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☆ Judge temporarily blocks sports streaming service Venu, siding with Fubo on antitrust concerns
▼ + stars: | 2024-08-16 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

Discovery and Fox from launching their sports streaming service, Venu, according to court filings. The temporary injunction, granted in response to a lawsuit brought by Fubo TV , comes just weeks ahead of the start of the National Football League season. Fubo, an internet TV bundle akin to the traditional pay TV package, alleged in its lawsuit that Venu was anticompetitive and would upend its business. Discovery, Fox and Disney's ESPN announced the formation of the joint venture streaming service in February. On Friday, Fubo said it intends to move forward with its antitrust lawsuit against the companies for their anticompetitive practices.

Persons: Venu, David Gandler, Fubo, Sen, Elizabeth Warren, Bernie Sanders, Joaquin Castro, Venu Sports, Judge Margaret Garnett, Garnett, " Garnett Organizations: NFL, ESPN, Chicago Bears, Minnesota Vikings, Soldier, Disney, Warner Bros . Discovery, Fox, Fubo TV, National Football League, Warner Bros, Discovery, Disney's ESPN, National Basketball Association, National Hockey League, Major League Baseball, ABC, TNT, TBS, Paramount, CBS, NBC Locations: Chicago, U.S, Texas

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

☆ DirecTV is pushing its pay TV bundle — without a satellite dish
▼ + stars: | 2024-08-12 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +7 min

The "For the Birds" ad campaign for DirecTV emphasizes customers don't need a satellite dish anymore for service. Courtesy: DirecTVCoach Prime wants consumers to know they can watch DirecTV without a satellite dish. As pay TV distributors — both satellite and cable companies — have seen customers flee for streaming, DirecTV is trying to get the message out that a clunky satellite dish is no longer needed for its service. Satellite TV providers like DirecTV and EchoStar's Dish were once some of the biggest distributors of the TV bundle. Sticking with sportsThe "For the Birds" ad campaign for DirecTV emphasizes customers don't need a satellite dish anymore for service.

Persons: Deion Sanders, Steve Buscemi, Henry Winkler, Vince Torres, it's, Torres, Shedeur Sanders, —, Winkler's Frank, Bobby, Buscemi, There's, Sanders, Tinker Bell, Cord, Pavlo Gonchar, Craig Moffett, what's, Moffett, DirecTV's Organizations: DirecTV, NFL, Colorado, Colorado Buffaloes, Nebraska Cornhuskers, Folsom, NBA, NHL, NCAA's Colorado Buffaloes, Lightrocket, Satellite, TPG, AT, Hulu, Sling, YouTube, Netflix, Comcast, Charter Communications Locations: Colorado, Boulder ,, New York City

☆ Warner Bros. Discovery stock falls as it writes down $9.1 billion, misses estimates
▼ + stars: | 2024-08-07 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

Warner Bros. Here is how Warner Bros. Warner Bros. Discovery's balance sheet carries a significant amount of goodwill stemming from mergers and acquisitions, namely the combination of Warner Bros. and Discovery in 2022. Warner Bros.

Persons: Discovery, Gunnar Wiedenfels, David Zaslav, Discovery's, —, Zaslav, Disney, Hulu —, Max Organizations: Warner Brothers Discovery, Turner Broadcasting, Warner Bros, LSEG, Discovery, NBA, Warner Bros . Discovery, Amazon, Revenue, TBS, TNT, Hulu, ESPN, Fox Locations: Atlanta , Georgia

☆ Disney beats estimates as combined streaming services turn a profit
▼ + stars: | 2024-08-07 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

Disney's combined streaming business, which consists of Disney+, Hulu and ESPN+, turned a profit for the first time — and it happened a quarter earlier than the company had expected. Executives on Wednesday's earnings call touted the progress of Disney's streaming business toward profitability, a goal for all media companies as they look to chase customers switching to streaming. The combined streaming business posted an operating profit of $47 million compared with a loss of $512 million in the same quarter last year. Meanwhile, in May, Disney highlighted a slightly different metric, noting that Disney+ and Hulu together turned a profit, but when combined with ESPN+, the streaming businesses suffered a loss. "I feel very bullish about the future of this business," Iger said during the call.

Persons: Bob Iger, Hulu, Jaque Silva, Iger, We're, Hugh Johnston, Johnston Organizations: Disney, Hulu, ESPN, Getty, Total Hulu, Revenue, Netflix, Warner Bros . Discovery, Fox, Star India Locations: PARAGUAY, India

Molly Solomon, NBC's executive producer of the Olympics, referred to Snoop Dogg as an "ambassador of happiness" during a press call this week. Pumped-up audienceNBCUniversal had been banking on the success of the Paris Olympics, and Snoop Dogg, for the past few years. The following year, NBC's executives met with Snoop Dogg to discuss his future place in the Olympics broadcast, she said. Ahead of the Games, Snoop Dogg was also present at the Olympic trials earlier this summer, and since then has popped up in various places. Snoop Dogg cheers the USA team for women's gymnastics at the 2024 Paris Olympics.

Persons: Snoop Dogg, Arturo Holmes, Molly Solomon, We've, Snoop, Solomon, Denis, Victoria Valdivia, Hans Lucas, Billie Jean King, Caeleb, Michael Phelps, Krissy Birdsall, NBCUniversal, Kevin Hart, Peacock, Dogg, Carl Recine, NBC's, Mike Tirico, …, Tirico, Kelly Clarkson, Peyton Manning, Ralph Lauren, Kendall Wright, Coco Gauff, Kelly Cheng, Wally Skalij, it's, John Fortunato, Alex Cooper, Jenna Mindes, we've, Rick Cordella, Bob Costas, Al Michaels Organizations: Bercy Arena, Getty, NBC, Comcast, Games, AFP, Team USA, University of Wisconsin, Paris Olympics, Tokyo Games, Eiffel, CNBC, Olympics, National Football League, Northwestern University, USA, Los Angeles Times, Fordham University Gabelli School of Business, NBC Sports, Paris Locations: Paris, U.S, Paris —, Seine, France, Victoria, Madison, Tokyo, USA, Woodcliff Lake , New Jersey, Minneapolis

☆ Sports streaming venture Venu priced at $42.99 a month
▼ + stars: | 2024-08-01 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Venu Sports, the sports streaming joint venture between Disney's ESPN, Warner Bros. The high-end pricing — common in direct-to-consumer sports streaming services — was expected in part so it wouldn't shake up any carriage agreements with traditional pay TV distributors. Live sports remain the highest rated TV programming and are the most costly part of the pay TV bundle. Users who sign up for Venu at $42.99 a month will have access to that entry pricing for 12 months, Venu noted Thursday — signaling there could be price increases ahead. The upcoming bundle will be priced at $16.99 a month with ads, and $29.99 a month ad-free.

Persons: Venu Sports, Venu, Pete Distad, Distad Organizations: NFL, ESPN, Chicago Bears, Minnesota Vikings, Soldier, Disney's ESPN, Warner Bros . Discovery, Fox Corp, Venu Sports, Fox, Sunday NFL, Monday, Football, CNBC, Apple, Hulu, NBA, NHL, MLB, ABC, TNT, TBS, Disney, Warner Bros, Max Locations: Chicago, U.S

☆ Diamond Sports, Comcast reach a deal to return Bally regional sports to cable customers
▼ + stars: | 2024-07-29 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Bally Sports regional channels are returning to Comcast cable TV customers. Diamond Sports — the owner of Bally Sports-branded regional sports networks — reached a deal with Comcast on Monday that will see its networks go live for cable customers on Aug. 1. Pay TV companies such as Comcast have been bleeding customers in recent years as customers opt for cheaper streaming options. Comcast said last week it lost 419,000 domestic cable customers during the second quarter and now has roughly 13.2 million subscribers in total. Once a lucrative business, regional sports networks have been particularly squeezed by customers leaving the cable bundle.

Persons: Diamond, David Preschlack, expeditiously, Preschlack Organizations: Bally, MLB's Houston Astros, Minnesota Twins, Target, Bally Sports, Comcast, Diamond Sports, —, Major League Baseball, National Basketball Association and National Hockey League, MLB, Detroit Tigers, Charter Communications, DirecTV, NHL, NBA, Bankruptcy, Southern, Southern District of, Diamond, Pay, CNBC Locations: Minneapolis , Minnesota, Xfinity, U.S, Southern District, Southern District of Texas, NBCUniversal

☆ Paris Olympics is the latest test of whether sports can win subscribers for NBC's Peacock
▼ + stars: | 2024-07-26 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +6 min

In this article CMCSA Follow your favorite stocks CREATE FREE ACCOUNTThe Paris 2024 logo representing the Olympic Games is displayed near the Eiffel Tower in Paris on April 21, 2024, in anticipation of the 2024 Paris Olympic Games and Paralympic Games. Chesnot | Getty ImagesThe Paris Olympics will offer Comcast another chance to lift its streaming platform, Peacock, as it aims to not only attract more subscribers but keep them. But most importantly, Peacock will air the entirety of the Summer Olympics for the first time. The 2020 Tokyo Olympics, which were held in 2021 due to the Covid pandemic, drew the lowest-ever audience for the Summer Games. The Beijing Olympics in 2022 had the lowest viewership ever for the Winter Games, which are notably smaller than the Summer Olympics.

Persons: Peacock, it's, Comcast's, Craig Moffett, they've, Molly Solomon, Kelly Campbell, Simone Biles, Lindsey Wasson, NBCUniversal, Mike Tirico, Grant Fisher, Abdihamid Nur, Patrick Smith Organizations: Olympic, Olympic Games, Paralympic Games, Chesnot, Comcast, Olympics, Ariake Gymnastics, NBC Radio, NBC, Summer Games, Beijing, Winter, Paris Games, Summer, Games, Australia, Team USA, Hayward Field, Getty Locations: Paris, MoffettNathanson, East Coast, U.S, Tokyo, United States, Japan, France, of Versailles, USA, men's, Eugene , Oregon

☆ 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

☆ Comcast posts mixed results, weighed down by film studio, theme parks
▼ + stars: | 2024-07-23 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Comcast reported mixed results before the bell Tuesday, missing on revenue estimates due to tough year-over-year comparisons for its film studio and theme parks. The company's revenue fell nearly 3% to $29.69 billion compared to the same period last year. Revenue from the content and experiences segment, which includes the NBCUniversal TV business, theme parks and Universal Pictures, was down 7.5% to $10.06 billion. However, NBCUniversal's TV business offset the segment, posting $6.32 billion in revenue, up 2% from last year. Comcast shed 419,000 cable TV customers during the quarter.

Persons: Mario, Peacock Organizations: Comcast NBC, Comcast, LSEG, Revenue, Universal Pictures, CNBC Locations: Los Angeles , California

☆ Netflix reports earnings after the bell. Here's what to expect
▼ + stars: | 2024-07-18 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

The Netflix logo is displayed above its corporate offices on January 24, 2024 in Los Angeles, California. Netflix reports its second-quarter earnings after the bell on Thursday, and Wall Street will be paying close attention to any details or progress the streamer will provide about its advertising-supported business model. The streaming giant launched its ad-supported tier in late 2022 and has slowly released details and metrics on how the business has been performing. Netflix's stock has been uplifted in recent quarters by its push to gain subscribers on its cheaper, ad-supported tier, in addition to its crackdown on password sharing. However, the note emphasizes that although Netflix has a big lead ahead of its competitors when it comes to the streaming business, that pivot "is far from complete."

Persons: Wedbush Organizations: Netflix, LSEG, LSEG Revenue Locations: Los Angeles , California

The Olympic Rings being placed in front of the Eiffel Tower in celebration of the French capital won the hosting right for the 2024 Summer Olympics. Sopa Images | Lightrocket | Getty ImagesSportsbooks and daily fantasy operators are preparing for a Summer Olympics bump. The gaming industry expects an increase in wagering from the previous Summer Games in Tokyo, particularly for sports like men's and women's basketball, soccer and tennis. Even so, the expected rise in Olympics gambling underscores just how much the market has boomed in recent years. The Tokyo Olympics came just a few years after the Supreme Court ruling that paved the way for legal betting across the U.S.

Persons: Max Bichsel, it's, Jordan Bender, DraftKings, Bender, Peacock, Robert Gauthier Organizations: Rings, Eiffel, Getty, U.S, North America, Gambling.com, NFL, NBA, Citizens, Tokyo, American Gaming Association, NHL, Olympics, Winter, NBC, Basketball, Saitama Super, Los Angeles Times Locations: Paris, Tokyo, North, U.S, Beijing, Japan, USA, France

☆ Media, tech titans head for Sun Valley with streaming alliances top of mind
▼ + stars: | 2024-07-08 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +8 min

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

☆ Florida Panthers games are moving from cable to local broadcast stations
▼ + stars: | 2024-07-02 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Sergei Bobrovsky, #72, and the Florida Panthers celebrate the Stanley Cup win following a 2-1 victory over the Edmonton Oilers in Game 7 of the NHL Stanley Cup Final at Amerant Bank Arena in Sunrise, Florida, on June 24, 2024. The Florida Panthers are skating to a new TV home. The Panthers, which have appeared in the Stanley Cup finals two years in a row, signed a multiyear deal with E.W. Scripps that allows the broadcast station owner to televise all locally produced Panthers preseason and regular season games as well as round one of the playoffs. "After careful review and dialogue, Diamond reached a mutual agreement with the Florida Panthers to end our existing telecast rights contract," a Diamond spokesperson said in a statement.

Persons: Sergei Bobrovsky, Diamond Organizations: Florida Panthers, Stanley, Edmonton Oilers, NHL, Amerant Bank, National Hockey League Stanley, The Panthers, E.W, Scripps, Panthers, Scripps Sports, Professional, Diamond Sports Group, Bally Sports Florida, Diamond Locations: Sunrise , Florida, Florida

☆ NFL 'Sunday Ticket' streaming is coming to bars and restaurants this season
▼ + stars: | 2024-07-02 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

A satellite dish is no longer the only way bars and restaurants can air the National Football League's package of "Sunday Ticket" games. With this acquisition, bars, restaurants, casinos and other businesses will be able to stream "Sunday Ticket" games. "Sunday Ticket" is an integral sports package for bars and restaurants since it provides all out-of-market NFL games. Since then, the media rights owners of NFL games have begun to offer games simultaneously on their streaming services — and in some cases exclusively. Netflix also recently won the rights to air two NFL games on Christmas this year, and at least one on the holiday in the following two years.

Persons: EverPass, it's, Alex Kaplan, We're, Peacock Organizations: NFL, Denver Broncos, Seattle Seahawks, Football, EverPass Media, RedBird Capital Partners, DirecTV, EverPass, Google, YouTube, Amazon, Comcast, Netflix Locations: New Jersey

☆ Media mogul Barry Diller weighs a bid to gain control of Paramount
▼ + stars: | 2024-07-02 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

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

☆ Boston Celtics' majority owner puts team up for sale weeks after NBA championship
▼ + stars: | 2024-07-01 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

A "Believe in Boston" flag flies during the duck boat parade celebrating the Boston Celtics' 18th NBA championship. The Boston Celtics' ownership group announced Monday that it plans to sell the team, according to a statement posted to the Celtics' account on social media site X. The controlling family of the ownership group, Boston Basketball Partners LLC, said it intends to sell all of its shares in the team "for estate and family planning consideration." As sports franchise valuations soar, the Celtics could fetch a particularly high price. The team is among the most successful and most widely followed in U.S. professional sports, and won its NBA record 18th championship last month.

Organizations: Boston Celtics, NBA, Basketball Association, Celtics, Boston Basketball Partners, Phoenix Suns Locations: Boston

☆ 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

A fashion retail Forever 21 store is pictured in in London on September 30, 2019. Fashion retailer Forever 21 has filed for Chapter 11 bankruptcy protection in the US. Forever 21 is asking landlords for a break on rent as the legacy fast fashion player's sales decline and it struggles to keep up with savvier competitors, CNBC has learned. Forever 21 faces a range of issues that have long plagued its business. Similar to many retailers, Forever 21's massive store footprint weighed on its balance sheet when it first filed for bankruptcy.

Persons: Simon, Brooks Brothers, Lucky, Simon didn't Organizations: CNBC, Authentic Brands Group, Simon Property Group, Brookfield Property Partners, Sparc, Lucky Brand Locations: London, U.S

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

☆ National Amusements stops discussions with Skydance on Paramount deal, sources say
▼ + stars: | 2024-06-11 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

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

The talks between the tour and the Saudi Public Investment Fund, which backs LIV Golf, are "extremely active," the person said. A PGA Tour representative declined to comment. The deal will reportedly be structured similar to their deal with the Strategic Sports Group, a consortium of investors. "By making PGA TOUR members owners of their league, we strengthen the collective investment of our players in the success of the PGA TOUR," Monahan said at the time. After clear lines were drawn, players expressed frustration about the proposed deal, leading the tour to increase financial incentives for golfers.

Persons: LIV, Rory McIlroy, Tiger Woods, John Henry —, McIlroy, PIF, Jay Monahan, Yasir Al, Rumayyan, hasn't, " Monahan, Jimmy Dunne, Dunne, Phil Mickelson, —, Monahan Organizations: THE, Sawgrass, CNBC, Saudi Public Investment Fund, Fenway Sports, Saudi, Strategic Sports Group, The New York Times, Tour Enterprises, PGA, Fenway Sports Group Locations: Ponte Vedra Beach , Florida, Saudi, New York

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