Paramount Global’s CEO Bob Bakish is out. The executive who has been a presence at several iterations of the company since 1997 will exit, effective immediately. A triumvirate of division heads — Brian Robbins, George Cheeks and Chris McCarthy — will step in to lead the company for now in a new office of the CEO.
Robbins is president & CEO of Paramount Pictures & Nickelodeon and chief content officer, Movies and Kids & Family, Paramount+; Cheeks is president-ceo of CBS, and chief content officer, News and Sports, Paramount+; McCarthy is President & CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks.
The company said the “Office of the CEO is working with the Board to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy. The Board has great confidence in the leaders comprising the Office of the CEO,...
Robbins is president & CEO of Paramount Pictures & Nickelodeon and chief content officer, Movies and Kids & Family, Paramount+; Cheeks is president-ceo of CBS, and chief content officer, News and Sports, Paramount+; McCarthy is President & CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks.
The company said the “Office of the CEO is working with the Board to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy. The Board has great confidence in the leaders comprising the Office of the CEO,...
- 4/29/2024
- by Jill Goldsmith
- Deadline Film + TV
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.
There have been rumblings about Bakish for days as the company enters the final stretch of exclusive merger negotiations with David Ellison’s Skydance. But his imminent departure triggered a wave of anxious speculation tonight in Washington, D.C. Ellison has always been mostly interested in the movie studio and historic lot. Although it seems Skydance does plan to keep the company intact, at least for a time, network folks aren’t betting on it and felt uncertain about the future of CBS, and about who might be running Paramount Global in a few short days — a troika of top execs, a new chief executive?
“We knew changes were coming,...
There have been rumblings about Bakish for days as the company enters the final stretch of exclusive merger negotiations with David Ellison’s Skydance. But his imminent departure triggered a wave of anxious speculation tonight in Washington, D.C. Ellison has always been mostly interested in the movie studio and historic lot. Although it seems Skydance does plan to keep the company intact, at least for a time, network folks aren’t betting on it and felt uncertain about the future of CBS, and about who might be running Paramount Global in a few short days — a troika of top execs, a new chief executive?
“We knew changes were coming,...
- 4/28/2024
- by Dominic Patten and Jill Goldsmith
- Deadline Film + TV
Paramount Global is set to announce as early as Monday morning that Bob Bakish is stepping down as CEO amid talks with Skydance and ahead of the company’s quarterly earnings that afternoon.
News Bakish might exit started circulating Friday. Paramount’s controlling shareholder and executive chair Shari Redstone, while once clearly on the same page with the chief executive, is said to be unhappy with some of his more recent strategic moves including a decision not to unload Showtime and an aborted sale process for BET. Deadline has also heard that Bakish is not a fan of a deal with David Ellison’s Skydance, in opposition to Redstone. The two companies are towards the end of a exclusive month-long negotiating period.
Paramount is reporting first quarter earnings after market close Monday. Bakish is not expected to be on the call.
It’s not clear how the company would replace him.
News Bakish might exit started circulating Friday. Paramount’s controlling shareholder and executive chair Shari Redstone, while once clearly on the same page with the chief executive, is said to be unhappy with some of his more recent strategic moves including a decision not to unload Showtime and an aborted sale process for BET. Deadline has also heard that Bakish is not a fan of a deal with David Ellison’s Skydance, in opposition to Redstone. The two companies are towards the end of a exclusive month-long negotiating period.
Paramount is reporting first quarter earnings after market close Monday. Bakish is not expected to be on the call.
It’s not clear how the company would replace him.
- 4/27/2024
- by Jill Goldsmith
- Deadline Film + TV
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.
The rough contours of a Skydance deal would see a circa $2 billion payout to Redstone for a majority stake in family holding Nai (which controls Paramount though its voting Class A shares) as well as the National Amusements theater chain and associated real estate assets. Step two would see Paramount acquire Skydance in an all-stock deal valued at circa $4-5 billion. That’s being worked on and will likely wind up at the high end of the range.
Skydance’s last capital raise in the fall of 2022, with Kkr as a new investor,...
The rough contours of a Skydance deal would see a circa $2 billion payout to Redstone for a majority stake in family holding Nai (which controls Paramount though its voting Class A shares) as well as the National Amusements theater chain and associated real estate assets. Step two would see Paramount acquire Skydance in an all-stock deal valued at circa $4-5 billion. That’s being worked on and will likely wind up at the high end of the range.
Skydance’s last capital raise in the fall of 2022, with Kkr as a new investor,...
- 4/25/2024
- by Jill Goldsmith and Anthony D'Alessandro
- Deadline Film + TV
As Paramount Global and Skydance Media’s exclusive talks about a potential merger continue, Ariel Investments founder and co-ceo John Rogers Jr. told TheWrap that the media conglomerate’s recent stock decline indicates a lack of faith in Skydance’s CEO David Ellison.
Watching the developments closely, the executive said that he could consider legal action in the event that a deal doesn’t appropriately benefit his clients.
The firm, which is a long-term shareholder with a 1.8% stake in Paramount as of the new year, previously told TheWrap Friday that pursuing exclusive talks with Skydance and a deal that would benefit controlling shareholder Shari Redstone at the expense of other shareholders would be “averse” to the company’s fair market value.
On Monday, he added that they are “talking to our outside counsel.”
Paramount shares have fallen 50% in the past year (Credit: Nasdaq)
“It’s something that we’re going...
Watching the developments closely, the executive said that he could consider legal action in the event that a deal doesn’t appropriately benefit his clients.
The firm, which is a long-term shareholder with a 1.8% stake in Paramount as of the new year, previously told TheWrap Friday that pursuing exclusive talks with Skydance and a deal that would benefit controlling shareholder Shari Redstone at the expense of other shareholders would be “averse” to the company’s fair market value.
On Monday, he added that they are “talking to our outside counsel.”
Paramount shares have fallen 50% in the past year (Credit: Nasdaq)
“It’s something that we’re going...
- 4/15/2024
- by Lucas Manfredi
- The Wrap
What do you do when your conglom might be a target for a takeover? Don’t sweat it and laugh.
As Skydance remains in talks with Paramount Global‘s majority shareholder National Amusements to take control of the studio, Paramount Pictures CEO Brian Robbins made light of sales talks before exhibitors at CinemaCon in Las Vegas on Thursday, saying “My colleague Chris Aronson is also raising money to make a bid for the studio; he has a Kickstarter … I don’t know how corporate will feel.”
Flashed behind Robbins on the screen was a fake news report about Paramount’s domestic distribution president Aronson with a cardboard sign that read “Anything helps” in a plea for donations.
Paramount is currently in an exclusive 30-day negotiating window with Skydance Media for a deal that’s favored by Shari Redstone but getting tons of blowback from other shareholders.
Despite’s Paramount financial...
As Skydance remains in talks with Paramount Global‘s majority shareholder National Amusements to take control of the studio, Paramount Pictures CEO Brian Robbins made light of sales talks before exhibitors at CinemaCon in Las Vegas on Thursday, saying “My colleague Chris Aronson is also raising money to make a bid for the studio; he has a Kickstarter … I don’t know how corporate will feel.”
Flashed behind Robbins on the screen was a fake news report about Paramount’s domestic distribution president Aronson with a cardboard sign that read “Anything helps” in a plea for donations.
Paramount is currently in an exclusive 30-day negotiating window with Skydance Media for a deal that’s favored by Shari Redstone but getting tons of blowback from other shareholders.
Despite’s Paramount financial...
- 4/11/2024
- by Anthony D'Alessandro and Jill Goldsmith
- Deadline Film + TV
Donald Trump promised to keep billionaires’ taxes low at a fundraising dinner Saturday night in Palm Beach, Fla., held at the home of billionaire John Paulson.
A Trump campaign official told NBC News that the former president “spoke on the need to win back the White House so we can turn our country around, focusing on key issues including unleashing energy production, securing our southern border, reducing inflation, extending the Trump Tax Cuts, eliminating Joe Biden’s insane [electric vehicle] mandate, protecting Israel, and avoiding global war.” NBC News requested to have...
A Trump campaign official told NBC News that the former president “spoke on the need to win back the White House so we can turn our country around, focusing on key issues including unleashing energy production, securing our southern border, reducing inflation, extending the Trump Tax Cuts, eliminating Joe Biden’s insane [electric vehicle] mandate, protecting Israel, and avoiding global war.” NBC News requested to have...
- 4/7/2024
- by Peter Wade
- Rollingstone.com
Charter Communications is about to play a guest-star role in the corporate drama surrounding Paramount Global.
As if Shari Redstone’s media empire wasn’t under enough pressure, Paramount Global now is in the final few weeks of its most recent carriage agreement with Charter, the nation’s second largest cable operator behind Comcast. The two companies are in renewal discussions, the outcome of which will have significant influence on Paramount’s ability to deliver the free cash flow that media investors are expecting from the company that has lately posted big losses on streaming operations. The company warned investors in February that it expects to take a nearly $1 billion write-down in its Q1 earnings report to adjust for the diminished value of programming on its books (roughly $800 million) as well as in restructuring costs ($200 million). But CEO Bob Bakish has also vowed that Paramount+ will be profitable in the U.
As if Shari Redstone’s media empire wasn’t under enough pressure, Paramount Global now is in the final few weeks of its most recent carriage agreement with Charter, the nation’s second largest cable operator behind Comcast. The two companies are in renewal discussions, the outcome of which will have significant influence on Paramount’s ability to deliver the free cash flow that media investors are expecting from the company that has lately posted big losses on streaming operations. The company warned investors in February that it expects to take a nearly $1 billion write-down in its Q1 earnings report to adjust for the diminished value of programming on its books (roughly $800 million) as well as in restructuring costs ($200 million). But CEO Bob Bakish has also vowed that Paramount+ will be profitable in the U.
- 4/6/2024
- by Cynthia Littleton
- Variety Film + TV
Paramount Global shares are soaring as talks of a deal with Skydance Media continue to heat up.
The stock price rose by 15 percent Wednesday, all in the minutes leading up to the market close, after The Wall Street Journal reported that Paramount and its controlling shareholder National Amusements, led by Shari Redstone, have agreed to an exclusive negotiating window with David Ellison’s Skydance in a key step towards a possible sale of the media and entertainment empire controlled by Redstone in a two-stage process. Paramount and Skydance declined to comment on the report.
Bloomberg reported shortly after that there was a “tentative” agreement between the companies on a deal.
Skydance, controlled by the Ellison family, and Paramount, which owns the Paramount film and TV studios, streaming service Paramount+, broadcast network CBS, and such cable channels as Nickelodeon, MTV, BET and Comedy Central, have a long track record of collaborating...
The stock price rose by 15 percent Wednesday, all in the minutes leading up to the market close, after The Wall Street Journal reported that Paramount and its controlling shareholder National Amusements, led by Shari Redstone, have agreed to an exclusive negotiating window with David Ellison’s Skydance in a key step towards a possible sale of the media and entertainment empire controlled by Redstone in a two-stage process. Paramount and Skydance declined to comment on the report.
Bloomberg reported shortly after that there was a “tentative” agreement between the companies on a deal.
Skydance, controlled by the Ellison family, and Paramount, which owns the Paramount film and TV studios, streaming service Paramount+, broadcast network CBS, and such cable channels as Nickelodeon, MTV, BET and Comedy Central, have a long track record of collaborating...
- 4/3/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
Updated with stock price. Shares of Paramount Global gave up some gains on Thursday after surging more than 15% yesterday as Skydance chief David Ellison secured pole position to clinch a majority stake of National Amusements.
Led by Shari Redstone, National Amusements operates a movie theater circuit and also controls more than three-quarters of Paramount’s voting shares. A report in Bloomberg just prior to market close said a tentative deal was reached between Ellison, a longtime business partner on film and TV projects with Paramount, and Redstone. There is no deal done. But as Deadline reported earlier today, the two sides are in an exclusive negotiating period. Such an arrangement is only entered into with a framework in place, in the hope of reaching a final agreement.
The two sides have established a 30-day exclusive negotiating window, Deadline has learned, a sign that things are moving forward more decisively after months of speculation.
Led by Shari Redstone, National Amusements operates a movie theater circuit and also controls more than three-quarters of Paramount’s voting shares. A report in Bloomberg just prior to market close said a tentative deal was reached between Ellison, a longtime business partner on film and TV projects with Paramount, and Redstone. There is no deal done. But as Deadline reported earlier today, the two sides are in an exclusive negotiating period. Such an arrangement is only entered into with a framework in place, in the hope of reaching a final agreement.
The two sides have established a 30-day exclusive negotiating window, Deadline has learned, a sign that things are moving forward more decisively after months of speculation.
- 4/3/2024
- by Jill Goldsmith and Dade Hayes
- Deadline Film + TV
Paramount Global is said to be in an exclusive 30-day negotiating window with Skydance Media as the parties explore a reported tentative deal that could see Paramount Pictures end up in the Skydance stable.
According to reports Skydance head David Ellison, son of Oracle founder and multi-billionaire Larry Ellison, wants to buy National Amusements, the Redstone family holding company which owns around three-quarters of Paramount Global.
Shari Redstone, the controlling Paramount Global shareholder, is said to have reached a tentative deal with Ellison.
Were he to close a deal for National Amusements, Ellison’s next step would be to acquire Paramount Pictures,...
According to reports Skydance head David Ellison, son of Oracle founder and multi-billionaire Larry Ellison, wants to buy National Amusements, the Redstone family holding company which owns around three-quarters of Paramount Global.
Shari Redstone, the controlling Paramount Global shareholder, is said to have reached a tentative deal with Ellison.
Were he to close a deal for National Amusements, Ellison’s next step would be to acquire Paramount Pictures,...
- 4/3/2024
- ScreenDaily
Shares of Paramount Global popped in afternoon trade on a report that Apollo Global has made an $11 billion bid for the company’s film and TV studio. The private equity giant has been in and out of the mix of suitors, which also include David Ellison’s Skydance Media and Byron Allen.
The stock heading into market close is up over 11% at $12.48 in heavier than usual volume. That’s still half of where it was a year ago as the company battles streaming losses and high debt. It’s been a takeover target for months now without any deal.
The WSJ cited people familiar with the situation saying the board is reviewing the Apollo offer. Deadline has heard that Ellison has fielded a bid for the whole company but no details. There’s been speculation out there by some industry sources that Larry Ellison would never back a money-losing proposition such as Paramount.
The stock heading into market close is up over 11% at $12.48 in heavier than usual volume. That’s still half of where it was a year ago as the company battles streaming losses and high debt. It’s been a takeover target for months now without any deal.
The WSJ cited people familiar with the situation saying the board is reviewing the Apollo offer. Deadline has heard that Ellison has fielded a bid for the whole company but no details. There’s been speculation out there by some industry sources that Larry Ellison would never back a money-losing proposition such as Paramount.
- 3/20/2024
- by Jill Goldsmith and Anthony D'Alessandro
- Deadline Film + TV
Paramount Global stock surged on Wednesday after a report said private equity company Apollo Global Management has made an $11bn offer for the media conglomerate’s film and TV studio.
News of the latest suitor was first reported by The Wall Street Journal and sent shares in Paramount Global stock soaring by nearly 12% as the price reached $12.51 after hours. Market cap climbed to $8.66bn.
Paramount Global’s value has plummeted from $21.25 exactly one year ago and $23.44 last May. The fact that a suitor values the film and TV studio more than $2bn above the current market cap of its media conglomerate parent is telling.
News of the latest suitor was first reported by The Wall Street Journal and sent shares in Paramount Global stock soaring by nearly 12% as the price reached $12.51 after hours. Market cap climbed to $8.66bn.
Paramount Global’s value has plummeted from $21.25 exactly one year ago and $23.44 last May. The fact that a suitor values the film and TV studio more than $2bn above the current market cap of its media conglomerate parent is telling.
- 3/20/2024
- ScreenDaily
In early 2021, Megan Ellison emerged from a self-imposed Hollywood exile and did something she hadn’t done in over a year: She signed on to back a movie, Nimona. There was a time when this would not have been remarkable, when Ellison’s Annapurna Pictures was producing five films a year and she was considered the industry’s own Medici, the premier patron of prestige cinema. But Ellison had backed away from Hollywood in 2019 after a series of missteps and become elusive even to some of her own executives. When her former distribution chief, Erik Lomis, asked her whether she wanted to look at some reels of Nimona, which was about to get axed in Disney’s closure of Blue Sky Animation, “I wasn’t really engaging in new film projects at the time,” Ellison said, answering THR’s questions by email. “But being curious, I said yes.”
Ellison loved...
Ellison loved...
- 3/6/2024
- by Mia Galuppo and Rebecca Keegan
- The Hollywood Reporter - Movie News
Exclusive: We are hearing that Apollo Global Management, which was mulling an offer for National Amusements, the Redstone family company that controls Paramount Global, is no longer considering the move.
Reps for Apollo Global Management, Paramount Global and National Amusements declined comment Monday.
While the situation remains fluid and it may be too early to count Apollo out of the process entirely, sources tell us that the private equity company co-founded by Marc Rowan, Josh Harris and Leon Black is skittish in the wake of the FCC blowing up hedge fund Standard General’s attempted $8.6 billion bid for the Tegna station group — a deal Apollo Global Management was set to provide funding toward. The deal was inked in 2022 and fell apart in May 2023.
Apollo is also an investor in Dune movie studio Legendary Entertainment.
“Capital is not the issue, approval is the commodity; very few people can get FCC approval,...
Reps for Apollo Global Management, Paramount Global and National Amusements declined comment Monday.
While the situation remains fluid and it may be too early to count Apollo out of the process entirely, sources tell us that the private equity company co-founded by Marc Rowan, Josh Harris and Leon Black is skittish in the wake of the FCC blowing up hedge fund Standard General’s attempted $8.6 billion bid for the Tegna station group — a deal Apollo Global Management was set to provide funding toward. The deal was inked in 2022 and fell apart in May 2023.
Apollo is also an investor in Dune movie studio Legendary Entertainment.
“Capital is not the issue, approval is the commodity; very few people can get FCC approval,...
- 2/12/2024
- by Anthony D'Alessandro and Jill Goldsmith
- Deadline Film + TV
Mogul Byron Allen’s reported $30bn bid to buy out Paramount Global ‘s outstanding stock and existing debt sent the media conglomerate’s stock up by nearly 9% on Wednesday.
Allen Media Group said Allen and strategic partners had made the bid, which comes after reports emerged in December that the mogul had made a $3.5bn offer for Paramount Global’s BET Media Group.
Allen Media group owns 10 cable networks and multiple broadcast stations in the US as well as Entertainment Studios and is understood to be interested in Paramount Global’s linear businesses – a sector which some leading lights in...
Allen Media Group said Allen and strategic partners had made the bid, which comes after reports emerged in December that the mogul had made a $3.5bn offer for Paramount Global’s BET Media Group.
Allen Media group owns 10 cable networks and multiple broadcast stations in the US as well as Entertainment Studios and is understood to be interested in Paramount Global’s linear businesses – a sector which some leading lights in...
- 1/31/2024
- ScreenDaily
The front of the Paramount Pictures studios in Los Angeles, California. (Stock image by Hannah Wernecke via Unsplash)
The owner of Skydance Media has made a preliminary offer to acquire the parent company of Paramount Global, according to numerous reports published this week.
The offer would allow Skydance owner David Ellison to merge Paramount Global’s media assets with that of his company after taking over National Amusements, which owns the film and television company along with theme parks and other assets.
The report, published by Bloomberg and separately confirmed by CNBC and the New York Post, comes after the Wall Street Journal first revealed Ellison had approached National Amusements owner Shari Redstone about a potential all-cash deal to acquire the company.
CNBC said any deal would likely require additional financing on Skydance’s part, and that help could come from Ellison’s father, Oracle founder Larry Ellison, though the...
The owner of Skydance Media has made a preliminary offer to acquire the parent company of Paramount Global, according to numerous reports published this week.
The offer would allow Skydance owner David Ellison to merge Paramount Global’s media assets with that of his company after taking over National Amusements, which owns the film and television company along with theme parks and other assets.
The report, published by Bloomberg and separately confirmed by CNBC and the New York Post, comes after the Wall Street Journal first revealed Ellison had approached National Amusements owner Shari Redstone about a potential all-cash deal to acquire the company.
CNBC said any deal would likely require additional financing on Skydance’s part, and that help could come from Ellison’s father, Oracle founder Larry Ellison, though the...
- 1/25/2024
- by Matthew Keys
- The Desk
David Ellison’s Skydance is said to have made a preliminary offer to buy Shari Redstone’s stake in National Amusements, the family holding company that controls Paramount Global, according to a Bloomberg report.
Reps for Skydance, National Amusements and Paramount Global declined to comment.
Deadline is hearing the the situation is “status quo” regarding Skydance’s pursuit of the media company, which was first reported in Deadline in early December, and there’s a way to go in clinching a deal for the ultimate prize, Paramount Global.
National Amusements controls about 80% of Paramount Global’s voting stock. Ellison is mainly interested in the studio but Paramount won’t sell its crown jewel alone. Acquiring Redstone’s Nai stake would be cheaper than buying the entire company outright. The idea is that Ellison would merge Skydance and Paramount and look to divest the company’s other assets.
Warner Bros. Discovery...
Reps for Skydance, National Amusements and Paramount Global declined to comment.
Deadline is hearing the the situation is “status quo” regarding Skydance’s pursuit of the media company, which was first reported in Deadline in early December, and there’s a way to go in clinching a deal for the ultimate prize, Paramount Global.
National Amusements controls about 80% of Paramount Global’s voting stock. Ellison is mainly interested in the studio but Paramount won’t sell its crown jewel alone. Acquiring Redstone’s Nai stake would be cheaper than buying the entire company outright. The idea is that Ellison would merge Skydance and Paramount and look to divest the company’s other assets.
Warner Bros. Discovery...
- 1/25/2024
- by Jill Goldsmith
- Deadline Film + TV
David Ellison’s Skydance Media has made a preliminary offer to buy National Amusements, the Redstone family holding company which controls Paramount Global, according to a report on Bloomberg.
As previously reported, Ellison is looking for a way to acquire Paramount Global’s key asset, Paramount Pictures, and is trying to do this by buying National Amusements, which controls around 77% of Paramount Global’s voting stock.
According to the report, both Skydance and Paramount have hired advisors.
Were the acquisition to go through it is understood Ellison would merge Skydance – a longtime co-financier of Paramount tentpoles like Top Gun: Maverick...
As previously reported, Ellison is looking for a way to acquire Paramount Global’s key asset, Paramount Pictures, and is trying to do this by buying National Amusements, which controls around 77% of Paramount Global’s voting stock.
According to the report, both Skydance and Paramount have hired advisors.
Were the acquisition to go through it is understood Ellison would merge Skydance – a longtime co-financier of Paramount tentpoles like Top Gun: Maverick...
- 1/24/2024
- ScreenDaily
The world may see its first-ever trillionaire within the next 10 years, the anti-poverty group Oxfam said in a report published on Monday, reflecting the increasingly large wealth divide between the few of the world’s richest people and the rest of the population below them.
Oxfam’s report, titled Inequality Inc., paints a bleak picture of a dynamic between the world’s elite and impoverished that has only grown worse since the pandemic started in 2020. Since then, the wealth of the world’s five richest men — Tesla CEO Elon Musk,...
Oxfam’s report, titled Inequality Inc., paints a bleak picture of a dynamic between the world’s elite and impoverished that has only grown worse since the pandemic started in 2020. Since then, the wealth of the world’s five richest men — Tesla CEO Elon Musk,...
- 1/15/2024
- by Ethan Millman
- Rollingstone.com
The news of Tom Cruise setting a “strategic partnership” with Warner Bros. has certain “Top Gun” fans barrel-rolling out of control. Don’t panic, put on your oxygen mask before you attempt to help others — and definitely don’t jump without a chute, because a third “Top Gun” has been in development for a while now, a source told IndieWire.
“Top Gun: Maverick” screenwriter Ehren Kruger is working on the next film in the franchise, according to Puck News. The threequel-creating installment will reunite Cruise with his “Maverick” co-stars Miles Teller and Glen Powell. Producers Jerry Bruckheimer and David Ellison will be back, and “Top Gun: Maverick” director Joseph Kosinski is also set to return — either as director (again), or at least to produce.
Paramount Pictures declined comment on this story; a spokesperson for “Top Gun” co-producer Skydance did not immediately respond to our requests for comment.
As IndieWire previously reported,...
“Top Gun: Maverick” screenwriter Ehren Kruger is working on the next film in the franchise, according to Puck News. The threequel-creating installment will reunite Cruise with his “Maverick” co-stars Miles Teller and Glen Powell. Producers Jerry Bruckheimer and David Ellison will be back, and “Top Gun: Maverick” director Joseph Kosinski is also set to return — either as director (again), or at least to produce.
Paramount Pictures declined comment on this story; a spokesperson for “Top Gun” co-producer Skydance did not immediately respond to our requests for comment.
As IndieWire previously reported,...
- 1/12/2024
- by Tony Maglio
- Indiewire
Even though Tom Cruise inked a non-exclusive pact at Warner Bros earlier this week, it looks like he’ll continue to be busy with Paramount for some time. Reports tonight are that Top Gun 3 is in development at Paramount with Top Gun:Maverick co-writer Ehren Kruger currently writing a draft.
The word is that the project would reunite Cruise with Maverick‘s Miles Teller and Glen Powell as well as producers Jerry Bruckheimer and David Ellison. Joe Kosinski, will reportedly either direct or produce.
Cruise is currently shooting Mission: Impossible 8 for Paramount. Also brewing over at Universal is the actor’s outer space movie with Nasa. Doug Liman is directing that.
Puck had the news about Top Gun 3 tonight, and they’re speculating that it could be the 3x Oscar nominee’s potential next project after Mission: Impossible 8. Even without Top Gun 3, it will be a challenge for Cruise to get...
The word is that the project would reunite Cruise with Maverick‘s Miles Teller and Glen Powell as well as producers Jerry Bruckheimer and David Ellison. Joe Kosinski, will reportedly either direct or produce.
Cruise is currently shooting Mission: Impossible 8 for Paramount. Also brewing over at Universal is the actor’s outer space movie with Nasa. Doug Liman is directing that.
Puck had the news about Top Gun 3 tonight, and they’re speculating that it could be the 3x Oscar nominee’s potential next project after Mission: Impossible 8. Even without Top Gun 3, it will be a challenge for Cruise to get...
- 1/12/2024
- by Anthony D'Alessandro
- Deadline Film + TV
Skydance has teamed with Paramount on several hit movies recently, including ‘Top Gun: Maverick.’
Is Paramount going dancing in 2024? It seems possible, as a new report from The Wall Street Journal indicates that Skydance Media, a California-based production company, is the latest group to engage Paramount’s controlling shareholders in a discussion about a potential acquisition.
Skydance is reportedly interested in acquiring all of Paramount’s assets in a cash deal. Discussions between Paramount and Skydance representatives are reportedly further along than talks between Paramount and Warner Bros. Discovery. Paramount is having a tough time working out the economics of streaming as traditional cable declines. Get 30 Days Free $5.99+ / month paramountplus.com
For a Limited Time, Get 1 Month of Paramount+ With Code: Wantmore
Will Skydance Succeed in its Pursuit of Paramount?
Skydance and Paramount are quite familiar with each other. The Paramount-distributed hit “Top Gun: Maverick” was produced in part by Skydance,...
Is Paramount going dancing in 2024? It seems possible, as a new report from The Wall Street Journal indicates that Skydance Media, a California-based production company, is the latest group to engage Paramount’s controlling shareholders in a discussion about a potential acquisition.
Skydance is reportedly interested in acquiring all of Paramount’s assets in a cash deal. Discussions between Paramount and Skydance representatives are reportedly further along than talks between Paramount and Warner Bros. Discovery. Paramount is having a tough time working out the economics of streaming as traditional cable declines. Get 30 Days Free $5.99+ / month paramountplus.com
For a Limited Time, Get 1 Month of Paramount+ With Code: Wantmore
Will Skydance Succeed in its Pursuit of Paramount?
Skydance and Paramount are quite familiar with each other. The Paramount-distributed hit “Top Gun: Maverick” was produced in part by Skydance,...
- 1/11/2024
- by David Satin
- The Streamable
A new scenario has surfaced in the ever-swirling speculation about Paramount Global’s fate.
The Wall Street Journal reported this afternoon that Skydance, with backing from other investors, is considering an all-cash bid for National Amusements. The Shari Redstone-led company controls nearly 80% of Paramount shares and is the gatekeeper for any M&a deal.
Redstone became non-executive chair of Paramount’s board after spending years engineering a merger of CBS and Viacom, with the combined company rebranding as Paramount Global in 2022. She has reportedly grown increasingly interested in fielding offers for the company in recent months. Like many of its media peers, Paramount has lost significant value due to cord-cutting, streaming expenses and concerns about its debt.
Skydance and Paramount declined to comment. Reps from National Amusements and Paramount did not immediately respond to a request for comment.
The future of Paramount has been a fixture of industry conversations over the past month or more.
The Wall Street Journal reported this afternoon that Skydance, with backing from other investors, is considering an all-cash bid for National Amusements. The Shari Redstone-led company controls nearly 80% of Paramount shares and is the gatekeeper for any M&a deal.
Redstone became non-executive chair of Paramount’s board after spending years engineering a merger of CBS and Viacom, with the combined company rebranding as Paramount Global in 2022. She has reportedly grown increasingly interested in fielding offers for the company in recent months. Like many of its media peers, Paramount has lost significant value due to cord-cutting, streaming expenses and concerns about its debt.
Skydance and Paramount declined to comment. Reps from National Amusements and Paramount did not immediately respond to a request for comment.
The future of Paramount has been a fixture of industry conversations over the past month or more.
- 1/10/2024
- by Dade Hayes
- Deadline Film + TV
The most consequential entertainment business story of 2024 was kickstarted by two pro operators having a pre-Christmas meal. The Dec. 19 lunch between Warner Bros. Discovery CEO David Zaslav and Paramount Global CEO Bob Bakish, held at Paramount’s New York office, instantly ignited a firestorm of “what ifs,” as the future of the storied studio was suddenly in question.
Is Paramount for sale? Or is controlling shareholder National Amusements? Or both? But the future of Paramount — and for that matter Wbd — may be defined by a cast of characters straight out of central casting: A trio of scions forging their own path in the footsteps of their mogul fathers (Shari Redstone, David Ellison, Brian Roberts); a pair of self-made billionaire investors who find their fortunes tied up in the debt-laden companies at the heart of the deal (John Malone, Warren Buffett); and a handful of professional executives seeking moguldom — or at...
Is Paramount for sale? Or is controlling shareholder National Amusements? Or both? But the future of Paramount — and for that matter Wbd — may be defined by a cast of characters straight out of central casting: A trio of scions forging their own path in the footsteps of their mogul fathers (Shari Redstone, David Ellison, Brian Roberts); a pair of self-made billionaire investors who find their fortunes tied up in the debt-laden companies at the heart of the deal (John Malone, Warren Buffett); and a handful of professional executives seeking moguldom — or at...
- 1/4/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Like clockwork, another year has come and gone. The events of these past 12 months were anything but predictable, but we tried anyway — and we did Ok!
It’s time for IndieWire’s business team to dust off our crystal balls, put on our writing glasses, and go for broke in 2024. Below are our nine industry predictions for the new year, in varying degrees of boldness. Feel free to tell us where we’re wrong!
Bundle Up!
We’ll see unprecedented streaming consolidation in 2024 — the kind that does not require regulatory approval. Next year will instead be the year of the streaming bundle.
This is, admittedly, a bit of a layup of a prediction considering Verizon already planted its flag earlier this month with a $10 Netflix and Max bundle. Apple TV+ and Paramount+ reportedly flirted with a similar idea, though they ultimately didn’t consummate.
What comes next? More pairs of twos and threes,...
It’s time for IndieWire’s business team to dust off our crystal balls, put on our writing glasses, and go for broke in 2024. Below are our nine industry predictions for the new year, in varying degrees of boldness. Feel free to tell us where we’re wrong!
Bundle Up!
We’ll see unprecedented streaming consolidation in 2024 — the kind that does not require regulatory approval. Next year will instead be the year of the streaming bundle.
This is, admittedly, a bit of a layup of a prediction considering Verizon already planted its flag earlier this month with a $10 Netflix and Max bundle. Apple TV+ and Paramount+ reportedly flirted with a similar idea, though they ultimately didn’t consummate.
What comes next? More pairs of twos and threes,...
- 12/23/2023
- by Tony Maglio and Brian Welk
- Indiewire
What a difference a few days can make. Hollywood studios’ push to turn their streaming business profitable, the acceleration of cord-cutting, the writers and actors strikes, as well as a weak advertising market, have been at the forefront of investors’ minds all year. But just before the end of 2023, industry deal chatter has moved back into the spotlight with a vengeance, led by reports that Paramount Global parent National Amusements (Nai) could come into play.
The chatter, sparked by a Puck item, centers on whether Top Gun mogul David Ellison’s Skydance Media and private equity firm RedBird Capital are eyeing a run at Shari Redstone’s Nai and its controlling stake in Paramount Global, led by CEO Bob Bakish. A sale of Paramount, home to Paramount Studios, CBS, Showtime, MTV, Comedy Central, BET and Nickelodeon, could reshape the Hollywood landscape, as any ownership change may mean assets are reevaluated...
The chatter, sparked by a Puck item, centers on whether Top Gun mogul David Ellison’s Skydance Media and private equity firm RedBird Capital are eyeing a run at Shari Redstone’s Nai and its controlling stake in Paramount Global, led by CEO Bob Bakish. A sale of Paramount, home to Paramount Studios, CBS, Showtime, MTV, Comedy Central, BET and Nickelodeon, could reshape the Hollywood landscape, as any ownership change may mean assets are reevaluated...
- 12/11/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
Skydance Media, led by David Ellison, has committed $1 million to humanitarian relief efforts in Israel and the region after Hamas terror attacks that hit the country over the weekend.
The funds will go to American Friends of Magen David Adom through an employee match program subsidized in part by CEO Ellison.
“Skydance stands with Israel, strongly condemns the attacks against its citizens, is donating support to the victims of this tragic act of terrorism, and prays for the safe release of innocents hostages,” the Top Gun: Maverick production and media company earlier said in an Oct. 8 statement posted to Instagram.
Magen David Adom supplies ambulances, medical equipment and supplies to support life saving efforts in Israel. David Ellison is part of the Ellison family, and his father is Larry Ellison, the co-founder of tech giant Oracle, and his sister Megan is the founder of Annapurna Pictures.
The Skydance donation...
The funds will go to American Friends of Magen David Adom through an employee match program subsidized in part by CEO Ellison.
“Skydance stands with Israel, strongly condemns the attacks against its citizens, is donating support to the victims of this tragic act of terrorism, and prays for the safe release of innocents hostages,” the Top Gun: Maverick production and media company earlier said in an Oct. 8 statement posted to Instagram.
Magen David Adom supplies ambulances, medical equipment and supplies to support life saving efforts in Israel. David Ellison is part of the Ellison family, and his father is Larry Ellison, the co-founder of tech giant Oracle, and his sister Megan is the founder of Annapurna Pictures.
The Skydance donation...
- 10/13/2023
- by Etan Vlessing
- The Hollywood Reporter - Movie News
For World No. 9 Casper Ruud , there is always a conundrum on who is the greatest tennis player, but he did not blink when he was asked to name the best golfer between two tennis heavyweights.
In a video shared by Tennis TV, the question had a different spin to it where the two-time French Open finalist Ruud was put on the spot to pick the best golfer between Novak Djokovic and Rafael Nadal . Without hesitation, Ruud selected the Spanish Matador.
Nadal has showcased his talents for being a multi-sport athlete and frequents the Balearic Mid-Amateur Golf Championship when he is away from the tennis courts. Last year, the tennis legend finished second on the leaderboard, in the event that was held on the lawns of Mallorca.
The 37-year-old is also an occasional visitor on the golf courses in California. He is friends with Indian Wells tournament owner Larry Ellison and...
In a video shared by Tennis TV, the question had a different spin to it where the two-time French Open finalist Ruud was put on the spot to pick the best golfer between Novak Djokovic and Rafael Nadal . Without hesitation, Ruud selected the Spanish Matador.
Nadal has showcased his talents for being a multi-sport athlete and frequents the Balearic Mid-Amateur Golf Championship when he is away from the tennis courts. Last year, the tennis legend finished second on the leaderboard, in the event that was held on the lawns of Mallorca.
The 37-year-old is also an occasional visitor on the golf courses in California. He is friends with Indian Wells tournament owner Larry Ellison and...
- 10/6/2023
- Tennis-Infinity
San Francisco, Sep 6 (Ians) Tesla CEO Elon Musk reportedly borrowed $1 billion from his space company SpaceX in October last year in the same month when he finally acquired Twitter for $44 billion.
According to the Wall Street Journal, Musk tapped SpaceX “for a $1 billion loan around the time he was acquiring the social-media company formerly known as Twitter”.
SpaceX approved the $1 billion loan in October and Musk “drew all of it down the same month”, according to the report, citing documents.
“Rocket maker has lent the executive money on several occasions over the past few years,” the report noted.
Neither SpaceX nor X (formerly Twitter) immediately responded to the report.
Twitter in April last year announced for the first time that it had entered into a definitive agreement to be acquired by an entity wholly owned by Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion.
The...
According to the Wall Street Journal, Musk tapped SpaceX “for a $1 billion loan around the time he was acquiring the social-media company formerly known as Twitter”.
SpaceX approved the $1 billion loan in October and Musk “drew all of it down the same month”, according to the report, citing documents.
“Rocket maker has lent the executive money on several occasions over the past few years,” the report noted.
Neither SpaceX nor X (formerly Twitter) immediately responded to the report.
Twitter in April last year announced for the first time that it had entered into a definitive agreement to be acquired by an entity wholly owned by Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion.
The...
- 9/6/2023
- by Agency News Desk
- GlamSham
Amazon Executive Chairman Jeff Bezos and fiancée Lauren Sánchez, vice chair of the Bezos Earth Fund, are establishing a $100 million fund to “help Maui get back on its feet now and over the coming years.”
The donation was announced Friday afternoon in posts on Instagram and Threads.
Wildfires on the island have so far claimed an estimated 67 lives, with hundreds of buildings destroyed and many hundreds of residents missing. It is one of the largest natural disasters in Hawaii’s history.
Oprah Winfrey, who owns more than 2,000 acres on Maui, also has been active in the relief efforts. She has been seen handing out pillows and other supplies at a refugee center. Winfrey is one of Maui’s largest landowners and opened an access road to firefighters battling the blaze.
Residents of Hawaii notoriously have been skeptical of the wealthy mainlanders who have driven up housing prices. They will be...
The donation was announced Friday afternoon in posts on Instagram and Threads.
Wildfires on the island have so far claimed an estimated 67 lives, with hundreds of buildings destroyed and many hundreds of residents missing. It is one of the largest natural disasters in Hawaii’s history.
Oprah Winfrey, who owns more than 2,000 acres on Maui, also has been active in the relief efforts. She has been seen handing out pillows and other supplies at a refugee center. Winfrey is one of Maui’s largest landowners and opened an access road to firefighters battling the blaze.
Residents of Hawaii notoriously have been skeptical of the wealthy mainlanders who have driven up housing prices. They will be...
- 8/11/2023
- by Bruce Haring
- Deadline Film + TV
In a difficult credit market, David Ellison’s Skydance Media has secured a new $1 billion credit facility, giving the film and TV studio enhanced flexibility to invest in its business lines, which include a growing animation business and a recently launched joint venture with the NFL.
The new five-year credit line replaces a 2021 $500 million revolver (which had a $1 billion option). The deal also comes less than a year after Skydance secured a $400 million investment round led by Kkr, RedBird Capital Partners and Cj Enm, as well as the Ellison family (David’s father Larry Ellison is the co-founder of tech giant Oracle and his sister Megan is the founder of Annapurna Pictures).
The deal is the second major entertainment credit agreement inked by J.P. Morgan in the last few months as well, with the mega-bank having led an $800 million facility in Legendary Entertainment in April.
The deal also comes amid...
The new five-year credit line replaces a 2021 $500 million revolver (which had a $1 billion option). The deal also comes less than a year after Skydance secured a $400 million investment round led by Kkr, RedBird Capital Partners and Cj Enm, as well as the Ellison family (David’s father Larry Ellison is the co-founder of tech giant Oracle and his sister Megan is the founder of Annapurna Pictures).
The deal is the second major entertainment credit agreement inked by J.P. Morgan in the last few months as well, with the mega-bank having led an $800 million facility in Legendary Entertainment in April.
The deal also comes amid...
- 7/11/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Veteran producer Arnon Milchan testified on Sunday in the long-running corruption trial against Israeli Prime Minister Benjamin Netanyahu, involving three separate charges of breach of trust and fraud.
Milchan gave his evidence via video-link to the Jerusalem District Court from a room in The Old Ship Hotel in the UK seaside resort of Brighton, close to his current home, in the presence of Netanyahu’s wife Sara Netanyahu.
Scores of Israeli demonstrators gathered outside the hotel to protest corruption in Israel as well as Netanyahu’s controversial overhaul of the judiciary.
Defend Israeli Democracy UK, the UK arm of the Israeli protest movement, is demonstrating outside a Brighton hotel this morning where Hollywood billionaire producer Arnon Milchan is giving testimony in the corruption trial of Benjamin Netanyahu via video link to Jerusalem pic.twitter.com/kuaX5WM4dj
— Daniel Ben-David (@DannyBenDavid) June 25, 2023
Milchan told the hearing he had given gifts of champagne,...
Milchan gave his evidence via video-link to the Jerusalem District Court from a room in The Old Ship Hotel in the UK seaside resort of Brighton, close to his current home, in the presence of Netanyahu’s wife Sara Netanyahu.
Scores of Israeli demonstrators gathered outside the hotel to protest corruption in Israel as well as Netanyahu’s controversial overhaul of the judiciary.
Defend Israeli Democracy UK, the UK arm of the Israeli protest movement, is demonstrating outside a Brighton hotel this morning where Hollywood billionaire producer Arnon Milchan is giving testimony in the corruption trial of Benjamin Netanyahu via video link to Jerusalem pic.twitter.com/kuaX5WM4dj
— Daniel Ben-David (@DannyBenDavid) June 25, 2023
Milchan told the hearing he had given gifts of champagne,...
- 6/25/2023
- by Melanie Goodfellow
- Deadline Film + TV
San Francisco, June 16 (Ians) Cloud major Oracle has laid off hundreds of employees and rescinded job offers in its $28 billion Cerner health unit, the media reported on Friday.
According to a report in Insider, citing sources, the company has also cut back open positions within its health unit “after troubles with a massive government contract”.
Oracle was yet to comment on the report.
The news about layoffs at Lerner surfaced last month. Oracle had acquired healthcare records firm Cerner for $28.4 billion.
According to Insider, Oracle paused raises and promotions and “laid off thousands of employees in the unit” as recently as May after the acquisition closed in June last year.
The Cerner acquisition had brought in about 28,000 employees.
Oracle has “not issued raises or granted promotions, and, earlier this year, announced that workers shouldn’t expect any through 2023”.
Layoffs “affected workers across teams, including marketing, engineering, accounting, legal, and product”, said the report,...
According to a report in Insider, citing sources, the company has also cut back open positions within its health unit “after troubles with a massive government contract”.
Oracle was yet to comment on the report.
The news about layoffs at Lerner surfaced last month. Oracle had acquired healthcare records firm Cerner for $28.4 billion.
According to Insider, Oracle paused raises and promotions and “laid off thousands of employees in the unit” as recently as May after the acquisition closed in June last year.
The Cerner acquisition had brought in about 28,000 employees.
Oracle has “not issued raises or granted promotions, and, earlier this year, announced that workers shouldn’t expect any through 2023”.
Layoffs “affected workers across teams, including marketing, engineering, accounting, legal, and product”, said the report,...
- 6/16/2023
- by Agency News Desk
- GlamSham
New York, June 13 (Ians) Oracle founder Larry Ellison is reaping the benefits of artificial intelligence popularity, edging past Microsoft founder Bill Gates to land the number four spot on the Bloomberg Billionaires Index, according to Bloomberg, CNN reported.
Ellison is now the world’s fourth-richest person, with a staggering $129.8 billion net worth, Bloomberg reported. He just squeaked past Gates, whose net worth — Bloomberg reported — is currently $129.1 billion. It’s the first time Ellison is richer than Gates and ranked above No. 5 on the list, the outlet reported.
Ellison announced he was stepping down as Oracle CEO in 2014, though he didn’t leave the company. He then became the technology company’s chairman and chief technology officer and has accumulated most of his wealth from his stake in it.
Oracle’s stock has risen more than 42 per cent year to date and is currently trading at $116.50 as of Monday market close.
Ellison is now the world’s fourth-richest person, with a staggering $129.8 billion net worth, Bloomberg reported. He just squeaked past Gates, whose net worth — Bloomberg reported — is currently $129.1 billion. It’s the first time Ellison is richer than Gates and ranked above No. 5 on the list, the outlet reported.
Ellison announced he was stepping down as Oracle CEO in 2014, though he didn’t leave the company. He then became the technology company’s chairman and chief technology officer and has accumulated most of his wealth from his stake in it.
Oracle’s stock has risen more than 42 per cent year to date and is currently trading at $116.50 as of Monday market close.
- 6/13/2023
- by Agency News Desk
- GlamSham
Elizabeth Holmes may owe Rupert Murdoch $125 million, but he may not have much luck getting much of his money back.
A federal judge ordered Holmes on Tuesday to pay $452 million to investors she duped to build her hoax blood-testing business. Among the investors she bilked was Murdoch, who was one of Theranos’ largest investors. Holmes, however, has indicated she’s essentially broke.
Murdoch bought roughly 7.3 million shares of Theranos at $17 a share, according to court filings.
In a ruling ordering restitution, U.S. District Judge Edward Davila found that investors’ losses are tied to Holmes’ fraud. “For each of these investors, the Court identified specific reliable evidence indicating that they were induced to invest in Theranos by Defendants’ misrepresentations as part of the fraud conspiracy,” he wrote.
Natalie Ravitz, chief of staff to Murdoch in 2014 to 2015 and manager of his personal investments, testified to the Securities and Exchange Commission that...
A federal judge ordered Holmes on Tuesday to pay $452 million to investors she duped to build her hoax blood-testing business. Among the investors she bilked was Murdoch, who was one of Theranos’ largest investors. Holmes, however, has indicated she’s essentially broke.
Murdoch bought roughly 7.3 million shares of Theranos at $17 a share, according to court filings.
In a ruling ordering restitution, U.S. District Judge Edward Davila found that investors’ losses are tied to Holmes’ fraud. “For each of these investors, the Court identified specific reliable evidence indicating that they were induced to invest in Theranos by Defendants’ misrepresentations as part of the fraud conspiracy,” he wrote.
Natalie Ravitz, chief of staff to Murdoch in 2014 to 2015 and manager of his personal investments, testified to the Securities and Exchange Commission that...
- 5/17/2023
- by Winston Cho
- The Hollywood Reporter - Movie News
The hurricane of cash that flooded South Florida during the pandemic may have slowed, but the real estate brokers who rule its pimped-out properties say the market is still flying high. Miami-Dade County brokers had a record year in 2021 and already had posted their fourth-best year ever by November 2021, according to the Miami Association of Realtors. Better still, South Florida had three out of the nation’s top 10 most expensive home sales of 2022. Celebrities who have bought or rented in the area in the last couple years include Sylvester Stallone (who paid 35 million for a Palm Beach estate in late 2020), Ben Affleck and Jennifer Lopez (who briefly rented a 130k a month waterfront mansion in Miami Beach last year via Corcoran) and Cindy Crawford and Rande Gerber (who spent 9.6 million on a Miami Beach home in 2021). And designer Tom Ford was recently revealed as the buyer of a 51 million property...
- 1/14/2023
- by Christopher Cameron and Degen Pener, Editor
- The Hollywood Reporter - Movie News
Click here to read the full article.
A judge on Wednesday sentenced former Theranos executive Ramesh “Sunny” Balwani to nearly 13 years in prison for his role in the company’s blood-testing hoax — a sentence slightly longer than that given to the CEO, who was his lover and accomplice in one of Silicon Valley’s biggest scandals.
Balwani was convicted in July of fraud and conspiracy connected to the company’s bogus medical technology that duped investors and endangered patients. His sentencing came less than three weeks after Elizabeth Holmes, the company’s founder and CEO, received more than 11 years in prison for her part in the scheme, which has been dissected in a book, HBO documentary and award-winning TV series, The Dropout. Naveen Andrews portrayed Balwani in the Hulu series.
The scandal revolved around the company’s false claims to have developed a device that could scan for hundreds of...
A judge on Wednesday sentenced former Theranos executive Ramesh “Sunny” Balwani to nearly 13 years in prison for his role in the company’s blood-testing hoax — a sentence slightly longer than that given to the CEO, who was his lover and accomplice in one of Silicon Valley’s biggest scandals.
Balwani was convicted in July of fraud and conspiracy connected to the company’s bogus medical technology that duped investors and endangered patients. His sentencing came less than three weeks after Elizabeth Holmes, the company’s founder and CEO, received more than 11 years in prison for her part in the scheme, which has been dissected in a book, HBO documentary and award-winning TV series, The Dropout. Naveen Andrews portrayed Balwani in the Hulu series.
The scandal revolved around the company’s false claims to have developed a device that could scan for hundreds of...
- 12/7/2022
- by the Associated Press
- The Hollywood Reporter - Movie News
Click here to read the full article.
A federal judge on Friday sentenced disgraced Theranos CEO Elizabeth Holmes to more than 11 years in prison for duping investors in the failed startup that promised to revolutionize blood testing but instead made her a symbol of Silicon Valley’s culture of audacious self-promotion.
The sentence imposed by U.S. District Judge Edward Davila was shorter than the 15-year penalty requested by federal prosecutors but far tougher than the leniency her legal team sought for the mother of a year-old son with another child on the way.
Holmes, who was CEO throughout the company’s turbulent 15-year history, was convicted in January in the scheme, which revolved around the company’s claims to have developed a medical device that could detect a multitude of diseases and conditions from a few drops of blood. But the technology never worked.
The sentencing in the same San Jose,...
A federal judge on Friday sentenced disgraced Theranos CEO Elizabeth Holmes to more than 11 years in prison for duping investors in the failed startup that promised to revolutionize blood testing but instead made her a symbol of Silicon Valley’s culture of audacious self-promotion.
The sentence imposed by U.S. District Judge Edward Davila was shorter than the 15-year penalty requested by federal prosecutors but far tougher than the leniency her legal team sought for the mother of a year-old son with another child on the way.
Holmes, who was CEO throughout the company’s turbulent 15-year history, was convicted in January in the scheme, which revolved around the company’s claims to have developed a medical device that could detect a multitude of diseases and conditions from a few drops of blood. But the technology never worked.
The sentencing in the same San Jose,...
- 11/18/2022
- by the Associated Press
- The Hollywood Reporter - Movie News
Click here to read the full article.
Elon Musk’s journey as owner of Twitter was fraught from the beginning. But, after seven months of negotiations and a lawsuit, he’s now officially in charge of the microblogging platform and is facing a new wave of headaches. There are legal threats over mass layoffs, advertisers fleeing the platform and widespread backlash after his proclamation that blue checks would cost 20 per month — which Musk lowered to 8 after a public exchange with author Stephen King (whose response was, “Fuck that, they should pay me”).
Then, of course, there’s his 44 billion investment. Musk — who brought on outside backers including Oracle co-founder Larry Ellison, Vc fund Sequoia Capital and cryptocurrency exchange Binance; convinced current equity holders Jack Dorsey and Prince Alwaleed bin Talal to retain their stakes in the company; and took out more than 13 billion in loans to fund his takeover — says the company is hemorrhaging money.
Elon Musk’s journey as owner of Twitter was fraught from the beginning. But, after seven months of negotiations and a lawsuit, he’s now officially in charge of the microblogging platform and is facing a new wave of headaches. There are legal threats over mass layoffs, advertisers fleeing the platform and widespread backlash after his proclamation that blue checks would cost 20 per month — which Musk lowered to 8 after a public exchange with author Stephen King (whose response was, “Fuck that, they should pay me”).
Then, of course, there’s his 44 billion investment. Musk — who brought on outside backers including Oracle co-founder Larry Ellison, Vc fund Sequoia Capital and cryptocurrency exchange Binance; convinced current equity holders Jack Dorsey and Prince Alwaleed bin Talal to retain their stakes in the company; and took out more than 13 billion in loans to fund his takeover — says the company is hemorrhaging money.
- 11/9/2022
- by Ashley Cullins
- The Hollywood Reporter - Movie News
San Francisco, Nov 9 (Ians) Elon Musk has sold additional Tesla stock worth 3.4 billion towards financing the 44 billion Twitter takeover deal, revealed the latest filing with the US Securities and Exchange Commission (SEC).
With this, he has offloaded almost 20 billion in Tesla shares this year. The world’s richest man sold 8.4 billion in Tesla shares in April and another 6.9 billion in August.
The tech billionaire earlier said on social media that he had “no further Tesla sales planned” after April 28.
For the Twitter deal, Musk pledged to provide 46.5 billion in equity and debt financing, which covered the 44 billion deal and closing costs.
Banks, including Morgan Stanley and Bank of America, provided 13 billion in debt financing while Musk’s 33.5 billion equity commitment included his 9.6 per cent Twitter stake worth 4 billion.
He secured 7.1 billion from equity investors, including Oracle co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal.
However, he still needed to...
With this, he has offloaded almost 20 billion in Tesla shares this year. The world’s richest man sold 8.4 billion in Tesla shares in April and another 6.9 billion in August.
The tech billionaire earlier said on social media that he had “no further Tesla sales planned” after April 28.
For the Twitter deal, Musk pledged to provide 46.5 billion in equity and debt financing, which covered the 44 billion deal and closing costs.
Banks, including Morgan Stanley and Bank of America, provided 13 billion in debt financing while Musk’s 33.5 billion equity commitment included his 9.6 per cent Twitter stake worth 4 billion.
He secured 7.1 billion from equity investors, including Oracle co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal.
However, he still needed to...
- 11/9/2022
- by Glamsham Bureau
- GlamSham
Click here to read the full article.
Nearly five months after launching Top Gun: Maverick in theaters, where it would jet off to become the top grossing film globally so far this year with 1.4 billion, producer David Ellison has landed a new investor to broaden his firm’s entertainment ambitions.
The mogul’s Skydance Media said Thursday it secured 400 million in funding led by investment firm Kkr and existing backers, including the Ellison family, private equity firm RedBird Capital and China-based entertainment conglomerate Tencent. Stakeholders in the deal now value the company at 4 billion-plus, up from 2.3 billion less than three years ago when RedBird and South Korean media giant Cj Enm took a minority stake in the company. The Ellison family will still hold a majority share and control of Skydance.
David Ellison, the son of billionaire Oracle co-founder Larry Ellison and sibling of Annapurna Pictures founder Megan Ellison, launched...
Nearly five months after launching Top Gun: Maverick in theaters, where it would jet off to become the top grossing film globally so far this year with 1.4 billion, producer David Ellison has landed a new investor to broaden his firm’s entertainment ambitions.
The mogul’s Skydance Media said Thursday it secured 400 million in funding led by investment firm Kkr and existing backers, including the Ellison family, private equity firm RedBird Capital and China-based entertainment conglomerate Tencent. Stakeholders in the deal now value the company at 4 billion-plus, up from 2.3 billion less than three years ago when RedBird and South Korean media giant Cj Enm took a minority stake in the company. The Ellison family will still hold a majority share and control of Skydance.
David Ellison, the son of billionaire Oracle co-founder Larry Ellison and sibling of Annapurna Pictures founder Megan Ellison, launched...
- 10/13/2022
- by Erik Hayden
- The Hollywood Reporter - Movie News
Elon Musk‘s will-he-or-won’t he deal to buy Twitter, going forward again as of yesterday, is pretty big. We’re talking a 44 billion price tag. And even the richest man in the world apparently needs help footing that bill.
While he’s sold about 32 billion worth of stock in his car company Tesla over the past year to free up some cash, Musk’s fever dream of owning his favorite app still depends on major banks like Morgan Stanley and Bank of America providing 12.5 billion in leveraged loans and unsecured bonds.
While he’s sold about 32 billion worth of stock in his car company Tesla over the past year to free up some cash, Musk’s fever dream of owning his favorite app still depends on major banks like Morgan Stanley and Bank of America providing 12.5 billion in leveraged loans and unsecured bonds.
- 10/6/2022
- by Miles Klee
- Rollingstone.com
Elon Musk, who had struck a deal to buy Twitter for 44 billion, then tried to back out of the agreement, triggering a lawsuit from the tech company, will be purchasing the platform at his original bid price.
New York (AP) — Twitter says it plans to close the deal to sell company to Elon Musk after receiving offer Corrects: A previous APNewsAlert erroneously reported that Musk averted trial.
— Seung Min Kim (@seungminkim) October 4, 2022
Before it was halted, Twitter stock rose on the news that the world’s richest man would theoretically...
New York (AP) — Twitter says it plans to close the deal to sell company to Elon Musk after receiving offer Corrects: A previous APNewsAlert erroneously reported that Musk averted trial.
— Seung Min Kim (@seungminkim) October 4, 2022
Before it was halted, Twitter stock rose on the news that the world’s richest man would theoretically...
- 10/4/2022
- by Miles Klee
- Rollingstone.com
Tesla CEO Elon Musk has reportedly proposed again to buy Twitter at 54.20 a share, the same price he originally proposed in April this year before terminating the 44 billion takeover deal. According to Bloomberg, Musk has sent Twitter a letter offering to buy the micro-blogging platform at the originally proposed price.
The move, if true, has created confusion in the minds of millions as the Musk-Twitter legal battle is set to begin in a US court from October 17.
Twitter or Musk did not comment on the report.
Trading of Twitter shares was briefly halted, reports The Verge.
The new report came at a time when a new treasure trove of texts exchanged between Musk and Twitter executives like CEO Parag Agrawal and Jack Dorsey was leaked in the public domain.
Twitter shareholders have already voted to approve Musk’s 44 billion takeover bid.
The vote came as Musk’s lead team is...
The move, if true, has created confusion in the minds of millions as the Musk-Twitter legal battle is set to begin in a US court from October 17.
Twitter or Musk did not comment on the report.
Trading of Twitter shares was briefly halted, reports The Verge.
The new report came at a time when a new treasure trove of texts exchanged between Musk and Twitter executives like CEO Parag Agrawal and Jack Dorsey was leaked in the public domain.
Twitter shareholders have already voted to approve Musk’s 44 billion takeover bid.
The vote came as Musk’s lead team is...
- 10/4/2022
- by Glamsham Bureau
- GlamSham
A massive trove of Elon Musk’s texts made available to the public give a glimpse into Musk’s mindset during his bid to acquire Twitter, and the subsequent unraveling of the deal that has resulted in Twitter taking the Tesla billionaire to court in order to force his proposed 44 billion purchase.
The texts, which were released as part of evidentiary discovery in Twitter’s lawsuit against him, provide valuable insight into the thought process behind Musk’s attempted acquisition, and show how the billionaire was in regular contact with powerful industry players,...
The texts, which were released as part of evidentiary discovery in Twitter’s lawsuit against him, provide valuable insight into the thought process behind Musk’s attempted acquisition, and show how the billionaire was in regular contact with powerful industry players,...
- 9/30/2022
- by Nikki McCann Ramirez
- Rollingstone.com
San Francisco, Sep 29 (Ians) Elon Musk-run Tesla has appointed billionaire and Airbnb Co-founder Joe Gebbia to its board of directors.
According to a filing with the US Securities and Exchange Commission (SEC), Gebbia has replaced Oracle Chairman and Cto Larry Ellison who left the board earlier this year.
“We are pleased to welcome Joe Gebbia to Tesla’s Board of Directors, effective September 25, 2022,” Tesla said in a blog post on Wednesday.
In July, Tesla CEO Elon Musk congratulated Gebbia on stepping back from his role at Airbnb after “a wild 14 years.”
Gebbia, a designer and entrepreneur, has spent the last 14 years of his career as co-founder of Airbnb. The service he built with his co-founders transformed the hospitality industry, allowing travelers seeking local experiences to book homes in nearly every country around the world.
“Since the 2007 inception in his San Francisco living room, Airbnb has enabled mutual trust for...
According to a filing with the US Securities and Exchange Commission (SEC), Gebbia has replaced Oracle Chairman and Cto Larry Ellison who left the board earlier this year.
“We are pleased to welcome Joe Gebbia to Tesla’s Board of Directors, effective September 25, 2022,” Tesla said in a blog post on Wednesday.
In July, Tesla CEO Elon Musk congratulated Gebbia on stepping back from his role at Airbnb after “a wild 14 years.”
Gebbia, a designer and entrepreneur, has spent the last 14 years of his career as co-founder of Airbnb. The service he built with his co-founders transformed the hospitality industry, allowing travelers seeking local experiences to book homes in nearly every country around the world.
“Since the 2007 inception in his San Francisco living room, Airbnb has enabled mutual trust for...
- 9/29/2022
- by Glamsham Bureau
- GlamSham
San Francisco, Sep 27 (Ians) The world’s richest man Elon Musk was busy texting Oracle Chairman and Cto Larry Ellison all night before he decided to terminate the 44 billion Twitter takeover deal in May, the media has reported, citing a court filing.
According to Insider, Musk texted Ellison “into the early morning hours” before he announced on Twitter that his 44 billion agreement to takeover the micro-blogging platform was “temporarily on hold”.
“Musk’s phone company records show that he exchanged multiple text messages with the Oracle cofounder on May 12, through 12.20 am on May 13,” according to a court filing by Twitter.
The tweet was a “precursor to Musk’s later attempt to officially walk away from the deal on July 8” when he sent a letter to the US Securities Exchange Commission (SEC) regarding his decision to drop the acquisition.
In the letter to Judge Kathaleen McCormick in the Delaware Court of Chancery in the US,...
According to Insider, Musk texted Ellison “into the early morning hours” before he announced on Twitter that his 44 billion agreement to takeover the micro-blogging platform was “temporarily on hold”.
“Musk’s phone company records show that he exchanged multiple text messages with the Oracle cofounder on May 12, through 12.20 am on May 13,” according to a court filing by Twitter.
The tweet was a “precursor to Musk’s later attempt to officially walk away from the deal on July 8” when he sent a letter to the US Securities Exchange Commission (SEC) regarding his decision to drop the acquisition.
In the letter to Judge Kathaleen McCormick in the Delaware Court of Chancery in the US,...
- 9/27/2022
- by Glamsham Bureau
- GlamSham
Elon Musk has subpoenaed Twitter founder and former CEO Jack Dorsey in the lawsuit between the social media platform and the billionaire Tesla founded that once wanted to buy it.
A flurry of subpoenas by both sides have been landing regularly in Delaware Chancery Court ever since a judge, or chancellor as they’re called in the nation’s busiest business tribunal, set an October trial date.
Twitter sued Musk last month after he tore up an agreement he’d made in late April to buy the company for 44 billion, or 54.20 a share, cash. There was a 1 billion breakup fee, but Twitter says that’s only if one party reneges for good cause. Its lawsuit claimed the termination was due to buyer’s remorse, which would not apply. Musk has accused Twitter of under-reporting the number of fake or spam accounts on its site. The Musk camp has filed a counter-suit against Twitter.
A flurry of subpoenas by both sides have been landing regularly in Delaware Chancery Court ever since a judge, or chancellor as they’re called in the nation’s busiest business tribunal, set an October trial date.
Twitter sued Musk last month after he tore up an agreement he’d made in late April to buy the company for 44 billion, or 54.20 a share, cash. There was a 1 billion breakup fee, but Twitter says that’s only if one party reneges for good cause. Its lawsuit claimed the termination was due to buyer’s remorse, which would not apply. Musk has accused Twitter of under-reporting the number of fake or spam accounts on its site. The Musk camp has filed a counter-suit against Twitter.
- 8/22/2022
- by Jill Goldsmith
- Deadline Film + TV
Click here to read the full article.
In early 2020 while preparing to direct Luck, Skydance Animation’s first feature film, Peggy Holmes met with some unlikely consultants on the story. The lead character in Luck, an unlucky yet indomitable young woman named Sam, has grown up in foster care, and so Holmes interviewed kids with similar experiences in Ventura County, California, to better understand their perspective and help find the emotional core of Sam’s story. “We met with these young people and they shared their stories with us, and we were so incredibly moved by their positivity, their generosity, their never-give-up kind of attitude,” Holmes says. “These are people who have had some real bad luck in their lives. We wanted to honor that bravery.”
It’s the kind of creativity-sparking, empathy-building research that became common in the field of animation after it gained currency at Pixar and Walt Disney Animation Studios...
In early 2020 while preparing to direct Luck, Skydance Animation’s first feature film, Peggy Holmes met with some unlikely consultants on the story. The lead character in Luck, an unlucky yet indomitable young woman named Sam, has grown up in foster care, and so Holmes interviewed kids with similar experiences in Ventura County, California, to better understand their perspective and help find the emotional core of Sam’s story. “We met with these young people and they shared their stories with us, and we were so incredibly moved by their positivity, their generosity, their never-give-up kind of attitude,” Holmes says. “These are people who have had some real bad luck in their lives. We wanted to honor that bravery.”
It’s the kind of creativity-sparking, empathy-building research that became common in the field of animation after it gained currency at Pixar and Walt Disney Animation Studios...
- 7/27/2022
- by Rebecca Keegan and Carolyn Giardina
- The Hollywood Reporter - Movie News
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