All articles tagged with #media conglomerate
Warner Bros. Discovery, the parent company of CNN and HBO, is considering selling its news and streaming units after announcing a split of its entertainment and sports/news divisions, following bid interest.
Paramount Global is reportedly in advanced talks to acquire Skydance Media in a $5 billion all-stock deal, with National Amusements, Paramount's controlling entity, set to receive over $2 billion in cash. The acquisition could provide a cash infusion to Paramount and offer more flexibility for both companies. The deal, if successful, would end Shari Redstone's control of the media empire built by her late father, Sumner Redstone.
Two Warner Bros. Discovery board members, Steven A. Miron and Steven O. Newhouse, have resigned following concerns from the U.S. Department of Justice about a potential antitrust violation. The DOJ's probe focused on whether their service violated Section 8 of the Clayton Antitrust Act, as both executives were also serving on the board of Charter Communications, a competitor. The resignations come after the merger between Discovery Inc. and WarnerMedia, and the board will be reduced from 13 members to 11 with no immediate plans to replace the departing members.
Private-equity firm Apollo Global has offered $11 billion for Paramount Global's Hollywood studios, potentially driving up bidding for the entirety of the media conglomerate. Paramount Global comprises filmed entertainment, TV media, and direct-to-consumer streaming segments, with declining revenues in TV media and a fast-growing direct-to-consumer segment. The potential sale could involve the entirety or pieces of the company, including iconic film titles and TV properties. The future of Paramount Global remains uncertain as various buyers and scenarios are being considered, with potential impacts on its content, intellectual property, and overall structure.
Paramount Global's stock surged over 13% following news of Byron Allen's $30 billion bid to acquire the company, with Allen Media Group offering a 57% premium for the shares. The bid includes plans to sell off certain assets while retaining the TV networks and Paramount+ streaming service. However, the financing behind Allen's bid remains unclear, and other potential bidders are also in the mix. If successful, Allen would take control of a company facing challenges in its TV business and streaming division.
Paramount Global is considering laying off over 1,000 employees in an effort to cut costs, while media mogul Shari Redstone, who owns a controlling stake in Paramount Global through National Amusements, is reportedly in talks to sell her shares and relinquish control of the company. Redstone has discussed a potential sale with Skydance Media CEO David Ellison and private-equity firm RedBird Capital, as well as with departing Activision CEO Bobby Kotick. The expectation is that a buyer of National Amusements would split up Paramount Global's assets, with TV networks valued at $13.5 billion and remaining businesses, including Paramount Pictures, valued at $19 billion.
The series finale of the hit HBO drama "Succession" has aired, revealing who will take over the media conglomerate Waystar Royco after the death of its founder, Logan Roy. The Roy siblings jockeyed for control throughout the series, but in the end, Tom Wambsgans, Shiv Roy's husband, becomes the new CEO. The fate of other players in the company remains in question, and tensions rise as the presidential election results and the GoJo deal hang in the balance. The relationship between Shiv and Tom is also on the rocks, but a long-term reconciliation is not out of the question.
Paramount Network's hit show "Yellowstone" is paying $50,000 a week to its creator, Taylor Sheridan, for the use of his ranch and $25 per cow for the show's livestock. The media conglomerate is expected to continue bankrolling Sheridan's operation for the show's fifth season.