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☆ The Disruptor and The Dealmaker
▼ + stars: | 2024-11-18 | by ( David Faber | ) www.cnbc.com time to read: 1 min

Ben Affleck is taking a self-described radical approach to an industry he says has been too slow to embrace change. Artificial intelligence, streaming and the impact of trillion-dollar big tech firms all set the stage for a reimagination of the Hollywood money machine. Gerry Cardinale has risen to the pinnacle of the entertainment industry, most recently with his firm's partnership with Skydance Media to take control of Paramount. A conversation on his investment in Paramount, his partnership with Affleck and the billion–dollar opportunities in media.

Persons: Ben Affleck, Gerry Cardinale, Affleck Organizations: Hollywood, Skydance Media, Paramount

☆ Investment banking has made a multibillion-dollar rebound, but it's too early to pop the Champagne
▼ + stars: | 2024-10-18 | by ( Hayley Cuccinello | Emmalyse Brownstein | ) www.businessinsider.com time to read: +7 min

Major banks like Goldman Sachs walloped Wall Street expectations thanks to dealmaking fees. Investment banking has made a comeback, and bigger bonuses are in the cards, too. The biggest banks on Wall Street reported a huge boost in dealmaking fees this quarter after a two-year slump. Investment bank revenue surged 30% on average at Goldman Sachs, JPMorgan, Bank of America, Citigroup, and Morgan Stanley, according to Wells Fargo analyst Mike Mayo. Morgan Stanley's investment bank revenue surged 56% year over year to $1.46 billion, beating Wall Street expectations.

Persons: Goldman Sachs, —, Morgan Stanley, Wells, Mike Mayo, Sharon Yeshaya, Morgan, Global's Nathan Stovall, corporates, Stovall, David Ellison's Skydance, JPMorgan's Jamie Dimon, David Solomon, Mayo, Cole Smead, There's, Jon Gray, anecdotally, Gray, David Stowell, Stowell, I'm, it's, Alan Johnson Organizations: Investment, Service, Wall, JPMorgan, Bank of America, Citigroup, Citi, Mars, Paramount, David Ellison's Skydance Media, Wall Street, Smead Capital Management, Blackstone, Kellogg School of Management, Northwestern University, underwriters, Johnson Associates Locations: Wells Fargo, Mayo

☆ CNBC Sport: Why bars and restaurants are shedding 'Sunday Ticket' subscriptions
▼ + stars: | 2024-10-17 | by ( Alex Sherman | In Alex-Sherman | ) www.cnbc.com time to read: +29 min

As a condition of that deal, EverPass included the right to build its own commercial streaming connection for "Sunday Ticket," bypassing third-party licensing. 1) Some commercial establishments are switching to EverPass's internet product. 2) Some commercial establishments are cutting the cord on pay-TV in general. 3) Certain commercial establishments are using YouTube's "Sunday Ticket" and paying residential prices (about $500 per year) instead of the higher business rates. 3) Certain commercial establishments are using YouTube's "Sunday Ticket" and paying residential prices (about $500 per year) instead of the higher business rates.

Persons: Alex Sherman, DirecTV's, What's, EverPass, Lillian Rizzo, –, Everpass, It's, Craig Kilborn, Val Ackerman, Ackerman, that's, We're, Alex, you've, they're, Jeff Shell, Tom Brady, Tom Wagner, CNBC's Michael Ozanian, Jessica Golden, Brady, He'll, Wagner, Warner, Jake Piazza, CNBC's Rizzo, Nielsen, That's, — Ian Charles, Arctos, Charles, NBC's Peacock, Christian Miller, Miller, Adam Silver doesn't, Jim Dolan, Abu, Greg Norman, Norman, Rory McIlroy, Tiger Woods, Chiney Ogwumike Organizations: CNBC, NFL, Google, YouTube, DirecTV, EverPass Media, RedBird Capital Partners, Amazon Prime, ESPN, Dish Network, Big East Conference, WNBA, Big, CNBC Sport, Skydance, Paramount Global, Shell, Paramount, Las Vegas Raiders, Knighthead, Raiders, Fox Sports, NBA, Warner Bros, Discovery, TNT, MLB, Los Angeles Dodgers, New York Mets, Mets, Revenue, League, Golden State Warriors, Boston Celtics, Philadelphia Phillies, Wall Street, Comcast, Puma, NBC News, U.S, SEC, New York Times, Sphere Entertainment, Saudi Arabia's Public Investment Fund, Sports Business, PGA, Chiney, Continent Foundation, Philadelphia Eagles, Kansas City Chiefs, Visual China, Getty, Big East Locations: Apple, New York, American, Boston , Philadelphia, Northern California, U.S, Abu Dhabi, Vegas, Queens, Africa, Newport Beach , California

☆ Trump or Harris? Here are the 2024 stakes for airlines, banks, EVs, health care and more
▼ + stars: | 2024-10-13 | by ( Hugh Son | ) www.cnbc.com time to read: +18 min

Former President Donald Trump and Vice President Kamala Harris face off in the ABC presidential debate on Sept. 10, 2024. The previous Trump administration didn't pursue those types of consumer protections. In contrast, Democrats, including Harris, have historically supported EVs and incentives such as those under the Biden administration's signature Inflation Reduction Act. Meanwhile, Harris, if elected, can build on existing efforts of the Biden administration to deliver savings to more patients, they said. Trump also led multiple efforts to repeal the Affordable Care Act, including its expansion of Medicaid to low-income adults.

Persons: Donald Trump, Kamala Harris, he's, Harris, Joe Biden's, Trump, Pete Buttigieg, Jonathan Kletzel, didn't, — Leslie Josephs Banks Big, JPMorgan Chase, Biden, Tobin Marcus, it's, Sen, JD Vance, they're, Lindsey Johnson, Hugh Son, Pablo Di Si, EVs, Joseph Spak, Harris hasn't, Mike Wayland, Drugmakers, Trump hasn't, Mariana Socal, Annika Kim Constantino, David Zaslav, John Malone, Time Warner, Simon, Simon & Schuster, Marc DeBevoise, Jonathan Miller, Elon Musk's, Musk, I'm, MAGA, I'm Dark MAGA, —, TikTok, — Lillian Rizzo, Alex Sherman, Michael Lynn, — Amelia Lucas Organizations: ABC, Getty, U.S, Trump, Treasury, Justice Department, Federal Trade Commission, Consumer Financial, Bureau, CNBC, The Biden Department of Transportation, Democratic, American Airlines, JetBlue Airways, Spirit Airlines, Industry, Boeing, JPMorgan, Securities and Exchange Commission, Currency, Federal Deposit Insurance Corporation, Biden, Wolfe Research, Bank, Republican, Bankers, Democratic Party, Consumer Bankers Association, Republicans, Volkswagen Group of America, Automotive News, Environmental Protection Agency, UBS, Mike Wayland Health, Commonwealth Fund, Medicare, Johns Hopkins Bloomberg School of Public Health, Annika Kim Constantino Media, Paramount Global, Skydance, Warner Bros, Discovery, Allen & Co, Sun, Media, Disney, Fox Corp, Time, Simon &, Random, MGM, FCC, Integrated Media, Twitter, Capitol, White, Lawmakers, Meta's Facebook, Alex Sherman Restaurants, National Restaurant Association, National Labor Relations Board, Social Security, Washington Post, Cornell University Locations: United States, PwC, JetBlue's, U.S, China, Ohio, Michigan, California

Comcast CEO Brian Roberts chose Shell to replace Steve Burke as NBCUniversal CEO in 2019. Soon, Shell, 59, will be at the helm of Paramount and paired with Ellison, who has already expressed his desire to transition Paramount into a more modern media company. The 10 p.m. hourAt Paramount, Shell will be given an asset mix similar to what he oversaw at NBCUniversal — save the theme parks. Wolf's shows were also significant moneymakers for NBCUniversal, according to a person familiar with the matter. Some media analysts, such as LightShed Partners' Rich Greenfield, have argued Paramount Global should shut down Paramount+ and instead license Paramount content to other streamers with more scale.

Persons: Jeff Shell, Eric Gaillard, NBCUniversal, David Ellison, Ellison, Comcast's NBCUniversal, Shell, Brian Roberts, Steve Burke, RedBird, Andrew Brandon, Gordon, Shell's, —, Skydance, NBC —, CNBC's David Faber, George Cheeks, Hollywood creatives, Dick Wolf, Kevin Dietsch, Stephen Colbert, it's, we've, Pluto, Rich Greenfield, Shell's playbook, We've, Peacock, Roberts, Andrew Wilson, Brian L, Eric Charbonneau, Wall, Mark Hoffman, Shepard Smith, Hoffman Organizations: NBCUniversal, Cannes Lions International, Creativity, Reuters, Paramount Global, Skydance Media, Shell, CNBC, Paramount, Fox, Comcast, NBCU International, Universal, Entertainment Group, RedBird Capital Partners, NFL, CBS, Paramount Pictures, NBC, Local, Journal, FBI, Hollywood, TV, Allen & Company Sun Valley, Getty, LightShed Partners, Warner Bros ., Viacom, WarnerMedia, Netflix, EA, Entertainment, Comcast Corporation, Universal Pictures, Invision, Bravo, MSNBC, MTV, VH1, Comedy Central, Fox News, NBC Sports, NBA, CBS Sports, Big Ten, UEFA Champions League Locations: Cannes, France, Shell, NBCUniversal, Sun Valley , Idaho, Toronto

☆ Beware if you hold these stocks heading into earnings season, Piper Sandler says
▼ + stars: | 2024-10-09 | by ( Sean Conlon | ) www.cnbc.com time to read: +4 min

Earnings season is right around the corner, and there are some stocks investors should be wary of, according to Piper Sandler. The season unofficially kicks off this week, with JPMorgan's third-quarter results due Friday before the bell, and it ramps up from there. The remaining four have a strong buy or buy rating. The department store chain is set to report its quarterly results in November. By contrast, only two have a strong buy or buy rating.

Persons: Piper Sandler, they've, Paramount's, Skydance, Nordstrom, it's, Piper, – Organizations: Dow Jones, Federal Reserve, Paramount Global, Warner Bros, Paramount, GameStop, Southwest Airlines, Southwest Locations: U.S, GME

☆ The beginner's guide to nepo babies
▼ + stars: | 2024-10-04 | by ( Amanda Yen | ) www.businessinsider.com time to read: +9 min

AdvertisementThere's one other field that's become a magnet for nepo babies with something new to say: journalism. The coastersBrooklyn Peltz Beckham and Nicola Peltz Beckham at the Academy Museum Gala in December 2023. Brooklyn Peltz Beckham and Nicola Peltz Beckham also fall into this category. The activistsSome nepo babies use their inherited millions to address social issues they're passionate about. The normiesLastly, there are some nepo babies who have chosen professions in fields where their connections won't help them quite as much.

Persons: —, John Quincy Adams, John Adams, Liza Minnelli, Judy Garland, Chan Zuckerberg, Mark Zuckerberg, Taylor Swift, Zuckerberg, Forbes — isn't, ultrarich, Alexandre Arnault, Antoine Arnault, Delphine Arnault, Bernard Arnault, Vianney Le Caer, Murdoch, Donald Trump, Fred Trump, Bill Gates, David Ellison, Larry Ellison, Jessica Pegula, Emma Navarro, Bruce Springsteen, Michael Bloomberg, Lance, Lawrence, Williams, Logan Sargeant, McLaren, Lando Norris, Jack Schlossberg, Kennedy, who's, Z's, Ronan Farrow, Mia Farrow, Woody Allen, rocketed, Harvey Weinstein, Brooklyn Peltz Beckham, Nicola Peltz Beckham, Frazer Harrison, Paris Hilton, Olivia Jade Giannulli, Lori Loughlin, she's, David, Victoria Beckham, Nelson Peltz, Abigail Disney, She's, Zers, Elon Musk's, Vivian Wilson, Jennifer Gates Nassar, Charles Shaffer, Anna Wintour Organizations: Service, Fox, News Corp, Oracle, Skydance Media, Aston Martin, New Yorker, Brooklyn, Academy Museum, Paris, Hilton, University of Southern, Zen, Disney, Bank of Mom, Vogue, Columbia University Locations: —, New, University of Southern California, Mount Sinai

☆ The most valuable programming on TV is for sale. Why hasn't anyone bought it?
▼ + stars: | 2024-10-03 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

For sale: The rights to show at least seven NFL games a year, plus a lot of other NFL content. AdvertisementHere's a riddle: Some of the most valuable programming in TV has been for sale for years. The NFL has also been trying to sell the NFL network for several years. AdvertisementThe NFL Network, which has been around for a couple of decades, is a mish-mash of NFL-related content. At one point the NFL was hoping to tie the sale of the NFL Network to Sunday Ticket, its popular all-the-games-you-can-watch subscription service.

Persons: —, Goldman Sachs, Larry, David Ellison's Skydance, Skydance Organizations: NFL, NFL Network, Service, NFL Network —, Minnesota Vikings, New York Jets, YouTube, ESPN, Bloomberg, Paramount, Vikings, Jets Locations: London

The partnership and potential future deals could boost both retailers taking a hit as consumers pull back discretionary spending, and legacy media companies that have tried to maintain profits in a challenging landscape. Paramount's partnership with Shopsense was a key component of its Upfront presentation in May, a time when media companies make their annual pitch to advertisers. The agreement comes as legacy media companies look to generate new revenue streams and find different ways to monetize their content. While media companies have relied on ad revenue for some time, it's become more important as they look to make their streaming businesses profitable. Legacy meets AIAdvertisers and media companies have been leaning into generative AI tools, such as shoppable advertising.

Persons: MTV VMAs, they'll, Shopsense, Everyone's, Bryan Quinn, Shopsense's, it's, Natalie Bastian, Bastian, Laura Taylor, John Halley, Halley, Glenn Fishback, Quinn Organizations: MTV, Paramount Global, CNBC, Paramount, Amazon, Skydance Media, Disney, Gateway, Goodway Group, Paramount Advertising

☆ There's tons of hiring activity in media ad sales right now, but there's a catch
▼ + stars: | 2024-09-09 | by ( Lucia Moses | Lara O'Reilly | ) www.businessinsider.com time to read: +8 min

While it might look like there's a flurry of advertising hiring, industry insiders say the reality is more sobering. AdvertisementLegacy media companies have sharply cut staff in recent years, including sales, and those jobs aren't coming back. Disney has said it plans to automate half its ad sales. "The number of good job opportunities are few and far between because the large media companies are not hiring as quickly. "Ad sales is no longer ad sales," said Gary Stolkin, global CEO of The Talent Business, a global executive search firm specializing in the creative industries.

Persons: —, they've, Jean, Paul Colaco, aren't, Dave Morgan, Lisa Valentino, David Lawenda, David Zaslav, David Ellison's, Christopher Vollmer, Simon Francis, Peter Naylor, Brian Lesser, Lesser, WPP's, Roku, Harry Kargman, Kargman, Krishan Bhatia, Gary Stolkin, Stolkin, who's Organizations: Service, Netflix, Business, Disney, Paramount, Warner Bros, NBA, Companies, MediaLink, TV, Media, Flock Associates, Progressive, Mobile, The Talent Locations: Teads, NBCUniversal

Read previewUpdate: After this article was published, Paramount Global confirmed to Business Insider that the company had sold VidCon to Informa. Paramount Global is selling its creator conference VidCon to the UK media and events company Informa, according to two people familiar with the matter. They spoke to Business Insider on the condition of anonymity as they were not allowed to discuss details around the deal. Adding VidCon, which centers on social-media stars rather than Hollywood and comic-book talent, could help broaden the fan base and advertiser roster of its events business. BI was unable to learn the terms of the VidCon deal between Paramount and Informa.

Persons: —, VidCon, Informa, YouTubers Hank, John Green, São Paulo, Green, lanyards, Phillips, Adweek, David Ellison's Organizations: Service, Paramount Global, Business, Toronto Comicon, Cannes Lions, Paramount, Viacom, SXSW, Disney, Media, BI Locations: Anaheim , California, Baltimore, Mexico City, Anaheim

Edgar Bronfman Jr. walked away from his bid for Paramount after the company's special committee demanded his consortium submit a final offer Monday, according to people familiar with the matter. Bronfman dropped his 11th hour bid just a week after the media executive made an initial offer of $4.3 billion for Shari Redstone's National Amusements, the controlling shareholder of Paramount. Bronfman said last week in a letter to the Paramount special committee that he had rounded up 19 financial backers, as first reported by The Wall Street Journal. Spokespeople for Bronfman, Skydance and the Paramount special committee declined to comment. The special committee said late Monday the go-shop period was now over.

Persons: Edgar Bronfman Jr, Bronfman, Centerview, David Ellison's Skydance, Shari Redstone's, Skydance, Spokespeople, Bronfman's, RedBird Capital Partners — Organizations: Paramount, Centerview Partners, David Ellison's Skydance Media, Bronfman's, Fortress Investment Group, BC Partners, Wall Street, wouldn't, RedBird Capital Partners

☆ Edgar Bronfman Jr. drops his $6 billion Paramount bid
▼ + stars: | 2024-08-27 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

Edgar Bronfman Jr. exited his bid to own Paramount, clearing the path for a Skydance Media sale. Bronfman, a former CEO of Warner Music Group, withdrew his bid just before the merger deadline. A sale to David Ellison's Skydance Media is now likely to proceed without obstacles. AdvertisementEdgar Bronfman Jr. just walked away from his last-minute bid to own Paramount, putting the media giant back on track to be sold to Skydance Media. "We congratulate the Skydance team and thank the special committee and the Redstone family for their engagement during the go-shop process."

Persons: Edgar Bronfman Jr, Bronfman, David Ellison's, —, " Bronfman Organizations: Paramount, Media, Warner Music Group, Service, Skydance Media, Business

When the media executive Edgar Bronfman Jr. submitted his last-ditch bid on Monday to take control of Paramount, his approach was greeted with surprise and skepticism. Who would take his unconventional coalition of investors seriously, especially when an $8 billion deal with Skydance was on the table? The bid has transformed Paramount’s sale into a battle of family dynasties. But the deal is now threatened by the bid from Bronfman — a grandson of the Seagram mogul Samuel Bronfman — whose early foray steering the family business into media several decades ago has left a cloud over his career. The son of one billionaire is now pitted against the son of another.

Persons: Edgar Bronfman Jr, Skydance, David Ellison, Larry Ellison, Shari Redstone, Bronfman, Samuel Bronfman —, “, ” Terry Kawaja Organizations: Paramount, Oracle, Seagram, Luma Partners

☆ Here are Wolfe's favorite stocks as market approaches fresh record
▼ + stars: | 2024-08-23 | by ( Pia Singh | In | ) www.cnbc.com time to read: +3 min

According to Wolfe, Expedia has returned just 3% over the last twelve months and an estimated 2024 price-to-earnings ratio of 10. The online travel agency is rated overweight by analysts polled by FactSet, who have a consensus price target implying 11% potential upside. Walgreens is another long-term favorite that popped up on Wolfe's screens. The stock has 25.3 % potential upside, according to analysts' consensus price target of $12.57, according to FactSet. Other stocks that made Wolfe's "Greatest Hits List" included coffee chain Starbucks , automaker General Motors and medical device maker Medtronic .

Persons: Wolfe, Jerome Powell, Chris Senyek, Expedia, FactSet, Bernstein, Richard Clarke, Clarke, Edgar Bronfman Jr, Bronfman's Organizations: Wolfe Research, Federal, Dow, Nasdaq, Walgreens Boots, Walgreens, Amazon, Paramount Global, Skydance Media, National Amusements, Paramount, General Motors Locations: Deerfield , Illinois

☆ Bronfman's Paramount bid could keep Shari Redstone involved at the company
▼ + stars: | 2024-08-23 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

Edgar Bronfman Jr.'s offer for a controlling stake in Paramount Global could keep Shari Redstone close to the company, if his bid is successful. Both Bronfman's bid and Skydance's bid would also include money to buy out a percentage of Paramount Global common shareholders. At $6 billion, Bronfman's bid would give cash to about 20% of Class B holders at $16 per share. The Paramount Global special committee will determine if Bronfman's offer is a superior proposal for shareholders by Aug. 28. Spokespeople for Redstone, Bronfman, the Paramount Global special committee and Skydance all declined to comment.

Persons: Edgar Bronfman Jr, Shari Redstone, Bronfman, Sumner Redstone, Bronfman's, Skydance, Jon Miller, Skydance . Miller, —, Jason Ostheimer, Miller, Shari Redstone haven't, David Ellison Organizations: Paramount Global, Paramount, National Amusements, Skydance Media, Skydance, Redstone, Bronfman Locations: Bronfman, Miller, Redstone

As part of the bid, Bronfman would acquire a minority stake in Paramount. However, after placing the bid, Bronfman raised more funds to support a higher bid, said the person, who asked to remain anonymous to speak about specifics of the offer. On Wednesday, Bronfman upped the bid and submitted a revised offer of $6 billion, the person said. The agreement included a 45-day "go shop" period during which Paramount could solicit other offers. Money manager Mario Gabelli reportedly filed a lawsuit looking for Paramount to turn over its books related to the Skydance deal — a possible first step toward a lawsuit challenging the deal.

Persons: Edgar Bronfman Jr, Bronfman, Shari Redstone's, Edgar Bronfman , Jr, Skydance, Mario Gabelli, Scott Baker Organizations: Paramount Global, Skydance, Paramount, Skydance Media, Bronfman Consortium, RedBird Capital Partners, KKR, National, Amusements, nonvoting Paramount, Warner Music, Seagram, Wall Street Locations: Paramount's

☆ NBCUniversal is pinning Peacock's streaming success on its $2.45 billion per year NBA deal
▼ + stars: | 2024-08-15 | by ( Alex Sherman | In Alex-Sherman | ) www.cnbc.com time to read: +7 min

On Jan. 13, NBCUniversal's subscription streaming service Peacock showed its first-ever exclusive NFL playoff game — a 26-7 victory by the eventual Super Bowl-winning Kansas City Chiefs over the Miami Dolphins. For NBCUniversal, obtaining NBA rights helps guarantee sustainability in a fight for eyeballs against streaming behemoths such as Netflix , Amazon Prime Video and Disney +. Beginning with the 2025-26 season, Peacock will have about 50 exclusive national regular-season and postseason NBA games, including national Monday night games and doubleheaders. Having exclusive NBA games is really important for that mission." Discovery decided not to compete with NBCUniversal for NBA rights once the price tag ballooned past $2 billion per year.

Persons: Angela Weiss, Rick Cordella, Peacock, Patrick Mahomes, Kansas City Chiefs Jamie Squire, Cordella, NBCU, they've, David Berson, Jessica Reif Ehrlich, Ehrlich, NBCUniversal, Adam Silver Organizations: NBA, AFP, Getty, Comcast, NBC Sports, Disney, NFL, eventual, Kansas City Chiefs, Miami Dolphins, Nielsen, Research, Peacock, Premier League, WWE, IndyCar, Recreation, Sports, Media, Netflix, Amazon Prime, Paramount, CBS Sports, Skydance Media, Warner Bros . Discovery, Bank of America, NBC, Warner Bros, Discovery, TNT, ABC, ESPN, Hollywood, CNBC Locations: New York, U.S, Peacock

☆ Paramount to lay off 15% of staff amid brutal period in media
▼ + stars: | 2024-08-08 | by ( Liam Reilly | Jon Passantino | ) edition.cnn.com time to read: +3 min

New York CNN —Paramount Global, the storied media conglomerate, announced Thursday it will lay off 15% of its US staff and write down $6 billion in value of its cable television networks as it prepares to merge with Skydance Media. Discovery, the parent company of CNN, TNT, HGTV and other cable networks, posted a $9.1 billion write down on its television business. “And this impairment acknowledges this.”The recent turbulence in the media business extends well beyond the traditional television industry, affecting digital news outlets and print publications. As profits in the television business have eroded away, Paramount has been hit particularly hard. Paramount said its streaming service Paramount+ posted a $26 million profit after losing $424 million during the same period last year and said it expects subscriber growth in the second half of the year.

Persons: David Ellison’s SkyDance, Chris McCarthy, “, ”, David Zaslav, Axios, Jim VandeHei Organizations: New, New York CNN, Paramount Global, Skydance Media, Paramount, Warner Bros, CNN, TNT, HGTV, Broadcasting, Cable, Nickelodeon, Comedy Central, MTV, Discovery, HBO, Max Locations: New York

☆ Paramount Global announces it will cut 15% of U.S. workforce, shares rise on second-quarter earnings
▼ + stars: | 2024-08-08 | by ( Alex Sherman | ) www.cnbc.com time to read: +1 min

Paramount Global is cutting 15% of its U.S. workforce, or about 2,000 jobs, part of a broader cost-cutting plan as it prepares for a merger with Skydance Media. Paramount has identified $500 million in cost savings, which include the head count reductions, as part of $2 billion in synergies related to its transaction with Skydance. Paramount agreed to a merger with Skydance Media last month. Meanwhile, earnings surged as the company's streaming division swung to an unexpected profit — the first time Paramount has announced a profitable quarter for its direct-to-consumer business. Here's how Paramount performed in the quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Persons: — Organizations: Paramount, Skydance Media, LSEG

☆ Warner Bros. Discovery signals rapid deterioration of television business, sending stock plummeting
▼ + stars: | 2024-08-08 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

It’s a reflection of how quickly the traditional television business is deteriorating and imperiling companies such as WBD, which rely on linear channels for the bulk of their revenue. The one bright spot in the legacy television business has been live sports programming, which continues to draw high viewership even as cable cancelations mount. To be fair, WBD is not the only once-high flying legacy media behemoth struggling to find its footing in a shifting landscape upended by the Netflixrevolution. Speaking candidly to investors on the company’s earnings call Wednesday, Zaslav acknowledged the dire reality of the television business. “It’s fair to say that even two years ago, market valuations and prevailing conditions for legacy media companies were quite different than they are today,” Zaslav said.

Persons: New York CNN — David Zaslav, WBD, ” WBD, Shari Redstone, David Ellison’s Skydance, Zaslav, “, ” Zaslav, Gunnar Wiedenfels, ” Wiedenfels, we’ve, shouldn’t Organizations: New, New York CNN, Warner Bros, Discovery, CNN, HGTV, TNT, TBS, NBA, . Paramount Global Locations: New York, U.S

☆ Sony rules out renewing offer for Paramount, says it wouldn't fit strategy
▼ + stars: | 2024-08-07 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

The Paramount Studios in Los Angeles, California, US on Monday, April 29, 2024. Sony's finance chief on Wednesday said the Japanese technology and media giant will not reconsider a fresh bid for film and TV production group Paramount Global . Sony currently has no plans to submit a revised offer for Paramount, said Hiroki Totoki, the company's chief financial officer. In a response to a question during Sony's fiscal first-quarter earnings presentation, Totoki said that an acquisition of Paramount "does not fit well with our strategy." Totoki's comments confirm reports on Tuesday from Japanese financial newspaper Nikkei, that Sony had decided not to make a new bid for Paramount Global after independent film studio Skydance Media struck a deal to acquire the media giant.

Persons: Hiroki Totoki, Totoki Organizations: Paramount Studios, Paramount Global, Sony, Paramount, Nikkei, Skydance Media Locations: Los Angeles , California

☆ Norah O’Donnell to Exit ‘CBS Evening News’
▼ + stars: | 2024-07-30 | by ( Hadas Gold | ) edition.cnn.com time to read: +3 min

New York CNN —Norah O’Donnell will step down as anchor and managing editor of CBS Evening News following the November election, the veteran journalist told colleagues Tuesday in a memo. O’Donnell, who has helmed the venerable evening news program for nearly five years, will transition to a new role as senior correspondent after the election, contributing stories and “big interviews” across CBS’ platforms and shows. In a note to staff Tuesday, O’Donnell said that while she has cherished her time as anchor of CBS Evening News, it was time for a change. “I have spent 12 years in the anchor chair here at CBS News, tied to a daily broadcast and the rigors of a relentless news cycle,” O’Donnell wrote. Earlier this month, CBS parent company Paramount Global announced plans to merge with Skydance Media and a major leadership change.

Persons: Norah O’Donnell, O’Donnell, ” O’Donnell, “, Ingrid Ciprián, Matthews, ” O ” Donnell, Wendy McMahon, ” McMahon, Norah, Neeraj Khemlani, Brian Williams Organizations: New, New York CNN, CBS, CBS Evening, CBS News, Paramount Global, Skydance Media, CBS Media Ventures, CBS Network, Paramount, Sunday, CNN, NBC Nightly Locations: New York

☆ Barry Diller on 2024 election: Do not discount Vice President Kamala Harris
▼ + stars: | 2024-07-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBarry Diller on 2024 election: Do not discount Vice President Kamala HarrisBarry Diller, IAC and Expedia chairman and senior executive, joins 'Squawk Box' to discuss his thoughts on the 2024 Paris Olympics, state of the 2024 election, NBA media rights deal, Skydance-Paramount merger, and more.

Persons: Barry Diller, Kamala Harris Barry Diller Organizations: IAC, Paramount

☆ Warner Bros. Discovery is counting on deregulation to unlock media deals — if there's even appetite
▼ + stars: | 2024-07-26 | by ( Alex Sherman | ) www.cnbc.com time to read: +10 min

If you ask Zaslav, though, the reason Roberts and other potential buyers of media assets aren't interested is because the government has scared them away. Or, perhaps, legacy media companies are simply undesirable assets to own. He extended the life of his previous company, Discovery Communications — and probably his own tenure running a media company — by merging it with AT&T's WarnerMedia in 2022. Without a deal, Discovery would have wallowed as a subscale content provider and owner of declining cable networks. Discovery with another legacy media company, such as Paramount Global , Fox or Disney , or NBCUniversal, if it were spun off from Comcast.

Persons: David Zaslav, David Grogan, Brian Roberts, " Roberts, Comcast's, Roberts, Zaslav, Shari Redstone, Rob Kindler, Paul, Weiss, they've, Kindler, haven't, Morgan Stanley's, Donald Trump's, There's, Joe Biden's, Simon, Simon & Schuster, JD Vance, Lina Khan's, Lina Khan, Biden, Vance, Kamala Harris Organizations: Allen & Company Sun Valley Conference, CNBC Comcast, Warner Bros, Discovery, Allen & Co, Sun, Paramount, Skydance Media, CNBC Redstone, Starz, AMC Networks, Vice Media, Discovery Communications, NBA, Apple, Paramount Global, Fox, Disney, Comcast, CNBC, Google, Scripps Networks Interactive, Time Warner, Scripps, Viacom, CBS, Sky, AMC, IFC, Sundance, Lionsgate, Media, Republican, Democratic, Donald Trump's Department of Justice, Simon &, Random, MGM, Federal Trade, & $ Locations: Sun Valley , Idaho, RemedyFest

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