As Paramount Global controlling shareholder Shari Redstone mulls the terms of a merger between her conglom and Skydance, the network/studio/streaming service trotted out their best and brightest CEO troika this early Am in annual global stockholders meet to tout their hit parade of 14 billion dollar revenue earning franchises across all mediums, their assurance to cut $500 million in overhead, and maximize shareholder value and profits.
With Skydance’s David Ellison knocking on Paramount Global’s door with former NBCUniversal CEO Jeff Shell in tow to execute their own strategy, today’s presentation by Brian Robbins, President & CEO of Paramount Pictures and Nickelodeon; George Cheeks, President & CEO of CBS; and Chris McCarthy, President & CEO Showtime/MTV Entertainment Studios and Paramount Media Networks, was a bullhorn to shareholders that this administration has their stuff together, to prevent any possible nosediving of the stock currently, but also an underscoring that the trio...
With Skydance’s David Ellison knocking on Paramount Global’s door with former NBCUniversal CEO Jeff Shell in tow to execute their own strategy, today’s presentation by Brian Robbins, President & CEO of Paramount Pictures and Nickelodeon; George Cheeks, President & CEO of CBS; and Chris McCarthy, President & CEO Showtime/MTV Entertainment Studios and Paramount Media Networks, was a bullhorn to shareholders that this administration has their stuff together, to prevent any possible nosediving of the stock currently, but also an underscoring that the trio...
- 6/4/2024
- by Anthony D'Alessandro
- Deadline Film + TV
Paramount: Now (finally) Under New Ownership! A special committee at the company has approved a deal that will merge Paramount Global with Skydance after David Ellison acquires National Amusements, Inc. (Nai) for about $2 billion.
The National Amusements theater chain has a controlling interest in Paramount. Skydance Media CEO Ellison is paying for that control, and then he’ll make Paramount buy his production company.
All told, it is expected to cost Ellison and his financial backers at RedBird Capital Partners in the ballpark of $8 billion to make this happen, as first reported by CNBC’s David Faber. On top of Shari Redstone’s $2 billion for her family’s Nai, $4.5 billion more will go to current Paramount shareholders; another $1.5 billion in cash will be contributed to Paramount’s balance sheet. The numbers are pretty fresh and could still change some, a person with knowledge of the goings-on tells IndieWire.
The...
The National Amusements theater chain has a controlling interest in Paramount. Skydance Media CEO Ellison is paying for that control, and then he’ll make Paramount buy his production company.
All told, it is expected to cost Ellison and his financial backers at RedBird Capital Partners in the ballpark of $8 billion to make this happen, as first reported by CNBC’s David Faber. On top of Shari Redstone’s $2 billion for her family’s Nai, $4.5 billion more will go to current Paramount shareholders; another $1.5 billion in cash will be contributed to Paramount’s balance sheet. The numbers are pretty fresh and could still change some, a person with knowledge of the goings-on tells IndieWire.
The...
- 6/3/2024
- by Brian Welk and Tony Maglio
- Indiewire
The future of Paramount may be decided in the next couple of days, with the ball now in controlling shareholder Shari Redstone’s court.
With the company set to hold its annual shareholder meeting Tuesday, Paramount’s board and the buyer consortium led Skydance and RedBird Capital have come to terms on a revised deal for the company. Now it is up to Redstone to approve the deal and move forward, or look at other options.
Because Redstone’s National Amusements was recused from the board talks, it is just beginning to review the proposal.
“We received the financial terms of the proposed Paramount/Skydance transaction over the weekend and we are reviewing them,” a spokesperson for Nai said.
Paramount is effectively controlled by Redstone and her National Amusements, which holds more than 70 percent of Class A voting shares.
As The Hollywood Reporter previously wrote last week, the new deal...
With the company set to hold its annual shareholder meeting Tuesday, Paramount’s board and the buyer consortium led Skydance and RedBird Capital have come to terms on a revised deal for the company. Now it is up to Redstone to approve the deal and move forward, or look at other options.
Because Redstone’s National Amusements was recused from the board talks, it is just beginning to review the proposal.
“We received the financial terms of the proposed Paramount/Skydance transaction over the weekend and we are reviewing them,” a spokesperson for Nai said.
Paramount is effectively controlled by Redstone and her National Amusements, which holds more than 70 percent of Class A voting shares.
As The Hollywood Reporter previously wrote last week, the new deal...
- 6/3/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Paramount Global’s independent special committee agreed to recommend a revised offer from David Ellison’s Skydance Media, paving a way for the potential merger of his production company with the struggling media conglomerate, according to the Wall Street Journal and other media reports.
The decision, which follows months of negotiations, now puts the fate of the media conglomerate in the hands of controlling shareholder Shari Redstone.
Representatives for Paramount and Skydance declined to comment.
Under Skydance’s initial two-step plan, the company offered around $2 billion to acquire Redstone’s National Amusements, which owns 77% of Paramount’s class A voting stock and 5.2% of its class B common stock. The second step would then see Skydance merge with Paramount to create a combined company valued at around $5 billion.
An individual familiar with the plan previously told TheWrap that former NBCUniversal CEO Jeff Shell and Skydance’s chief creative officer Dana Goldberg...
The decision, which follows months of negotiations, now puts the fate of the media conglomerate in the hands of controlling shareholder Shari Redstone.
Representatives for Paramount and Skydance declined to comment.
Under Skydance’s initial two-step plan, the company offered around $2 billion to acquire Redstone’s National Amusements, which owns 77% of Paramount’s class A voting stock and 5.2% of its class B common stock. The second step would then see Skydance merge with Paramount to create a combined company valued at around $5 billion.
An individual familiar with the plan previously told TheWrap that former NBCUniversal CEO Jeff Shell and Skydance’s chief creative officer Dana Goldberg...
- 5/31/2024
- by Lucas Manfredi
- The Wrap
Skydance and RedBird Capital are sweetening their takeover deal for Paramount Global.
A source confirms to The Hollywood Reporter that the investor group, which also includes Kkr, has made a revised offer to Paramount’s independent board committee reviewing deals.
While the specifics of the new offer were not immediately available, it is believed to sweeten the deal for Paramount’s Class B shareholders, many of which have expressed concern about the original offer. Paramount is effectively controlled by Shari Redstone and her National Amusements, which holds more than 70 percent of Class A voting shares.
Class B shareholders have expressed concern that they are not getting the same value out of the deal that Redstone is, with some threatening lawsuits if the company moves forward with the deal.
The original deal on the table would see the Skydance-RedBird consortium acquire National Amusements’ stake in Paramount at a premium (given their...
A source confirms to The Hollywood Reporter that the investor group, which also includes Kkr, has made a revised offer to Paramount’s independent board committee reviewing deals.
While the specifics of the new offer were not immediately available, it is believed to sweeten the deal for Paramount’s Class B shareholders, many of which have expressed concern about the original offer. Paramount is effectively controlled by Shari Redstone and her National Amusements, which holds more than 70 percent of Class A voting shares.
Class B shareholders have expressed concern that they are not getting the same value out of the deal that Redstone is, with some threatening lawsuits if the company moves forward with the deal.
The original deal on the table would see the Skydance-RedBird consortium acquire National Amusements’ stake in Paramount at a premium (given their...
- 5/30/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Netflix Veteran Erika Masonhall Joins Risa Heller Communications As Managing Director Of L.A. Office
Risa Heller Communications, which specializes in crisis and reputation management, is expanding to the West Coast. The New York-based strategic comms firm has opened a Los Angeles office and tapped former Netflix executive Erika Masonhall as Managing Director to lead the expansion.
Masonhall joins Rhc after five and a half years at Netflix, where she most recently led communications across content, marketing, and studio operations. Previously based in New York, she was head of News Communications at Facebook and Vice President of Communications at NBC News. Masonhall started her career in Washington, D.C., where she served as press secretary to former Connecticut Senator Joe Lieberman when he was representing the state as an independent.
Heller believes an L.A. presence will enable the firm to be better positioned to serve entertainment executives, studios, showrunners, and production companies.
Founded in 2011 by Risa Heller, the firm’s experts navigate front-page stories,...
Masonhall joins Rhc after five and a half years at Netflix, where she most recently led communications across content, marketing, and studio operations. Previously based in New York, she was head of News Communications at Facebook and Vice President of Communications at NBC News. Masonhall started her career in Washington, D.C., where she served as press secretary to former Connecticut Senator Joe Lieberman when he was representing the state as an independent.
Heller believes an L.A. presence will enable the firm to be better positioned to serve entertainment executives, studios, showrunners, and production companies.
Founded in 2011 by Risa Heller, the firm’s experts navigate front-page stories,...
- 5/22/2024
- by Denise Petski
- Deadline Film + TV
Sony has signed an NDA with Paramount Global, a move that will give it access to the books and allow deal talks to move ahead, Deadline hears.
Sony and private equity giant Apollo kicked things off previously with a preliminary bid of $26 billion, but what’s being contemplated now is not that, but something narrower. A look at the books is necessary to move forward in any case.
The non-disclosure agreement comes two weeks after a Paramount’s month-long exclusive negotiating window with David Ellison’s Skydance ended with no deal but the indie studio still hanging in, still interested.
After a few weeks passed with no Sony NDA, there’s was speculation its interest was waning as it considered the significant regulatory hurdles, and that’s possibly what’s at play in looking for a different kind of deal.
Sony just wants the studio. Some industry players believe Apollo...
Sony and private equity giant Apollo kicked things off previously with a preliminary bid of $26 billion, but what’s being contemplated now is not that, but something narrower. A look at the books is necessary to move forward in any case.
The non-disclosure agreement comes two weeks after a Paramount’s month-long exclusive negotiating window with David Ellison’s Skydance ended with no deal but the indie studio still hanging in, still interested.
After a few weeks passed with no Sony NDA, there’s was speculation its interest was waning as it considered the significant regulatory hurdles, and that’s possibly what’s at play in looking for a different kind of deal.
Sony just wants the studio. Some industry players believe Apollo...
- 5/18/2024
- by Jill Goldsmith
- Deadline Film + TV
“The transition will be seamless.”
Those words usually accompany an announcement of a corporate takeover and, of course, it never works out that way. And it likely won’t for Paramount 2024.
Consider history: When MGM found it had become a corporate conquest in the mid-1960s, not only was the studio staff fired but three major movies were canceled mid-production. The executive guillotine was also in action at Warner Bros a year later, when the production team was decimated by its new proprietor and even Looney Tunes was dropped.
Paramount’s “transition” in 1966 was even more lethal: Not only did the new studio owner cancel existing shoots but he also greenlit three of the biggest flops in Hollywood history – earning renown as “Bluhdorn’s Bombs” (see below).
History may not automatically repeat itself in the deal now unfolding behind the filigreed Paramount gates, but the “seamless transition” already sounds problematic:...
Those words usually accompany an announcement of a corporate takeover and, of course, it never works out that way. And it likely won’t for Paramount 2024.
Consider history: When MGM found it had become a corporate conquest in the mid-1960s, not only was the studio staff fired but three major movies were canceled mid-production. The executive guillotine was also in action at Warner Bros a year later, when the production team was decimated by its new proprietor and even Looney Tunes was dropped.
Paramount’s “transition” in 1966 was even more lethal: Not only did the new studio owner cancel existing shoots but he also greenlit three of the biggest flops in Hollywood history – earning renown as “Bluhdorn’s Bombs” (see below).
History may not automatically repeat itself in the deal now unfolding behind the filigreed Paramount gates, but the “seamless transition” already sounds problematic:...
- 5/9/2024
- by Peter Bart
- Deadline Film + TV
Paramount Global goes back to playing the field this week with two suitors still pursuing the company that has been surrounded by a highly public M&a drama for months. And it’s unlikely to end any time soon.
The company reached the end of its 30-day exclusive negotiating window with Skydance Media on May 3 without coming to an agreement. Sony Pictures Entertainment and Apollo Global Management, meanwhile, are moving forward with a $26 billion all-cash offer that raises regulatory and political concerns in this election-year environment. The special committee of Paramount Global’s board of directors that has been handling the M&a negotiations now intends to proceed with discussions with both the Skydance and Sony/Apollo groups, as reported Sunday by the New York Times and confirmed by multiple sources.
That decision leaves Skydance CEO David Ellison and his backers, which include Gerry Cardinale’s RedBird Capital, with a...
The company reached the end of its 30-day exclusive negotiating window with Skydance Media on May 3 without coming to an agreement. Sony Pictures Entertainment and Apollo Global Management, meanwhile, are moving forward with a $26 billion all-cash offer that raises regulatory and political concerns in this election-year environment. The special committee of Paramount Global’s board of directors that has been handling the M&a negotiations now intends to proceed with discussions with both the Skydance and Sony/Apollo groups, as reported Sunday by the New York Times and confirmed by multiple sources.
That decision leaves Skydance CEO David Ellison and his backers, which include Gerry Cardinale’s RedBird Capital, with a...
- 5/5/2024
- by Cynthia Littleton
- Variety Film + TV
Updated with Paramount’s board decision to begin new negotiations: A special committee of the Paramount Global board decided at a meeting yesterday to begin talking with Sony and Apollo following the expiration of a month-long negotiating window with Skydance on Friday night.
The committee met over the weekend to consider its approach to the preliminary $26 billion cash bid, including the assumption of debt, made jointly by the entertainment giant and global private equity film.
But the David Ellison studio is still in the mix as Paramount seeks to continue those talks – just non-exclusive, obviously, Deadline has learned.
That’s a deal that won’t have any regulatory issues in closing, and is the one that Par’s controlling shareholder Shari Restone prefers.
Paramount shareholders hate the Skydance deal, just as much of Hollywood detests the idea of Paramount and Sony merging – a combination that would need to pass regulatory scrutiny.
The committee met over the weekend to consider its approach to the preliminary $26 billion cash bid, including the assumption of debt, made jointly by the entertainment giant and global private equity film.
But the David Ellison studio is still in the mix as Paramount seeks to continue those talks – just non-exclusive, obviously, Deadline has learned.
That’s a deal that won’t have any regulatory issues in closing, and is the one that Par’s controlling shareholder Shari Restone prefers.
Paramount shareholders hate the Skydance deal, just as much of Hollywood detests the idea of Paramount and Sony merging – a combination that would need to pass regulatory scrutiny.
- 5/5/2024
- by Jill Goldsmith
- Deadline Film + TV
In the latest twist in Paramount Global’s M&a saga, Sony Pictures Entertainment and Apollo Global Management have made a bid to take Paramount private with an all-cash buyout offer of $26 billion.
Sony and private-equity giant Apollo submitted a letter with the non-binding offer Wednesday to Paramount Global, as first reported by the New York Times and the Wall Street Journal. The bid, which would include the assumption of debt and could be negotiated, would be a premium over the company’s current $22 billion enterprise value.
The tag-teamed buyout bid comes as Paramount Global board’s special committee established to consider M&a proposals is evaluating the best and final offer from Skydance Media to merge Paramount and Skydance while keeping Paramount Global public. Shari Redstone, the controlling shareholder of Paramount Global, is known to prefer consummating a deal with David Ellison’s Skydance, whose bid is backed by RedBird Capital Partners and Kkr.
Sony and private-equity giant Apollo submitted a letter with the non-binding offer Wednesday to Paramount Global, as first reported by the New York Times and the Wall Street Journal. The bid, which would include the assumption of debt and could be negotiated, would be a premium over the company’s current $22 billion enterprise value.
The tag-teamed buyout bid comes as Paramount Global board’s special committee established to consider M&a proposals is evaluating the best and final offer from Skydance Media to merge Paramount and Skydance while keeping Paramount Global public. Shari Redstone, the controlling shareholder of Paramount Global, is known to prefer consummating a deal with David Ellison’s Skydance, whose bid is backed by RedBird Capital Partners and Kkr.
- 5/2/2024
- by Todd Spangler
- Variety Film + TV
The board room and executive suite drama at Paramount Global escalated on Monday, with Bob Bakish leaving his role as CEO and a trio of executives taking over just days before an exclusive negotiating window for a sale to David Ellison’s SkyDance Media and partners closes.
Veteran company leaders Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three will work with the Paramount board and CFO Naveen Chopra.
“We’re finalizing a long-term strategic plan to best position this storied company to reach new and greater heights in our rapidly changing world,” McCarthy told a conference call following Paramount’s first-quarter earnings report after the market close on Monday that lasted just nine minutes and didn’t allow for analysts’ questions. As of 11:15 a.m. Et on Tuesday, Paramount shares were down 4.3 percent,...
Veteran company leaders Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three will work with the Paramount board and CFO Naveen Chopra.
“We’re finalizing a long-term strategic plan to best position this storied company to reach new and greater heights in our rapidly changing world,” McCarthy told a conference call following Paramount’s first-quarter earnings report after the market close on Monday that lasted just nine minutes and didn’t allow for analysts’ questions. As of 11:15 a.m. Et on Tuesday, Paramount shares were down 4.3 percent,...
- 4/30/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
Paramount Global’s ouster of CEO Bob Bakish did not reassure investors that there’s a favorable exit in store for the media conglomerate.
Shares of the company were down more than 4% in trading Tuesday morning to under $12/share, after Bakish’s exit was officially announced and he was replaced by three senior execs tasked with running Paramount Global — for now, anyway.
Wall Street analysts said the dismissal of Bakish, who was said to oppose Paramount Global’s prospective merger with David Ellison’s Skydance Media, along with the company’s refusal to take questions during its first-quarter 2024 earnings call Monday was evidence that an M&a deal is nearing. Paramount’s Q1 results were decent, as the company boosted Paramount+ streaming subs to more than 71 million and significantly narrowed streaming losses, while its TV group saw revenue up 1% thanks largely to the Super Bowl on CBS. But the financial results...
Shares of the company were down more than 4% in trading Tuesday morning to under $12/share, after Bakish’s exit was officially announced and he was replaced by three senior execs tasked with running Paramount Global — for now, anyway.
Wall Street analysts said the dismissal of Bakish, who was said to oppose Paramount Global’s prospective merger with David Ellison’s Skydance Media, along with the company’s refusal to take questions during its first-quarter 2024 earnings call Monday was evidence that an M&a deal is nearing. Paramount’s Q1 results were decent, as the company boosted Paramount+ streaming subs to more than 71 million and significantly narrowed streaming losses, while its TV group saw revenue up 1% thanks largely to the Super Bowl on CBS. But the financial results...
- 4/30/2024
- by Todd Spangler
- Variety Film + TV
Paramount Global’s CEO Bob Bakish is out. The executive who has been a presence at several iterations of the company since 1997 will exit, effective immediately. A triumvirate of division heads — Brian Robbins, George Cheeks and Chris McCarthy — will step in to lead the company for now in a new office of the CEO.
Robbins is president & CEO of Paramount Pictures & Nickelodeon and chief content officer, Movies and Kids & Family, Paramount+; Cheeks is president-ceo of CBS, and chief content officer, News and Sports, Paramount+; McCarthy is President & CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks.
The company said the “Office of the CEO is working with the Board to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy. The Board has great confidence in the leaders comprising the Office of the CEO,...
Robbins is president & CEO of Paramount Pictures & Nickelodeon and chief content officer, Movies and Kids & Family, Paramount+; Cheeks is president-ceo of CBS, and chief content officer, News and Sports, Paramount+; McCarthy is President & CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks.
The company said the “Office of the CEO is working with the Board to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy. The Board has great confidence in the leaders comprising the Office of the CEO,...
- 4/29/2024
- by Jill Goldsmith
- Deadline Film + TV
Three Paramount executives will take Bakish’s place until the question of Paramount’s ownership is determined.
It has been a tumultuous few months for Paramount Global as the venerated entertainment company has been regularly embroiled in rumors surrounding its ownership and, more recently, who will be in charge of the company. On Monday, some of those questions were answered as Paramount reported its first-quarter earnings for 2024. On the streaming front, the company’s flagship platform Paramount+ added 3.7 million customers worldwide during the first three months of the year to bring its global total to 71.2 million, up 18.67% year over year.
Key Details: Paramount+ saw 18.67% subscriber growth over the course of the past year. The streamer also boasted a 51% revenue jump year over year as well. CEO Bob Bakish stepped down from his post on Monday effective immediately and he will be replaced by a trio of executives while Paramount’s ownership is decided.
It has been a tumultuous few months for Paramount Global as the venerated entertainment company has been regularly embroiled in rumors surrounding its ownership and, more recently, who will be in charge of the company. On Monday, some of those questions were answered as Paramount reported its first-quarter earnings for 2024. On the streaming front, the company’s flagship platform Paramount+ added 3.7 million customers worldwide during the first three months of the year to bring its global total to 71.2 million, up 18.67% year over year.
Key Details: Paramount+ saw 18.67% subscriber growth over the course of the past year. The streamer also boasted a 51% revenue jump year over year as well. CEO Bob Bakish stepped down from his post on Monday effective immediately and he will be replaced by a trio of executives while Paramount’s ownership is decided.
- 4/29/2024
- by Matt Tamanini
- The Streamable
Updated with details of revised Skydance offer: Deadline has learned that Skydance’s offer for Paramount, said to be its last and final, includes a sweetened $3 billion cash in injection — up by at least $1 billion contemplated previously. That’s key as a priority is Paramount holding enough cash on its balance sheet for an investment grade status with big ratings agencies.
The deal also includes a premium sweetener for a percentage of non-voting Class B shares, although details of that aren’t clear. Shari Redstone would take an unspecified haircut compared with the initial deal terms, below. Paramount’s all stock acquisition of Skydance, planned as a second step in the transaction, wouldn’t change, with a value remaining at about $5 billion.
It’s not clear what happens to the few other Class A shareholders beyond Redstone, but most, like Mario Gabelli, also hold B shares. Class A share have...
The deal also includes a premium sweetener for a percentage of non-voting Class B shares, although details of that aren’t clear. Shari Redstone would take an unspecified haircut compared with the initial deal terms, below. Paramount’s all stock acquisition of Skydance, planned as a second step in the transaction, wouldn’t change, with a value remaining at about $5 billion.
It’s not clear what happens to the few other Class A shareholders beyond Redstone, but most, like Mario Gabelli, also hold B shares. Class A share have...
- 4/29/2024
- by Jill Goldsmith
- Deadline Film + TV
Reports indicate Bakish could be out as soon as Monday as Paramount continues merger talks with Skydance Media.
Paramount Global has not completed its merger with Skydance Media, but it appears it’s taking the next step in that process. According to multiple reports, Paramount Global CEO Bob Bakish is set to resign from the company under pressure and could see his exit come as early as Monday. Bakish has been sitting in the top chair since 2018 when CBS and Viacom merged into Paramount Global, but his vision for the company’s future is no longer aligned with the goals of its controlling shareholder Shari Redstone.
Key Details: Bakish has been an opponent of the merger with Skydance. Executives at CBS are concerned about what will happen to the company’s TV networks after Bakish’s departure. Skydance CEO David Ellison plans to take the top spot at the new Paramount Global,...
Paramount Global has not completed its merger with Skydance Media, but it appears it’s taking the next step in that process. According to multiple reports, Paramount Global CEO Bob Bakish is set to resign from the company under pressure and could see his exit come as early as Monday. Bakish has been sitting in the top chair since 2018 when CBS and Viacom merged into Paramount Global, but his vision for the company’s future is no longer aligned with the goals of its controlling shareholder Shari Redstone.
Key Details: Bakish has been an opponent of the merger with Skydance. Executives at CBS are concerned about what will happen to the company’s TV networks after Bakish’s departure. Skydance CEO David Ellison plans to take the top spot at the new Paramount Global,...
- 4/29/2024
- by David Satin
- The Streamable
Amid the M&a drama enveloping Paramount Global, Bob Bakish is about to step down as CEO after eight years at the helm of Shari Redstone’s media empire.
Bakish is expected to resign under pressure as early as Monday. The executive has been with Paramount and its Viacom predecessor since 1997. He was recruited by Redstone in 2016 to help bring order to a company that had descended into public legal brawling among shareholders and a battle for control between Redstone and former Viacom CEO Philippe Dauman. Word of Bakish’s pending exit first surfaced Friday in the Wall Street Journal.
At present, Paramount‘s board of directors is deep in exclusive acquisitions talks with Skydance Media and RedBird Capital. Another group, Sony Pictures and Apollo Global Management, is poised to field a formal all-cash offer for the company next week as the May 3 expiration date of the exclusive negotiating window with Skydance nears.
Bakish is expected to resign under pressure as early as Monday. The executive has been with Paramount and its Viacom predecessor since 1997. He was recruited by Redstone in 2016 to help bring order to a company that had descended into public legal brawling among shareholders and a battle for control between Redstone and former Viacom CEO Philippe Dauman. Word of Bakish’s pending exit first surfaced Friday in the Wall Street Journal.
At present, Paramount‘s board of directors is deep in exclusive acquisitions talks with Skydance Media and RedBird Capital. Another group, Sony Pictures and Apollo Global Management, is poised to field a formal all-cash offer for the company next week as the May 3 expiration date of the exclusive negotiating window with Skydance nears.
- 4/27/2024
- by Cynthia Littleton
- Variety Film + TV
Brian Roberts, chairman and CEO of Comcast, had a compensation package worth $35.47 million in 2023, as he saw his pay rise 11% from the year prior.
Roberts, who oversees the cable giant and NBCUniversal, last year had a salary of $2.5 million, stock awards worth $15 million, stock options worth $9.2 million and a $8.55 million cash incentive bonus. In 2022, his compensation totaled about $32.1 million.
Comcast’s stock price rose 26% in 2023. Shares are down 12% year to date in 2024. The company reported $121.6 billion in revenue for 2023 (up 0.1%) and net income of $15.1 billion (versus $4.9 billion in 2022).
“Mr. Roberts provided invaluable long-term vision and stability as he continued to lead the execution of our company’s strategy worldwide, especially in light of the headwinds of an uncertain macroeconomic environment and regulatory and competitive challenges,” Comcast said in its proxy statement filed Friday with the SEC. “Mr. Roberts sets the tone for our businesses to execute at the highest level...
Roberts, who oversees the cable giant and NBCUniversal, last year had a salary of $2.5 million, stock awards worth $15 million, stock options worth $9.2 million and a $8.55 million cash incentive bonus. In 2022, his compensation totaled about $32.1 million.
Comcast’s stock price rose 26% in 2023. Shares are down 12% year to date in 2024. The company reported $121.6 billion in revenue for 2023 (up 0.1%) and net income of $15.1 billion (versus $4.9 billion in 2022).
“Mr. Roberts provided invaluable long-term vision and stability as he continued to lead the execution of our company’s strategy worldwide, especially in light of the headwinds of an uncertain macroeconomic environment and regulatory and competitive challenges,” Comcast said in its proxy statement filed Friday with the SEC. “Mr. Roberts sets the tone for our businesses to execute at the highest level...
- 4/26/2024
- by Todd Spangler
- Variety Film + TV
Skydance and Paramount are deep into hashing out a complicated deal that would see the David Ellison’s studio and its backers take control of the storied film and television company owned by Shari Redstone. The exclusive month-long negotiating period through May 3 is likely to be extended perhaps by a few weeks, Deadline hears, given the complexity of the transaction.
The rough contours of a Skydance deal would see a circa $2 billion payout to Redstone for a majority stake in family holding Nai (which controls Paramount though its voting Class A shares) as well as the National Amusements theater chain and associated real estate assets. Step two would see Paramount acquire Skydance in an all-stock deal valued at circa $4-5 billion. That’s being worked on and will likely wind up at the high end of the range.
Skydance’s last capital raise in the fall of 2022, with Kkr as a new investor,...
The rough contours of a Skydance deal would see a circa $2 billion payout to Redstone for a majority stake in family holding Nai (which controls Paramount though its voting Class A shares) as well as the National Amusements theater chain and associated real estate assets. Step two would see Paramount acquire Skydance in an all-stock deal valued at circa $4-5 billion. That’s being worked on and will likely wind up at the high end of the range.
Skydance’s last capital raise in the fall of 2022, with Kkr as a new investor,...
- 4/25/2024
- by Jill Goldsmith and Anthony D'Alessandro
- Deadline Film + TV
Even as Paramount Global continues to hold exclusive talks with David Ellison’s Skydance and Gerry Cardinale’s Redbird Capital, another potential buyer group is considering its own moves.
The Hollywood Reporter has confirmed that executives at Sony Corp., including Sony Pictures chief Tony Vinciquerra, have been in touch with Apollo Global Management about making a joint bid for the entertainment company.
Apollo had previously made a $26 billion offer for Paramount, inclusive of equity and debt, though it was reportedly dismissed. But partnering with Sony would likely eliminate any cash or financing concerns.
The New York Times first reported the Sony talks, adding that no offer has been made, given that the exclusive negotiating window is still in place. The Times reported that one structure under consideration would see Sony and Apollo effectively take Paramount private, with Sony owning a majority of the company, with Apollo operating as a minority owner.
The Hollywood Reporter has confirmed that executives at Sony Corp., including Sony Pictures chief Tony Vinciquerra, have been in touch with Apollo Global Management about making a joint bid for the entertainment company.
Apollo had previously made a $26 billion offer for Paramount, inclusive of equity and debt, though it was reportedly dismissed. But partnering with Sony would likely eliminate any cash or financing concerns.
The New York Times first reported the Sony talks, adding that no offer has been made, given that the exclusive negotiating window is still in place. The Times reported that one structure under consideration would see Sony and Apollo effectively take Paramount private, with Sony owning a majority of the company, with Apollo operating as a minority owner.
- 4/19/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Sony Pictures Entertainment and Apollo Global Management are considering a possible joint bid for Paramount Global.
News of the discussions was first reported by the New York Times. Sources close to the situation confirmed the conversations but cautioned that there are numerous obstacles that would need to be overcome before the sides could formally submit an offer. Apollo previously floated a $26 billion offer for Paramount by itself and before that it floated an $11 billion offer for the Paramount Pictures film studio on its own.
At present, Paramount Global is in the midst of an exclusive 30-day negotiating window with Skydance Media. Skydance and Paramount are trying to work out a deal that would merge Paramount into Skydance and bring in a new management regime led by Skydance CEO David Ellison. Paramount Global has set up a special committee of board members to consider offers and options for Paramount. That committee...
News of the discussions was first reported by the New York Times. Sources close to the situation confirmed the conversations but cautioned that there are numerous obstacles that would need to be overcome before the sides could formally submit an offer. Apollo previously floated a $26 billion offer for Paramount by itself and before that it floated an $11 billion offer for the Paramount Pictures film studio on its own.
At present, Paramount Global is in the midst of an exclusive 30-day negotiating window with Skydance Media. Skydance and Paramount are trying to work out a deal that would merge Paramount into Skydance and bring in a new management regime led by Skydance CEO David Ellison. Paramount Global has set up a special committee of board members to consider offers and options for Paramount. That committee...
- 4/19/2024
- by Cynthia Littleton
- Variety Film + TV
As Paramount Global and Skydance Media’s exclusive talks about a potential merger continue, Ariel Investments founder and co-ceo John Rogers Jr. told TheWrap that the media conglomerate’s recent stock decline indicates a lack of faith in Skydance’s CEO David Ellison.
Watching the developments closely, the executive said that he could consider legal action in the event that a deal doesn’t appropriately benefit his clients.
The firm, which is a long-term shareholder with a 1.8% stake in Paramount as of the new year, previously told TheWrap Friday that pursuing exclusive talks with Skydance and a deal that would benefit controlling shareholder Shari Redstone at the expense of other shareholders would be “averse” to the company’s fair market value.
On Monday, he added that they are “talking to our outside counsel.”
Paramount shares have fallen 50% in the past year (Credit: Nasdaq)
“It’s something that we’re going...
Watching the developments closely, the executive said that he could consider legal action in the event that a deal doesn’t appropriately benefit his clients.
The firm, which is a long-term shareholder with a 1.8% stake in Paramount as of the new year, previously told TheWrap Friday that pursuing exclusive talks with Skydance and a deal that would benefit controlling shareholder Shari Redstone at the expense of other shareholders would be “averse” to the company’s fair market value.
On Monday, he added that they are “talking to our outside counsel.”
Paramount shares have fallen 50% in the past year (Credit: Nasdaq)
“It’s something that we’re going...
- 4/15/2024
- by Lucas Manfredi
- The Wrap
Paramount Global’s beleaguered stock faltered Monday as investors fretted over the ongoing talks between controlling shareholder National Amusements Inc. and Skydance Media.
As the moon blocked out the sun across a swath of the U.S. in a total eclipse, the stock behaved accordingly, falling almost 8% on heavier-than-average trading volume to finish at $11.06. The shares, which have lost nearly half their value over the past year, retreated amid numerous reports about how a tentative deal between David Ellison’s Skydance and Shari Redstone’s National Amusements would be structured.
While Nai controls more than three-quarters of Paramount’s voting shares, it has only about 10% of the company’s equity, posing a risk of dilution for a number of other shareholders. During their 30-day exclusive negotiating window, Skydance and Nai are said to have established a framework for an all-stock transaction valued in the range of $5 billion. An initial step...
As the moon blocked out the sun across a swath of the U.S. in a total eclipse, the stock behaved accordingly, falling almost 8% on heavier-than-average trading volume to finish at $11.06. The shares, which have lost nearly half their value over the past year, retreated amid numerous reports about how a tentative deal between David Ellison’s Skydance and Shari Redstone’s National Amusements would be structured.
While Nai controls more than three-quarters of Paramount’s voting shares, it has only about 10% of the company’s equity, posing a risk of dilution for a number of other shareholders. During their 30-day exclusive negotiating window, Skydance and Nai are said to have established a framework for an all-stock transaction valued in the range of $5 billion. An initial step...
- 4/8/2024
- by Dade Hayes
- Deadline Film + TV
The front of the Paramount Pictures studios in Los Angeles, California. (Stock image by Hannah Wernecke via Unsplash)
An investment firm has criticized plans by Paramount Global’s board of directors to explore a possible merger of the company with Skydance Media on an exclusive basis.
In a letter sent to the board of directors on Monday, the Chief Financial Officer of Matrix Asset Advisors says the deal stands to substantially benefit Paramount’s parent company National Amusements and its controlling owner, Shari Redstone, over smaller investors who might be forced to bankroll what he called a “speculative investment in Skydance in a transaction significantly dilutive to shareholder value.”
The letter followed numerous media reports published over the last two weeks that said the board of Paramount was focused squarely on a proposed merger of its entertainment business with Skydance, the media production firm owned by David Ellison. Over the weekend,...
An investment firm has criticized plans by Paramount Global’s board of directors to explore a possible merger of the company with Skydance Media on an exclusive basis.
In a letter sent to the board of directors on Monday, the Chief Financial Officer of Matrix Asset Advisors says the deal stands to substantially benefit Paramount’s parent company National Amusements and its controlling owner, Shari Redstone, over smaller investors who might be forced to bankroll what he called a “speculative investment in Skydance in a transaction significantly dilutive to shareholder value.”
The letter followed numerous media reports published over the last two weeks that said the board of Paramount was focused squarely on a proposed merger of its entertainment business with Skydance, the media production firm owned by David Ellison. Over the weekend,...
- 4/8/2024
- by Matthew Keys
- The Desk
Former NBC Universal CEO Jeff Shell appears in an undated handout photo.
The former chief executive of Comcast’s NBC Universal business could be headed to Paramount Global if the company moves forward with its merger plan involving Skydance Media, according to a report.
Over the weekend, CNBC offered additional details about what Paramount Global might look like after consummating its marriage with Skydance Media, which would involve other companies like RedBird Capital Partners, where Jeff Shell oversees its sports and media investments.
Shell is likely to take a senior leadership role at Paramount should the companies merge, according to CNBC, with Skydance founder and CEO David Ellison taking charge of the combined operation.
Paramount would continue to trade as a public company, the network said, with shareholders having more control over the film and television enterprise. Currently, Shari Redstone and her family control the majority of Paramount through their...
The former chief executive of Comcast’s NBC Universal business could be headed to Paramount Global if the company moves forward with its merger plan involving Skydance Media, according to a report.
Over the weekend, CNBC offered additional details about what Paramount Global might look like after consummating its marriage with Skydance Media, which would involve other companies like RedBird Capital Partners, where Jeff Shell oversees its sports and media investments.
Shell is likely to take a senior leadership role at Paramount should the companies merge, according to CNBC, with Skydance founder and CEO David Ellison taking charge of the combined operation.
Paramount would continue to trade as a public company, the network said, with shareholders having more control over the film and television enterprise. Currently, Shari Redstone and her family control the majority of Paramount through their...
- 4/8/2024
- by Matthew Keys
- The Desk
A new report indicates the process of merging Paramount and Skydance Media could be picking up steam.
Update (2:08 p.m. Et): In an exclusive report from The Wall Street Journal, Jessica Toonkel reported that members of Paramount Global’s board and Skydance Media have agreed to enter an exclusive period of negotiations for the latter company to take over majority ownership of the latter. The period of exclusivity will last for 30 days while the two sides attempt to come to an agreement for Skydance’s founder David Ellison to purchase enough shares to control the company.
Continue to follow this major story on The Streamable as we cover all angles over the next month of exclusive negotiations between the two sides.
After months of speculating and making educated guesses about Paramount Global’s next move, it appears that some clarity is taking shape in the media giant’s recent merger and acquisition talks.
Update (2:08 p.m. Et): In an exclusive report from The Wall Street Journal, Jessica Toonkel reported that members of Paramount Global’s board and Skydance Media have agreed to enter an exclusive period of negotiations for the latter company to take over majority ownership of the latter. The period of exclusivity will last for 30 days while the two sides attempt to come to an agreement for Skydance’s founder David Ellison to purchase enough shares to control the company.
Continue to follow this major story on The Streamable as we cover all angles over the next month of exclusive negotiations between the two sides.
After months of speculating and making educated guesses about Paramount Global’s next move, it appears that some clarity is taking shape in the media giant’s recent merger and acquisition talks.
- 4/3/2024
- by David Satin
- The Streamable
Tuesday was not a good day for Ronna McDaniel — or, is it Ronna Romney McDaniel again, as she now admits the 2020 election was not stolen? She went from a high-profile gig on NBC to no gig and no agent, as CAA also dropped her.
It was also a bad day for NBC News Group chairman Cesar Conde, who found it necessary to “personally apologize to our team members who felt we let them down.” Conde didn’t exactly fall on his sword by himself; he mentioned in his letter to staff that this was “a collective recommendation by some members of our leadership team.” But he acknowledged that the buck stopped with him.
At least McDaniel is getting a payout. So, no harm, no foul, right? Well, not exactly. This was hardly the simple loss of a job, as the fallout at NBC has made it impossible for her to...
It was also a bad day for NBC News Group chairman Cesar Conde, who found it necessary to “personally apologize to our team members who felt we let them down.” Conde didn’t exactly fall on his sword by himself; he mentioned in his letter to staff that this was “a collective recommendation by some members of our leadership team.” But he acknowledged that the buck stopped with him.
At least McDaniel is getting a payout. So, no harm, no foul, right? Well, not exactly. This was hardly the simple loss of a job, as the fallout at NBC has made it impossible for her to...
- 3/27/2024
- by Kim Masters
- The Hollywood Reporter - Movie News
Shari Redstone holds Paramount’s ultimate fate in her hands, and appears to be narrowing her focus to David Ellison’s offer for the company.
Another day, another update on the potential sale of Paramount Global. Earlier this week, it was reported that the private equity firm Apollo Global Management had offered $11 billion for Paramount’s TV and movie studios, which constitutes a greater sum than the entire company’s current market cap. But a new report from the Financial Times suggests that Paramount’s controlling shareholder Shari Redstone is not convinced by the offer, and is leaning toward a bid by billionaire David Ellison, owner of Skydance Media.
Redstone prefers to sell Paramount as a whole company, as opposed to stripping it for parts and selling it piece by piece. Ellison may bring in former NBCUniversal CEO Jeff Shell and former CNN head Jeff Zucker to run cable and...
Another day, another update on the potential sale of Paramount Global. Earlier this week, it was reported that the private equity firm Apollo Global Management had offered $11 billion for Paramount’s TV and movie studios, which constitutes a greater sum than the entire company’s current market cap. But a new report from the Financial Times suggests that Paramount’s controlling shareholder Shari Redstone is not convinced by the offer, and is leaning toward a bid by billionaire David Ellison, owner of Skydance Media.
Redstone prefers to sell Paramount as a whole company, as opposed to stripping it for parts and selling it piece by piece. Ellison may bring in former NBCUniversal CEO Jeff Shell and former CNN head Jeff Zucker to run cable and...
- 3/22/2024
- by David Satin
- The Streamable
Paramount Global shares, which soared Wednesday on news that Apollo had made an $11 billion offer for Paramount Pictures, has slumped today after a report splashed cold water on the scenario.
Shares in the media company had dropped 5% by mid-day, to below $12, after the Financial Times reported that controlling shareholder Shari Redstone is “unconvinced” by the private equity offer. Apollo’s offer, which valued just the studio at more than the entirety of Paramount Global, pushed the stock up 12% on Wednesday. Redstone has long regarded the studio, which was a cherished asset of her father, Sumner Redstone, as the centerpiece for Paramount and a deal without the studio could be far trickier to engineer.
Reps for Redstone and Paramount did not immediately respond to Deadline’s requests for comment.
Redstone, whose National Amusements controls more than three-quarters of the voting shares in Paramount, is looking more favorably on a competing offer...
Shares in the media company had dropped 5% by mid-day, to below $12, after the Financial Times reported that controlling shareholder Shari Redstone is “unconvinced” by the private equity offer. Apollo’s offer, which valued just the studio at more than the entirety of Paramount Global, pushed the stock up 12% on Wednesday. Redstone has long regarded the studio, which was a cherished asset of her father, Sumner Redstone, as the centerpiece for Paramount and a deal without the studio could be far trickier to engineer.
Reps for Redstone and Paramount did not immediately respond to Deadline’s requests for comment.
Redstone, whose National Amusements controls more than three-quarters of the voting shares in Paramount, is looking more favorably on a competing offer...
- 3/21/2024
- by Dade Hayes
- Deadline Film + TV
Update, 1:31 Pm: Comcast boss Brian Roberts needs to show Andy Cohen the door, lawyers for Brandi Glanville are demanding.
“NBC continues to protect those in power,” Bryan Freedman and Mark Geragos declared Friday in a response to an apology of sorts from the Watch What Happens Live host to the Real Housewives vet after Glanville publicly accused Cohen of sexually harassing her.
“Brian Roberts, it’s time to step in like you did with Andy Lack and Jeff Shell, and stop the cover-up and do the right thing,” the lawyers said. “Your legacy and decency demands it.”
The call-out out to the Comcast CEO is clearly meant to generate a top-level reaction and media spotlight. Also, invoking the names of the former NBC News chairman Lack, who had a scandal-riddled tenure until he was bounced in 2020, the scandalized former NBCUniversal CEO Shell, who exited in 2023 after an inappropriate relationship with a co-worker,...
“NBC continues to protect those in power,” Bryan Freedman and Mark Geragos declared Friday in a response to an apology of sorts from the Watch What Happens Live host to the Real Housewives vet after Glanville publicly accused Cohen of sexually harassing her.
“Brian Roberts, it’s time to step in like you did with Andy Lack and Jeff Shell, and stop the cover-up and do the right thing,” the lawyers said. “Your legacy and decency demands it.”
The call-out out to the Comcast CEO is clearly meant to generate a top-level reaction and media spotlight. Also, invoking the names of the former NBC News chairman Lack, who had a scandal-riddled tenure until he was bounced in 2020, the scandalized former NBCUniversal CEO Shell, who exited in 2023 after an inappropriate relationship with a co-worker,...
- 2/23/2024
- by Dominic Patten
- Deadline Film + TV
The 2023 domestic box office met analyst expectations with about $9.1 billion, up from $7.5 billion — a win given the unforeseen impact of the SAG and WGA strikes. However, that was supposed to set the stage for $11 billion in 2024 and a return to a so-called normal and we now know that won’t happen. For 2024, estimates are around $8 billion.
Welcome to the new normal, which is no normal at all. From blockbuster franchises to business models, Hollywood no longer has a reliable template to produce and release theatrical hits. It spent decades being sure that audiences loved superheroes, franchises printed money, and Pixar was unbeatable. Today, each studio must face the awkward reality that history can’t guide future results.
We looked at the top players and ranked by market share. In 2023 that’s an incomplete statistic given the unknown of VOD revenue, but we know post-theatrical success ties to heightened theatrical interest.
Welcome to the new normal, which is no normal at all. From blockbuster franchises to business models, Hollywood no longer has a reliable template to produce and release theatrical hits. It spent decades being sure that audiences loved superheroes, franchises printed money, and Pixar was unbeatable. Today, each studio must face the awkward reality that history can’t guide future results.
We looked at the top players and ranked by market share. In 2023 that’s an incomplete statistic given the unknown of VOD revenue, but we know post-theatrical success ties to heightened theatrical interest.
- 1/5/2024
- by Tom Brueggemann
- Indiewire
The most consequential entertainment business story of 2024 was kickstarted by two pro operators having a pre-Christmas meal. The Dec. 19 lunch between Warner Bros. Discovery CEO David Zaslav and Paramount Global CEO Bob Bakish, held at Paramount’s New York office, instantly ignited a firestorm of “what ifs,” as the future of the storied studio was suddenly in question.
Is Paramount for sale? Or is controlling shareholder National Amusements? Or both? But the future of Paramount — and for that matter Wbd — may be defined by a cast of characters straight out of central casting: A trio of scions forging their own path in the footsteps of their mogul fathers (Shari Redstone, David Ellison, Brian Roberts); a pair of self-made billionaire investors who find their fortunes tied up in the debt-laden companies at the heart of the deal (John Malone, Warren Buffett); and a handful of professional executives seeking moguldom — or at...
Is Paramount for sale? Or is controlling shareholder National Amusements? Or both? But the future of Paramount — and for that matter Wbd — may be defined by a cast of characters straight out of central casting: A trio of scions forging their own path in the footsteps of their mogul fathers (Shari Redstone, David Ellison, Brian Roberts); a pair of self-made billionaire investors who find their fortunes tied up in the debt-laden companies at the heart of the deal (John Malone, Warren Buffett); and a handful of professional executives seeking moguldom — or at...
- 1/4/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Jeff Zucker and Gerry Cardinale’s RedBird Imi has emerged as the new frontrunner in the race to buy Squid Game: The Challenge maker All3Media.
According to the Ft, the private equity group is in advanced talks with All3-owners Warner Bros. Discovery (Wbd) and Liberty Global in a deal worth around £1B ($1.26B), which could complete before Christmas. Sources confirmed to Deadline that RedBird is now leading the pack.
The investment firm is 75%-owned by Abu Dhabi and was formed last year. RedBird Capital, which owns the other share, has a roster including Skydance Media, the Yes Network, and Matt Damon and Ben Affleck’s Artists Equity. RedBird also teamed with Dwayne Johnson and Dany Garcia to buy the XFL out of bankruptcy.
RedBird Imi is pushing into the UK and is currently trying to buy the Telegraph and Spectator magazines, although that has been held up by...
According to the Ft, the private equity group is in advanced talks with All3-owners Warner Bros. Discovery (Wbd) and Liberty Global in a deal worth around £1B ($1.26B), which could complete before Christmas. Sources confirmed to Deadline that RedBird is now leading the pack.
The investment firm is 75%-owned by Abu Dhabi and was formed last year. RedBird Capital, which owns the other share, has a roster including Skydance Media, the Yes Network, and Matt Damon and Ben Affleck’s Artists Equity. RedBird also teamed with Dwayne Johnson and Dany Garcia to buy the XFL out of bankruptcy.
RedBird Imi is pushing into the UK and is currently trying to buy the Telegraph and Spectator magazines, although that has been held up by...
- 12/12/2023
- by Max Goldbart
- Deadline Film + TV
Jeff Shell, whose tenure running NBCUniversal came to an abrupt end last spring, is in advanced talks to join private equity firm RedBird Capital Partners.
The executive, who had already been working in an informal capacity with the firm, is in discussions to come aboard full time early next year, a rep from the company told Deadline.
The Wall Street Journal had the first report on the negotiations.
Shell exited NBCU last April after an internal investigation uncovered an “inappropriate” relationship with a colleague, who was later identified as a reporter and host with CNBC. In the months after Shell’s departure, Comcast President Mike Cavanagh took on Shell’s oversight duties and handed out promotions to key execs at NBCU like Donna Langley and Mark Lazarus.
RedBird, which is led by former Goldman Sachs banker Gerry Cardinale, has made a number of high-profile investments in entertainment and sports. It has helped bankroll Skydance Media,...
The executive, who had already been working in an informal capacity with the firm, is in discussions to come aboard full time early next year, a rep from the company told Deadline.
The Wall Street Journal had the first report on the negotiations.
Shell exited NBCU last April after an internal investigation uncovered an “inappropriate” relationship with a colleague, who was later identified as a reporter and host with CNBC. In the months after Shell’s departure, Comcast President Mike Cavanagh took on Shell’s oversight duties and handed out promotions to key execs at NBCU like Donna Langley and Mark Lazarus.
RedBird, which is led by former Goldman Sachs banker Gerry Cardinale, has made a number of high-profile investments in entertainment and sports. It has helped bankroll Skydance Media,...
- 11/27/2023
- by Dade Hayes
- Deadline Film + TV
Layoffs have hit Peacock’s marketing department.
An estimated 50 staffers have been let go as part of a restructuring of the streamer’s marketing department under chief marketing officer Shannon Willett.
The restructuring, which Willett outlined in a memo to staff Thursday, is impacting both senior- and junior-level employees at the NBCUniversal-backed platform.
“Today we’re announcing an evolved Marketing structure that will enable us to work smarter, bringing more expertise and strategy in-house, and move faster by breaking down silos and deepening collaboration across our team and with our key partners,” Willett wrote. (Read the full memo below.)
The layoffs are the latest to come at NBCUniversal following the ouster of former CEO Jeff Shell last year. As part of Willett’s new structure, an estimated 20 new positions are expected to be created as the former Netflix exec puts her stamp on the department since she arrived at...
An estimated 50 staffers have been let go as part of a restructuring of the streamer’s marketing department under chief marketing officer Shannon Willett.
The restructuring, which Willett outlined in a memo to staff Thursday, is impacting both senior- and junior-level employees at the NBCUniversal-backed platform.
“Today we’re announcing an evolved Marketing structure that will enable us to work smarter, bringing more expertise and strategy in-house, and move faster by breaking down silos and deepening collaboration across our team and with our key partners,” Willett wrote. (Read the full memo below.)
The layoffs are the latest to come at NBCUniversal following the ouster of former CEO Jeff Shell last year. As part of Willett’s new structure, an estimated 20 new positions are expected to be created as the former Netflix exec puts her stamp on the department since she arrived at...
- 11/9/2023
- by Lesley Goldberg
- The Hollywood Reporter - Movie News
The string of division reorganizations at NBCUniversal that started this past summer with the leadership transition following CEO Jeff Shell’s exit continues.
On Thursday, Peacock’s marketing team was realigned by Shannon Willett, who joined the company last year as Chief Marketing Officer. It follows yesterday’s shakeup at NBCUniversal’s ad sales division.
A number of positions, said to be less than 50, have been eliminated as a result of the two reorgs, sources tell Deadline. More than 20 new positions are being created to fit into the new structure and direction.
In a company memo (read it below), Willett laid out the new Peacock marketing organizational structure, divided into five areas: Brand Creative and Marketing; Title Creative and Marketing; Strategy, Planning, Analysis and Performance Media led by Nic Julich; Growth and Lifecycle Marketing led by Anna Frost; and Publicity, Events and Talent Engagement led by Shannon Buck.
In the email,...
On Thursday, Peacock’s marketing team was realigned by Shannon Willett, who joined the company last year as Chief Marketing Officer. It follows yesterday’s shakeup at NBCUniversal’s ad sales division.
A number of positions, said to be less than 50, have been eliminated as a result of the two reorgs, sources tell Deadline. More than 20 new positions are being created to fit into the new structure and direction.
In a company memo (read it below), Willett laid out the new Peacock marketing organizational structure, divided into five areas: Brand Creative and Marketing; Title Creative and Marketing; Strategy, Planning, Analysis and Performance Media led by Nic Julich; Growth and Lifecycle Marketing led by Anna Frost; and Publicity, Events and Talent Engagement led by Shannon Buck.
In the email,...
- 11/9/2023
- by Nellie Andreeva
- Deadline Film + TV
Exclusive: CNBC International President John Casey is leaving the business news network after almost 29 years, per an internal memo.
Casey told staffers the news on Thursday morning, revealing that he will be exiting CNBC’s London headquarters on November 7.
“It’s finally time for me to move onto my next chapter,” he said in an email. “From my first day at Ebn (the precursor to this company), I knew live business news was the place for me, and the extraordinary people I’ve had the privilege of learning from, and learning with, have reinforced that realisation for me.”
A CNBC International spokesman confirmed the exit today. “John Casey informed the company today that, after 29 years, he has decided to leave CNBC to move on to his next chapter,” they said in a statement issued to Deadline. “John had many contributions and successes at CNBC helping us to become the world leader in business news.
Casey told staffers the news on Thursday morning, revealing that he will be exiting CNBC’s London headquarters on November 7.
“It’s finally time for me to move onto my next chapter,” he said in an email. “From my first day at Ebn (the precursor to this company), I knew live business news was the place for me, and the extraordinary people I’ve had the privilege of learning from, and learning with, have reinforced that realisation for me.”
A CNBC International spokesman confirmed the exit today. “John Casey informed the company today that, after 29 years, he has decided to leave CNBC to move on to his next chapter,” they said in a statement issued to Deadline. “John had many contributions and successes at CNBC helping us to become the world leader in business news.
- 11/2/2023
- by Jake Kanter and Jesse Whittock
- Deadline Film + TV
Mark Marshall, a nearly 10-year veteran of NBCUniversal, has been promoted to Chairman of Global Advertising and Partnerships.
The elevation follows a hectic period last May when Marshall took on new duties on short notice at the NBCU upfront presentation at Radio City Music Hall. Marshall was pressed into service to handle the day’s lead remarks and spearhead the event after his former boss, Linda Yaccarino, abruptly decamped during rehearsals to join Twitter (now X) as CEO. Marshall and NBCUniversal Media Group Chairman Mark Lazarus both addressed the stunning departure of Yaccarino (as well as the exit of former NBCU CEO Jeff Shell in April) in scripted onstage comments.
As interim chairman, Marshall presided over an upfront process yielding cash commitments described by NBCU as “roughly in line” with record-setting 2022 results. The ad market has been turbulent for all sellers of late, with labor strife adding to a cluster of economic stresses.
The elevation follows a hectic period last May when Marshall took on new duties on short notice at the NBCU upfront presentation at Radio City Music Hall. Marshall was pressed into service to handle the day’s lead remarks and spearhead the event after his former boss, Linda Yaccarino, abruptly decamped during rehearsals to join Twitter (now X) as CEO. Marshall and NBCUniversal Media Group Chairman Mark Lazarus both addressed the stunning departure of Yaccarino (as well as the exit of former NBCU CEO Jeff Shell in April) in scripted onstage comments.
As interim chairman, Marshall presided over an upfront process yielding cash commitments described by NBCU as “roughly in line” with record-setting 2022 results. The ad market has been turbulent for all sellers of late, with labor strife adding to a cluster of economic stresses.
- 8/30/2023
- by Dade Hayes
- Deadline Film + TV
“I know how to change bad news into good news,” Edward L. Bernays, the father of public relations, used to boast. Since he was a nephew of Sigmund Freud, I wonder how he’d find a positive mind-set among today’s practitioners of his craft.
During these times of gridlock, PR reps are widely forbidden from hustling the wares of their star clients. Further, free-spending corporate clients, once focused on image building, are now running for cover and laying off PR teams.
Sign of the times: The mega-publicized company WeWork that raised billions and helped foster its own TV profile has told its PR reps to confirm its last rites.
PR firms, like talent agencies, are laying off staff and canceling leases. Giant companies like Disney and Comcast confront a media landscape that has quickly turned from benign to belligerent. Even Target is taking a hit.
Publicists for the Magic...
During these times of gridlock, PR reps are widely forbidden from hustling the wares of their star clients. Further, free-spending corporate clients, once focused on image building, are now running for cover and laying off PR teams.
Sign of the times: The mega-publicized company WeWork that raised billions and helped foster its own TV profile has told its PR reps to confirm its last rites.
PR firms, like talent agencies, are laying off staff and canceling leases. Giant companies like Disney and Comcast confront a media landscape that has quickly turned from benign to belligerent. Even Target is taking a hit.
Publicists for the Magic...
- 8/17/2023
- by Peter Bart
- Deadline Film + TV
A flattering profile of tech grifter Elizabeth Holmes in the New York Times. The messy exit of Jeff Shell from NBCUniversal. And a standoff with Variety over a story about a supposedly globetrotting Jeff Zucker purportedly hell-bent on buying CNN.
Hollywood and media was buzzing about all those stories and the person they all have in common is crisis public relations expert Risa Heller, who represented the principal in all of them.
That’s all the more impressive for someone who lives on the opposite side of the country. But with her rising West Coast profile, Heller, CEO of an eponymous New York-based crisis communications firm, has tongues wagging about what appears to be a growing role in the Hollywood crisis P.R. machine.
Heller’s name has been front and center all year in the entertainment industry. That came into particular focus last month when she stepped up to...
Hollywood and media was buzzing about all those stories and the person they all have in common is crisis public relations expert Risa Heller, who represented the principal in all of them.
That’s all the more impressive for someone who lives on the opposite side of the country. But with her rising West Coast profile, Heller, CEO of an eponymous New York-based crisis communications firm, has tongues wagging about what appears to be a growing role in the Hollywood crisis P.R. machine.
Heller’s name has been front and center all year in the entertainment industry. That came into particular focus last month when she stepped up to...
- 8/14/2023
- by Diane Haithman
- The Wrap
Mike Cavanagh, the president of Comcast who was recently named the de-facto head of NBC Universal, said the company remains “committed to reaching a fair deal [with actors and writers] as soon as possible, so we can get back to doing what we do best, which is making great content together.”
In a change, he kicked off the media giant’s post-earnings conference call today instead of CEO Brian Roberts. The hands-on chief executive spoke very little this time.
Disney CEO Bob Iger was excoriated by guild members for recent comments on CNBC calling the demands of striking guilds “unreasonable.”
Cavanagh, a former banker who works closely with Roberts, added oversight of NBCU in April after the suden departure of Jeff Shell and has just restructured the entertainment business under four top executives with Donna Langley in the top studios chair. Asked to elaborate a bit more on the strike, and its impact on Peacock in particular,...
In a change, he kicked off the media giant’s post-earnings conference call today instead of CEO Brian Roberts. The hands-on chief executive spoke very little this time.
Disney CEO Bob Iger was excoriated by guild members for recent comments on CNBC calling the demands of striking guilds “unreasonable.”
Cavanagh, a former banker who works closely with Roberts, added oversight of NBCU in April after the suden departure of Jeff Shell and has just restructured the entertainment business under four top executives with Donna Langley in the top studios chair. Asked to elaborate a bit more on the strike, and its impact on Peacock in particular,...
- 7/27/2023
- by Jill Goldsmith
- Deadline Film + TV
Comcast president Mike Cavanagh addressed the ongoing SAG-AFTRA and WGA strikes during the NBCUniversal parent company’s second quarter earnings call Thursday.
“We are committed to reaching a fair deal with the guilds as soon as possible,” Cavanagh said. “Beyond that, for all involved in the industry, broadly, a prolonged work stoppage and the longer it goes, the worse it’ll be. It is obviously going to have a negative impact all around.”
The WGA work stoppage has been ongoing since May 2, while SAG-AFTRA went on strike July 14.
The strikes have brought scripted film and TV production to a standstill across Hollywood as the actors and writers unions continue picketing against the studios repped by the AMPTP.
“As you look at Peacock, I wouldn’t point out anything in particular related to strikes and its effect in 2023, the second half of the year,” Cavanagh told analysts Thursday. “Obviously, the longer a strike,...
“We are committed to reaching a fair deal with the guilds as soon as possible,” Cavanagh said. “Beyond that, for all involved in the industry, broadly, a prolonged work stoppage and the longer it goes, the worse it’ll be. It is obviously going to have a negative impact all around.”
The WGA work stoppage has been ongoing since May 2, while SAG-AFTRA went on strike July 14.
The strikes have brought scripted film and TV production to a standstill across Hollywood as the actors and writers unions continue picketing against the studios repped by the AMPTP.
“As you look at Peacock, I wouldn’t point out anything in particular related to strikes and its effect in 2023, the second half of the year,” Cavanagh told analysts Thursday. “Obviously, the longer a strike,...
- 7/27/2023
- by Jennifer Maas
- Variety Film + TV
Media giant Comcast beat on its top and bottom line for the three months ended in June with theme parks and studio strong, even as the latter basks in another giant opening, for Opppenheimer, in the current third quarter.
Total revenue nosed up 1.7% to $30.5 billion for the second quarter ended in June. Net income jumped 25% to $4.28 billion. Eps of $1.02 compared with $0.76 a year ago.
At studios, adjusted Ebitda surged by $258 million to $255 million driven by the The Super Mario Bros. Movie, which grossed $1.3 billion in worldwide box office in the second quarter, and Fast X.
Theme Parks adjusted Ebitda increased 32% to $833 million, its highest on record, reflecting year-on-year growth at Universal Beijing, Universal Japan and Universal Hollywood. The parks in Asia were still partly closed or at reduced capacity for part of last year.
“The consistent investments...
Total revenue nosed up 1.7% to $30.5 billion for the second quarter ended in June. Net income jumped 25% to $4.28 billion. Eps of $1.02 compared with $0.76 a year ago.
At studios, adjusted Ebitda surged by $258 million to $255 million driven by the The Super Mario Bros. Movie, which grossed $1.3 billion in worldwide box office in the second quarter, and Fast X.
Theme Parks adjusted Ebitda increased 32% to $833 million, its highest on record, reflecting year-on-year growth at Universal Beijing, Universal Japan and Universal Hollywood. The parks in Asia were still partly closed or at reduced capacity for part of last year.
“The consistent investments...
- 7/27/2023
- by Jill Goldsmith
- Deadline Film + TV
Comcast reported its Q2 earnings Thursday, with its NBCUniversal division reporting some huge gains but also underscoring the challenge of making streaming into a profitable business. Overall, Comcast handily smashed Wall Street expectations in both revenue and earnings per share.
Peacock now has 24 million subscribers, up from 22 million last quarter and 13 million a year ago, and its revenue rose by 85 percent to $820 million. But the streaming service continues to lose money, reporting a loss of $651 million in the quarter, compared to a loss of $704 million last quarter, and $444 million a year ago. Notably, Comcast said that most of the new subscribers in the quarter were the result of converting free Comcast subs into paying subs.
And the advertising market continues to be challenged, with the media division reporting an advertising decline of 4.9 percent compared to last year. Overall media revenue was essentially flat, thanks to improved distribution revenue (including the...
Peacock now has 24 million subscribers, up from 22 million last quarter and 13 million a year ago, and its revenue rose by 85 percent to $820 million. But the streaming service continues to lose money, reporting a loss of $651 million in the quarter, compared to a loss of $704 million last quarter, and $444 million a year ago. Notably, Comcast said that most of the new subscribers in the quarter were the result of converting free Comcast subs into paying subs.
And the advertising market continues to be challenged, with the media division reporting an advertising decline of 4.9 percent compared to last year. Overall media revenue was essentially flat, thanks to improved distribution revenue (including the...
- 7/27/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Comcast investors will get a closer look Thursday at Mike Cavanagh and Brian Roberts’ strategy for getting Peacock to profitability and revamping NBCUniversal’s leadership as the cable company reports its second-quarter earnings.
Over the last several months, that strategy has been complicated not only by the existential threat of cord-cutting in the traditional TV business but also the historic double strike by SAG-AFTRA and the Writers Guild of America.
The direct effects of the labor dispute won’t be visible in the quarter’s results, which ended in June before talks between the studios and SAG-AFTRA broke down. But Michael Hodel, Morningstar’s director of equity research for media and telecommunications, anticipates the topic will loom large over the earnings call. It might even help the company’s bottom line, at least in the near term.
“I expect the actors’ and writers’ strikes will be a topic of conversation...
Over the last several months, that strategy has been complicated not only by the existential threat of cord-cutting in the traditional TV business but also the historic double strike by SAG-AFTRA and the Writers Guild of America.
The direct effects of the labor dispute won’t be visible in the quarter’s results, which ended in June before talks between the studios and SAG-AFTRA broke down. But Michael Hodel, Morningstar’s director of equity research for media and telecommunications, anticipates the topic will loom large over the earnings call. It might even help the company’s bottom line, at least in the near term.
“I expect the actors’ and writers’ strikes will be a topic of conversation...
- 7/26/2023
- by Lucas Manfredi
- The Wrap
It wasn’t all that long ago that being the CEO of a major media or entertainment company was the top of the heap. The moguls of the day, from Ted Turner and Sumner Redstone to Rupert Murdoch and Steve Ross, dominated the culture — and earned billions in the process.
But the CEO gig ain’t what it used to be. David Zaslav, the CEO of Warner Bros. Discovery, has become public executive enemy No. 1 for many industry workers amid the Writers Guild of America’s ongoing strike.
Netflix co-ceo Ted Sarandos is a close second, while Disney chief Bob Iger finds himself back in the CEO seat, but under much more challenging circumstances, all while trying to figure out who, if anyone, has what it takes to succeed him after his predecessor and successor Bob Chapek lasted only two and a half years.
At Apple and Amazon, entertainment is...
But the CEO gig ain’t what it used to be. David Zaslav, the CEO of Warner Bros. Discovery, has become public executive enemy No. 1 for many industry workers amid the Writers Guild of America’s ongoing strike.
Netflix co-ceo Ted Sarandos is a close second, while Disney chief Bob Iger finds himself back in the CEO seat, but under much more challenging circumstances, all while trying to figure out who, if anyone, has what it takes to succeed him after his predecessor and successor Bob Chapek lasted only two and a half years.
At Apple and Amazon, entertainment is...
- 7/7/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
The news Thursday about Universal Filmed Entertainment Group chairman Donna Langley’s ascent to bring TV content under her domain doesn’t just speak to the greater NBCUniversal plan to have a more unified strategy across theatrical, TV and streaming.
It’s also a testament to NBCU realizing and relishing the risk-taking, creative-friendly asset the company has in Langley.
There was talk following NBCUniversal CEO Jeff Shell’s exit over sexual harassment claims that Langley would inherit the post given her billion-dollar-grossing track record at the film studio and as a level-headed balancer of scales in negotiations. Comcast CEO Brian Roberts gave those interim duties to Comcast president Mike Cavanagh, but that wasn’t a means to sideline Langley.
Related: Comcast President Mike Cavanagh Makes His Mark As NBCUniversal Chief With Exec Reorg, Donna Langley’s Dual Film-tv Role
While brass tacks oversee of news, sports and sundry NBCU ops are not her thing,...
It’s also a testament to NBCU realizing and relishing the risk-taking, creative-friendly asset the company has in Langley.
There was talk following NBCUniversal CEO Jeff Shell’s exit over sexual harassment claims that Langley would inherit the post given her billion-dollar-grossing track record at the film studio and as a level-headed balancer of scales in negotiations. Comcast CEO Brian Roberts gave those interim duties to Comcast president Mike Cavanagh, but that wasn’t a means to sideline Langley.
Related: Comcast President Mike Cavanagh Makes His Mark As NBCUniversal Chief With Exec Reorg, Donna Langley’s Dual Film-tv Role
While brass tacks oversee of news, sports and sundry NBCU ops are not her thing,...
- 7/7/2023
- by Anthony D'Alessandro
- Deadline Film + TV
Donna Langley is a dame in waiting no more.
The veteran movie executive, with deep ties to Hollywood filmmakers and a knack for shepherding blockbusters to the screen, ascended to NBCUniversal’s content throne on Thursday, one of the big winners in a sweeping reorganization made by Comcast president Mike Cavanagh, who oversees NBCUniversal.
In her new role as chief content officer, Langley won’t just be overseeing Universal’s slate of films. She will also take ownership of its TV and streaming creative strategy. It’s an elevation that many industry players saw as inevitable – after all, how much longer could the company keep the in-demand executive without expanding her portfolio?
However, that also shortchanges Langley’s talent for C-suite survival, one that’s seen her withstand mergers and sales, as well as a revolving door of leaders and associates such as Ron Meyer, Adam Fogelson and Jeff Shell,...
The veteran movie executive, with deep ties to Hollywood filmmakers and a knack for shepherding blockbusters to the screen, ascended to NBCUniversal’s content throne on Thursday, one of the big winners in a sweeping reorganization made by Comcast president Mike Cavanagh, who oversees NBCUniversal.
In her new role as chief content officer, Langley won’t just be overseeing Universal’s slate of films. She will also take ownership of its TV and streaming creative strategy. It’s an elevation that many industry players saw as inevitable – after all, how much longer could the company keep the in-demand executive without expanding her portfolio?
However, that also shortchanges Langley’s talent for C-suite survival, one that’s seen her withstand mergers and sales, as well as a revolving door of leaders and associates such as Ron Meyer, Adam Fogelson and Jeff Shell,...
- 7/6/2023
- by Matt Donnelly and Brent Lang
- Variety Film + TV
Anyone looking for a sign of Comcast president Mike Cavanagh’s strategy as the recently installed overseer of NBCUniversal got a bright one Thursday.
The seasoned finance exec unveiled a significant revamp of the company’s senior management ranks today. Donna Langley, Mark Lazarus and Cesar Conde headed the list of those gaining promotions, while Susan Rovner, chairman of entertainment content for NBCU television and streaming, was a high-profile exec to exit the company.
Donna Langley
One notable aspect of the new org chart is Langley’s new dual role overseeing both film and TV. At companies of comparable scale to NBCU, the film and TV realms are still generally run separately even though the line between them gets blurrier every day. Amazon, Apple and Netflix have all made moves to unify the management at the very top of the food chain, but traditional media firms still have separate silos.
The seasoned finance exec unveiled a significant revamp of the company’s senior management ranks today. Donna Langley, Mark Lazarus and Cesar Conde headed the list of those gaining promotions, while Susan Rovner, chairman of entertainment content for NBCU television and streaming, was a high-profile exec to exit the company.
Donna Langley
One notable aspect of the new org chart is Langley’s new dual role overseeing both film and TV. At companies of comparable scale to NBCU, the film and TV realms are still generally run separately even though the line between them gets blurrier every day. Amazon, Apple and Netflix have all made moves to unify the management at the very top of the food chain, but traditional media firms still have separate silos.
- 7/6/2023
- by Dade Hayes
- Deadline Film + TV
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