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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

Byron Allen, founder, chairman, and CEO of Entertainment Studios and Allen Media Group, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2022. Allen Media Group owns broadcast stations in more than 20 markets between ABC, CBS and NBC affiliates, according to the group's website. Representatives for Allen Media Group declined to address the details of this story but said in a statement: "Mr. Allen started Allen Media Group 31 years ago from his dining room table. Allen Media Group is now one of the largest and fastest growing privately-held media companies in the world and is 100 percent Black-owned. Allen Media Group remains strong, and we continue to prudently manage our partner relationships as we have always done over our 31-year history," the statement says.

Persons: Byron Allen, Byron Allen —, Allen, Mr Organizations: Entertainment Studios, Allen Media Group, Milken Institute Global Conference, CNBC, ABC, CBS, NBC, NFL, Allen Media Locations: Beverly Hills , California, Midwest, Southeast, West Coast, Hawaii

☆ 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

☆ With the A's leaving Oakland, the Pioneer League B's want fan investment in Bay Area baseball
▼ + stars: | 2024-08-13 | by ( Alex Sherman | ) www.cnbc.com time to read: +7 min

That gave birth to the Oakland Ballers, or the B's — the Pioneer League team that debuted earlier this year, co-founded by Freedman and Carmel. Courtesy: Oakland BallersThe Pioneer League, an MLB partner league whose teams aren't affiliated with the pro teams like those in minor league baseball, instantly appealed to Freedman's tech sensibilities because it's a testing ground for baseball evolution. Potential investors will be able to buy their shares on a first-come, first-serve basis "just like you're buying sneakers from the Oakland B's," said Stidd. Oakland Ballers stadium. Courtesy: Oakland Ballers

Persons: Paul Freedman, Oakland Ballers Paul Freedman, Freedman, Bryan Carmel, Charlie Finley, Kelsie Whitmore, Carmel, DealMaker, Jon Stidd, Stidd, It's, Lonnie Murray, Dave Stewart Organizations: Oakland, MLB's A's, Las Vegas, Oakland Coliseum's, CNBC, Golden State Warriors, Oracle, NFL's Raiders, MLB's Oakland, Pioneer League, Freedman, Oakland Ballers, MLB, League, Securities and Exchange, Green Bay Packers, Local, BART, AAA Insurance, Raimondi, Boilermakers, Little League, San Francisco Chronicle Locations: Oakland , California, Las, Palo Alto, Oakland, Chicago, Las Vegas, Sacramento, Carmel, Oakland —, West Oakland, workshopping

☆ 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

☆ Pressure mounting on Warner Bros. Discovery CEO David Zaslav to deliver value for shareholders
▼ + stars: | 2024-08-08 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

Discovery CEO David Zaslav needs a win. Since merging Discovery with WarnerMedia in 2022 and immediately slashing billions in costs, Zaslav has struggled to convince shareholders that his company is a worthy investment. Warner Bros. Discovery shares have fallen about 70% since April 8, 2022, the day the merger closed. Making matters worse for him, Zaslav has long been one of the highest paid CEOs in the country.

Persons: David Zaslav, Zaslav, Chris Licht, John Malone, That's, WarnerMedia, Robert Fishman Organizations: Warner Bros, Discovery, CNN, Boston, NBA, Warner Bros . Discovery Locations: U.S

☆ In a reversal, Disney's media assets are starting to generate more excitement than its parks
▼ + stars: | 2024-08-07 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

Here's a surprise: Disney 's media business isn't weighing down the company anymore. Disney's combined streaming businesses — Disney+, Hulu and ESPN+ — turned a quarterly profit for the first time ever, making $47 million. Meanwhile, Disney saw a "moderation of consumer demand towards the end of [fiscal] Q3 that exceeded our previous expectations" for its theme parks division. The company said last year it plans to invest $60 billion in its theme parks and cruise lines in the next decade. Disney shares dropped Wednesday, likely because investors were focused on the parks.

Persons: Here's, —, Disney, Bob Iger, Iger, Captain America, we're, Hugh Johnson Organizations: Hulu, ESPN, Disney, Netflix

☆ Charles Barkley commits to staying at Warner Bros. Discovery's TNT Sports no matter what happens to NBA
▼ + stars: | 2024-08-06 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

The star broadcaster and National Basketball Association Hall of Famer said Tuesday that he plans to stay with Warner Bros. Discovery 's TNT Sports even if the company doesn't emerge with NBA media rights. Warner Bros. Warner Bros. Barkley's commitment to TNT Sports likely closes the door on recreating "Inside the NBA" for another network if Warner Bros.

Persons: Charles Barkley, David Dow, Charles Barkley isn't, he's, Barkley, I've, Charles, Luis Silberwasser, Dan Patrick Show Organizations: NBA TNT, New York Knicks, Cleveland Cavaliers, Quicken Loans, Getty, TNT Sports, National Basketball Association Hall of Famer, Warner Bros, TNT, NBA, Warner Bros . Discovery, Amazon Prime, Max, Major League Baseball, NCAA, National Hockey League, United States Soccer Federation, NASCAR, Big East Locations: Cleveland , Ohio

☆ Venu, a $42.99 per month sports streamer, has a tough marketing challenge to find an audience
▼ + stars: | 2024-08-01 | by ( Alex Sherman | ) www.cnbc.com time to read: +2 min

Call Don Draper, Venu Sports may have a marketing problemThe Disney , Fox and Warner Bros. Discovery jointly-owned streaming service said Thursday it will launch this fall at $42.99 per month. That's much more expensive than Netflix , Max, Peacock or any other major subscription streaming service. Venu will give consumers access to a bundle of networks: ESPN, ESPN2, ESPNU, SECN, ACCN, ESPNEWS, ABC, Fox, FS1, FS2, BTN, TNT, TBS, and truTV. They could also get a digital antenna to pair with Venu, but antenna uptake among younger viewers may be a tad oxymoronic.

Persons: Don Draper, Venu, Max, Peacock, haven't, Kantar, CBS —, — Organizations: Disney, Fox, Warner Bros . Discovery, Netflix, ESPN, ESPN2, ABC, TNT, TBS, truTV, CBS, NBC, NFL, YouTube, 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

☆ Warner Bros. Discovery sues NBA to secure media rights awarded to Amazon
▼ + stars: | 2024-07-26 | by ( Alex Sherman | ) www.cnbc.com time to read: +4 min

Warner Bros. Warner Bros. Discovery matching rights when it signed its previous media deal in 2014. Discovery's matching rights agreement is five pages long, and the company believes it has a strong case, the people said. Owning NBA rights is valuable to the health of Warner Bros.

Persons: Max, Discovery's Turner, Discovery, That's, Luis Silberwasser Organizations: Warner Bros . Discovery, National Basketball Association, TNT Sports, TNT, NBA, Disney, Comcast, Warner Bros, Discovery's Turner Sports, Amazon, Amazon Prime, Discovery, Media

☆ WNBA hopes to cash in on rising popularity with media rights reevaluation after 2028 season
▼ + stars: | 2024-07-26 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

The WNBA's new media rights deal includes a price reevaluation after the 2028 season to account for the league's rising popularity, according to people familiar with the agreement. The WNBA deal has been negotiated within a broader $77 billion NBA agreement with media partners announced earlier this week. Instead, the NBA worked with Endeavor Group's media consulting team, led by Karen Brodkin and Hillary Mandel, to assess the value of WNBA rights, said the people. The media partners aren't forced to pay more based on the conclusion of the reevaluation, but they will be incentivized to do so, the people said. A little more than halfway through its current season, the WNBA has already had 16 nationally televised games break the 1 million viewership mark — a league record.

Persons: Brionna Jones, Los Angeles, Cameron Brink, —, Karen Brodkin, Hillary Mandel, Caitlin Clark, Angel Reese, aren't, Cathy Engelbert, Ion, — CNBC's Lillian Rizzo, Jess Golden Organizations: Connecticut Sun, Los, Los Angeles Sparks, Sparks, Sun, Mohegan Sun Arena, WNBA, — Disney, NBA, Endeavor, Amazon, Scripps, CNBC Locations: Connecticut, Uncasville , CT

☆ NBA says Amazon will be its new media partner, rebuffing Warner Bros. Discovery attempt to match deal
▼ + stars: | 2024-07-24 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

"Warner Bros. Warner Bros. Warner Bros. Warner Bros. Warner Bros.

Persons: Luka, Warner, Turner, NBCUniversal, Discovery's Turner, Ernie Johnson, Charles Barkley, Kenny Smith, Shaquille O'Neal Organizations: Luka Doncic, Dallas Mavericks, Boston Celtics, National Basketball Association, Warner Bros, Amazon, NBA, Disney, Turner Sports, TNT, Discovery, Amazon Prime, Comcast, Discovery's Turner Sports, Warner Bros . Discovery Locations: Boston

☆ Inside the battle for NBA streaming rights
▼ + stars: | 2024-07-23 | by ( Alex Sherman | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInside the battle for NBA streaming rightsCNBC's Alex Sherman discusses the latest developments in the battle for NBA media rights.

Persons: Alex Sherman Organizations: NBA

☆ Warner Bros. Discovery offers to match Amazon offer for NBA rights
▼ + stars: | 2024-07-22 | 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 EmailWarner Bros. Discovery offers to match Amazon offer for NBA rightsCNBC's Alex Sherman to report on Warner Bros Discovery's offer to match Amazon's offer for NBA rights.

Persons: Alex Sherman Organizations: Warner Bros . Discovery, NBA, Warner Bros

☆ Warner Bros. Discovery tells NBA it intends to match Amazon's media rights package
▼ + stars: | 2024-07-22 | by ( Alex Sherman | ) www.cnbc.com time to read: +5 min

Warner Bros. Warner Bros. Warner Bros. Warner Bros. Warner Bros.

Persons: David Zaslav, NBCUniversal Organizations: Warner Bros, Discovery, National Basketball Association, Amazon Prime, NBA, Warner Bros . Discovery, TNT, Amazon, Disney, Comcast, CNBC

☆ With corners of the media industry in upheaval, Netflix makes clear it's staying out of the fray
▼ + stars: | 2024-07-18 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

While the media and entertainment landscape around Netflix is in a state of change, the world's largest streamer is fine with the status quo. "Because when we delight people with our entertainment, Netflix can drive higher engagement, revenue and profit than the competition. This in turn creates a more loved and valued entertainment company — for our members, creators and shareholders — that we can strengthen and grow over time." But rather than worry about YouTube's competition, Netflix is content to focus on the other 80% of the TV market, the company reiterated. Netflix's focus remains building its advertising business and adding streaming subscribers on the back of its strength of content.

Persons: Disney's, It's Organizations: Netflix, Paramount Global, Skydance Media, Warner Bros, NBA, Nielsen, YouTube, Warner, Disney Locations: U.S

☆ NBA sends media terms to Warner Bros. Discovery, officially starting five-day match period
▼ + stars: | 2024-07-18 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

Nathaniel S. Butler | National Basketball Association | Getty ImagesWith National Basketball Association media rights approaching final form, Warner Bros. The league has sent official terms of its proposed new media rights contacts to Warner Bros. Warner Bros. Warner Bros. Warner Bros.

Persons: Jaylen Brown, Nathaniel S, Butler, Comcast's, Discovery's Turner, Max, Ernie Johnson, Charles Barkley, Kenny Smith, Shaquille O'Neal, Barkley Organizations: Boston Celtics, Dallas Mavericks, National Basketball Association, Getty, Warner Bros, Discovery, TNT, Disney, WNBA, CNBC, Amazon, NBA, Warner Bros . Discovery, Discovery's Turner Sports, Max, Amazon's Locations: Boston

☆ The NFL is open to private equity team ownership of up to 10%, Commissioner Roger Goodell says
▼ + stars: | 2024-07-11 | by ( Alex Sherman | ) www.cnbc.com time to read: +4 min

"We've had a tremendous amount of interest [from private equity firms], and we believe this could make sense for us in a limited fashion, probably no more than 10% of a team. The National Football League is considering allowing minority private equity ownership for its 32 teams of up to 10%, Commissioner Roger Goodell said in an exclusive CNBC interview Thursday. "I think it may be leading to some rethink into the consideration of letting private equity, as an example, or institutional investors into the NFL." Private equity incentives around reaching investment targets and exit thresholds could alter the motivations for ownership in ways that make the bigger sports leagues uncomfortable. Private equity firms, tasked with finding investment vehicles to make returns on their assets under management, may be better suited to minority ownership.

Persons: Roger Goodell, Goodell, CNBC's Julia Boorstin, We've, Josh Harris, Harris, Andrew Ross Sorkin, Magic Johnson, Eric Schmidt, David Blitzer, They're, Ted Leonsis, You'll Organizations: National Football League, Allen & Company Sun Valley, National Basketball Association, Major League Baseball, National Hockey League, Major League Soccer, NFL, Allen & Co, Sun Valley Conference, CNBC, Apollo Global Management, Washington, Summit, Washington , D.C, NBA, Blackstone Group, Philadelphia 76ers, New Jersey Devils, Women's Soccer League, Washington Capitals, Wizards, Mystics, ESPN Locations: Sun Valley , Idaho, Washington ,

☆ Warner Bros. Discovery reportedly interested in merging Max and Paramount+ in joint venture
▼ + stars: | 2024-07-01 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWarner Bros. Discovery reportedly interested in merging Max and Paramount+ in joint ventureCNBC's Alex Sherman joins 'Closing Bell' to discuss the latest news from the streaming companies.

Persons: Alex Sherman Organizations: Warner Bros . Discovery, Paramount Locations: Max

☆ Paramount is hunting for a streaming partner, could kick off a wave of deals
▼ + stars: | 2024-07-01 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

Paramount Global is holding talks with other entertainment companies about merging its Paramount+ streaming service with an existing platform. One of the companies that has expressed a desire to reach a deal is Warner Bros. Warner Bros. Discovery held preliminary merger talks for a deal for all of Paramount Global earlier this year, but talks didn't escalate. Warner Bros.

Persons: Chris McCarthy, McCarthy, hasn't, Max, NBCUniversal, Peacock Organizations: Paramount Global, Paramount, Warner Bros, Netflix, Hulu, ESPN, Discovery, CNBC, U.S, Wall Street Journal

☆ How YouTube beat Netflix and Disney in the streaming wars
▼ + stars: | 2024-06-26 | by ( Devan Burris | Alex Sherman | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow YouTube beat Netflix and Disney in the streaming warsWhile Netflix may get most accolades for winning the streaming wars, YouTube has been the most watched streaming platform in the U.S. for the last 15 consecutive months. Its recent dominance is predicated on taking over the living room as a direct competitor to Netflix and every other streaming service. Watch the video above to see how YouTube has transitioned its business to connected TVs on the strength of its popular creators.

Organizations: YouTube, Netflix, Disney Locations: U.S

☆ YouTube dominates streaming, forcing media companies to decide whether it's friend or foe
▼ + stars: | 2024-06-26 | by ( Alex Sherman | ) www.cnbc.com time to read: +15 min

But media companies such as Netflix, Disney and Warner Bros. Those competing truths have led media and entertainment companies to concoct a wide array of strategies to combat the growing threat. John Lamparski | Getty ImagesEarlier this year, YouTube Chief Executive Officer Neal Mohan announced that users watch more than 1 billion hours of YouTube content on TV screens each day. Disney has made bespoke YouTube content for its new preschool series "Disney Junior's Ariel," which debuts June 27, to introduce the mermaid character to kids. That's YouTube 2.0."

Persons: Rich Greenfield, it's, Tara Walpert Levy, Nielsen, John Lamparski, Neal Mohan, Michael Nathanson, Kevin Mayer, Disney, Brittany Broski, LightShed's Greenfield, isn't, John Keeble, Mayer, That's, Ariel, Winnie, " Mayer, NBCUniversal, NBCUniversal's, Nathanson, MrBeast, Jimmy Donaldson, Monica Schipper, we've, Broski, David Livingston, incentivizes, Michelle Khare, Gilbert Flores Organizations: Alphabet's YouTube, Hollywood, YouTube, it's, Netflix, Disney, Warner Bros, Getty, Google, Comcast, Media, ExCel, Entertainment, Bloomberg, Amazon, Nickelodeon, HBO, Penske Media Locations: U.S, —, York, Hollywood, London, That's, Los Angeles, Brittany, Anaheim , California, AdSense

The streaming giant has been reaching out to broadcasters this week in the hopes of finding a partner to produce the NFL games it will air on Christmas Day this year, according to people familiar with the matter. Netflix will show two games on Christmas Day this year, followed by at least one matchup in both 2025 and 2026, the company announced last month. Unlike WWE, Netflix's deal for Christmas NFL games doesn't come with a full production team. That's because Netflix could be auditioning as a future long-term media rights partner for NFL games in place of a legacy media company, such as Paramount, Fox or NBC. Representatives for Netflix, the NFL, NBCUniversal, CBS, ESPN and Fox declined to comment.

Persons: Brock Purdy, doesn't, That's, Comcast's NBCUniversal, There's, NBCUniversal Organizations: San Francisco 49ers, Kansas City Chiefs0, Netflix, WWE, NFL, ESPN, Paramount, CBS, Disney, Fox, CBS Sports, NBC Locations: Las Vegas , Nevada

Mario Anzuoni | ReutersNational Amusements stopped merger discussions between Paramount Global and Skydance this week — throwing into question what's next for the legacy media giant during a tumultuous period for the industry. Bob Bakish stepped down from the top post in April and was replaced by the so-called Office of the CEO: CBS CEO George Cheeks, Paramount Media Networks CEO Chris McCarthy and Paramount Pictures CEO Brian Robbins. The deal had been awaiting signoff from Redstone, who owns National Amusements, the controlling shareholder of 77% of class A Paramount shares. National Amusements also voiced its support for Paramount's current leadership. In recent days, other potential bidders for National Amusements emerged, according to reports.

Persons: Mario Anzuoni, what's, Bob Bakish, George Cheeks, Chris McCarthy, Brian Robbins, Jessica Reif, Ehrlich, Paramount's, Skydance, Redstone Organizations: Paramount Studios, Reuters National Amusements, Paramount Global, Paramount, CBS, Paramount Media Networks, Paramount Pictures, BofA Securities, CNBC, Amusements, RedBird Capital, KKR, Redstone, National Amusements, Apollo Global Management, Sony Locations: Los Angeles, Redstone

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