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Tag: David Ellison

  • David Ellison extends deadline for Warner Bros. Discovery takeover offer

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    Paramount Skydance CEO David Ellison is apparently still hopeful that investors will approve his $108.4 billion hostile takeover of Warner Bros. Discovery. Paramount Skydance announced Thursday that it’s extending its all-cash offer to acquire the storied studio, and giving investors until February 20, 2026 to accept. The company’s previous offer expired on January 21, but with a lawsuit in the works and a revised Netflix deal to compete with, Paramount Skydance wants to stay in the conversation.

    Netflix and Warner Bros. Discovery originally announced their $82.7 billion acquisition agreement in December 2025. Netflix’s deal is for a significant portion, but notably not all, of Warner Bros. Discovery as it exists today. If approved, the streaming service would acquire Warner Bros. film studios, New Line Cinema, HBO, HBO Max, the company’s theme parks, game studios and select linear channels like TNT, but not the collection of reality TV and news programming that Warner Bros. Discovery calls “Global Networks.”

    Paramount Skydance made its competing offer of $108.4 billion for all of Warner Bros. Discovery a few days later in December, with the recommendation that shareholders reject the Netflix deal. To add pressure, Paramount Skydance also sued Warner Bros. Discovery in January alleging that the company had not provided adequate information about why it favored Netflix over Paramount. Beyond offering more money, Paramount contends its deal is more likely to be approved by regulators because owning Warner Bros. doesn’t “entrench Netflix’s market dominance.” Warner Bros. Discovery claims that funding for Paramount’s deal “remains inadequate” and that the company is uncertain Paramount Skydance will actually be able to complete the deal.

    David Ellison was previously able to merge Skydance with Paramount using the financial backing of his billionaire father Larry Ellison, and the Ellison family’s friendly relationship with the Trump administration. Promising to make sure that CBS News represents “a diversity of viewpoints” via a newly appointed ombudsman, and that the merged Paramount Skydance won’t create any diversity, equity and inclusion programs was enough to get the FCC to approve the merger. Ellison might have thought acquiring Warner Bros. Discovery would be equally easy, but at least so far that hasn’t worked out as planned.

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    Ian Carlos Campbell

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  • Paramount files lawsuit in pursuit of Warner Bros. Discovery and threatens proxy fight

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    Paramount is taking its pursuit of Warner Bros. Discovery to court.On Monday, Paramount CEO David Ellison announced a lawsuit in Delaware Chancery Court, where shareholders typically bring corporate disputes, as it attempts a hostile takeover of the iconic entertainment company.Ellison criticized Warner Bros. Discovery, also known as WBD, for a “lack of transparency” around its decision to favor Netflix’s bid for Warner Bros. and HBO.A WBD spokesperson had no immediate response, but an escalation in the form of a lawsuit had been predicted by Wall Street analysts.Ellison has been trying for months to buy all of WBD, but his entreaties have been rebuffed.So he is trying to gain control of WBD by offering to buy up shares for $30 each, and he is also threatening a proxy fight, vowing to nominate a Paramount-friendly slate of board members to take over the WBD board.Those board members, he said, would “exercise WBD’s right under the Netflix agreement to engage on Paramount’s offer and enter into a transaction with Paramount.”The proxy fight is a backup plan of sorts, in case a sufficient number of WBD shareholders don’t agree to sell their shares to Paramount in the coming weeks.Warner’s annual shareholder meeting has yet to be scheduled. Last year, it took place in June.WBD has said that it is moving forward with its signed agreement to sell its Warner Bros. and HBO assets to Netflix for $27.75 per share, with $23.25 in cash and the rest in Netflix stock.Netflix said last week that it is in talks with U.S. and EU regulators to receive the necessary approvals for the deal.But Paramount’s hostile takeover bid means that a giant question mark looms over the entire media empire.Ellison said on Monday that WBD’s decision-making “just doesn’t add up — much like the math on how WBD continues to favor taking less than our $30 per share all-cash offer for its shareholders.”WBD has raised a variety of concerns about Paramount’s debt financing, onerous conditions connected to the bid and other matters.The WBD board has also cited the potential value of its cable assets, which Netflix is not acquiring. Those channels, including CNN, are being broken off into a new, publicly traded company called Discovery Global this summer.Paramount has argued that the channels have little equity value. The lawsuit in Delaware will pursue more information about the valuation “so that,” Ellison said, “WBD shareholders have what they need to be able to make an informed decision as to whether to tender their shares into our offer.”Major WBD shareholders have been split over Paramount, with some calling it a superior bid and others siding with the Netflix deal.Meanwhile, President Trump has said that he will be personally involved in reviewing any merger, raising questions about whether his personal predilections will come into play.Over the weekend, he posted a link on Truth Social to a month-old opinion piece from One America News Network titled “Stop The Netflix Cultural Takeover.” The column said “it is time to say no to a woke media monopoly.”Netflix has exuded confidence in its ability to get the deal across the finish line in the next 12 to 18 months.

    Paramount is taking its pursuit of Warner Bros. Discovery to court.

    On Monday, Paramount CEO David Ellison announced a lawsuit in Delaware Chancery Court, where shareholders typically bring corporate disputes, as it attempts a hostile takeover of the iconic entertainment company.

    Ellison criticized Warner Bros. Discovery, also known as WBD, for a “lack of transparency” around its decision to favor Netflix’s bid for Warner Bros. and HBO.

    A WBD spokesperson had no immediate response, but an escalation in the form of a lawsuit had been predicted by Wall Street analysts.

    Ellison has been trying for months to buy all of WBD, but his entreaties have been rebuffed.

    So he is trying to gain control of WBD by offering to buy up shares for $30 each, and he is also threatening a proxy fight, vowing to nominate a Paramount-friendly slate of board members to take over the WBD board.

    Those board members, he said, would “exercise WBD’s right under the Netflix agreement to engage on Paramount’s offer and enter into a transaction with Paramount.”

    The proxy fight is a backup plan of sorts, in case a sufficient number of WBD shareholders don’t agree to sell their shares to Paramount in the coming weeks.

    Warner’s annual shareholder meeting has yet to be scheduled. Last year, it took place in June.

    WBD has said that it is moving forward with its signed agreement to sell its Warner Bros. and HBO assets to Netflix for $27.75 per share, with $23.25 in cash and the rest in Netflix stock.

    Netflix said last week that it is in talks with U.S. and EU regulators to receive the necessary approvals for the deal.

    But Paramount’s hostile takeover bid means that a giant question mark looms over the entire media empire.

    Ellison said on Monday that WBD’s decision-making “just doesn’t add up — much like the math on how WBD continues to favor taking less than our $30 per share all-cash offer for its shareholders.”

    WBD has raised a variety of concerns about Paramount’s debt financing, onerous conditions connected to the bid and other matters.

    The WBD board has also cited the potential value of its cable assets, which Netflix is not acquiring. Those channels, including CNN, are being broken off into a new, publicly traded company called Discovery Global this summer.

    Paramount has argued that the channels have little equity value. The lawsuit in Delaware will pursue more information about the valuation “so that,” Ellison said, “WBD shareholders have what they need to be able to make an informed decision as to whether to tender their shares into our offer.”

    Major WBD shareholders have been split over Paramount, with some calling it a superior bid and others siding with the Netflix deal.

    Meanwhile, President Trump has said that he will be personally involved in reviewing any merger, raising questions about whether his personal predilections will come into play.

    Over the weekend, he posted a link on Truth Social to a month-old opinion piece from One America News Network titled “Stop The Netflix Cultural Takeover.” The column said “it is time to say no to a woke media monopoly.”

    Netflix has exuded confidence in its ability to get the deal across the finish line in the next 12 to 18 months.

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  • ‘Top Gun: Maverick’ Copyright Suit Gets Its Wings Clipped By Appeals Court In Win For Paramount

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    Tom Cruise and Paramount are cleared for takeoff on more Top Gun thanks to a trio of federal judges.

    Three and a half years after the now David Ellison-owned studio was first buzzsawed by a Top Gun: Maverick copyright infringement from the estate of the journalist who penned the piece the original flyboy flick was based on, an appeals court has shut the whole thing down — at least for now.

    “The question under the extrinsic test is whether the expression in Maverick is substantially similar
    to the original expression in “Top Guns,” and it is not,” writes Judge Eric D. Miller of the US Court of Appeals for the Ninth Circuit.

    Reconfirming the April 2024 decision of  U.S. District Judge Percy Anderson, the unreserved January 2 opinion ruled against the widow and son of Ehud Yonay, who penned “Top Guns” from the now-defunct California magazine’s May 1983 edition. Having sold his work to producers back in the day, Yonay, who died in 2012, was credited in the Reagan Era Top Gun. Common in the Ninth Circuit, the extrinsic test looks at comparison, context and, in a case like this, specific plot elements.

    “The panel affirmed the district court’s conclusion that Maverick did not share substantial
    amounts of the original expression of “Top Guns,” and plaintiffs therefore failed to establish a triable issue as to substantial similarity, as required to establish copyright infringement, Judge Miller also stated, writing for a trio that heard the appeal last year. “The panel concluded that there was a lack of similarity in protectable elements of the article, and plaintiffs did not establish an original and protectable selection and arrangement of elements.”

    The  aforementioned panel of three judges included Trump appointee Miller, as well as Andrew D. Hurwitz, and Jennifer Sung. With the likes of thorn-in-many-a-studio-paw Marc Taboroff and studio go to lawyer Daniel Petrocelli arguing for their respective clients, the trio of Pasadena-based judges heard arguments back in early June.

    Additionally, Judge Miller noted that “the panel held that the district court properly granted summary judgment for Paramount on plaintiffs’ claim that Paramount breached its 1983 agreement with
    Ehud Yonay by not crediting him in the 2022 movie.”

    Tom Cruise in Top Gun: Maverick (Photo: Paramount Pictures / Courtesy Everett Collection)

    One of a couple of suits that the Joseph Kosinski directed blockbuster has faced since its 2022 release, Shosh Yonay and Yuval Yonay’s breach of contract, declaratory relief, and copyright infringement action claimed “Top Guns” rights reverted to them in January 2020 under copyright statutes. They alleged the $1.5 billion box office hit violated termination rights and Paramount, Cruise and producers like Jerry Bruckheimer and now Par owner David Ellison had no standing to make the sequel to 1986’s Top Gun.

    While there is still a path for the Yonays to request a to stay the mandate and seek a petition for rehearing, it will be a dog fight. To that, Toberoff did not respond to request from Deadline on the Appellate opinion and his next move, if any.

    Sounding a lot like they did in 2024 when Judge Anderson found in their favor, Paramount kept it short and sweet. “We are pleased that the Ninth Circuit recognized that plaintiffs’ claims were completely without merit, a spokesperson for the WBD bidding company said.

    As for the next move for Paramount, a Top Gun 3 is getting primed for takeoff.

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    Dominic Patten

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  • Hollywood Isn’t Enough. The Ellisons Are Coming for TikTok – LAmag

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    As Paramount continues its fight for Warner Brothers, Larry Ellison’s company wants TikTok too

    TikTok has signed a deal to spin off its U.S. operations to a group controlled by mostly American investors, including software giant Oracle, a company run by billionaire Larry Ellison, a Florida businessman cozy with President Trump.

    Ellison, who is also doing battle along with his son David Ellison at Paramount, for control of Warner Brothers, with the father-son billionaires engaging in a hostile takeover offer that is being rejected by the legendary Hollywood studio, will now own a piece of TikTok.

    TikTok announced it has sold 80% of the company’s U.S. assets to American and global investors, with CEO Shou Zi Chew breaking the news to employees on Thursday. The alternative was for the app to be banned in U.S., a push first proposed by Trump and then passed by Congress.

    Should all of the Ellison’s efforts prove successful, they would add CNN and TikTok to a portfolio that already includes CBS News, which they acquired as part of their Paramount takeover, leading them to control a significant amount of American news distribution.

    “With an American majority running the content moderation, concerns about foreign propaganda seem to have been alleviated,” Anupam Chander, a professor of law and technology at Georgetown University who studies the regulation of new technology, told NPR. “But it is possible that the American TikTok might end up censoring or hiding speech that is permissible on the global TikTok platform. I would hope that the U.S. content moderation team would allow speech that the American owners might dislike.”

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    Michele McPhee

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  • Greg & Ted’s Excellent WBD Adventure With Studio Lot Tour, David Zaslav As Their Guide; Check Out The Photos

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    Wasting no time checking out their potential new home away from home, Netflix‘s bosses Greg Peters and Ted Sarandos made a most awesome visit to the Warner Bros Discovery studio lot today with David Zaslav as tour guide.

    In a series of photos released late Wednesday by WBD, the Netflix co-CEOs practically announced “we are Greg and Ted and we are your future,” to paraphrase that killer quip from Bill & Ted’s Excellent Adventure. If not going full on Keanu Reeves and Alex Winter from the 1989 metalhead comedy, Sarandos and Peters did look a lot like guys about to get the keys to their new digs.

    Getting some very touristy shots in with Zas in front of the WB water tower, between the sound stages and chatting with the troops, the near matching white kicks wearing executives’ appearance in Burbank had all the hallmarks of a big staged F.U. to WBD bid rivals David Ellison and Paramount.

    Coming on the very day that the WBD board unsurprisingly rejected Paramount’s $108 billion hostile takeover bid for the the whole company to stick with Netflix’s December 4 sealed $83 billion offer for the studios and streaming assets, the afternoon visit and the images were a flex meant to be felt all the way down at Par’s Melrose lot.

    Neither WBD nor Netflix had a comment about the Hump Day get together. However, the images did come with a caption of “today, Warner Bros. Discovery CEO David Zaslav welcomed Netflix Co-CEOs Ted Sarandos and Greg Peters to the historic Warner Bros. Studio lot in Burbank to meet with leaders across the company.”

    In point of fact, Sarandos and Peters met around 400 members of WBD’s leadership (some of whom are going to be very very very well compensated if the deal between the iconic studio and the streamer goes through) in the lot’s Ross Theate. Hosted and, to some degree, MC’d by Zas, the co-CEO asked and took questions from the crowd. In the conversation, Sarandos and Peters offered assurances that they were interested in growing the business and had no interested in shuttering theatrical release — which WB has scheduled out until 2029 right now.

    Really though it was a lot of optics for a corporate buddy movie that just over two months ago, Peters openly scoffed at and almost everyone in town thought was a de facto done deal for David Ellison and his second richest man on the planet and Donald Trump whisperer Larry Ellison.

    Look at the smiles on their faces, look at the hope in their eyes …it’s just looking all wine, blue blazers and roses.

    Of course, even with the WBD board’s latest no thanks to Paramount and recommendations to shareholders to say the same, David Ellison still wants his second studio. No matter that Zas and gang have thrown serious shade on the Ellisons’ backstop promises and money on the table, everyone expects David and his father are going throw more money at WBD to get it before the January 8, 2026 deadline they set.

    While all that plays out, can we get some consensus here on if Greg Peters’ really is the Bill to Sarandos’ Ted? Asking for a friend…

    (L-R) Keanu Reeves & Alex Winter at 1991’s Bill & Ted’s Bogus Journey Hollywood Premiere (Photo by Ron Galella/Ron Galella Collection via Getty Images)

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    Dominic Patten

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  • Paramount goes hostile in bid for Warner Bros., challenging a $72 billion offer by Netflix

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    NEW YORK (AP) — Paramount on Monday launched a hostile takeover offer for Warner Bros. Discovery, initiating a potentially bruising battle with rival bidder Netflix to buy the company behind HBO, CNN and a famed movie studio along with the power to reshape much of the nation’s entertainment landscape.

    Emerging just days after top Warner managers agreed to Netflix’s $72 billion purchase, the Paramount bid seeks to go over the heads of those leaders by appealing directly to Warner shareholders with more money — $77.9 billion — and a plan to buy all of Warner’s business, including the cable business that Netflix does not want.

    Paramount said its decision to go hostile came after it made several earlier offers that Warner management “never engaged meaningfully” with following the company’s October announcement that it was open to selling itself.

    In its appeal to shareholders, Paramount noted its offer also contains more cash than Netflix’s bid — $18 billion more — and argued that it’s more likely to pass scrutiny from President Donald Trump’s administration, a big concern given his habit of injecting himself in American business decisions.

    AP AUDIO: Paramount goes hostile in bid for Warner Bros., challenging a $72 billion offer by Netflix

    AP’s Lisa Dwyer reports on a hostile bid for Warner Bros. Discovery.

    The Netflix logo is shown in this photo from the company's website on Feb. 2, 2023, in New York. (AP Photo/Richard Drew, File)

    Over the weekend, Trump said the Netflix-Warner combo “could be a problem” because of the size of the combined market share and that he planned to review the deal personally.

    For its part, Netflix says it is confident Warner will reject the Paramount bid and that regulators, and Trump, will back its deal, citing multiple conversations that co-CEO Ted Sarandos has had with him about the streaming company’s expansion and hiring.

    “I think the president’s interest in this is the same as ours, which is to create and protect jobs,” Sarandos said Monday at an investor conference.

    Battle draws political attention in Washington

    The fight for Warner drew strong reaction in Washington, with politicians from both major parties weighing in on the likely impact on streaming prices, movie theater employment and the diversity of entertainment choices and political views.

    Paramount, run by David Ellison, whose family is closely allied with Trump, said it had submitted six proposals to Warner over a 12-week period before the latest offer.

    “We believe our offer will create a stronger Hollywood. It is in the best interests of the creative community, consumers and the movie theater industry,” the Paramount CEO said in a statement. Ellison added that his deal would lead to more competition in the industry, not less, and more movies in theaters.

    A regulatory document released Monday suggested another possible Paramount advantage to win over Trump: An investment firm run by Trump’s son-in-law Jared Kushner would be investing in the deal, too.

    Also participating would be funds controlled by the governments of three unnamed Persian Gulf countries, widely reported as Saudi Arabia, Abu Dhabi and Qatar. Trump’s family company has struck deals this year for buildings and resorts that bear his name in Saudi Arabia and Qatar, partnering in the former with a company closely tied to the government and in the latter with the government fund itself.

    Also possibly in Paramount’s favor are recent changes at CBS News since its October purchase of the news and commentary website The Free Press. The site’s founder, Bari Weiss, who has a reputation for fighting “woke” culture, was then installed as editor-in-chief in a signal Ellison intended to shake up the storied network of Walter Cronkite, Dan Rather and “60 Minutes,” long viewed by many conservatives as the personification of a liberal media establishment.

    Trump is a wild card

    Still, Trump is a wild card given his tendency to make decisions based on gut and his personal mood.

    On Monday, he lashed out at Paramount for allowing “60 Minutes” to interview his ally-turned-enemy Rep. Marjorie Taylor Greene, writing on social media that “THEY ARE NO BETTER THAN THE OLD OWNERSHIP.”

    The drama surrounding control of Warner began Friday when Netflix made the surprise announcement that it had struck a deal with its management to buy the Hollywood giant behind “Harry Potter,” HBO Max and DC Studios.

    The cash and stock proposal was valued at $27.75 per Warner share, giving it a total enterprise value of $82.7 billion, including debt that will be assumed in the deal. By contrast, the Paramount offer is for $30 per Warner share, and worth $108 billion, included assumed debt. Paramount’s offer is set to expire on Jan. 8 unless it’s extended.

    But comparing the two deals is complicated because they are not buying the same thing. The Netflix offer, if it goes through, will only close after Warner completes its previously announced separation of its cable operations. Not included in the deal, which is unlikely to close for at least a year, are networks such as CNN and Discovery.

    The federal government has the authority to kill any big media deals if it has antitrust concerns, but such matters are usually left to experts at the Department of Justice. In his decision to get involved personally, Trump has decided, as he has with other government norms, to make a sharp break with precedent.

    That worries Usha Haley, a Wichita State University specialist in international business strategy, who noted that Ellison is the son of longtime Trump supporter Larry Ellison, the world’s second-richest person.

    “He said he’s going to be involved in the decision. We should take him at face value,” Haley said of Trump. “For him, it’s just greater control over the media.”

    But others are uncertain how big a role Trump will play.

    John Mayo, an antitrust expert at Georgetown University, said the scrutiny will be serious whichever offer is approved by shareholders and goes before the DOJ, and that he thinks experts there will keep partisanship out of their decisions despite the politically charged atmosphere.

    “That may affect at least the rhetoric that occurs in the press,” he said, “though I doubt it will affect the analysis that occurs at the Department of Justice.”

    Shares of Paramount surged 9% on Monday while Netflix fell 3.4%, and Warner Bros. closed up 4.4%.

    ___

    Associated Press writers Matt Sedensky, David Bauder and Charles Sheehan in New York and Michael Liedtke in San Francisco contributed to this report.

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  • Takeover bid of parent company means limbo for CNN and some fellow cable networks

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    Paramount Skydance’s hostile takeover bid of Warner Bros. Discovery places CNN and its sister cable networks squarely back into what is likely to be an extended period of management limbo.

    There was some relief at CNN with last Friday’s announcement that Netflix was buying Warner’s studio and streaming businesses, since the cable network would not be a part of that deal. But that quickly changed on Monday with Paramount’s announced bid, which includes the cable assets that Netflix doesn’t want and, if successful, opens the possibility of a combined CNN and CBS News.

    The management uncertainty adds to what is already a challenging time at CNN, where there was no doubt who was in charge before swashbuckling founder Ted Turner sold his company in 1996. “That era might as well be the roaring ‘20s for how long ago it feels,” said Ross Benes, senior analyst at emarketer.com.

    The dueling bids between Paramount and Netflix now “lead to more uncertainty and greater anxiety among the current CNN staff and among those of us who served for many years as leaders of CNN under Ted,” said Tom Johnson, former CNN president in the 1990s.

    Paramount’s bid, which must be approved by shareholders and regulators, could be seen favorably by President Donald Trump, who is closely allied with Paramount Skydance chairman and CEO David Ellison as well as his father, Oracle founder Larry Ellison. But Trump has already expressed anger at the company on social media for Sunday’s “60 Minutes” report on former U.S. Rep. Marjorie Taylor Greene.

    Prior to Friday’s announcement, Warner Bros. Discovery had said it planned to spin off its cable television networks including CNN, Discovery, HGTV, the Food Network and TLC, into a separate company. The growth of streaming has made cable networks an unattractive business.

    CNN’s television ratings have tumbled to the extent that it is firmly the third-rated cable news network behind Fox News Channel and MS NOW, formerly MSNBC. Its CEO, Mark Thompson, has aggressively moved into digital with a new subscription service and said that management of Discovery Global, the spinoff company, has already approved a 2026 budget investing in the plan.

    “I know this strategic review has been a period of inevitable uncertainty across CNN and indeed the whole of WBD,” Thompson told staff in a memo Friday. “Of course, I can’t promise you that the media attention and noise around the sale of our parent will die down overnight. But I do think the path to the successful transformation of this great news enterprise remains open.”

    Thompson had no additional comment on Monday, a spokeswoman said.

    Since Paramount’s takeover of CBS News this past summer, the network has taken steps to appeal to more conservative viewers with the installation of Free Press founder Bari Weiss as editor-in-chief. Weiss is moderating a prime-time discussion this weekend with Erika Kirk, widow of slain conservative activist Charlie Kirk.

    During an appearance on CNBC Monday, Ellison answered, “yeah,” when asked if he would combine CNN’s newsgathering operation with CBS News. What exactly that means is unclear.

    “We want to build a scaled news service that is basically, fundamentally, in the trust business, that is in the truth business, and that speaks to the 70% of Americans that are in the middle,” Ellison said.

    Trump has spoken highly of both Ellison and his billionaire father. But he was clearly angry about Lesley Stahl’s “60 Minutes” interview with former MAGA supporter Greene, who broke with him and recently resigned from Congress. Trump said on Truth Social that his real problem with the show is that the new corporate ownership allowed it to air.

    “THEY ARE NO BETTER THAN THE OLD OWNERSHIP,” Trump said, adding he believed that “60 Minutes” had gotten worse from his perspective since the changeover.

    CNN is not likely to find out soon who its new owners would be. Even before the Paramount bid, experts had predicted the Netflix deal would face more than a year of regulatory hurdles.

    “There is such a need for independent, unbiased news services,” Johnson said. “I so hope that the new CNN owners will see that as their fundamental mission.”

    If Netflix eventually wins, emarketer.com’s Benes predicted it would be likely that the spinoff company, Discovery Global, would be shopped around to other buyers.

    “CNN will be in limbo for a while no matter which bidder purchases CNN,” he said.

    ___

    David Bauder writes about the intersection of media and entertainment for the AP. Follow him at http://x.com/dbauder and https://bsky.app/profile/dbauder.bsky.social.

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  • Paramount Stock Soars 10% After Skydance Merger

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    Following David Ellison’s acquisition of Paramount, the company’s first earnings report since the merger sent shares soaring 10% on Tuesday

    On Monday, Paramount issued a letter to shareholders announcing that merger-related cost savings are now expected to total $1 billion more than previously forecast, while outlining Ellison’s ambitions for the newly formed Paramount Skydance.

    The letter defined these ambitions as the company’s “North Star priorities”: investing in growth businesses, expanding globally, and driving efficiency with a focus on “long-term free cash flow generation.” Paramount also projected total revenue of $30 billion for next year, supported in part by plans to raise Paramount+ subscription prices in the U.S. during the first quarter of 2026.

    A major theme of the letter centered on efforts to “optimize the workforce for the future.” Ellison has made aggressive budget cuts a cornerstone of his leadership, including substantial workforce reductions, most recently with the elimination of 1,000 positions nationwide last month.

    Less than a month after the merger, employees were notified that a five-day in-office workweek would become mandatory starting in January. Those unwilling to return were offered buyouts; according to the letter, about 600 employees chose to leave the company rather than return to full-time office work.

    Ellison’s broader philosophy has been described as “cutting down to build up.” In pursuit of that vision, he has made three unsuccessful bids to acquire Warner Bros. Discovery. 

    When asked about these attempts on Monday, Ellison declined to elaborate, “I think it’s important to know there’s no must-haves for us,” he said. “We really look at this as buy versus build, and we absolutely have the ability to build to get to where we want to go.”

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    Anastasia Van Batenburg

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  • Warner Bros. Discovery is Officially Considering a Sale – LAmag

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    Warner Bros. Discovery, the owner of Warner Bros. movie studio, HBO, and CNN, just announced they are open to a sale. If sold, it would mark the largest media transaction since Disney acquired 21st Century Fox in 2019.

    In a statement released Tuesday morning, Warner Bros. Discovery said it is considering a variety of deals, mentioning things like the spinoff of some assets or even the sale of the entire company in response to interest from various potential buyers.

    This announcement is likely to set off a bidding war for one of Hollywood’s most influential companies. Whether it is a complete or partial sale, it would reshape the industry. This decision and stands to increase or greatly minimize could potentially minimize the number of major companies fighting for consolidation over Hollywood.

    Prior to the announcement of being open to sales, Warner Bros said they were planning to split their streaming and studio business from their cable networks business. This is intended to separate the most promising parts of the company, such as HBO Max, from parts of the company with lower profit, like CNN.

    The decision to divide the company proves to be a great call as they consider selling. Warner Bros. Discovery executives mentioned that they expect its streaming services to be the biggest draw for potential buyers, hoping to see offers from companies like Netflix and Apple, with some analysts saying that more companies are likely to jump in as a result of Paramount’s interest.

    As of now, Paramount is a buyer to watch, as David Ellison, the chief executive, has been seeking out acquisitions left and right. Acquiring Warner Bros. Discovery would add another layer of influence, potentially making Paramount one of the most powerful companies in Hollywood.

    Beyond Paramount, Comcast has expressed interest as well as Amazon, in purchasing either the entire company or distinct parts.

    While Warner Bros. Discovery did not name any specific companies, they said in a statement, “While we aren’t going to get into the specifics of who has expressed interest, it is safe to assume it is multiple parties,” hinting that Paramount isn’t the only company with its eye on it. 

    An analyst at the Bank of America said in an interview that Warner Bros. Discovery has a value of roughly $50 billion and that “These are assets that can’t be duplicated.”

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    Amaya Arnic

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  • Inside Bari Weiss’ Awkward First Days as CBS News Chief

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    Bari Weiss, the incoming editor-in-chief at CBS News, has reportedly had a tough time adjusting to her new gig

    Bari Weiss has some big plans as she takes the lead at CBS News, but not everyone is pleased.

    The first editorial call at CBS, after naming their new leadership on Monday, started five minutes late, per the tardiness of incoming Editor-in-Chief Weiss, co-founder of news reform outlet The Free Press. She began by suggesting A-list talent like Hillary Clinton to come on-air, talking about the conflict in Gaza and using f-bombs, according to Vanity Fair.

    Thursday was one of Weiss’ first days of work since starting her divisive new reign at CBS, which put the Paramount-Skydance portfolio under the spotlight once again, after firing Stephen Colbert and settling the “60 Minutes” suit with President Trump.

    The Free Press, which Weiss has historically used to challenge legacy media, was acquired by Paramount-Skydance CEO David Ellison for $150 million. The deal reportedly secured Weiss the top job at CBS, but the idea didn’t please everyone.

    The CBS newsroom became hostile, according to Vanity Fair, because Weiss’ agenda came off as criticism to the organization. Weiss often claimed that traditionally revered news sources had gone too “woke” in recent years, causing her to leave The New York Times in 2020, claiming she was bullied for not sharing the same political beliefs.

    The ideology behind The Free Press relies on the objectivity she claims is missing from those legacy newsrooms, one of which she now runs.

    An unnamed source at CBS told Vanity Fair what that first meeting was like, saying “You could cut the tension with a knife,” as well as, “It was very clear right away that she doesn’t quite understand how things work.”

    Weiss identifies as center-left on the political spectrum, but openly mocks the far-left, and thus hasn’t been embraced by most Democrats with her new title. Her stance on Gaza, for which she is decidedly pro-Israel, has isolated some progressives from her news site and podcast, “Honestly with Bari Weiss.” Weiss is gay, but lacks support from the LGBTQ+ community because of her apparent hostility towards trans people with past comments on gender-affirming care and giving a platform to author J.K. Rowling, who’s made several transphobic claims, with The Free Press.

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    “Let’s do the fucking news,” she reportedly said in that first news meeting, per a CBS source from The Independent.

    “I’m not joking,” the source said. “She actually said that.”

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  • David Ellison Could Make a Move on Warner Bros. Discovery

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    Following Paramount Skydance’s $8 billion merger, Ellison is said to be weighing a potential cash bid for Warner Bros. Discovery as speculation grows over Hollywood’s next major deal

    There could be another shake-up for Hollywood soon.

    With Warner Bros. Motion Picture chairs Michael De Luca and Pam Abdy signing new contracts, Deadline reports that David Zaslav runs Warner Bros. Discovery (WBD) could soon become the next addition for David Ellison and Paramount Skydance.

    No formal offer has been made yet, but Ellison, whose company recently completed an $8 billion merger with Paramount, is said to be weighing a potential cash bid. Backed by his father, Oracle co-founder Larry Ellison, the Skydance chief is reportedly eager to avoid the kind of drawn-out process that defined the Paramount deal.

    According to reports from Deadline, there appears to be little room for Zaslav in a merged studio. At most, he could be offered a board seat or adversity role, however, his long-term involvement seems unlikely. 

    Reports also note that Zaslav has been seeking alternative buyers like Netflix, but analysts doubt the streamer would pay between $75 billion and $100 billion for WBD, citing the company’s cable assets and complex distribution structure.

    For now, speculation centers around whether Ellison will move before WBD completes its planned split of the linear and streaming divisions. This is a change that could raise the price tag. With few competitors able to match Ellison’s resources, the prospect of a Paramount Skydance-Warner Bros. Discovery union remains a high possibility.

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    Melissa Houston

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  • David Ellison Aims to Rebuild Trust in News Through The Free Press Acquisition

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    Paramount Skydance CEO David Ellison speaks during the Bloomberg Screentime conference in Los Angeles on Oct. 9, 2025. AFP via Getty Images

    For months, it was one of the worst-kept secrets in media circles: Paramount Skydance CEO David Ellison was angling to buy The Free Press, the provocative digital outlet founded by a culture warrior who left The New York Times over what she viewed as its anti-conservative groupthink. Yesterday (Oct. 9), just four days after Paramount Skydance confirmed its $150 million acquisition of The Free Press, Ellison finally explained his reasoning in detail at the Bloomberg Screentime conference in Los Angeles.

    He described the deal—which also includes naming Free Press founder Bari Weiss the first-ever editor-in-chief of CBS News, the crown jewel of Paramount’s media holdings—as a cornerstone of his plan to rebuild trust in journalism and connect with audiences “where they are.” That means a mix of broadcast, digital and direct-to-consumer platforms aimed at the roughly 70 percent of Americans he believes fall between the ideological extremes.

    “Our goal in news is to become the most trusted destination in news media,” Ellison said. “Civil discourse that currently exists is not in a great place. We basically believe in all the things The Free Press believed in—speaking to the 70 percent of the audience that identifies themselves as center-left to center-right. We believe in the open exchange of ideas, and then fundamentally presenting both sides and allowing the audience to ultimately make their determination about how they feel about it. But they’re presented with the facts.”

    Ellison praised the heritage of CBS News and 60 Minutes but said the network lacks a cohesive digital strategy—one reason The Free Press became central to the deal. He said Weiss’s publication would continue to operate online while helping Paramount expand across formats such as broadcast, podcasts and eventually a direct-to-consumer platform that unites them all.

    Ellison also used the conference to outline a broader vision for Paramount Skydance as a company built for reinvention. He pointed to its 80 million streaming subscribers and what he called “one of the best content libraries in existence.” He drew a distinction between CBS’s broadcast business and the broader decline of linear TV, calling CBS “a remarkable asset that’s been number one in primetime for 17 straight seasons,” one that remains profitable and buoyed by sports rights.

    In addition to the Free Press deal, Paramount Skydance has also secured high-profile partnerships in recent weeks with the UFC, Activision’s Call of Duty and filmmaker James Mangold. Ellison called the acquisition of UFC rights a key piece of a “year-long sports strategy” that complements CBS’s existing portfolio of the NFL, March Madness and The Masters.

    Pressed about consolidation rumors, particularly speculation over a possible Warner Bros. Discovery merger, Ellison declined to comment. But he emphasized that any acquisition would be guided by storytelling, talent relationships and shareholder value. “Consumers don’t love going to seven different apps,” he said, arguing that any deal would need to produce “more content, not less,” and create something better for audiences.

    Ellison is the son of Oracle co-founder Larry Ellison, who was briefly the world’s richest person recently, thanks to Oracle’s surging stock. When asked about family dynamics, the Paramount Skydance CEO described their relationship as “phenomenal,” calling Larry Ellison a mentor with an unmatched record of value creation. “He’s the largest shareholder [in Paramount Skydance], but I run the company day-to-day,” Ellison said.

    Ellison closed his onstage talk by reflecting on the passion that started it all. “I fell in love with movies as a kid. My mom and I would go to the movies every single weekend. We went 52 weeks a year and just saw anything that was playing,” he said. “I have always loved and believed in this business. I love storytelling. I believe in the value of entertainment and media and what these stories mean, and it’s a privilege to get to tell them in our culture.”

    David Ellison Aims to Rebuild Trust in News Through The Free Press Acquisition

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  •  Re-Upped Warner Bros. Motion Picture Chairs Michael De Luca & Pam Abdy Acknowledge Box Office Hot Streak – “We’re Doing Our Part”

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    Warner Bros Motion Picture chairs Michael De Luca and Pamela Abdy touted movies in theaters with De Luca saying he’d have a problem working for a movie studio that didn’t put its fare on the big screen — saying he’s thought about that a lot, and if that ever happened he’d probably focus on series.

    But both will be at WB for he foreseeable future. At a Bloomberg Screentime conference in LA today the duo acknowledged their contract renewal announced Wednesday. They also weaved away from any criticism of their past rocky relationship with WBD CEO David Zaslav, who had been openly talking to other execs about running the film division back when the studio was having a rough patch.

    With the relentless success over the past months starting with Minecraft (a sequel is coming),  Ryan Coogler’s (“all heart”) Sinners, a Superman revival and the praise on One Battle, the duo are now sitting in the C-Suite drivers’ seat, and are a major asset for WB unto themselves

    “We’re doing our part,”  De Luca acknowledged on the growth in actual big screen output, with WBD now at pre-pandemic box office levels.

    “There is no one size fits all. Abdy added, meaning both budgets, but clearly emphasizing their overall approach to their diverse slate.

    Centering  on One Battle After Another‘s long-term box office success, De Luca spotlighted the acclaimed Leonardo DiCaprio authoritarian ” masterpiece” from Paul Thomas Anderson as being a “marathon not a sprint.”

    The two took the stage just after David Ellison, the new CEO of Paramount Skydance who is eyeing an acquisition of Warner Bros.

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    Dominic Patten

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  • What Paramount Buying Warner Bros. Could Mean for Hollywood

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    Photo-Illustration: Vulture; Photos: Getty Images

    Paramount Skydance, backed by the family of CEO David Ellison, is getting ready to make a bid to take over all of Warner Bros. Discovery before the two companies can go through with their plan to split, per a new report from The Wall Street Journal. If such a deal happens, it would put networks as diverse as CBS, CNN, TCM, and MTV under one roof and result in the combination of two historic Hollywood studios, Paramount Pictures and Warner Bros. There has been speculation in multiple media outlets for months about something like this happening — the idea of HBO Max and Paramount+ combining into a single app is a no-brainer — but the speed with which it could be coming together, so soon after Skydance closed its deal for Paramount, does feel a tad surprising. Deadline is also confirming the WSJ story, though it throws a bit of cold water on how much urgency there is to the bid: “Nothing new there, he’s just taking a closer look, assessing the pros and cons,” says a Paramount source quoted by the trade outlet.

    We’re probably still a long way away from such a deal actually becoming reality (if it does), and to be clear: No offer has been made. It’s also not clear how WBD management and shareholders would react — though WBD stock soared nearly 30 percent after the WSJ story broke — or whether news of this possible bid brings out other potential buyers. It’s still early days.

    That said, given how much Hollywood loves a merger these days, it’s always worth thinking about what comes next and what such a mash-up of media giants might bring — for good and (mostly ill). Some immediate questions and thoughts about the possibility of Para Bros.:

    ➼ If the Ellisons get control of WBD, they get control of CNN. Given how much Paramount has pushed CBS News rightward in the past couple weeks, it’s easy to imagine the Trump White House won’t stand in the way of the Ellisons taking over WBD. In fact, one could see it happily pushing for a deal that would put CNN in the hands of owners even more accommodating than its current overseers.

    ➼ Bari Weiss, founder of the right-wing outlet The Free Press, is rumored to be in line for a major gig at CBS News. If this deal happens, will she end up overseeing a CBS News powered by CNN — or all of a combined CNN-CBS News?

    ➼ Will the studio attrition from five major studios to a mere four accelerate moviedom’s seemingly endless doom cycle of sequels, reboots, and tired IP retreads? Coming just a half-dozen years after Disney’s $71.3 billion swallowing of 21st Century Fox, the Para Bros. merger would necessarily trigger a cascade of industry executive layoffs but also drastically reduce the number of studio suitors vying for hot, original movie projects. That would leave less room for new filmic voices and engender frictionless pushback against the kind of corporate groupthink responsible for the boring sameness behind our current multiplex malaise. (Exhibit A: This summer delivered the worst cumulative box-office returns since 1981 adjusted for inflation and discounting COVID lockouts.)

    ➼ Given the trend toward streaming consolidation (see Hulu on Disney+), importing the relatively small content offering of Paramount+ into HBO Max feels like a given under any merger scenario. That said, David Ellison has already started working to dramatically improve the tech of Paramount+ and HBO Max has had its own user-experience issues. It’s quite possible the end result of a deal would be the creation of a totally new platform with, yes, another new name. HBO Max, we hardly knew ye.

    ➼ The amount of layoffs that would result from this merger is depressing to consider. As it is, Paramount Skydance is already planning to pink-slip thousands of employees this fall. The pain will be real and deep.

    ➼ Will putting DC and Star Trek in the same corporate family give us the Star Trek–Superman crossover some Trekkers have fantasized about? Who knows, but the IP-sharing potential of a Warners/Paramount combo is huge. The same company would control The Godfather and The Sopranos, Top Gun and Barbie, I Love Lucy and Friends.

    ➼ Assuming Para Bros. stays in the cable business, would ancient enemies Nickelodeon and Cartoon Network team up to give the new entity enough IP to better take on Disney? Or would the new company care about kids and animation at all?

    ➼ And the most important question of all: Will David Zaslav, fresh off his role in the new Sphere remix of The Wizard of Oz, get himself a cameo in the next Yellowstone spinoff? Or will he ride off into the retirement sunset, having successfully added tens of millions to his net work this decade?

    Chris Lee contributed to this report.


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    Josef Adalian

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  • After Buying Paramount, MAGA Billionaire Larry Ellison’s Son Now Wants Warner Bros. Discovery: Report

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    Last month, Skydance Media, the entertainment giant, completed an $8 billion acquisition of one of Hollywood’s most prestigious studios, Paramount. Skydance, owned by David Ellison, son of Oracle billionaire Larry Ellison, now reportedly has its eyes set on another historic movie studio: Warner Bros.

    The Wall Street Journal reports that Paramount Skydance is currently preparing a majority cash bid for Warner Bros. Discovery. If completed, the son of one of Donald Trump’s most powerful supporters (and, as of this week, the tech billionaire to unseat Elon Musk as the world’s richest person) would own a gargantuan portion of America’s entertainment industry.

    Not a whole lot of information has been released yet about the reported deal. The Journal notes that the bid would be for “the entire company, including its cable networks and movie studio.” Gizmodo reached out to Paramount and Warner Bros. for more information.

    The Ellison elder has been described as a personal “friend” of Trump, and the New York Times reports that, not long after Trump’s presidential victory, Ellison “appeared at Mar-a-Lago to sit in on a transition meeting.” He also visited the White House earlier this year to take part in the launch of the Stargate Project, an AI infrastructure initiative that will be a boon for the data center industry.

    Ellison Sr. has also floated the idea of buying TikTok, which would put the family in control of yet another massive media acquisition, albeit of a slightly different kind. Last August, the New York Times reported that Oracle was helping the Heritage Foundation, the right-wing org behind Project 2025, to identify a list of Trump loyalists for the new administration.

    There appears to be an Ellison family interest in propping up conservative voices. A report published earlier this month by Puck stated that Ellison Jr. was looking to buy Bari Weiss’s The Free Press for somewhere between $100 and $200 million. The New York Times reported on Wednesday that Ellison is considering giving Weiss a top editorial position at CBS, which is owned by Paramount.

    At the same time, Ellison Jr. has also been accused of engaging in a “side deal” with President Trump as part of CBS’s $16 million settlement with the president over what he said was an unfairly edited interview with Kamala Harris from last year. That alleged side deal supposedly “up to $20 million of programming in support of conservative causes,” although Paramount immediately clarified “that it wasn’t aware of such terms,” the Hollywood Reporter reported in August. Nevertheless, House Democrats have announced their intentions to look into the matter.

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    Lucas Ropek

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  • Paramount reportedly wants to acquire Warner Bros. Discovery, antitrust law be damned

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    Paramount Skydance, apparently now in a state of permanent merger, plans to make a bid to acquire Warner Bros. Discovery, . The company was recently formed following of Paramount for $8 billion. Newly anointed Paramount Skydance CEO David Ellison was able to afford the acquisition thanks to , Larry Ellison.

    Despite Warner Bros. Discovery’s to split back into , “the bid will be for the entire company, including its cable networks and movie studio,” the report says. A successful acquisition of the company will likely be very pricey. According to The Wall Street Journal, “Warner Bros.’s nearly $33 billion market cap is more than double that of Paramount Skydance.”

    Further consolidation in the entertainment industry will likely lead to less varied and interesting film and television, but a merger between Paramount Skydance and Warner Bros. Discovery could also concentrate even more power in the hands of the federal government.

    Prior to the deal going through, to settle a lawsuit with Trump, which may have affected the President’s stance towards the acquisition. Skydance’s commitment to abandon DEI programs at CBS and make the television network “embody a diversity of viewpoints across the political and ideological spectrum” was also cited as justification for the FCC approving the acquisition. Following the deal, Paramount appointed Kenneth Weinstein as an Ombudsman to “review editorial questions and concerns from outside entities and employees.” Weinstein previously served as an advisor to the Trump administration, Variety reports.

    Fusing two giant Hollywood studios obviously impacts competition. The question now is how the FCC will respond to this possible acquisition, with even more money and power on the line.

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    Ian Carlos Campbell

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  • CBS Updates “Face the Nation” Interview Policy After Kristi Noem Dispute

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    Secretary of DHS Kristi Noem’s interview aired on the program last week. The administration accused CBS of deceptive editing and ‘whitewashing’, prompting an update to their interview policy

    Credit: Joe Raedle/Getty Images

    On Friday, CBS News announced a significant change to its interview policy for the Sunday show “Face the Nation” following backlash from DHS Secretary Kristi Noem over editing her recent interview.

    The news network states that “Face the Nation” will start airing its interviews unedited or aired “live-to-tape”, an industry term meaning recorded in real-time. This change comes less than a week after Kristi Noem appeared on the show and criticized CBS for their edits upon its release.

    In a statement from the DHS, Noem criticized CBS, claiming the interview was “shamefully edited” to “whitewash the truth.” The interview, which aired on August 31, partially covered Kilmar Abrego García, a Maryland man who was illegally deported to El Salvador despite a 2019 court order barring his deportation due to fear of persecution.

    In the DHS’ recent statement about the interview, Noem says “CBS shamefully edited the interview to whitewash the truth about this MS-13 gang member and the threat he poses to American public safety.”

    The press release said CBS cut “nearly four minutes” of Noem’s 16 minute speech on air and “in doing so, removed more than 23% of [her] answers exposing the truth about criminal illegal alien Kilmar Abrego García, President Donald Trump’s lawful actions to protect the American people, and Secretary Noem’s commitment to fight on behalf of the American people and their tax dollars.”

    CBS responded by defending its procedure, stating that the interview was “edited for time and met all CBS news standards.” They added that the full interview and transcript were uploaded online the same morning the interview aired. The four-minute cut included claims or allegations made by Noem that have not been proven true in court.

    Department of Homeland Security Secretary Kristi Noem on a federal raid in Highland Park in the hours after a U.S. Senator was forcibly removed from her press conference in Los Angeles this week
    Department of Homeland Security Secretary Kristi Noem with federal agents during a raid in Highland Park
    Credit: Department of Homeland Security

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    However, on Friday, CBS took further action, announcing that “in response to audience feedback” they have “implemented a new policy for greater transparency” in interviews. Now, interviews for the Sunday show will be aired in full and unedited.

    This is not the first time CBS has received criticism from the Trump administration over an interview. Notably, Trump sued CBS last fall during his campaign over a “60 Minutes” interview with Kamala Harris, where he alleged that CBS edited the footage in Harris’ favor.

    Though experts considered Trump’s suit to have legal weaknesses, CBS’ parent company, Paramount Global, agreed to a $16 million settlement in July. The settlement was announced as Paramount sought approval from the Trump administration for a planned merger with Skydance Media.

    Some critics think the settlement was influenced by the merger and are concerned about news organizations facing litigation from political figures. CBS News is currently looking to hire an ombudsman, a designated official appointed to investigate complaints such as Noem’s.

    Since her start as Secretary, Noem has remained at the center of controversial headlines and in conflict with news networks. In 2024, she appeared on Fox News and blamed “fake news” for putting the “worst spin” on her memoir, referring a Guardian article that covered the chapter where Noem writes of her decision to shoot and kill her dog, and then her goat.

    In June 2025, Noem claimed that LA was a “war zone” and “would have burned down if left to the devices of the mayor and governor”, which Mayor Karen Bass called an “outright lie.” With litigation issues on the rise, journalistic integrity and independent press remain hot topics of debate.

    Due to pressure from the administration, news channels such as CBS are undergoing additional measures to revisit their reporting policies.

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    Natalia Oprzadek

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  • CBS News Agrees Not to Edit ‘Face The Nation’ Interviews Following Homeland Security Backlash

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    CBS News is giving up some of the power it has to hold “Face the Nation” interviewees to account.

    The Paramount Skydance news unit said Friday it would cease editing taped interviews with newsmakers who appear on “Face the Nation” following complaints from the Trump administration over an appearance on the show earlier this week when U.S. Homeland Security Secretary Kristi Noem made a number of false or unproven statements about Kilmar Abergo Garcia, the Salvadoran man who was deported despite his having protected legal status in the United States.

    The move is an unorthodox one, leaving CBS News unable to remove false statements or propaganda uttered by political operatives and officials and undermining the authority and credibility of Margaret Brennan, the moderator of the Sunday public-affairs program. The edict is also risky, potentially giving viewers the sense that Brennan is less able to question or challenge her guests — one of the main elements of TV’s Sunday political shows that bring viewers to it in the first place.

    The decision may spur viewers to leave “Face the Nation,” one of the most-viewed among the so-called “Sunday shows,” and sample rivals such as NBC News’ “Meet the Press” or ABC News’ “This Week.”

    “In response to audience feedback over the past week, we have implemented a new policy for greater transparency in our interviews. ‘Face The Nation’ will now only broadcast live or live-to-tape interviews (subject to national security or legal restrictions),” CBS News said in a Friday statement. “This extra measure means the television audience will see the full, unedited interview on CBS and we will continue our practice of posting full transcripts and the unedited video online.”

    But it also means “Nation” could become a home of grandstanding by interviewees from either side of the political aisle who would rather spout talking points than answer a question. And it speaks to the naiveté of the new owners of CBS News, a group led by CEO David Ellison, about the nature of TV journalism and its service to viewers.

    More to come….

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    Brian Steinberg

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  • Paramount Is Cutting Thousands of Jobs After Skydance Merger | Entrepreneur

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    Following the completion of an $8.4 billion merger earlier this month, Skydance Media and Paramount Global are now a new company called Paramount, a Skydance Corporation — and layoffs are reportedly on the horizon for the new entity.

    The newly formed company, which oversees media assets like CBS, MTV, and Comedy Central, is now preparing to cut jobs across its business, according to Variety.

    The layoffs are expected to occur by early November, when Paramount is scheduled to report third-quarter earnings, impacting around 2,000 to 3,000 jobs. The company is aiming for $2 billion in annual cost savings.

    Related: Paramount Global Is Laying Off Hundreds of Employees

    Paramount previously laid off 2,000 employees, or 15% of its U.S. workforce, in August 2024. The company has additionally laid off hundreds of employees in June of this year.

    As of Dec. 31, 2024, Paramount had approximately 18,600 full-time and part-time employees, per Variety. Skydance, meanwhile, has around 500 employees, according to its website.

    Paramount, a Skydance Company, Chairman and CEO David Ellison. Photo by Alberto E. Rodriguez/Getty Images

    The cost savings were first mentioned in a July 2024 presentation to investors, following the announcement of the Paramount-Skydance deal. Jeff Shell, the former CEO of NBCUniversal and now the president of Paramount-Skydance, said during the presentation that the company worked with consulting firm Bain & Co. to find at least $2 billion in annual cost savings.

    Related: Paramount Leadership Alludes to Layoffs If Merger Does Not Go Through

    Shell indicated that the majority of cuts will affect Paramount’s linear TV businesses, including cable networks and broadcast, though he said that leaders “like” some of these businesses, “particularly CBS.”

    “We think it [CBS] is a very, very, very strong business with more reach than any other business,” Shell said at the time. “However, I think a lot of us in the business know, we got to run these businesses in a different way as they decline.”

    According to Paramount’s second-quarter earnings report, released in July, CBS was the most-watched broadcast network for the 17th consecutive season. The streaming service Paramount+ also saw revenue increase 23% year-over-year, with 24% subscription growth.

    Paramount, a Skydance Company, will be led by Chairman and CEO David Ellison, the son of Oracle co-founder Larry Ellison. The CEO founded Skydance Media in 2010 and has since led the production of films like “Top Gun: Maverick” and “The Tomorrow War.”

    Related: Meet David Ellison, Larry Ellison’s Son Who Is About to Take Over at Paramount

    Following news of the merger, Ellison wrote in a letter published to Paramount’s site that the moment combined “more than a century of iconic storytelling” with “the drive of a 15-year-old studio born in the digital era.”

    Paramount started trading on the Nasdaq Stock Market under the new ticker symbol “PSKY” earlier this month following the merger with Skydance. The newly combined company had a market value of over $10 billion at the time of writing.

    Following the completion of an $8.4 billion merger earlier this month, Skydance Media and Paramount Global are now a new company called Paramount, a Skydance Corporation — and layoffs are reportedly on the horizon for the new entity.

    The newly formed company, which oversees media assets like CBS, MTV, and Comedy Central, is now preparing to cut jobs across its business, according to Variety.

    The layoffs are expected to occur by early November, when Paramount is scheduled to report third-quarter earnings, impacting around 2,000 to 3,000 jobs. The company is aiming for $2 billion in annual cost savings.

    The rest of this article is locked.

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  • Edgar Bronfman Jr. withdraws offer for Paramount, allowing Skydance merger to go ahead

    Edgar Bronfman Jr. withdraws offer for Paramount, allowing Skydance merger to go ahead

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    NEW YORK (AP) — The merger between entertainment giant Paramount and media company Skydance is set to go ahead after Edgar Bronfman Jr. withdrew a competing offer.

    Bronfman, executive chairman of streaming service Fubo, told Paramount’s special committee of directors Monday night that he would not proceed with his bid.

    “While there may have been differences, we believe that everyone involved in the sale process is united in the belief that Paramount’s best days are ahead,” he said.

    Bronfman, the former chairman and CEO of Warner Music, had intitially offered $4.3 billion for Shari Redstone’s National Amusements, the controlling shareholder of Paramount, according to multiple media reports. He then upped that bid to $6 billion.

    Paramount agreed last month to a merger deal with Skydance that will inject desperately needed cash into a legacy studio that has struggled to adapt to a shifting entertainment landscape.

    Since then, during what’s known as a “go shop” period, a special committee of Paramount’s board had reached out to more than 50 third parties to determine whether they were interested in making offers. The go shop period was extended for Bronfman, but has now closed.

    Image

    Shari Redstone’s National Amusements has owned more than three-quarters of Paramount’s Class A voting shares through the estate of her late father, Sumner Redstone. She had battled to maintain control of the company that owns CBS, which is behind blockbuster films such as “Top Gun” and “The Godfather.”

    The deal signals the rise of a new power player, Skydance founder David Ellison, the son of billionaire Larry Ellison, who founded the software company Oracle.

    Skydance, based in Santa Monica, California, has helped produce some major Paramount hits in recent years, including Tom Cruise films like “Top Gun: Maverick” and installments of the “Mission Impossible” series.

    The proposed combined company of Paramount and Skydance is valued at around $28 billion. The deal is expected to close in September 2025, pending regulatory approval.

    Paramount, founded in 1914 as a distributor, is one of Hollywood’s oldest studios and has had a hand in releasing numerous films — from “Sunset Boulevard” and “The Godfather,” to “Raiders of the Lost Ark” and “Titanic.”

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