Paramount Global Stock Surges As Skydance Looks To Seal Deal – Update

Range Media Partners has secured a minority investment from a group including Liberty Global and TPG founding partner David Bonderman’s family office Wildcat Capital Management.

Paramount Global CEO Bob Bakish saw his total compensation dip slightly in 2023, to $31.3 million from $32 million in the prior year.

Paramount Global shares jumped 13% Friday as investors cheered news that Sony Pictures Entertainment is talking with Apollo Global Management about joining Apollo’s bid for Paramount.

Cynthia Littleton Business Editor 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.

Remember those rumors, oh, eight years ago about how Sony was a target for acquisition?

UPDATE, APRIL 17, 2:11 PM: Les Moonves has settled his debts with the City of Los Angeles, at least financially.

It doesn’t seem like Kelly Clarkson and her ex Brandon Blackstock are EVER going to stop duking it out in court, does it?

Todd Spangler NY Digital Editor Four members of Paramount Global‘s current 11 board of directors will step down, the company disclosed, coming as the company has stepped up talks with Skydance Media about an M&A deal. The four directors — Dawn Ostroff, former chief content and advertising business officer of Spotify; Nicole Seligman, former president of Sony Entertainment; Frederick Terrell, vice chairman of investment banking at Wells Fargo; and Rob Klieger, partner at Hueston Hennigan LLP, who had served as legal counsel to Sumner Redstone — will not stand for reelection at Paramount Global’s annual meeting, set for June 4.

What do you do when your conglom might be a target for a takeover. Don’t sweat it and laugh.

At their CinemaCon presentation this AM, Paramount Pictures today announced a three-year extension of its first-look deal with producer Neal H. Moritz and his Original Film banner.

EXCLUSIVE: CAA has laid off a number of staff in its global TV division and is centralizing the team to the U.S. and UK.

Paramount Global‘s beleaguered stock faltered Monday as investors fretted over the ongoing talks between controlling shareholder National Amusements Inc. and Skydance Media.

The nearly two-year old dogfight between Paramount and the family of the writer of the 1983 article that inspired the franchise is over.

Cynthia Littleton Business Editor Charter Communications is about to play a guest-star role in the corporate drama surrounding Paramount Global. As if Shari Redstone’s media empire wasn’t under enough pressure, Paramount Global now is in the final few weeks of its most recent carriage agreement with Charter, the nation’s second largest cable operator behind Comcast. The two companies are in renewal discussions, the outcome of which will have significant influence on Paramount’s ability to deliver the free cash flow that media investors are expecting from the company that has lately posted big losses on streaming operations.

EXCLUSIVE: Sony Pictures Television has finalized a new licensing deal with Paramount Global for comedy series The King of Queens to continue to be available on Paramount linear cable networks. The new pact also includes for the first time streaming rights on Paramount+ for all nine seasons and on Pluto TV for some (currently Seasons 1-3).

Todd Spangler NY Digital Editor Private-equity giant Apollo Global Management made a $27 billion offer to acquire all of Paramount Global this week, sources familiar with the bid told Variety. However, the special committee set up by the Paramount Global board of directors to consider M&A options declined to engage with the bid. Apollo submitted an all-cash bid on Sunday, March 31, to acquire Paramount Global in a deal worth more than $27 billion of total enterprise value, encompassing equity and debt, according to people familiar with the situation.

Cynthia Littleton Business Editor Paramount Global and its parent company are moving closer to an agreement with Skydance Media for an exclusive window for acquisition negotiations as Shari Redstone and David Ellison inch toward a deal to bring their companies together in a three-way transaction. The New York Times on Tuesday reported on the rumors that have been swirling around Hollywood for the past few days.

Todd Spangler NY Digital Editor Paramount Global‘s debt rating was cut to junk status by credit-rating agency S&P Global, which cited the media conglomerate’s ongoing challenges with free cash flow generation relative to its debt. S&P on Wednesday said it expects Paramount Global’s free operating cash flow-to-debt will remain “well below” 10% through 2025, and that adjusted leverage (debt-to-equity ratio) will stay above 3.5 times through then.

Two eight-storey apartment blocks are set to be built in Stockport creating nearly 150 affordable homes. It's part of a new residential development at the corner of Chestergate and King Street West in Stockport.

Jennifer Maas TV Business Writer What does the future hold for Paramount Global? The odds of a seismic M&A event seem to be increasing: Private-equity firm Apollo Global has reportedly offered $11 billion for Paramount’s Hollywood studios. Short of carving up the “mountain of entertainment,” as the Paramount+ tagline boasts, analysts say the overture could drive up bidding for the entirety of Paramount Global — which is what Shari Redstone, who owns a controlling stake in the media conglomerate, is understood to prefer. Given that backdrop, let’s consider what Paramount Global comprises — and the potential effect of selling it off in its entirety or in pieces.