Paramount Stock Falters As Investors Sweat Details Of Skydance-National Amusements Talks

Confusion and anxiety reigned at a CBS-Politico joint party today ahead of the annual White House Correspondents’ Dinner, with staffers shocked at news that Bob Bakish, CEO of parent Paramount Global, is set to exit abruptly as early as Monday morning.

Cynthia Littleton Business Editor 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.

Cynthia Littleton Business Editor IATSE negotiators are bracing for the next phase of contract negotiations with Hollywood’s major studios and streamers after the conclusion this week of talks with all 13 West Coast local union on the craft-specific aspects of a new master contract. On Monday, IATSE and the Alliance of Motion Picture and Television Producers will shift the focus of negotiations to wages, residuals, working conditions and the use of artificial intelligence in production.

Todd Spangler NY Digital Editor Bob Bakish may be out at Paramount Global before any sale or merger deal for the media company is completed. The board of directors of Paramount Global, including controlling shareholder Shari Redstone, have discussed a plan to oust Bakish as CEO, the Wall Street Journal reported, citing anonymous sources. Instead, the company would form an “Office of the CEO” comprising Paramount Global’s division heads to run operations on an interim basis, per the report.

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.

Leo Barraclough International Features Editor Cinephil has sold Arun Bhattarai and Dorottya Zurbó’s feature documentary “Agent of Happiness” to a wide range of key international territories ahead of the film’s Hot Docs debut this weekend. Deals are confirmed in the U.K.

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.

Elsa Keslassy International Correspondent Keanu Reeves is in talks to star in two-time Palme d’Or winner Ruben Östlund’s highly anticipated next feature “The Entertainment System Is Down,” Variety has learned. While the exact plot of the movie remains under wraps, Östlund has teased it several times as a social satire set on a long-haul flight on which the entertainment system isn’t working, sparking chaos and rages among passengers.

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

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

Arizona Supreme Court’s decision to reinstate a near-total abortion ban from 1864, the “American Idol” alum — who shares daughter River, 9, and son Remington, 8, with ex-husband Brandon Blackstock — surprised herself by getting emotional over previous complications. “I have been pregnant twice, hospitalized both times,” Clarkson, 41, told Clinton, 76.“I mean, literally, I asked God — this is a real thing — to just take me and my son, in the hospital the second time because I was like — it’s the worst thing,” Clarkson revealed as her eyes welled up with tears.“I didn’t know I’d get emotional, sorry,” the “Thankful” songstress admitted, looking off camera and seemingly giving her crew the “cut it out” hand gesture — which they appear to have agreed to as this portion of the conversation has been edited out of the clip posted to “The Kelly Clarkson Show” YouTube channel.

Twilight sparked a level of fandom that most movies hope to achieve but never do. Years after its initial debut, we’re still talking about the franchise!

Alissa Simon Film Critic Scottish auteur Lynne Ramsay and former Icelandic Film Center (IFC) chief Laufey Guðjónsdóttir received honors from the 10th anniversary edition of Reykjavik’s Stockfish Film & Industry Festival (April 4 – 14, 2024). The awards, presented during a reception on April 11th, celebrate outstanding contributions to the film industry both internationally and domestically.

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.

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.

MipTV‘s 61st and final edition in Cannes saw a year-on drop of more than 40% in participation, organizers said on Tuesday. During the presser, organizers also outlined plans for MipLondon which will run alongside the London Screenings next February. This year’s MipTV welcomed 3,537 delegates from 84 countries, including 1,133 buyers, compared with 5,510 participants in 2023.

MIPTV is coming to an end – but the hard truth is that people did not travel here to Cannes in the numbers of yesteryear to say goodbye. Market organizers RX France said Tuesday that the final MIPTV has attracted 3,500 people including 1,100 buyers. For context, there were over 5,000 in town last year and the event regularly topped 10,000 delegates in the earlier 2000s. MIPCOM in October, by contrast, still hits those numbers and remains a focal point for the international TV industry.

Australian filmmaker George Miller, whose origins story Furiosa will world premiere at the Cannes Film Festival next month before Warner Bros begins its global rollout May 22, says he’s still making Mad Max movies “because they’re very addictive.”

Could Scottish soccer be the next to benefit from Hollywood investment?

Annika Pham On the eve of the global content market MipTV in Cannes, Viaplay Group’s Vanda Rapti, EVP Viaplay Select and Content Distribution, has offered a confident outlook on the Scandi streamer’s international activities and content sales. The sales executive, who joined the group in 2003, was able to announce exclusively to Variety a string of new deals on Viaplay’s premium Nordic scripted content.