Top News:
Dawn Chmielewski / Reuters:
Paramount Global and Skydance Media announce a merger of the two companies, ending months of chaotic talks; a memo says the deal is expected to close in H1 2025 — Skydance Media and Paramount Global (PARA.O) agreed to merge, the companies announced late Sunday evening, opening a new chapter for one of Hollywood's oldest studios.
Discussion:
Paramount, Skydance Media, New York Times, The Hollywood Reporter, Los Angeles Times, Bloomberg, Business Insider, Business Insider, Deadline, Wall Street Journal, Variety, @jbflint, Associated Press, @richlightshed, Financial Times, @lucas_shaw, The Hollywood Reporter, B&T, The Media Leader, @loudmouthjulia, @mattnicholas, @andykleinman, The Verge, The Information, @benmullin, @lucas_shaw, SlashFilm, The Streamable, @jbflint, @mattbelloni, The Guardian, The Wrap, The Desk, @btmcclure, Adweek, Fast Company, The A.V. Club, StreamTV Insider, Newser, CNBC, @benmullin, CNN, @xpangler, @harrisharrisev9, @aepstein_, @xpangler, The Drum, @pkafka, New York Times, MediaPost, Mumbrella, @lkimmasters@threads.net, CBS News, Sara Fischer on LinkedIn, Axios, @lucas_shaw, @lucas_shaw, Los Angeles Times, Cord Cutters News, The Information, Media Play News, Reuters, The Hollywood Reporter, The Wrap, The Daily Beast, r/boxoffice, r/wallstreetbets, r/MediaMergers and r/startrek
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Axios:
Source: Oracle founder Larry Ellison will invest ~$6B into the Paramount-Skydance deal, with RedBird Capital Partners contributing the remaining $2B — - The Ellisons and RedBird have transactional covenants that require they be consulted on any major business decisions by Paramount in the interim, RedBird's Jeff Shell tells Axios.
Discussion:
The Wrap, New York Post, @tvgrimreaper, @danprimack and Deadline
Brian Steinberg / Variety:
Jeff Shell, set to become “New Paramount” president, says Skydance executives have identified $2B+ in cost cuts, much of it from its linear media operations — To help Paramount Global to grow, its new owner needs to make cuts. — Skydance executives who are set to take over the owner of CBS …
Discussion:
Deadline, The Wrap, @jbflint, Sportico, @jbflint, @alexweprin, Sanjay Raina on LinkedIn, The Hollywood Reporter, IndieWire and CBS News
Matt Donnelly / Variety:
A look at Skydance's vision for “New Paramount”, of which David Ellison will be the CEO: a $1.5B cash infusion to help woo creatives, a focus on tech, and more — Now that Shari Redstone has signed on the dotted line to sell her father's media empire to Skydance and RedBird Capital, what future awaits?
Discussion:
Deadline, The Hollywood Reporter, @colbyhall, Radio & Television …, The Wrap, @jbflint, @jbflint, Broadband TV News, @alexweprin, @jbflint, Next TV and The Ringer
Reuters:
Memo: Paramount's co-CEOs say Paramount will continue reducing the size of its workforce and look to divest some of its assets until the Skydance deal closes — Paramount Global (PARA.O) will continue reducing the size of its workforce until its merger with Skydance Media closes …
Discussion:
Deadline, @jimmy_stick, @tvgrimreaper and Business Insider
Todd Spangler / Variety:
Memo: Shari Redstone says Skydance “have a clear strategic vision for the future”; Paramount co-CEOs say “it's business as usual” until the deal closes in 2025 — Cheeks, McCarthy and Robbins say they will continue carrying out their restructuring plan, including layoffs and asset sales
Discussion:
IF Magazine, Deadline and The Wrap
Alex Weprin / The Hollywood Reporter:
The Paramount-Skydance deal has a “go shop” policy, where Paramount would pay Skydance a $400M breakup fee if Paramount finds another buyer within 45 days
Discussion:
IndieWire, The Ankler, Fast Company, Reuters, Deadline, Variety, Business Insider, Slate, Variety, Next TV, The Wrap, Los Angeles Times, WORLD SCREEN, Media Play News and Ad Age
Sherin Shibu / Entrepreneur:
OpenAI last week requested NYT documents, including reporters' notes and interview memos, to show that its articles are original; NYT calls it harassment — Key Takeaways … Now OpenAI is asking for proof that NYT articles are actually original — and the NYT is calling the request “irrelevant, improper, and harassing.”
Discussion:
@loudmouthjulia, Ianka Fleerackers on LinkedIn, @rahll and @bobbyallyn
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Jeremy Barr / Washington Post:
LinkedIn co-founder Reid Hoffman invests in Smartmatic, in part to help the company sustain its costly litigation against Fox News and Newsmax — LinkedIn co-founder Reid Hoffman, a longtime funder of left-leaning causes, has invested in Smartmatic, the election technology company suing …
Discussion:
@jeffjarvis, Mediaite, CNN, @jeremymbarr and New Republic
Calum Jaspan / Sydney Morning Herald:
Memo: Nine's Pedestrian Group restructures as CEO departs, staff faces cuts, and licensing deals to publish Vice, Gizmodo, Kotaku, others in Australia get axed — The chief executive of Nine-owned Pedestrian Group, Matt Rowley, will leave the youth publisher as part of a major restructure …
Financial Times:
How Saudi media group MBC's Shahid has become the biggest streaming service in MENA with a 22% share, ahead of Starz Play Arabia at 18% and Netflix at 17% — Wide range of Arabic-language shows and films helps media group compete with Netflix — Media group MBC is competing hard with Netflix …
Brian Steinberg / Variety:
ABC News names Rick Klein, who has been political director since 2013, as VP and Washington, DC bureau chief, succeeding Jonathan Greenberger who left in April — “As a seasoned and highly respected journalist, Rick is uniquely qualified to lead our Washington bureau at such a pivotal moment …
Leila Abboud / Financial Times:
A profile of French TV presenter Cyril Hanouna, who has played an important role in boosting billionaire Vincent Bolloré's Fox News-like media empire in France — Cyril Hanouna is a key player in Vincent Bolloré's Fox News-like media empire — One way to understand …
Discussion:
@borisnajman and Columbia Journalism Review
Gillian McGoldrick / The Philadelphia Inquirer:
WURD says Biden's interview, with questions provided by his aides, was conducted without management knowledge and is parting ways with Andrea Lawful-Sanders — The Philadelphia radio host who admitted to using questions prepared by President Joe Biden's campaign in one of his first postdebate interviews …
RELATED:
Michael D. Shear / New York Times:
Biden aides provided questions for radio interviews on The Source on Philadelphia's WURD, on July 3, and The Earl Ingram Show on Wisconsin's WAUK, on July 4
Discussion:
WURD Radio, New York Post, @micchiato@mastodon.social, Newser, HuffPost, Deadline, @justinbaragona, Variety, Fox News, Mediaite, @charlesarthur, @jonkarl, @jabeale, @victorblackwell, @alexthomp, @aghamilton29, ABC News, TMZ.com, @ethank@threads.net, @ethank@threads.net, CNN, CBS News, Axios and The Wrap
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