City Redbird Showbiz Latest News and Updates

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.

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.

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.

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.

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

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

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.

Todd Spangler NY Digital Editor Shari Redstone looks like she remains firmly opposed to breaking up Paramount Global. Redstone, president of National Amusements Inc. — the controlling shareholder of Paramount Global — was “unconvinced” by Apollo Global Management’s $11 billion offer to buy Paramount’s film and TV studio, the Financial Times reported, citing anonymous sources.

EXCLUSIVE: We are hearing that Apollo Global Management, who was mulling an offer for National Amusements, the Redstone family company that controls Paramount Global, is no longer considering that now.

The Offer is the name of a series on Paramount+. Now, it could be the logline for Paramount Global.

RedBird IMI, a joint venture investment firm led by Jeff Zucker, has taken a stake in The Morning Show production entity Media Res.

Warner Bros. Discovery and Paramount Global have held talks about a potential merger of the two media companies, Variety has confirmed.

EXCLUSIVE: There’s a lot of noise in town about Skydance Boss David Ellison and RedBird Capital making a go at Paramount Global, but via National Amusements.

Leo Barraclough International Features Editor Jeff Zucker, the former president of CNN and onetime CEO of NBCUniversal, is eying a push by right-leaning British newspaper The Daily Telegraph into the U.S. if his company’s bid to buy the title is successful.

The XFL, whose latest revival as a springtime alternative to the NFL has been steered by Dwayne Johnson and Dany Garcia, is merging with the USFL.

Nick Vivarelli International Correspondent Rani R. Raad, a former president of CNN Commercial Worldwide, has been appointed CEO of Abu Dhabi-based media company International Media Investments.

Matt Donnelly Senior Film Writer Jeff Zucker is not shopping for CNN, according to one of the backing partners of his new media venture. Gerry Cardinale, the private equity player and founder of RedBird Capital, partnered with International Media Investments last year to launch a $1 billion media acquisitions engine run by Zucker. Reports were rampant in June that Zucker was looking to take CNN off the hands of Warner Bros. Discovery, after running the news network for decades before resigning in 2022 over a consensual workplace affair. “No,” Cardinale said on Thursday when asked if he and Zucker were looking to buy CNN, speaking on stage at the Variety and Sportico Sports and Entertainment Summit in West Hollywood. “I would not have the longevity that I’ve had if I ran my business running around town talking about deals in a way that’s, frankly, disrespectful to David Zaslav. I’m kind of amused and irritated by it.”

Wrexham FC owners Ryan Reynolds and Rob McElhenny and Creed actor Michael B. Jordan have invested in Formula 1 team Alpine.

EXCLUSIVE: Unstoppable has, in fact, been stopped — at least for now. Production on the wrestling drama, starring Jennifer Lopez and Jharrel Jerome, paused for the day earlier this morning following picketing at their shooting location near USC.

Mo Willems is stepping further into the multimedia entertainment world. The globally best-selling and award-winning children’s book author will team with Stampede Ventures and RedBird Capital to form Hidden Pigeon Company.

EXCLUSIVE: Jharrel Jerome, the Emmy winner, Moonlight actor and EP/star of the upcoming Prime Video series, I’m a Virgo, which just premiered at SXSW, has signed on to star in Artists Equity’s tentatively titled Unstoppable, the Jennifer Lopez starring, Billy Goldenberg directing project we first told you about yesterday.

EXCLUSIVE: As Amazon Studios is set to debut Artists Equity’s first movie, Air, at SXSW’s closing night, the Ben Affleck-Matt Damon production company is in final talks to make their second feature, currently titled Unstoppable, starring Jennifer Lopez.

Brad Pitt’s Plan B Entertainment is selling a majority stake to Paris-based Mediawan, Deadline has confirmed, following news several months ago that the company was seeking a buyer.

Ben Affleck says his newly minted studio Artists Equity, in partnership with Matt Damon, is going for films that are commercial but smart, that acknowledge popular tastes, but that “people remember 20 years later.”

As Deadline’s Mike Fleming reported back in June of this year, Redbird Capital Partners has today confirmed details in that story. Ben Affleck, Matt Damon and Gerry Cardinale are launching an artist-led studio that partners with filmmakers to empower creative vision and broaden access to profit participation.

Jeff Zucker, who left WarnerMedia last February just before its merger with Discovery, is in discussions with RedBird Capital to lead a $1 billion sports investment fund backed by the private equity outfit.

Matt Donnelly Senior Film Writer David Ellison’s media company Skydance has completed a $400 million investment round, led by global firm KKR and the Ellison family. Previous investors RedBird Capital and Tencent have also upped their contributions, bringing the total valuation of the producer behind “Top Gun: Maverick” to over $4 billion. The Ellison family remains the majority stakeholder in the venture. “Skydance has already created a diverse collection of premium content across multiple formats, and we are only in the early stages of what they can accomplish. We look forward supporting the Skydance team as they continue to build their business across TV, film, animation, gaming and sports and tell compelling stories in new and innovative ways,” said KKR parter Ted Oberwager, who leads the gaming, entertainment, media and sports verticals within KKR’s Americas Private Equity business.

EXCLUSIVE: While Ben Affleck just started Monday directing the untitled drama about maverick sneaker salesman Sonny Vaccaro (Matt Damon)’s dogged pursuit to get Michael Jordan to lace up in Nike shoes, Affleck and Damon are getting traction on their own groundbreaking endeavor.

EXCLUSIVE: The SpringHill Company, which recently received a minority investment valuing it at $725 million, has announced a key promotion and two senior exec hires as part of an ongoing expansion.

LeBron James’ SpringHill Company has sold what is being called a “significant minority stake” to a group of investors led by RedBird Capital. The investment values SpringHill at $725 million.In addition to RedBird, Fenway Sports Group, Nike and Epic Games round out the group.