Paramount and Skydance have confirmed that their long-gestating merger is expected to finally close on August 7. The date had been mentioned in recent days by sources familiar with the transaction, but the companies confirmed it Friday in a press release. The $8 billion-plus transaction received the FCC’s blessing Thursday, effectively bringing an end to the year-long business saga. With that final hurdle cleared, only administrative details and paperwork are left to be completed before the combination can ...

Paramount and Skydance have confirmed that their long-gestating merger is expected to finally close on August 7. The date had been mentioned in recent days by sources familiar with the transaction, but the companies confirmed it Friday in a press release. The $8 billion-plus transaction received the FCC’s blessing Thursday, effectively bringing an end to the year-long business saga. With that final hurdle cleared, only administrative details and paperwork are left to be completed before the combination can ...

John Malone's Liberty Broadband owns 26% of Charter, but the latter company last year announced a plan to acquire the former in a transaction projected to close later this summer. Warren Buffett's Berkshire Hathaway and Condé Nast parent Advance/Newhouse also are also Charter shareholders. Charter Communications stock was down sharply in mid-day trading Friday after the company reported second- quarter earnings well below Wall Street expectations. The Spectrum cable and broadband provider said its second-qu ...

Shares of Paramount are set to open higher Friday after long-awaited FCC approval for its merger erased a big question mark hovering over the company’s future, but amid ongoing uncertainty about its strategic plans under Skydance Media. The stock is up about 1% ahead of the open at $13.40. The deal calls for David Ellison’s company to pay $4.5 billion to buy out a chunk, but far from all, of the Class B shares for $15 each. Federal Communications Commission approval — authorizing the transfer of 28 license ...

Sen. Elizabeth Warren (D-MA) reacted to the FCC approval of the Skydance–Paramount merger, again raising questions of whether the green light was the result of a corporate bribery of Donald Trump. In a statement, Warren said, “Bribery is illegal no matter who is president. It sure looks like Skydance and Paramount paid $36 million to Donald Trump for this merger, and he’s even bragged about this crooked-looking deal. I’ve been ringing the alarm bell for months, launching a Senate investigation into possibl ...

Company Overview - The FCC has approved the merger between Skydance Media and Paramount Global, valued at $8 billion, which will reshape the media landscape and elevate David Ellison as a significant figure in Hollywood [1][6] - The merger combines Paramount's assets, including Paramount Pictures, CBS broadcast network, 28 TV stations, and streaming service Paramount+, with Skydance, which has expanded rapidly since its founding in 2010 [6][12] Regulatory and Strategic Commitments - Skydance has committed to implementing significant changes at CBS to restore trust in national news media, including ensuring diverse viewpoints and addressing bias [2][3] - The merger faced challenges, including a lawsuit settlement with Donald Trump, which was necessary for regulatory approval from the FCC [4][17] Leadership Changes - David Ellison and Jeff Shell will lead the merged company, replacing the previous CEO trio of George Cheeks, Brian Robbins, and Chris McCarthy, who managed Paramount Global during a major reset [8][9] - The organizational structure is still being finalized, with key positions being filled by existing executives from both companies [11] Financial Aspects - The deal includes a $2.4 billion acquisition of Redstone's controlling interest in Paramount and an additional $4.5 billion cash offer to other Paramount shareholders for Class A and Class B shares [12][13] - The merger values Skydance at $4.75 billion, with the investor group set to own 100% of New Paramount Class A Shares and 69% of Class B shares [15] Historical Context - This merger marks the end of the Redstone era in media, transitioning to a new family-owned company structure [22] - The history of Paramount and its acquisitions, including the significant deals made by Sumner Redstone, has shaped the current media landscape [23][24] Company Evolution - Skydance has diversified its operations into various sectors, including television, animation, and interactive media, and has established partnerships with major platforms [26][27][28] - The company has been valued at over $4 billion following a $400 million capital raise led by KKR in 2022 [29]

Imax saw profits surge and revenue rise last quarter as the company beat Wall Street forecasts with global box office up 19% year-on-year and its highest grossing domestic quarter ever at $143 million. On just over 400 screens, the large format exhibitor delivered at least 10% of the domestic opening on seven consecutive “filmed for Imax” releases this summer with a 20% shares for Sinners, Mission: Impossible – The Final Reckoning and F1: The Movie. A 10% share “used to be the high end of what we delivered ...

YouTube ad revenue increased by double digits in the second quarter, helping parent Alphabet beat Wall Street estimates. Total revenue for the period ended June 30 climbed 14% over the year-ago quarter to reach $96.4 billion, while diluted earnings per share also rose to $2.31. Both metrics exceeded Wall Street analysts’ consensus forecasts. Advertising on YouTube increased 13% to $9.8 billion. CEO Sundar Pichai saluted the division’s “strong performance” in the tech giant’s earnings release. Despite all ...

EXCLUSIVE: Sony Pictures Entertainment has hired two key strategy executives to round out the team reporting to Jay Levine, Chief Strategy Officer & Business Operations. Eric Marcotte, a longtime Disney and Fox exec, is joining as EVP of Corporate Strategy and DJ Jacobs, who has held posts at Hartbeat, Riot Games and MRC, is coming aboard as EVP of Business Operations. They will work alongside Maria Anguelova, EVP, Global Head of Corporate Development. Levine shared the news with employees Wednesday in a m ...

Core Insights - Netflix's Co-CEO Ted Sarandos showcased an extensive lineup of 47 upcoming series, films, and events during the second-quarter earnings call, highlighting the company's commitment to content production over the next 18 months [2][3] - The company is experiencing a long-term trend of transitioning from linear to streaming, with Sarandos emphasizing the importance of a consistent flow of content rather than relying solely on occasional hits [3][4] Content Strategy - Sarandos mentioned that successful titles like "Squid Game" and upcoming series such as "Wednesday" and "Stranger Things" are part of a broader strategy to maintain viewer engagement [4][5] - The company plans to release notable films including "Happy Gilmore 2," "Knives Out 3," and adaptations of "Chronicles of Narnia" and "Frankenstein" in the coming years [5][6] Upcoming Releases - Upcoming series for next year include new seasons of popular titles like "Bridgerton," "One Piece," and "Avatar: The Last Airbender," as well as new original series such as "Man on Fire" and "The Boroughs" [6][7] - Sarandos also highlighted the addition of major events like NFL games on Christmas Day, indicating a strategy to attract diverse audiences [6][7] Market Position - Sarandos noted that Netflix received 44 Emmy nominations, showcasing the quality of its content compared to competitors like HBO, which had fewer nominees [3][4] - The company remains confident in its ability to satisfy viewer demand, as indicated by Co-CEO Greg Peters' remarks about the ongoing desire for more content from subscribers [7][8]