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Shari Redstone won control over her media empire in 2018 after a hard-fought struggle with CBS. Now, Ms. Redstone has decided to sell her controlling stake in Paramount, a decision that could put her in conflict with some of the company’s shareholders. The question that Paramount’s board has to answer — and may eventually have to defend in a courtroom: Is the deal under consideration good for all shareholders, or just Ms. Redstone? “Are these decisions that are being made in the best interest of Paramount generally?” said Eric Talley, a law professor at Columbia. “Or are they basically the types of decisions that are only going to give Shari Redstone a nice nut but pretty much stick it to the other minority shareholders?”
Persons: Shari Redstone, , Eric Talley, Shari Organizations: CBS, Viacom, Paramount, Columbia
As Paramount, the media company that’s the home of the “Top Gun” franchise and Nickelodeon, was preparing to enter exclusive talks to sell itself to the media company Skydance, another suitor emerged. Apollo Global Management, the investment firm, told Paramount over the weekend that it was interested in acquiring the entire company for more than $26 billion, including the value of Paramount’s debt, according to two people with knowledge of the matter. It had previously submitted an $11 billion offer to acquire just the Paramount movie studio. Paramount decided not to engage with Apollo’s overture, the people said, with one person explaining that doing so could have derailed its advancing negotiations with Skydance, which became exclusive this week. Apollo said in a letter to Paramount that it was interested in buying out all the company’s shareholders in cash, which could be enticing as the board seeks to strike a deal that not only pleases Shari Redstone, who controls Paramount, but also the company’s common shareholders.
Persons: Apollo’s, Apollo, Shari Redstone Organizations: Paramount, Nickelodeon, Apollo Global Management, CBS, Skydance
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
Warner Bros. Discovery said on Monday that two members of its board of directors, Steven Newhouse and Steven Miron, had stepped down after the company learned about an investigation into whether their presence on the board violated antitrust law. Federal law forbids most corporate officers and board members to simultaneously serve on the boards of their competitors. Mr. Newhouse and Mr. Miron are both executives at Advance, a private, family-held business whose holdings include the Condé Nast glossy magazine empire that publishes titles such as Vogue and The New Yorker.
Persons: Discovery, Steven Newhouse, Steven Miron, Newhouse, Miron Organizations: Warner Bros, Advance, Vogue Locations: Yorker
Sports Illustrated’s owner on Monday sued Manoj Bhargava, the energy drinks mogul whose foray into media has been rife with chaos and conflict, accusing him of failing to pay millions of dollars for the rights to publish the iconic magazine. The 51-page lawsuit, filed in U.S. District Court for the Southern District of New York, says that Mr. Bhargava and Arena Group, the publisher he controls, owe $48.75 million in missed payments, as well as damages for infringing on Sports Illustrated’s copyrights and trademarks. The lawsuit represents the latest public skirmish between Authentic Brands Group, which owns Sports Illustrated, and Mr. Bhargava, the 5-Hour Energy drink founder whose effort to take control of Sports Illustrated’s parent company has resulted in a series of lawsuits and turmoil at the sports publication. Sports Illustrated is being operated by Minute Media, a New York-based sports-media company that wrested the title away from Arena Group last month by striking a new deal with the magazine’s owner. After Arena Group laid off scores of employees in January and threatened to discontinue Sports Illustrated’s print edition, Minute Media pledged to hire some of them back and keep the magazine alive.
Persons: Manoj Bhargava, Mr, Bhargava Organizations: Southern, of, Arena Group, Sports, Authentic Brands, Energy, Minute Media, Group, Media Locations: U.S, of New York, New York
At the same time, they've been taking tens of thousands of dollars in corporate PAC money — some of which may be ending up directly in the senators' bank accounts. This story is available exclusively to Business Insider subscribers. Between the 2022 election and the end of 2023, Vance has used $78,000 in corporate PAC contributions to repay campaign debts, while Mullin has done the same with $45,000 in corporate cash. Mullin did the same with 19 corporate PACs, including ConocoPhillips, ExxonMobile, and GlaxoSmithKline. He also promised not to take corporate PAC money during the GOP primary, only to reserve that pledge during the general election against Democratic Rep. Tim Ryan, who did accept corporate PAC money.
Persons: , JD Vance, Markwayne Mullin, they've, Vance, Mullin, Sen, Ted Cruz, Elena Kagan, Cruz, Jordan Libowitz, Republican Sen, Ron Johnson of, Ron Johnson, Shawn Thew, who's, Tim Ryan, didn't, Vance's, Saurav Ghosh, Ghosh Organizations: Service, Sens, Indiana, Business, Texas Republican, Finance, FEC, Citizen, Washington, Capitol, Republican, Getty, Pro, Comcast, Intel, General Motors, Walmart —, ConocoPhillips, GlaxoSmithKline, GOP, Democratic Rep Locations: Ohio, Texas, Ron Johnson of Wisconsin, AFP, Oklahoma, The Ohio, ExxonMobile
Ramstein Air Base, Germany CNN —US Defense Secretary Lloyd Austin emphasized Tuesday that the US “will not let Ukraine fail,” as Congress continues to delay critical funding for Ukraine aid. “So, our message today is clear: The United States will not let Ukraine fail. This coalition will not let Ukraine fail. And the free world will not let Ukraine fail.”The trip is Austin’s first official trip abroad since his prostate cancer procedure in December. “And Ukraine continues to down Russian warplanes.”The future of supplemental aid in Congress remains unclear.
Persons: Lloyd Austin, , Austin, Rustem Umerov, , Russia “, ” Austin, Mike Johnson, Sen, Markwayne Mullin, Johnson, Joe Biden, Jake Sullivan Organizations: Ramstein Air Base, Germany CNN — US, Ukraine Defense Contact, Ukrainian Defense, CNN, Russia, Russian Navy, Republican, , Pentagon, Army Locations: Germany, Ukraine, United States, Russia, Europe, , Oklahoma
The owner of Sports Illustrated said it had chosen a new company to publish the magazine, a deal that could settle some of the recent friction at the storied publication and continue the print edition. Authentic Brands Group, which owns the intellectual property rights to Sports Illustrated as well as to celebrities like Marilyn Monroe and Muhammad Ali, said it had struck a long-term deal to license Sports Illustrated’s publishing rights to Minute Media, a digital-media company focused on sports. Minute Media’s license with Sports Illustrated will stretch for 10 years with an option to extend for up to 30 years total, into the magazine’s centenary. The companies declined to disclose financial terms but said that Authentic Brands Group was taking a stake in Minute Media as part of the deal. The deal is a significant expansion for Minute Media, a New York-based company founded in 2011 whose holdings — which include the sports websites The Players’ Tribune and Fansided — generate more than $400 million in revenue annually.
Persons: Marilyn Monroe, Muhammad Ali Organizations: Sports Illustrated, Authentic Brands, Sports, Minute Media, Authentic, Media, ’ Tribune, Fansided Locations: New York
Since a trio of media titans announced a new sports-focused streaming service last month, key details of the project have been shrouded in mystery. Discovery — said that it would be led by Pete Distad, a former executive at Apple who had been in charge of distribution of the tech giant’s Apple TV+ streaming service. By selecting Mr. Distad, an executive with a mix of tech and media experience, the companies behind the service signaled that the new service needs a leader who understands the old-school economics of cable television and the promise of the rapidly unfurling streaming business. Before he joined Apple, Mr. Distad helped start Hulu, the last major streaming joint venture. In a statement, Mr. Distad said he was looking forward to pulling together “industry-leading sports content portfolios” from the three companies.
Persons: , Pete Distad, Distad Organizations: titans, — Fox, Disney, Warner Bros, Apple, Hulu Locations: Los Angeles
Friction between Sports Illustrated’s owner and its operator has led to disarray at the venerable magazine in recent months. But that message runs counter to what Sports Illustrated’s owner, Authentic Brands Group, has said about looking for a way to ensure that the magazine endures in print. Last year, Mr. Bhargava, the founder of the 5-Hour Energy drink company, agreed to buy a major stake in the Arena Group. In January, Authentic Brands terminated its deal with Arena Group after Arena breached its licensing agreement by failing to make a $3.75 million payment. Since then, Authentic Brands has been weighing a deal with new licensees, leading to the current uncertainty.
Persons: Steve Janisse, Manoj Bhargava, Bhargava Organizations: Sports, Employees, Authentic Brands, Brands, Energy, Arena, Group
Speaker Mike Johnson told Republican senators during their closed-door retreat Wednesday that he was committed to finding a path ahead for Ukraine aid in the House of Representatives, a sign GOP senators took to mean that aid to the embattled country isn’t yet dead in Congress. McCaul said Johnson will put such a House foreign aid bill on the floor after the appropriations process is done. McCaul dismissed the concept of sending Ukraine aid through a discharge petition, saying he is “worried” about that approach, highlighting instead the REPO Act and formatting aid as a loan. “You know, it feels like Speaker Johnson makes up his strategy one or two days at a time. “Speaker Johnson doesn’t need to make up a new plan.
Persons: Mike Johnson, Sen, Markwayne Mullin, Johnson, wouldn’t, Michael McCaul, Ukraine –, Donald Trump, McCaul, ” McCaul, “ I’ve, Republican Sen, Lindsey Graham, , Roger Wicker of, , ” “, Joni Ernst of Iowa, Thom Tillis, we’ve, Mitch McConnell, ” McConnell, “ We’ve, Democratic Sen, Chris Murphy, Johnson doesn’t, that’s, CNN’s Morgan Rimmer Organizations: Republican, CNN, Republicans, House Foreign, Texas Republican, GOP, Senate Armed Services Committee, Kentucky Republican, Democratic, , Senate, ” Republican Locations: Ukraine, Oklahoma, Texas, West Virginia, Roger Wicker of Mississippi, Israel, Taiwan, North Carolina, Russia, Connecticut, Arkansas
But there are some signs of hope. The new class of news start-ups — Puck, Punchbowl News, The Ankler and Semafor are among the most prominent — have kept spending down and hired carefully. They have attracted top journalists by putting them at the heart of the enterprise, sometimes as part owners in the companies. “There was possibly a mismatch 10 or 15 years ago between funding structures and media companies,” said Jon Kelly, the co-founder and editor in chief of Puck, whose 14 reporters write about topics including politics, finance and media. “And I think that the entire industry has learned from that.”
Persons: , fatefully, , Jon Kelly, Puck Organizations: Punchbowl News Locations: Punchbowl
But Trump and Biden’s turns in the spotlight this week will highlight their all-but-certain rematch, barring health crises or other surprise events. November’s election is already heaping pressure on political and electoral institutions, the Constitution and America’s fragile national unity. The move further delayed the ex-president’s federal criminal trial over election interference, which Trump – who is seeking to push off his trials past the 2024 election – touted as a win. Ahead of a likely general election clash, Trump’s appetite for testing the rule of law and the Constitution is undimmed. While leaders of both congressional chambers have reached a bipartisan spending deal, the tiny GOP House majority means any piece of legislation is a heavy lift.
Persons: Donald Trump, Joe Biden, Trump, Biden’s, Biden, Trump’s, he’s, Sen, Bernie Sanders, Nikki Haley, , . South Dakota Sen, John Thune, Mitch McConnell, he’ll, Haley, , GOP Sen, Markwayne Mullin, CNN’s Dana, there’s, wilder, “ Biden, White, , Mike Johnson Organizations: CNN, GOP, Colorado Supreme, Supreme, Super, Democratic, Trump, South Carolina Gov, Capitol, Republican, , Oklahoma, Biden, American, The New York Times, Siena College, Times, Street Journal, Hamas, MAGA ” Republicans Locations: Idaho, Missouri, Washington ,, . South Dakota, South Carolina, “ State, Greensboro , North Carolina, United States of America, Ukraine, Israel, Gaza, Michigan
Florida Rep. Matt Gaetz and Hunter Biden crossed swords over drug use during a deposition. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementA new transcript shows the tense moment Rep. Matt Gaetz of Florida decided to go after Hunter Biden with probing questions about drugs — and what happened next. Gaetz asked, referencing the Ukrainian energy company that Hunter Biden had served as a board member for. "I will answer it this way: I have been absolutely transparent about my drug use," Hunter told Gaetz on Wednesday.
Persons: Matt Gaetz, Hunter Biden, Gaetz, Hunter, he'd, , Biden, Joe Biden, Oklahoma Sen, Markwayne Mullin, Mullin, CNN's Manu Raju, Mullin's, Hunter hasn't Organizations: Service, GOP, CNN, Gaetz, Business Insider Locations: Florida, Ukrainian, Oklahoma
The Center for Public Integrity, one of the oldest and most storied nonprofit newsrooms in the United States, is considering merging with a competitor or shutting down amid turmoil in its top ranks and financial difficulties that have significantly sapped its reserves, according to two people with knowledge of the organization’s inner workings. The nonprofit fell about $2.5 million short of its budget goal of around $6 million for 2023, according to the two people, who would speak only anonymously to protect their relationships within the organization. This month, Paul Cheung, the organization’s chief executive, resigned after an employee accused him of unethical behavior. The board also eliminated the position of its editor in chief, Matt DeRienzo, who has left the nonprofit. In a statement, the Center for Public Integrity said it had a “financially challenged past year” like many other nonprofit media organizations.
Persons: Paul Cheung, Matt DeRienzo Organizations: Public, Center for Public Integrity Locations: United States
New York CNN —The digital media revolution is over. Its two leaders, Vice Media and BuzzFeed , are in a frenetic retreat, surrendering much of their online empires as they try to protect what remains of their core assets. The demise of Vice Media as we know it is a particularly hard pill to swallow. Ahead of the announcement, the mood inside Vice Media was grim. Dixon said in his note that Vice Media had determined it was “no longer cost-effective” for the company to distribute its digital content on its own.
Persons: , , they’re, I’m, Bruce Dixon, Benjamin Mullin, Dixon, Shane Smith Organizations: New York CNN, Vice Media, Media, Big Tech titans, Fortress Investment, Sports Locations: New York
Executives at Vice Media are planning to lay off hundreds of more than 900 employees over the next week, eliminating staff from its digital publishing division, according to three people familiar with the matter. Over the past half-decade, Vice has had near annual layoffs and mounting losses, and has filed for bankruptcy, making it the poster child for the battered digital-media industry. When Vice emerged from bankruptcy last year, some observers hoped its new owners — a consortium led by the private-equity firm Fortress Investment Group — would reinvest to return the company to growth. Instead, Fortress has decided to make sweeping cuts, as part of an attempt to stem the endless tide of red ink. The company is planning to inform employees of its new business strategy in the next week.
Organizations: Vice Media, Fortress Investment, Fortress
BuzzFeed said on Wednesday that it was selling Complex — a media start-up known for its coverage of streetwear and pop culture — at a significant discount from its purchase price. The buyer is Ntwrk, an e-commerce company backed by LiveNation Entertainment and Main Street Advisors, which is paying $108.6 million for the company. It is also paying BuzzFeed $5.7 million to cover severance expenses of Complex employees whom BuzzFeed is laying off, along with other costs. BuzzFeed is not selling First We Feast, the internet brand associated with Complex behind the popular “Hot Ones” interview series about hot wings. Jonah Peretti, BuzzFeed’s co-founder and chief executive, said in a statement that selling Complex was “an important strategic step” for the company.
Persons: BuzzFeed, Jonah Peretti, BuzzFeed’s Organizations: LiveNation Entertainment, Main Street Advisors
Paramount, the owner of TV networks like Nickelodeon, MTV and Comedy Central, is laying off hundreds of employees, cutting costs as it continues its painful transition away from traditional television. About 3 percent of the company’s roughly 24,500 employees will be affected by the layoffs, according to a person familiar with the cuts, who spoke on condition of anonymity to discuss sensitive corporate information. Bob Bakish, Paramount’s chief executive, said in a memo to employees that the cuts were part of a bid to “return the company to earnings growth.”“While I realize these changes are in no way easy, as I said last month, I am confident this is the right decision for our future,” Mr. Bakish wrote. “These adjustments will help enable us to build on our momentum and execute our strategic vision for the year ahead — and I firmly believe we have much to be excited about.”
Persons: Bob Bakish, , ” Mr, Bakish, , Organizations: Paramount, Nickelodeon, MTV, Comedy
Read previewThe two executives who have ran BlackRock's influential consulting business since 2020 are each being promoted to new roles at the asset manager, a spokesperson told Business Insider, as BlackRock makes sweeping changes to its leadership ranks across divisions. The firm is naming Brandon Hall as the firm's deputy chief operating officer, reporting to Rob Goldstein, BlackRock's chief operating officer and a prominent leader at the company. He replaces Stacey Mullin, who had held the role since 2022 and was recently named chief of staff to BlackRock Chief Executive Larry Fink. He will report to Charles Hatami, who runs the group known as FSIG and heads up BlackRock's business in the Middle East. Martin Small, now the New York-based firm's chief financial officer, had previously held roles in FMA.
Persons: , Brandon Hall, Rob Goldstein, Stacey Mullin, Larry Fink, Ben Leax, Charles Hatami, FMA, Goldstein, Martin Small, Hatami, Mark Wiedman, Fink, Mark Erickson, Mark Azzopardi Organizations: Service, BlackRock, Business, Financial, Hall, BI, Federal Reserve Bank of New Locations: New York, FMA, Federal Reserve Bank of New York
Mr. Wenner told employees in a separate note that Mr. Shachtman would be replaced in the interim by Sean Woods, the magazine’s deputy editor, and Lisa Tozzi, its digital director. The magazine will begin a search for a new top editor in the coming weeks, he said. The former top editor of The Daily Beast, Mr. Shachtman imported the news website’s hard-nosed, investigative sensibility to Rolling Stone. During his tenure, the magazine published investigations into prominent musicians and actors, including Jonathan Majors and Marilyn Manson. After his comments were published, he was ousted from the foundation and condemned by the Black Rock Coalition, a conflagration that Mr. Shachtman had pushed Rolling Stone to cover.
Persons: Wenner, Shachtman, Sean Woods, Lisa Tozzi, he’s, ” Mr, Jonathan Majors, Marilyn Manson, Stone, Jann Wenner, Gus Wenner’s Organizations: The Times, Roll Hall of Fame Foundation, Black Rock Coalition
The girlfriend effect is the improvement a person (or, in this case, a brand) gets by associating with a magnetic partner. The term, which has been applied to Kelce, gained popularity on TikTok last year, said Linda Ong, chief executive of Cultique, a cultural analysis firm. has faced crises in recent years that hurt its reputation among younger viewers, particularly women, Ong said. Domestic violence by players, the lack of diversity among head coaches, and players’ chronic health problems from concussions have tainted the league’s brand.
Persons: Linda Ong, Ong
On Tuesday, Disney, Fox and Warner Bros. The companies announced a streaming service that will feature games from the major professional leagues and college conferences, which they hope will attract sports fans who have abandoned cable. The service will offer streaming subscribers all the channels owned by those companies that show sports, like ESPN, TNT and FS1, but also ABC and Fox. Subscribers will have access to 14 channels in total, as well as ESPN’s existing streaming service, ESPN+. The price, name and executive team behind the service have not yet been determined.
Organizations: Disney, Fox, Warner Bros, Discovery, ESPN, TNT, ABC
CNN spent years trying to compete in the cutthroat realm of chatty morning TV, cycling through formats in the hopes of catching up to breakfast-time staples like “Morning Joe” and “Good Morning America.”That experiment never quite caught on with viewers — and now it is coming to an end. In his first significant programming move since joining the network in the fall, Mark Thompson, CNN’s chairman, announced on Monday that the channel would exit the morning chat-show format by the end of the month. Instead, its morning lineup will focus on straight news coverage, the kind of bread-and-butter reporting that Mr. Thompson, a former head of The BBC and The New York Times, has championed. The co-anchors of “CNN This Morning,” Poppy Harlow and Phil Mattingly, are in discussions about new roles at the network. “I’m very aware that today’s announcement means a great deal of uncertainty for many valued colleagues,” Mr. Thompson wrote in a memo to employees, adding that “change and uncertainty are inevitable in an industry undergoing a revolution.”
Persons: Joe ”, Mark Thompson, Thompson, Poppy Harlow, Phil Mattingly, ” Mr, Organizations: CNN, America, BBC, The New York Times
Two-tone metals are here to stay. Mixing and matching jewelry metal is in. Roman Bobyr/ShutterstockYou'll continue to see the mixed-metals trend that this year, according to Abingdon Mullin, jeweler, CEO, and founder of Abingdon Co . Devoted silver and gold fans can rest assured knowing that the days of being limited to one metal are over. "More than ever, we're seeing two-tone pieces that artfully combine contrasting metals in a harmonious way," the jeweler told BI.
Persons: Shutterstock You'll, Abingdon Mullin Organizations: Abingdon Co Locations: Roman
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