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☆ It's shaping up to be a tough summer for the stock market, but Nvidia could help salvage things
▼ + stars: | 2024-05-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we examine how this summer is shaping up to be tough for the stock market . Stocks are on track to either remain flat or turn negative going forward , according to two market vets Jennifer spoke to. The pessimism about stocks' future is due to a few factors. Some Nvidia employees are considered to be millionaires SOPA ImagesThere is, however, one company that could salvage things: Nvidia. As the key chipmaker in the space, a win for Nvidia is a win for everyone betting on AI being the future.

Persons: —, Jenny Chang, Rodriguez, Jennifer Sor, Stocks, Jennifer, It's, Jerome Powell, BI's Linette Lopez, Warren Buffett Scott Morgan, Warren, Berkshire Hathaway, Goldman Sachs, Michael Burry, John Paulson, Alyssa Powell, Gen Zers, Instagram, Vincent Sandoval, Getty, Henrik Sorensen, Tyler Le, Larry Ellison, it's, aren't, Cash, Bill Lee, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, New York Knicks, NBA, Business, Getty, Fidelity, Hamptons, Nvidia, Reuters, Berkshire, JPMorgan, Meta, Sciences, Apple, The Locations: Montauk, Berkshire, New York, London

☆ Inside Oracle's Deadly Gamble on Cerner and Electronic Health Records
▼ + stars: | 2024-05-20 | by ( Ashley Stewart | Blake Dodge | ) www.businessinsider.com time to read: +29 min

That was the promise of Cerner, the medical-records company Oracle bought in 2021 for $28.3 billion — Oracle's biggest acquisition. At the time, Cerner managed the electronic health records for a quarter of all American hospitals, including those run by the Pentagon and the Department of Veterans Affairs. Larry EllisonCerner's electronic records, in short, were a deadly disaster for the VA. Never mind the futuristic, AI-driven healthcare system Ellison envisioned. In 2015, it beat out Epic, its main competitor, for a $4.3 billion contract to handle electronic health records for the Defense Department. It had agreed to process tens of millions of crucial medical records, but it couldn't handle the subsequent deluge of data.

Persons: Larry Ellison's, Ellison, Cerner, I'm, Larry Ellison, Neal Patterson, Cerner's, Patterson, Ellison's, they're, David Shulkin, Margaret Albaugh, Cerner couldn't, Charlie Bourg, —, Larry, Marc Benioff, Ellison protégé, Mike Wilson, David Agus, oncologist, Agus, he'd, Steve Jobs, Sensei, We've, Georges De Keerle, Cerner —, hadn't, Mike Sicilia, Sicilia, Oracle, Anthony Jones Jr, Jones, Donald Remy, didn't, Seema Verma, Neil Evans, Sara Vaezy, Ed Meagher, haven't, Charlie Monroe —, it's, Charlie Bourg —, Bourg, Charlie Monroe, Monroe, Cathy McMorris Rodgers, grandkids, We're, there's Organizations: Oracle's, Oracle, Pentagon, Department of Veterans Affairs, Cerner, RAND Corporation, RAND, Big Tech, GE, Siemens, Cerner Corporation, Defense Department, Department of Defense, Business, Spokane, Ellison Institute of Technology, Microsoft, Agency, Health, Amazon, Veterans ' Affairs, Oracle Health, Navy, Columbus VA, BI, Life Sciences, Intermountain Health, UPMC, DOD, Seabees Locations: Las Vegas, antiaging, Silicon Valley, Spokane , Washington, Cerner, VistA, Bourg, Washington, Sicilia, Ohio, Columbus, Providence, Spokane, Monroe, CloudWorld

☆ Opinion: Why Julian Assange’s fate matters
▼ + stars: | 2024-05-19 | by ( Opinion Alan Rusbridger | ) edition.cnn.com time to read: +7 min

A determined American journalist, let’s call her Gillian, is sleuthing away at a story about India’s nuclear weapons program. Though Gillian is based in London, when she finally gets to publish her story, the Indian government is bent on revenge. Is Washington going to stand idly by and meekly accept the possibility of an American journalist languishing in an Indian jail? The clue is in the inverted commas around “journalist.” To my mind, Julian Assange is in some ways recognizably a journalist. However, to many journalists Assange is not a proper “journalist,” and they can’t really see what his fate has to do with theirs.

Persons: Alan Rusbridger, Read, let’s, Gillian, Alan Rusbridger Simone Padovani, meekly, Julian, He’s, ”, —, there’s, Julian Assange, Assange, Stephanie Lecocq, Hillary Clinton, Clinton, El País, Der Spiegel —, Chelsea Manning, Sarah Ellison, ” Clinton, Manning, Barack Obama’s, Iraq —, ’, It’s, John Podesta, Richard Nixon, Daniel Ellsberg —, Edward Snowden, Daniel Ellsberg, Wally Fong, Anthony Albanese, Joe Biden Organizations: Prospect Magazine, CNN, Guardian, WikiLeaks, Court, la Republique, Reuters, New York Times, US Army, Apache, US, Washington Post, The New York Times, Pentagon, Australian Locations: American, London, Delhi, Washington, la, Paris, Kenya, Iran, El, Le, Afghanistan, Iraq, Vietnam, Los Angeles

☆ From senators to a dog killer: A power ranking of Trump's potential vice presidents
▼ + stars: | 2024-05-12 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +11 min

AdvertisementFormer President Donald Trump is entering the final stretch in his vice presidential selection process. So with that in mind, here's Business Insider's initial vice presidential power rankings. He's a former presidential candidate himself, a fact many recent vice presidential nominees share (though Trump ignored that in 2016). Entrepreneur Vivek Ramaswamy: Ramaswamy staked out the most pro-Trump territory of any GOP presidential hopeful. Having never held elected office, the Roivant Sciences founder would have one of the least conventional resumes of any recent major party vice presidential nominee.

Persons: Donald Trump, Trump, —, I'm, Sen, Tim Scott of, TIMOTHY A, CLARY, Scott, He's, Larry Ellison, we've, Doug Burgum, North Dakota Ethan Miller, Kevin Cramer, haven't, Pence, Burgum, Dakotan, Marco Rubio, Joe Raedle, Florida Rubio, Rubio, Rubio isn't, Politifact, Elise Stefanik, Chip Somodevilla, New York Stefanik, Stefanik, Liz Cheney, isn't, it's, Biden, Mike Johnson's, JD Vance, Ohio Republican Andrew Harnik, Ohio Vance, Vance, Mike Pence, Byron Donalds of, Donalds, Kevin McCarthy's, Mike Johnson, hasn't, Vivek Ramaswamy, Ramaswamy, Tulsi Gabbard, Gabbard, Jr's, there's, Ben Carson, Carson, Glenn Youngkin, Youngkin, Rupert Murdoch, Kristi Noem Organizations: Service, Republican, Time Magazine, Republican Party, Getty, Oracle, CNBC, Black Republican, Reconstruction, Trump, GOP, Gov, North Dakota Burgum's, Democrat, LBJ, Microsoft, Ohio Republican, Roivant Sciences, Democratic, RFK, South Dakota Gov Locations: Milwaukee, Nebraska, Tim Scott of South Carolina, Iowa, North Dakota, Marco Rubio of Florida, New York, Wyoming, Ohio, Byron Donalds of Florida, Trump, Hawaii, Michigan, Virginia

☆ Corporate leaders, wealthy donors want a say in Trump's vice presidential pick
▼ + stars: | 2024-05-08 | by ( Brian Schwartz | ) www.cnbc.com time to read: +5 min

Other VP contenders at the weekend meeting included Stefanik, Scott and North Dakota Gov. This may help to explain why some influential Trump donors are especially wary of Ohio Republican Sen. J.D. Rubio, Stefanik, Scott and Burgum have all privately been pitched to Trump as top prospects with close ties to top business leaders. Those ties could bolster Trump's fundraising operation if one of them is chosen as his running mate, according to people familiar with the matter. Burgum could even help to self-fund Trump's campaign, just as he did for his own Republican primary run for president.

Persons: Donald Trump, Brendan Mcdermid, Trump, Ike Perlmutter, Elise Stefanik, Rupert Murdoch, Glenn Youngkin, Billionaire, South Carolina Sen, Tim Scott, Scott, Larry Ellison, Perlmutter, Florida Republican Sen, Marco Rubio's, Rubio, Stefanik, Doug Burgum, Marc Short, Mike Pence, Ohio Republican Sen, J.D, Vance, Vivek Ramaswamy, It's, Vivek, Ramaswamy, it's, I'm, Joe Biden's, Burgum Organizations: Reuters, Marvel Entertainment, New York, Republican, Virginia Gov, Billionaire Trump, Oracle, Fox, CNBC, Florida Republican, Republican National Committee, North Dakota Gov, Mar, Trump, Ohio Republican, Ivy League, Commission Locations: Freeland , Michigan, U.S, South Carolina, Palm Beach, Fla, Scott, Ohio

☆ What Wall Street finance bros should wear this summer
▼ + stars: | 2024-05-08 | by ( Jordan Hart | ) www.businessinsider.com time to read: +4 min

AdvertisementSo, Business Insider asked some style experts — and a finance bro — which brands and styles those on Wall Street should check out for their summer workwear. Men's fashion consultant Reginald Ferguson told BI that he wants his clients to remain "modern, yet classic" in their daily attire. Charles Tyrwhitt; Peter MillarPeter Millar and Charles Tyrwhitt were two brands suggested to BI by an early-career investment banker who asked to remain anonymous to protect his career. It's a "luxury golf brand that was smart to expand its line for its client to wear other garments while not on the course," Ferguson told BI. Kiton, another high-end brand with origins in Italy, is "the grail for the partner of the firm," Ferguson told BI.

Persons: —, Goldman Sachs, Mark Zuckerberg, Jeff Bezos —, Lauren Sanchez —, bro, Reginald Ferguson, Peter Millar, Charles Tyrwhitt, Peter Millar Peter Millar, Ferguson, nodded, Nicole Pollard Bayme, Bayme, Billionaire Bill Gates, Larry Ellison, Richard Mille Organizations: Service, bros, JPMorgan, Citigroup, Business, BI, LA, Casio, Getty, Billionaire Locations: Silicon, British, Italy

☆ The largest yachts owned by tech billionaires, from Mark Zuckerberg to Jeff Bezos
▼ + stars: | 2024-05-05 | by ( Madeline Berg | Grace Kay | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. A few years after he and his wife divorced, Jeff Bezos shelled out on a megayacht. Earlier this year, just before his 40th birthday, Mark Zuckerberg became the rumored owner of a yacht originally built for a Russian oligarch. While many tech billionaires have bought yachts, the richest of the rich, like Bezos, Zuckerberg, and Oracle cofounder Larry Ellison, have gone bigger. AdvertisementHere are the largest yachts owned by tech billionaires, listed in order of length.

Persons: —, Joe, Jeff Bezos, Bezos, Lauren Sanchez, Mark Zuckerberg, Superyachts, Giovanna Vitelli, superyachts, Zuckerberg, Larry Ellison, Evan Spiegel Organizations: Service, Business, Oracle Locations: Russian

☆ Sony and Apollo in Talks to Acquire Paramount
▼ + stars: | 2024-05-05 | by ( Benjamin Mullin | Lauren Hirsch | ) www.nytimes.com time to read: +1 min

Paramount has decided to formally open negotiations with a bidding group led by Sony Pictures Entertainment and the private equity giant Apollo, according to three people familiar with the matter. The move comes after a period of exclusive talks with the Hollywood studio Skydance lapsed on Friday night. A special committee of Paramount’s board of directors met Saturday and signed off on beginning deal talks with Sony and Apollo, which last week submitted a letter of interest valuing the company at $26 billion, the people said. The committee also decided to push for further negotiations with Skydance, a studio founded by the technology scion David Ellison. Any deal between the Sony group and Paramount faces hurdles.

Persons: David Ellison Organizations: Paramount, Sony Pictures Entertainment, Hollywood, Sony, Skydance, Nickelodeon, MTV, CBS, Paramount Pictures Locations: Japan, United States

☆ From 25 years in prison to just four months: Inside the final verdict on a crypto billionaire CEO archrivalry
▼ + stars: | 2024-05-05 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +18 min

Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. A month earlier, on the opposite coast in downtown Manhattan, FTX's Sam Bankman-Fried received a 25-year prison sentence for his crimes. At the beginning of his trial, SBF sported a fresh haircut and wore suits, but by its end, his curls were wild again. Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022. watch nowMoney makes all the differenceUnlike SBF, CZ didn't have his wealth wiped out by bankruptcy of the crypto company he founded.

Persons: Sam Bankman, Zhao Changpeng, Mike Segar, Benjamin Girette, Changpeng Zhao, FTX's Sam Bankman, Fried, Zhao, Binance's Zhao, FTX's, Toyotas, Braden Perry, Perry, Manfred, SBF, Michael Lewis, Lewis, Sam didn't, Amr Alfiky, Sam, Caroline Ellison, —, Zhao's, Yi He, Binance, David Ryder, Yang, Rachel Zhao, Yesha Yadav, Yadav, Mark Bini, Lewis Kaplan, Bankman, Kaplan, perjured, Neama Rahmani, Rahmani, Tre Lovell, Zhao hasn't, Lovell, weren't, FTX Organizations: Reuters, Bloomberg, Getty, Department of Justice, CFTC, Stanford University's, Bankman, CZ, Staff, Reuters Prosecutors, Alameda Research, Vanderbilt University, Wall Street, CNBC, FTX, Emergency Economic, Justice Department, DOJ Locations: Seattle, Manhattan, California, Hong Kong, Bahamas, Palo Alto, U.S, New York City, Alameda, Seattle , Washington, Paris, France, Angeles, Binance, Dubai, Delaware

Paramount’s proposed merger with Skydance has been the most tumultuous media deal in years. Now it has taken yet another turn after the exclusivity period for negotiations expired without an agreement in hand. Paramount shareholders grumbled that granting exclusivity was a mistake, and that the company should have engaged with Apollo instead. This week, the special committee told Skydance that it was letting the exclusivity period lapse. But it does allow Paramount to open up negotiations with Apollo and Sony Pictures Entertainment, which joined Apollo’s bid.

Persons: Paramount’s, Skydance, David Ellison — Organizations: Apollo Global Management, Paramount, Skydance, Apollo, Sony Pictures Entertainment

☆ Larry Ellison bought an entire island and Jeff Bezos owns a $78 million property there, but eBay's reclusive founder is Hawaii's richest resident
▼ + stars: | 2024-05-03 | by ( Polly Thompson | ) www.businessinsider.com time to read: +1 min

Despite all the big stars that flock to Hawaii, the elusive founder of eBay, Pierre Omidyar takes the state's crown. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Notable island neighbors include billionaires like Oprah Winfrey, Jeff Bezos, Peter Thiel, and Oracle founder Larry Ellison. But despite the big names and showy personalities of Hawaii's ultra-rich residents, it's the media-shy founder of eBay, Pierre Omidyar, who is the island state's richest permanent inhabitant, according to Forbes's list of the richest billionaire in every state for 2024.

Persons: Forbes, Pierre Omidyar, Omidyar, —, Oprah Winfrey, Jeff Bezos, Peter Thiel, Larry Ellison Organizations: eBay, Service, Oracle, Business Locations: Hawaii

Shari Redstone, chair of Paramount Global, attends the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on Tuesday, July 11, 2023. The consortium has been waiting for word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to Redstone. Spokespeople for Skydance, Redstone's National Amusements and Paramount's special committee declined to comment on Friday. Previously, Redstone rejected an offer by Apollo in favor of exclusive talks with Skydance. Redstone has preferred a deal that would keep Paramount together, as Skydance's offer would, CNBC previously reported.

Persons: Shari Redstone, David Ellison's Skydance, CNBC's David Faber, Ellison, Spokespeople Organizations: Paramount Global, Allen, Co . Media, Technology Conference, Skydance, Apollo Global Management, Sony Pictures, RedBird Capital, KKR, Paramount, Apollo, Sony, CNBC, Redstone Locations: Sun Valley , Idaho

The development throws up a major roadblock for Skydance, a movie studio that has been negotiating a complicated deal to merge with Paramount for months. Many Paramount investors have come out against that deal, saying it would enrich Shari Redstone, the company’s board chair, at the expense of other shareholders. The 30-day period for exclusive talks with a special committee of Paramount’s board expires at the end of Friday. The company could wait for Paramount to re-engage in negotiations, could make a higher bid or could walk away. The company is wary of being used by Paramount to drive up the price for another bidder.

Persons: Shari, David Ellison Organizations: Paramount, Hollywood, MTV, Nickelodeon, RedBird Capital Partners, Sony Pictures Entertainment, Apollo Global Management

☆ Meet the 37-year-old Apollo partner behind the $26 billion bid for Paramount
▼ + stars: | 2024-05-02 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +1 min

Skydance has been vying to buy Paramount. The private equity giant teamed up with Sony for a $26 billion bid. AdvertisementApollo Global Management and Sony have teamed up to buy Paramount for $26 billion, according to reports on Thursday. The all-cash offer has been submitted to Paramount's board, a person close to the negotiations confirmed to Business Insider. This story is available exclusively to Business Insider subscribers.

Persons: Skydance, Aaron Sobel, —, David Ellison, Larry Ellison Organizations: Paramount, Sony, Service, Global Management, Business, Skydance Media

Spokespeople for Paramount, Redstone's National Amusements, the special committee and Skydance declined to comment. Sony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26 billion, according to people familiar with the matter. Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and Wall Street Journal. A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value. Redstone could also argue she's more comfortable with pushing forward at Paramount Global without a sale.

Persons: Skydance, hasn't, David Ellison's Skydance, Shari Redstone, It's, Redstone's, Bob Bakish Organizations: Paramount, Sony, Apollo, Skydance, RedBird Capital, KKR, Sony Pictures, Apollo Global Management, Paramount Global, The New York Times, Wall Street Journal, Hollywood, Matrix Asset Advisors, Aspen Sky Trust, Redstone Locations: Apollo

Sony Pictures Entertainment and the private equity giant Apollo Global Management have formally expressed interest in acquiring Paramount for roughly $26 billion, according to two people familiar with the matter, a move that adds drama to an already chaotic deal making process. The nonbinding expression of interest, sent in a letter this week, comes as Paramount approaches an agreed-upon Friday deadline for the expiration of an exclusive negotiating period with Skydance, a Hollywood studio run by the tech scion David Ellison. Paramount has been in talks with Skydance for months, discussing a complicated transaction that would involve a merger and an investment from the private equity firm Redbird Capital Partners. The new, joint expression of interest would make Sony a significant majority and controlling shareholder and Apollo a minority shareholder. The proposed all-cash acquisition may appeal to Paramount shareholders who have come out against the Skydance deal over concerns it benefits the company’s controlling shareholder, Shari Redstone, at the expense of others.

Persons: David Ellison, Skydance, Shari Redstone Organizations: Sony Pictures Entertainment, Apollo Global Management, Paramount, Redbird Capital Partners, Sony Locations: Apollo

☆ What you need to know about Skydance's bid for Paramount, from financing a deal worth $32 billion to its plans for the media empire
▼ + stars: | 2024-05-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Skydance Media and its largest private-equity backer RedBird Capital Partners have been wooing Paramount for the better part of a year. The Skydance consortium, including fellow Skydance investor KKR, submitted a revised offer on Sunday. The deal would be worth roughly $32 billion, according to the source, with the value of Paramount and its $15 billion in debt making up the lion's share. Here's what we know about the deal, how much Redstone would get, and what a new Paramount would look like. Keeping Paramount public sets the Skydance bid apart from Apollo's potential offer, according to one of the sources.

Persons: Bob Bakish, Shari Redstone's, Tom Cruise, Mario Gabelli, Bakish, Getty, Redstone's, David Ellison, Larry Ellison, Ellison, RedBird, Gerry Cardinale, Goldman Sachs, Goldman, Skydance, Jeff Shell, Ben Affleck, Matt Damon's, Axel Springer Organizations: Skydance Media, RedBird Capital Partners, Paramount, KKR, Business, Ex, CNBC, Apple, New York Yankees, NFL, Bakish, CBS, MTV, Nickelodeon, ' Equity, Amazon Studios, Sony, Apollo, Wall Street Locations: Santa Monica , California, New York City, Skydance, RedBird

☆ Warner Bros. Discovery’s stock plummets to new low amid concerns the media giant could lose its NBA rights
▼ + stars: | 2024-05-01 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

Discovery doesn’t “have to have the NBA.” It appears Wall Street disagrees. TNT has built a programming slate around the NBA games, most notably the highly rated ”Inside the NBA” show. Losing the rights to NBA games could throw aspects of that business partnership into question. Since WBD first began trading on Wall Street in April 2022, the stock has lost roughly 70% of its value. And for Zaslav, whose company is struggling on Wall Street, the battle could not come at a more inopportune time.

Persons: New York CNN — David Zaslav, “, WBD, —, Joe Flint, Amol Sharma, Isabella Simonetti —, Charles Barkley, Andrew Marchand, Warner, That’s, NBCU’s, I’m, Zaslav, Gunnar Wiedenfels, Wiedenfels ’, Bob Iger, David Ellison’s, ” Organizations: New York CNN, Warner Bros, NBA, CNN, Industry, WBD, TNT, The Athletic, New York Post, NCAA, MLB, NHL, NASCAR, Disney, Fox Corporation, Netflix, Paramount Global, Wall Locations: New York

☆ Meet the ex-Goldman Sachs partner behind the scenes of the Skydance-Paramount deal negotiations
▼ + stars: | 2024-04-30 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Read previewParamount's CEO Bob Bakish was ousted on Monday night, putting the entertainment giant one step closer to accepting a merger deal. The would-be buyer, film studio Skydance Media, is owned by David Ellison, son of billionaire Oracle founder Larry. An investor in Skydance since 2020, RedBird is the media company's largest shareholder other than the Ellison family. This story is available exclusively to Business Insider subscribers. "I think it's my biggest competitive advantage that I don't get emotionally attached," Cardinale told Business Insider in 2022.

Persons: —, Bob Bakish, David Ellison, Larry, RedBird, Ellison, Gerry Cardinale, Goldman Sachs, Jeff Shell, Skydance, " Cardinale, Goldman, Jon Winkelried, Gerry, Axel Springer Organizations: Service, Skydance Media, RedBird Capital Partners, Business, New York Yankees, Dallas Cowboys, NFL, AC Milan, Paramount, KKR, Sony, TPG Locations: Skydance, RedBird

☆ Paramount axed its CEO, then held a bizarre earnings call where it played the 'Mission: Impossible' theme song over and over and refused to take questions
▼ + stars: | 2024-04-30 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

No questions were taken and the call ended with the Mission: Impossible theme being played on loop. The company announced the departure of its president and CEO Bob Bakish before the call. AdvertisementParamount executives didn't take any questions during the company's earnings call on Monday, and ended up blasting the Mission: Impossible theme music on loop to their investors instead. The entertainment studio's first quarterly earnings call of the year took place after Paramount announced the ouster of its president and CEO Bob Bakish. The earnings call ran for only 8 minutes and 50 seconds, and the executives in attendance weren't open to taking questions.

Persons: Bob Bakish, —, didn't, Bakish, George Cheeks, Chris McCarthy, Brian Robbins, Jaime Morris, Anna Nicolaou, Matthew Belloni, Alex Stedman, Shari Redstone, David Ellison's Skydance, David Ellison, Larry Ellison, There's, Paramount didn't Organizations: Paramount, Service, — CBS, Showtime, MTV Entertainment, Paramount Pictures, Nickelodeon Nickelodeon, Financial Times, Netflix, David Ellison's Skydance Media, Oracle, BI

Paramount’s cloudy futureThe boardroom intrigue at Paramount Global — the drama that has gripped the corporate world — just got messier. Bob Bakish is out as C.E.O., replaced by three subordinates who will form an “office of the C.E.O.” His departure caps a year of rising tension between him and Shari Redstone, Paramount’s controlling shareholder, who is pushing for a deal with David Ellison’s Skydance. Bakish’s exit removed an executive who didn’t support that transaction, but it doesn’t resolve all of the big questions hanging over the company’s future. Why Bakish was pushed out: Redstone picked the low-profile company veteran to lead Paramount after years of internal strife, but they still ended up clashing.

Persons: Bob Bakish, ”, Shari Redstone, David Ellison’s Skydance, Bakish Organizations: Paramount Global, Redstone, Paramount

☆ Paramount Global ousts chief Bob Bakish as future of media conglomerate hangs in the balance
▼ + stars: | 2024-04-29 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

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

☆ Oracle boosts its generative AI capabilities as cloud competition heats up
▼ + stars: | 2024-04-29 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +4 min

(Photo by PAU BARRENA / AFP) (Photo by PAU BARRENA/AFP via Getty Images)U.S. cloud infrastructure provider Oracle is boosting its generative AI capabilities as cloud competition intensifies and more companies jump into AI. Oracle has been introducing generative AI capabilities into its cloud infrastructure and applications to complement the traditional AI already embedded in them. The generative AI capabilities can perform tasks such as generating financial reports and drafting job ads, improving productivity and reducing business costs, Oracle said. JPMorgan has said generative AI and AI could drive incremental IT spending and growth across the software landscape. "Generative AI services [are] basically a huge advantage comparing with our competition.

Persons: PAU BARRENA, ChatGPT, Rondy Ng, it's, Ng, Dan Ives, Ellison, Ives, Larry Ellison, Gartner Organizations: Mobile World Congress, MWC, Getty Images, Oracle, CNBC, Wedbush Securities, JPMorgan Locations: Barcelona, AFP, U.S

☆ 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’s Chief Executive, Bob Bakish, Steps Down
▼ + stars: | 2024-04-29 | by ( Benjamin Mullin | Lauren Hirsch | ) www.nytimes.com time to read: +1 min

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

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