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, Paramount, Los Angeles Times, New York Times, The Hollywood Reporter, Bloomberg, Business Insider, @jbflint, Variety, @lucas_shaw, SlashFilm, The Streamable, @jbflint, The Desk, Adweek, Business Insider, The A.V. Club, StreamTV Insider, Newser, @benmullin, @aepstein_, @xpangler, The Drum, @pkafka, The Hollywood Reporter, The Wrap, CNBC, Fast Company, @richlightshed, @mattbelloni, The Information, Associated Press, The Verge, @harrisharrisev9, @mattnicholas, @andykleinman, @btmcclure, @xpangler, @benmullin, @loudmouthjulia, The Guardian, The Media Leader, @lucas_shaw, Deadline, New York Times, CNN, Financial Times, B&T, Wall Street Journal, MediaPost, Variety, @lucas_shaw, @lucas_shaw, Mumbrella, @lkimmasters@threads.net, CBS News, Sara Fischer on LinkedIn, Axios, Los Angeles Times, Cord Cutters News, Media Play News, The Information, 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:
@tvgrimreaper, @danprimack, The Wrap 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:
The Wrap, @jbflint, Sportico, @jbflint, @alexweprin, Sanjay Raina on LinkedIn, Deadline, 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
Discussion:
Deadline, @colbyhall, Radio & Television …, @jbflint, @jbflint, @alexweprin, @jbflint, The Wrap, Broadband TV News, Next TV, The Hollywood Reporter 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
Discussion:
Deadline, @jimmy_stick, @tvgrimreaper and Business Insider
Nikita Mazurov / The Intercept:
Leaked code: NYT tested using OpenAI tech to generate article headlines and help apply its styleguide; NYT says the “experiment was not taken beyond testing” — In the courtroom, the New York Times has taken a hard line against OpenAI. The newspaper sued the artificial …
Discussion:
Media Voices and @mvario1
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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
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 …
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 …
Neel Dhanesha / Nieman Lab:
A look at the Institute for Poetjournalism, which aims to be a wire service for “newspoems” that focuses on the emotion behind events and is courting donors — Institute for Poetjournalism founder Aaron Dworkin hopes a cash prize and a wire service for “newspoems” will help the form take off.
Discussion:
@shimmo23, @jester and @spj_tweets
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 …
Erik Wemple / Washington Post:
Q&A with NYT Executive Editor Joe Kahn about the NYT's Biden age coverage, the WSJ's investigative approach to the story, using anonymous GOP sources, and more — The New York Times executive editor takes on detractors. — In April 2023, President Biden felt comfortable enough …
Todd Spangler / Variety:
Nielsen hires former HuffPost CEO Jared Grusd as the CEO of its content-solutions division Gracenote; he will report to Nielsen CEO Karthik Rao — Grusd's first official day at Gracenote is Monday, July 8. He reports to Nielsen CEO Karthik Rao. With Grusd taking on the role of CEO …
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