Entertainment
Skydance and Paramount in talks about rebooting
It is time to return to the negotiating table.
Shari Redstone's National Amusements (NAI) and David Ellison's Skydance Media are renewing talks that could lead to a change in ownership for Paramount Global, a source confirms to The Hollywood ReporterThe next step is to submit the potential deal to the special committee of Paramount's board of directors. A representative for the NAI declined to comment.
The move marks the latest twist in a corporate saga that saw Redstone walk away from a deal in June that would have effectively merged the owner of CBS, Showtime, Paramount Pictures and Nickelodeon with the media production company that co-financed Top Gun: Maverick And Impossible mission franchise entries. The New York Times First of all reported Negotiations resumed on Tuesday.
Skydance, along with investment firms RedBird Capital and KKR, had a deal on the table in which the group would take over National Amusements from Redstone, which controls Paramount, and merge the company with Skydance.
David Ellison, the son of billionaire Oracle co-founder Larry Ellison, launched what was originally called Skydance Productions in 2010 and has backed Paramount films including World War Z, Star Trek Into Darkness And GI Joe: Retaliation. Santa Monica-based Skydance later expanded into television (think: Jack Ryan on Amazon), has expanded its John Lasseter-led animation efforts (starting with Chance (on Apple TV+) as well as a sports unit and interactive efforts.
After a period of exclusive negotiations and multiple offer revisions, a National Amusements representative said on June 11 that the parties had “been unable to reach mutually acceptable terms regarding the potential transaction with Skydance Media for the acquisition of a majority stake in NAI.”
The news plunged Paramount Global into a new wave of uncertainty, as the company had already ousted its chief executive, Bob Bakish, in April and installed a “CEO office” led by Brian Robbins, Chris McCarthy and George Cheeks to steady the ship in the meantime.
At a town hall meeting with employees in Los Angeles on June 25, Robbins acknowledged “what a difficult and disruptive time this has been” as employees watched headlines about the shutdown and startup process and multiple suitors (including Sony’s partnership with private equity giant Apollo as well as overtures from producer Steven Paul and mogul Byron Allen) as the company appeared to fall out of favor with Wall Street.
The plan from the “CEO’s office” includes cutting costs by about $500 million a year and hiring bankers to sell assets — a sale of BET Media Group appears to be back on the table — and seeks to stem the tide of losses at its flagship streamer Paramount+, which has 71 million subscribers but lacks scale compared to Netflix and Disney.
Since the beginning of the year, Paramount shares have fallen more than 25%.
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