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, Engadget, Los Angeles Times, The Hollywood Reporter, New York Times, TrekMovie.com, The Hollywood Reporter, @jbflint, @aepstein_, @xpangler, @pkafka, @lucas_shaw, Business Insider, @jbflint, @benmullin, Adweek, The Drum, The Desk, StreamTV Insider, SlashFilm, Newser, The A.V. Club, The Streamable, @richlightshed, @mattbelloni, The Hollywood Reporter, The Wrap, CNBC, @harrisharrisev9, @mattnicholas, @andykleinman, @btmcclure, @xpangler, @benmullin, @loudmouthjulia, Fast Company, The Information, Associated Press, The Verge, @lucas_shaw, The Guardian, The Media Leader, New York Times, @lucas_shaw, @lucas_shaw, CNN, Financial Times, B&T, MediaPost, Deadline, Mumbrella, @lkimmasters@threads.net, Deadline, CBS News, Sara Fischer on LinkedIn, Wall Street Journal, Axios, Variety, Bloomberg, Media Play News, Los Angeles Times, Cord Cutters 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:
@jbflint, @jbflint, @alexweprin, The Wrap, Sanjay Raina on LinkedIn, The Hollywood Reporter, Sportico, Deadline, CBS News and IndieWire
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:
@jbflint, @jbflint, @colbyhall, @jbflint, @alexweprin, Deadline, The Hollywood Reporter, Radio & Television …, The Wrap, Broadband TV News, 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
Discussion:
@jimmy_stick, @tvgrimreaper, Deadline 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:
@mvario1 and Media Voices
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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, @rahll, @bobbyallyn and Ianka Fleerackers on LinkedIn
Jay Peters / The Verge:
Spotify adds the ability for users to leave comments on podcasts, expanding on polls and Q&As; comments will be private by default, and creators can opt out — The company already lets Spotify podcasters offer polls and Q&As, so this new feature could give creators new ways to interact with their audiences.
Discussion:
TechCrunch, Engadget, WinBuzzer, 9to5Mac, Spotify and Dataconomy
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 …
Discussion:
Poynter
Elizabeth Dilts Marshall / Billboard:
Filing: Hipgnosis shareholders vote to sell the fund to Blackstone for $1.58B, ending a roller coaster year for shareholders and the fund's board — Six years after going public on the London Stock exchange, a majority of Hipgnosis Songs Fund shareholders voted on Monday (July 8) …
Discussion:
New York Times and Music Business Worldwide
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
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 …
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, @jeremymbarr, New Republic, Mediaite and CNN
Levin Stamm / Bloomberg:
Switzerland announces an advertising ban on Russian outlets Voice of Europe, RIA Novosti, Izvestia, and Rossiyskaya Gazeta, but lets them continue broadcasting — Switzerland will allow four Russian media outlets to continue broadcasting even after they were banned by the European Union.
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