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The Allen & Co. Sun Valley Conference draws the ultrawealthy to Idaho for a weeklong retreat. & Co. draws the ultrawealthy to Idaho for a weeklong retreat. The event allows business leaders to connect — and potentially strike some deals. AdvertisementInvestment firm Allen & Co.'s Sun Valley Conference is again drawing in the world's ultra-wealthy for a weeklong retreat in the idyllic Idaho wilderness from July 9 to July 13. This story is available exclusively to Business Insider subscribers.
Persons: Sam Altman, Shari Redstone, Bob Iger, Organizations: Allen, Co, Sun Valley Conference, Disney, Service, Investment, Sun, Conference, Business Locations: Idaho
Paramount trio of CEOs told staff it was "business as usual" until its merger closes, Deadline reported. 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 . AdvertisementParamount's CEO trio told employees it was "business as usual" until its mega merger with Skydance formally closes, while reminding them that layoffs loom. This story is available exclusively to Business Insider subscribers.
Persons: , Shari Redstone, David Ellison, Larry Ellison, Jeff Shell Organizations: Paramount, Service, Skydance, Business
Paramount agreed to merge with Skydance Media after tumultuous acquisition talks. But the Hollywood megamerger may face FTC scrutiny. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementParamount, the media giant that owns Nickelodeon and MTV, has finally agreed to a deal with Skydance Media, the companies said late Sunday. The deal includes an acquisition of National Amusements, which holds the controlling stake in Paramount, and a merger of Skydance and Paramount Global.
Persons: Lina Khan, , Shari Redstone, David Ellison Organizations: Paramount, Skydance Media, Hollywood, FTC, Service, Nickelodeon, MTV, National Amusements, Paramount Global Locations: Skydance
CNN —Paramount Global—the sprawling media empire behind CBS, MTV, and one of Hollywood’s most storied movie studios—has agreed to merge with technology scion David Ellison’s Skydance Media, ending years of speculation over the company’s fate. The complicated transaction will see Skydance first buy National Amusements, then merge with Paramount, valuing Skydance at $4.75 billion. The combined company will be helmed by Ellison as chief executive and former NBCUniversal chief Jeff Shell as president. The deal caps a tumultuous and protracted saga that began in December, with the two companies entering into exclusive negotiations in April, resulting in the ouster of longtime Paramount chief executive Bob Bakish. In the meantime, the company has been run by 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.
Persons: , David Ellison’s Skydance, Ellison, Shari Redstone’s, Sumner Redstone, Jeff Shell, Bob Bakish, Brian Robbins, Chris McCarthy, George Cheeks, Robbins, , ” Robbins, David Ellison, Larry Ellison, ” Redstone, Paramount’s Organizations: CNN, Paramount, CBS, MTV, David Ellison’s Skydance Media, Amusements, National, Paramount Pictures, Showtime, MTV Entertainment Studios, Comedy Central, Netflix, BET, Sony Pictures, Apollo Global Management, Sony, Apollo, Redstone, Skydance Media
In past years, media companies chased high subscriber numbers in an attempt to best each other. Nathaniel S. Butler | National Basketball Association | Getty ImagesWith the NBA's media rights negotiations still ongoing, sports will remain a topic of conversation at this year's gathering. League commissioners, especially the NFL's Roger Goodell, are often attendees of the Sun Valley conference. Discovery has been weighing whether to match a competing offer for the media rights as the league looks to finalize smaller package deals. Sports remain the glue holding the traditional pay-TV bundle together, and has proven invaluable for streaming services, too.
Persons: Drew Angerer, Discovery's David Zaslav, Bob Iger, Dana Walden, Alan Bergman, Josh D'Amaro, Hugh Johnston, Ted Sarandos, Greg Peters, Andy Jassy, Jeff Bezos, Tim Cook, it's, Shari Redstone, Neil Begley, Redstone, David A, Barry Diller —, Paramount —, Jeff Shell, Max, Jonathan Miller, Begley, Sun, Mark Boidman, Dwyane Wade, Nathaniel S, Butler, Roger Goodell, Miller, Donald Trump, Joe Biden, Andrew Harnik Organizations: Getty Images Media, titans, Allen, Co, Warner Bros, Netflix, Apple, Amusements, Paramount Global, Paramount, Moody's Investors Services, Co . Media, Technology Conference, Grogan, CNBC, Media, Shell, Disney, Hulu, ESPN, Fox Corp, Integrated Media, Hollywood, Solomon Partners, Sports, NBA, National Basketball Association, Getty, League, Sun, NFL, YouTube, Amazon Locations: Sun Valley , Idaho, Sun, Idaho, Atlanta
Paramount agrees to merge with Skydance
  + stars: | 2024-07-08 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +2 min
Paramount Global will merge with Skydance, capping off a months-long negotiation that included various twists and turns, and will see the Redstone family step away from control of the storied movie studio and media company. Paramount's special committee agreed to the merger on Sunday, days after Shari Redstone's National Amusements, the controlling shareholder of Paramount, once again reached a preliminary agreement with Skydance. The latest iteration of the deal will see the buying consortium, which includes RedBird Capital Partners and KKR, invest more than $8 billion into Paramount and to acquire National Amusements. The deal gives National Amusements an enterprise value of $2.4 billion, which includes $1.75 billion in equity. A completed Skydance merger would mark a major shift for the ownership of Paramount, as well as for Hollywood as a whole.
Persons: Shari Redstone's, it's, Jeff Shell, Ellison, Forrest, , David Ellison, Skydance, Larry Ellison Organizations: Paramount Studios, Paramount, Skydance, RedBird Capital Partners, KKR, National, Shell, Hollywood, CBS, MTV, Nickelodeon, Oracle Locations: Los Angeles , California
David Ellison’s Hollywood career has been defined by high-octane blockbusters filled with suspense, stunts and improbable plot twists. If the deal closes, he will be in charge of a sprawling media empire that includes CBS, MTV and the Paramount movie studio. Though Mr. Ellison, 41, joined the cast of Hollywood’s power players more than a decade ago, he hasn’t taken center stage until now. Who is David Ellison, and what is his company, Skydance? It wasn’t until he became a producer that his star in Hollywood began to rise.
Persons: David Ellison’s, Shari Redstone, Ellison, David Ellison, Organizations: David Ellison’s Hollywood, Paramount, CBS, MTV, Hollywood
Media mogul Barry Diller is taking a look at acquiring National Amusements Inc., the company owned by Shari Redstone and the controlling shareholder of Paramount, CNBC's David Faber reported on Tuesday. Diller's IAC , an internet media and publishing company, has signed a nondisclosure agreement and is looking in the data room of National Amusements, Faber said Tuesday. These discussions come weeks after National Amusements stopped talks with Skydance on a proposed merger with Paramount. National Amusements, which Redstone controls, holds 77% of class A Paramount shares. Prior to calling off the proposed merger, National Amusements had agreed to financial terms of the deal, CNBC reported.
Persons: Barry Diller, Shari Redstone, CNBC's David Faber, Faber, Skydance, David Ellison's Skydance, RedBird Organizations: Paramount Global, Media, National Amusements Inc, Paramount, Diller's IAC, Amusements, IAC, National, RedBird Capital, KKR, National Amusements, CNBC Locations: Redstone
Paramount and Skydance Near Merger Deal
  + stars: | 2024-07-02 | by ( Benjamin Mullin | Lauren Hirsch | ) www.nytimes.com   time to read: +1 min
For months, Paramount’s controlling shareholder and Skydance sought to seal a merger that would transform the media industry, before those talks ground to a sudden halt in June. Now, just weeks later, the two sides have reached a preliminary deal to merge, four people familiar with the negotiations said. If they win that approval, the deal will combine Paramount — the parent company of CBS, MTV and Nickelodeon — and Skydance, the up-and-coming movie studio that helped produce “Top Gun: Maverick,” into a new giant in Hollywood. Shari Redstone, who controls Paramount through her stake in its parent company, National Amusements, is part of the family that has run the media conglomerate for decades. The new company would be backed instead by big-ticket investors like the private-equity firm RedBird and David Ellison, son of the Oracle founder Larry Ellison.
Persons: Skydance, Shari Redstone, David Ellison, Larry Ellison Organizations: Paramount, CBS, MTV, Nickelodeon, National, Oracle Locations: Hollywood
It’s unclear how far along the talks between IAC and National Amusements are. A bid to take control of Paramount would be a coda of sorts for Mr. Diller, 82, who tried to acquire Paramount Pictures in the early ’90s. Mr. Diller was named head of Paramount Pictures in 1974 at the age of 32. After Mr. Redstone outbid him for the company, Mr. Diller set his sights on continuing to build his new media empire, striking a series of audacious deals to expand IAC. “They won,” Mr. Diller said in a statement after losing out to Mr. Redstone.
Persons: Edgar Bronfman Jr, Steven Paul, Diller, Sumner Redstone, Shari, rejuvenating, Michael Eisner, wunderkind Jeffrey Katzenberg, ” Mr, Shari Redstone Organizations: IAC, National, Hollywood, Paramount, Paramount Pictures, Disney, , Amusements, Skydance, National Amusements
Paramount+ to increase prices for its streaming plans
  + stars: | 2024-06-24 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +3 min
The price increase takes effect on Aug. 20 for new customers for both plans. Existing Paramount+ with Showtime customers will see the price increase hit on or after Sept. 20. Paramount executives had said publicly on multiple occasions they see a lot of opportunities to increase the price of streaming services. Paramount said in April it had added 3.7 million Paramount+ subscribers during the first quarter, bringing the total to 71 million. The price increase comes after National Amusements earlier this month stopped discussions with Skydance on a proposed merger with Paramount.
Persons: , Comcast's NBCUniversal, Peacock, Shari Redstone, David Ellison's Skydance, George Cheeks, Chris McCarthy, Brian Robbins, Skydance didn't Organizations: Paramount, Showtime, Summer, NBC, Warner Bros . Discovery, National, CBS, Paramount Media Networks, Paramount Pictures, Comcast, CNBC Locations: NBCUniversal
After weeks of endless speculation about the future of Paramount Global, and more than half a year of grueling negotiations, the heiress called off talks with David Ellison’s Skydance Media, astonishing the industry and raising questions about the future of her family-controlled media empire. Why Redstone ultimately vetoed the deal is now up for discussion. Chief among them was whether the deal should have been subject to approval from a majority of the minority shareholders. And tried they did over the last several months, with the negotiations claiming several high-profile casualties along the way. Over the course of the last few months, Bob Bakish was ousted as chief executive of Paramount Global and four directors resigned from the company’s board.
Persons: Shari Redstone, David Ellison’s Skydance, Sumner, Skydance, Ellison, Charles Phillips, “ Shari, Bob Bakish, , Brian Robbins, George Cheeks, Chris McCarthy, NAI Organizations: New York CNN, Paramount Global, Amusements Inc, CNN, Redstone, Redbird Capital, Paramount’s Office, Company’s, Directors, Paramount, Locations: New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShari Redstone ends talks with Skydance on Paramount deal, reports WSJHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Shari Redstone, Skydance, Brian Sullivan, Organizations: Paramount, CNBC
Oracle — The tech company's shares jumped nearly 9% after it announced cloud deals with Google and OpenAI, despite posting a miss on fiscal fourth-quarter results. Oracle posted adjusted earnings of $1.63 per share on revenue of $14.29 billion, while analysts expected earnings of $1.65 per share on $14.55 billion in revenue. Rubrik — Shares of the cloud data management company advanced 3% after beating first-quarter expectations on revenue. Rubrik reported $187 million in revenue for the period, while analysts polled by LSEG anticipated $172 million. Paramount — Shares slipped 0.4%, extending late-day losses.
Persons: LSEG, Rentokil, Nelson Peltz's Trian, Shari Redstone, Skydance, CNBC's David Faber Organizations: Oracle, Google, Nelson Peltz's Trian Partners, CNBC, Paramount, National
National Amusements has stopped talks with Skydance on a proposed merger with Paramount Global , CNBC's David Faber reported Tuesday. The deal had been awaiting signoff from Redstone, CNBC previously reported. She has approved of their ideas and leadership during their short tenure, CNBC previously reported. This is why it was no surprise when Paramount and Skydance agreed to merger terms earlier in June, CNBC reported. Under those terms, which were still being ironed out up until Tuesday, Redstone would have received $2 billion for National Amusements, CNBC reported.
Persons: Skydance, CNBC's David Faber, Shari Redstone, David Ellison's Skydance, Spokespeople, Redbird, It's, George Cheeks, Chris McCarthy, Brian Robbins, Bob Bakish, Paramount's Organizations: Paramount Studios, Amusements, Paramount Global, Paramount, RedBird Capital, KKR, CNBC, National Amusements, Street, CBS, Paramount Media Networks, Paramount Pictures, Redstone, Apollo Global Management, Sony, Skydance Locations: Los Angeles , California, Redstone
Skydance’s merger talks with Paramount were called off Tuesday after the two sides failed to agree on terms, according to two people with knowledge of the talks, scuttling a deal that has captivated Hollywood for months. Shari Redstone, Paramount’s controlling shareholder, wanted Skydance to agree to provide some legal protection for the deal in case investors filed a lawsuit. A committee of Paramount’s board members evaluating the plan also fired a public relations firm that it had been using. One sign of the tension emanating from both sides of the deal was the sheer length of negotiations. The talks — with National Amusements, Paramount and National Amusements again — stretched from late last year until this week, and were also rife with leaks, never a sign of harmonious negotiations.
Persons: Shari Redstone, Skydance Organizations: Paramount, Hollywood, CBS, MTV, Nickelodeon, Skydance, National Amusements, National
The current leadership of Paramount Global presented a go-forward plan at the company's annual shareholder meeting Tuesday in the event a sale of the company doesn't happen. Redstone has been supportive of the Office of the CEO leadership team that has run the company since former CEO Bob Bakish stepped down in late April. The plan that Paramount Global shareholders are hearing on Tuesday will essentially serve as Redstone's alternate option if she chooses not to sell. "We'll be thoughtful with how we deploy capital, with our world-class content being the priority," said Robbins during the presentation Tuesday. On Tuesday, Robbins said the company has been "aggressively exploring all options" when it comes to partnerships with other streamers.
Persons: George Cheeks, Chris McCarthy, Brian Robbins —, , David Ellison's, Shari Redstone, Bob Bakish, Robbins, Cheeks, McCarthy Organizations: Paramount, SAG, Paramount Global, CBS, Paramount Media Networks, Paramount Pictures, Media, RedBird Capital, KKR, CNBC, Amusements Locations: Los Angeles , California, U.S
Paramount and Skydance agree to terms of a merger deal
  + stars: | 2024-06-03 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +2 min
Paramount and Skydance have agreed to terms of a merger, CNBC's David Faber reported Monday. A Paramount special committee and the buying consortium — David Ellison's Skydance, backed by private equity firms RedBird Capital and KKR — agreed to the terms. The deal currently calls for Redstone to receive $2 billion for National Amusements, Faber reported Monday. Following the close of the deal, Skydance and RedBird would own two-thirds of Paramount, and the class B shareholders would own the remaining third of the company, Faber reported. The deal will not require a vote from the shareholders, which was part of the negotiations, Faber reported.
Persons: Skydance, CNBC's David Faber, — David Ellison's Skydance, KKR —, Shari Redstone, Faber, RedBird, Paramount's, Bob Bakish, George Cheeks, Chris McCarthy, Brian Robbins Organizations: Paramount, Columbia, , RedBird Capital, KKR, Amusements, Apollo Global Management, Sony Pictures, National Amusements, Wall Street, CNBC, Apollo, Sony, Redstone, CBS, Showtime, MTV Entertainment Studios, Paramount Media Networks, Paramount Pictures, Nickelodeon Locations: Hollywood , California
Waste Management , Stericycle — Waste Management is buying Stericycle for $7.2 billion , the companies announced on Monday. Stericycle shares jumped nearly 15%, while Waste Management slid 4%. Spotify — The music streaming company climbed 4% following its announcement of premium subscription price increases in the U.S. in July. Lattice Semiconductor , Coherent — Lattice shares dove 11% after CEO Jim Anderson left to take the helm at Coherent, whose stock price jumped 17%. Krispy Kreme — Shares of the company rose 2% after it was upgraded to overweight at JPMorgan.
Persons: Keith Gill, Gill, Stericycle, CNBC's David Faber, Skydance, Shari Redstone, Jim Anderson, Esam, Dickinson, Edwards, Narendra Modi, Claudia Sheinbaum, Cava, Blackwell, Krispy Kreme, Masimo, Piper, Piper Sandler, Goldman Sachs, Goldman, — CNBC's Sean Colon, Yun Li, Pia Singh, Michelle Fox, Christina Cheddar, Berk Organizations: GameStop, DeepF, AMC, New York Stock Exchange, Waste Management, Spotify, GSK, Court, Paramount Global, Lattice Semiconductor, Company, Bloomberg News, JPMorgan, Nvidia, AMD, Bank of America, Therapeutics, Autodesk Locations: U.S, Swedish, Delaware, Becton, India, Mexico
Paramount and Skydance have agreed to terms on a merger, according to multiple reports. The deal is valued at $8 billion, according to CNBC, but has yet to be signed by Shari Redstone. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAfter weeks of negotiations, a Paramount and Skydance merger is happening, according to reports in CNBC and Deadline. The deal has yet to be signed by Shari Redstone, who owns a controlling stake in Paramount, but will be formally unveiled in days, according to CNBC.
Persons: Skydance, Shari Redstone, David Ellison, , Larry Ellison — Organizations: Paramount, CNBC, Service, RedBird Capital Partners, KKR, Business
Paramount and Skydance have haggled for months over an ambitious merger that would usher in a new ruler of a sprawling media kingdom that includes CBS, MTV and the film studio behind “Top Gun.”The talks reached an even greater intensity in the past week, but at least one major sticking point has emerged between Shari Redstone, Paramount’s controlling shareholder, and Skydance. In the event that Paramount’s investors sue over the merger, which party is on the hook to defend the deal in court? National Amusements, the parent company of Paramount, wants Skydance to provide legal protection in the event of a lawsuit, warding off shareholders that may file objections to the merger, according to three people familiar with the matter. Skydance has not yet signed off on that deal term. Legal protection — also known as indemnification — is among the crucial outstanding terms in this deal, which has already been condemned by some Paramount shareholders who protested that it would enrich Ms. Redstone at the expense of other investors.
Persons: Shari Redstone, Skydance, Organizations: Paramount, CBS, MTV
Shari Redstone helped build Paramount Global into a sprawling media empire, but if Sony Pictures Entertainment and private-equity giant Apollo Global Management succeed in acquiring it, they plan to break it all up, according to three people familiar with the matter. Paramount Pictures — home to blockbusters like “The Godfather,” “Top Gun” and the “Mission Impossible” franchise — would be combined with Sony’s existing business. They have not yet outlined this plan to Paramount or its advisers. CBS and Paramount have been controlled by the Redstone family for decades, since the media mogul Sumner Redstone assembled the sprawling conglomerate in a series of audacious deals. His daughter, Shari Redstone, championed a 2019 deal to reunite it through a merger with CBS, and remains Paramount’s controlling shareholder.
Persons: Shari Redstone, SpongeBob, Sumner Redstone Organizations: Paramount, Sony Pictures Entertainment, Apollo Global Management, CBS, MTV, Paramount Pictures, Sony
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
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
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