content as they built up their streaming services are now becoming more agnostic about it. But, for now, the major entertainment companies don't have much of a choice.
Persons: , Mike Pears, Pears, Jessica Reif Ehrlich, Dan Cohen, Reif Ehrlich, Mitch Metcalf, Metcalf, Meeka Bondy, Perkins, John Hodulik, Tim Nollen, Netflix's, it's, Nollen Organizations: Service, Netflix, Business, AMC, Apple, Warner Bros . Discovery, Paramount, Bank of America, ABC, NBC, Metcalf Entertainment Intelligence, UBS, CBS, Macquarie, Hulu
NEW YORK (AP) — Comedian Jon Stewart is rewinding the clock, returning to “The Daily Show” as a weekly host and executive producing through the 2024 U.S. elections cycle. Comedy Central on Wednesday said Stewart will host the topical TV show, the perch he ruled for 16 years starting in 1999, every Monday starting Feb. 12. Two former correspondents in particular got massive boosts — Steve Carell and Stephen Colbert. '”The show's abrupt end was reportedly triggered due to clashes between Stewart and Apple over its coverage of stories around China and artificial intelligence. A spokesperson did not immediately respond to questions about who will host “The Daily Show” after the November election.
Persons: Jon Stewart, Stewart, “ Jon Stewart, ” Chris McCarthy, Jon, Craig Kilborn, Trevor Noah —, Noah, Desi Lydic, Michael Kosta, Ronny Chieng, Jordan Klepper, Stewart didn't, untethered, , , I’m, ’ ”, John Oliver, Larry Wilmore, Olivia Munn, Samantha Bee, Roy Wood Jr, Aasif Mandvi, Kennedy, Mark Twain, Steve Carell, Stephen Colbert, Carell, Ron Burgundy, ” Colbert, ___ Mark Kennedy Organizations: Central, Showtime, MTV Entertainment Studios, Strike Force, Hollywood, Guardian, CBS, Apple, Los Angeles Times Locations: China
Jon Stewart will return to host “The Daily Show” on Monday nights during the 2024 election campaign, the network announced on Wednesday, bringing the comedian back to the television program that he turned into appointment viewing. “The Daily Show” has been without a permanent host since Trevor Noah stepped down in 2022. The first episode with Stewart, who left the show in 2015 after serving as host since 1999, will air on Comedy Central on Feb. 12 and on Paramount+ the following day. Stewart will also executive produce all episodes of “The Daily Show.” The episodes from Tuesday to Thursday will be hosted by a rotating lineup of the show’s news team. Chris McCarthy, the chief executive of Showtime/MTV Entertainment Studios, said in a statement that Stewart was the voice of a generation.
Persons: Jon Stewart, Trevor Noah, Stewart, Chris McCarthy Organizations: Comedy Central, Paramount, Showtime, MTV Entertainment Studios
CNN —Jon Stewart is heading back to “The Daily Show.”The comedian, who during his 16-year run as host of the Comedy Central program established it as an entertainment and cultural force, will return to host the show each week on Mondays starting February 12, Showtime and MTV Entertainment Studios announced Wednesday. After exiting “The Daily Show” in 2015, Stewart signed a deal with Apple to host a show for the technology company’s nascent streaming service. Convincing Stewart to return to “The Daily Show” is a major coup for Comedy Central. While Trevor Noah received critical acclaim for hosting program after Stewart exited, it never quite had the same cultural impact it did under Stewart’s stewardship. Showtime and MTV Entertainment Studios, which is responsible for much of the streamer’s content library, said episodes with Stewart will be available on the platform the day after they air on Comedy Central.
Persons: Jon Stewart, Stewart, “ Stewart, ” Chris McCarthy, ” McCarthy, “ Jon, ” Stewart, Joe Biden, Donald Trump, Trump, Stewart’s, Trevor Noah Organizations: CNN, Comedy Central, Showtime, MTV Entertainment Studios, Apple, Paramount Global, Paramount
Jon Stewart is returning to "The Daily Show" — but only on Mondays. The comedian helmed the Comedy Central talk show between 1999 and 2015, before passing the torch to South African comedian Trevor Noah. Stewart will serve as "The Daily Show" host on Mondays starting Feb. 12, and appear at least through the 2024 election cycle. Since his 2015 exit from "The Daily Show," Stewart has kept busy as the executive producer of CBS' "The Late Show with Stephen Colbert" and weekly spots on Apple's streaming service via his show "The Problem With Jon Stewart," which was recently canceled. Stewart is also an avid philanthropist and has lobbied for healthcare benefits for veterans and 9/11 first responders.
Persons: Jon Stewart, Trevor Noah, Noah, Stewart, Stewart's, Chris McCarthy, Jon, Stephen Colbert Organizations: Central, Paramount, Comedy, YouTube, Showtime, MTV Entertainment Studios, CBS Locations: African
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewJon Stewart will return to "The Daily Show" after an extended search for a host to replace Trevor Noah. This story is available exclusively to Business Insider subscribers. Per The Hollywood Reporter, Stewart will return in a limited capacity as host on Monday nights, running through the 2024 election. He took over from prior host Craig Kilborn in 1999, and stayed on the show until 2015.
Persons: , Jon Stewart, Trevor Noah, Stewart, Craig Kilborn, John Leguizamo, Hasan Minhaj, Chris McCarthy, Jon, McCarthy Organizations: Service, Business, Hollywood, Showtime, MTV Entertainment Studios
The negotiating committee of the actors’ union, SAG-AFTRA, told its members on Saturday that it had received a “Last, Best and Final Offer” from the major entertainment studios as a strike that has brought much of Hollywood to a standstill continued for a 114th day. “We are reviewing it and considering our response within the context of the critical issues addressed in our proposals,” the negotiating committee said. They did not say when they would respond to the offer, which came after an hourlong video conference call that included top studio executives. The studios also offered the actors a new way to determine residuals for streaming programs based on performance metrics, and protections on artificial intelligence, including consent and compensation requirements. The studios also offered an increase to the pension and health funds.
Organizations: SAG Locations: Hollywood
The major entertainment studios and the union representing tens of thousands of striking actors will return to the negotiating table on Tuesday, less than two weeks after talks were suspended because the sides remained far apart on significant issues. The restart of negotiations was announced in a joint statement on Saturday from the Alliance of Motion Picture and Television Producers, which bargains on behalf of the studios, and SAG-AFTRA, the actors’ union. On Oct. 9, the Writers Guild of America ratified its new contract and there had been hope that a new deal with the actors would follow. The strikes have been devastating financially for many, both within and outside the industry. But an agreement with the actors would mean getting back to work without losing the entirety of the fall television schedule or having next summer’s moviegoing season upended.
Persons: , Donna Langley, Ted Sarandos, Robert A, David Zaslav — Organizations: Alliance, Television Producers, SAG, Netflix, Walt Disney Company, Warner Bros, Writers Guild of America Locations: California
After a five-month hiatus, most late night shows will return with new episodes next week now that the 148-day screenwriter strike has been resolved, the hosts announced on social media on Wednesday morning. Late night shows hosted by Stephen Colbert, Jimmy Fallon, Jimmy Kimmel and Seth Meyers will return to the air on Monday, the hosts said. Late night shows were the first casualty of the writers’ strike, and they have been dark since early May. Board members of the Writers Guild approved of the deal on Tuesday, and announced that the strike would end early Wednesday morning. Over the past few weeks, the five late night hosts began a podcast, “Strike Force Five,” donating all proceeds to out-of-work staff members on their shows.
Persons: Stephen Colbert, Jimmy Fallon, Jimmy Kimmel, Seth Meyers, John Oliver Organizations: HBO, Guild of America, Writers Guild, , Force
Top Hollywood executives joined negotiations between striking screenwriters and the major entertainment studios for the second straight day on Thursday, leading to hope on both sides that a work stoppage in its fifth month could be nearing an end. Discovery; Donna Langley, the chief content officer of Universal Pictures; and Robert A. Iger, Disney’s chief executive, took part on Thursday. They were joined by representatives of the Alliance of Motion Picture and Television Producers, which bargains on behalf of entertainment companies, and from the Writers Guild of America, which represents more than 11,000 television and film writers. The writers’ strike — along with one by Hollywood actors that began on July 14 — has essentially shut down the majority of the entertainment industry. The financial damage done to the industry and the many ancillary businesses that depend on it has been significant.
Persons: Ted Sarandos, David Zaslav, Donna Langley, Robert A, Organizations: Hollywood, Netflix, Warner Bros, Universal Pictures, Alliance, Television Producers, Writers Guild of America Locations: Los Angeles
VENICE, Aug 30 (Reuters) - Amid the glitz of the Venice Film Festival, jury president Damien Chazelle said on Wednesday he wanted to draw attention to strikes by Hollywood writers and actors that have brought much of the U.S. entertainment industry to a standstill. "It is a difficult time obviously in Hollywood for working actors and writers, and also for crews," Chazelle told reporters as the world's oldest film festival got underway. "There is a basic idea that each work of art has a value unto itself and is not just a piece of content, which is Hollywood's favourite word right now," said Chazelle, director of "La La Land" and "Whiplash". "It comes down to each person being remunerated for each piece of art that is made, and how to find a way to maintain and get back that idea of art over content." The major U.S. entertainment studios have said they are committed to reaching "an equitable agreement" to end the long-running stoppage.
Persons: Damien Chazelle, Chazelle, Alberto Barbera, Maestro, Emma Stone, Michael Fassbender, Bradley Cooper, Barbera, Crispian Balmer, Mark Heinrich Our Organizations: VENICE, Venice Film, Hollywood, Netflix, U.S, Thomson Locations: Venice, U.S, Hollywood
In an apparent attempt to break a labor stalemate that has helped bring nearly all of Hollywood production to a standstill, the major entertainment studios took the unusual step on Tuesday night of publicly releasing details of their most recent proposal to the union that represents 11,500 striking television and movie writers. Shortly before the public release of the proposal, several chief executives at the major Hollywood companies, including David Zaslav, who leads Warner Bros. Discovery, and Robert A. Iger, the Disney kingpin, met with officials at the Writers Guild of America, the writers’ union, to discuss the latest proposal, according to three people briefed on the meeting who spoke on the condition of anonymity to discuss the private session. By releasing the proposal, the companies are essentially going around the guild’s negotiating committee and appealing to rank-and-file members — betting that their proposal will look good enough for members to pressure their leaders to make a deal. Some writers immediately pushed back, including David Slack, whose credits include “The Dark Crystal: Age of Resistance” and “Person of Interest.”
Persons: David Zaslav, Robert A, David Slack, Organizations: Hollywood, Warner Bros, Disney, Writers Guild of America
The major entertainment studios and thousands of striking writers have agreed to meet to restart talks after a three-month standoff, according to the writers guild. The union, the Writers Guild of America, told screenwriters in an email Tuesday night that Carol Lombardini, the studio negotiator, asked for “a meeting this Friday to discuss negotiations.”The guild said it would not comment further. The Alliance of Motion Picture and Television Producers, the organization that bargains on behalf of the studios, also declined to comment. The meeting represents the first sign of movement in a stalemate that began in early May after negotiations between the writers and studios fell apart.
Persons: Carol Lombardini Organizations: Writers Guild of America, Alliance, Television Producers
How MTV Broke News for a Generation
  + stars: | 2023-05-11 | by ( Remy Tumin | ) www.nytimes.com   time to read: +1 min
A little over a year into his first term, President Bill Clinton made good on a promise to return to MTV if young voters sent him to the White House. The town hall-style program in 1994 was meant to focus on violence in America, but it was a question of personal preference that made headlines and helped put MTV News on the media map. Now, a generation after MTV News bridged the gap between news and pop culture, Paramount, the network’s parent company, announced this week that it was shuttering the news service. They brought viewers on the presidential campaign trail and face to face with world leaders like Yasir Arafat, and took them into college dorms in New Orleans after Hurricane Katrina. They also embraced the messy chaos of 1990s and early 2000s celebrity, as when Courtney Love interrupted an interview with Madonna.
Paramount Global announced Tuesday it is shutting down MTV News and cutting 25% of its staff. It gained popularity for covering news in music, entertainment, and eventually politics. After decades of reporting on entertainment news and a history of iconic interviews with A-listers in the music industry, MTV News is shutting down. Paramount Global announced the shutdown on Tuesday, along with the news that it's cutting 25% of its staff, NPR reported. Its subsidiaries include CBS, Nickelodeon, Comedy Central, and Showtime, the latter of which merged with MTV Entertainment Studios in February.
[1/2] Byron Allen, Founder, Chairman and CEO of Entertainment Studios and Allen Media Group, speaks at the 2021 Milken Institute Global Conference in Beverly Hills, California, U.S., October 19, 2021. REUTERS/David SwansonMay 8 (Reuters) - The media entrepreneur Byron Allen has filed a second lawsuit against McDonald's Corp (MCD.N) over the fast-food chain's alleged refusal to advertise with Black-owned media. Allen said he would know if McDonald's were honoring that pledge because his Allen Media Group represents more than 90% of Black-owned media. The case are: Weather Group LLC et al v. McDonald's USA LLC, California Superior Court, Los Angeles County, No. 23STCV10045; and Entertainment Studios Networks Inc et al v McDonald's Corp, U.S. District Court, Central District of California, No.
The current season of “Yellowstone,” the Western starring Kevin Costner that became one of the most popular shows on television, will be its last, Paramount announced Friday. The series, which airs on the Paramount Network, will be followed by a new “Yellowstone” sequel — created, like the original, by Taylor Sheridan — that will start in December, Paramount said. The sequel will air on the Paramount Network, a cable channel, and later on the Paramount+ streaming platform. Its Season 4 finale was the most-watched scripted program in 2022, Variety reported, with more than 13 million viewers. And the Season 5 premiere last November exceeded that with more than 17 million viewers, according to Paramount.
One of the really interesting questions here – this will be fascinating – the core of linear TV is sports rights. When you look at the size and scope of the linear TV business, it's huge. Patrick T. Fallon | Afp | Getty ImagesByron Allen, Entertainment Studios founder and CEO: I think linear TV will exist for a very, very long time. Simmons: I believe Apple, out of nowhere, will start making their own awesome televisions that have Apple TV embedded in them. We are witnessing early stages of this dynamic with deals like "NFL Sunday Ticket" on YouTube and the MLS deal with Apple TV.
Between '97 and '02, HBO released TV series like "Sex and the City," "The Wire," and "The Sopranos." Counterprogram, counterprogram, counterprogramFrom its very inception in the early 1970s, HBO executives came to believe that if HBO was to thrive in the long-run, it would have to focus on doing things differently than the big three commercial TV networks: ABC, CBS, and NBC. When HBO executives sent the first episode of "The Sopranos" to a focus group, it scored horribly. The screening was attended by the film's cast, HBO executives, and a collection of Russian dignitaries. Anybody could watch a new TV series from the comfort of their home, and the actors starring in new TV shows were rarely famous.
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