Tag: $Paramount

Paramount Skydance has triumphed in its months-long campaign to scupper Netflix’s deal to buy Warner Bros Discovery, after its $111bn bid for the Hollywood studio drove the streaming giant to walk away.

Warner Bros. Discovery on Tuesday said it had received a higher takeover offer from Paramount Skydance and will review the new bid under the terms of its existing deal with Netflix.

Warner Bros. Discovery (WBD) is reopening talks with Paramount Skydance, giving the CBS owner seven days to submit its best and final offer.

Activist investor Ancora Holdings has built a stake in Warner Bros Discovery (WBD) and plans to oppose the media company’s deal with Netflix for its studios and streaming assets, in the latest twist to the heated Hollywood takeover battle.

The Warner Bros. Discovery board on Wednesday once again unanimously recommended that WBD shareholders reject a hostile takeover offer from Paramount Skydance.

Warner Bros Discovery (WBD), opens new tab will likely reject Paramount Skydance’s (PSKY), opens new tab amended $108.4 billion hostile bid for the storied Hollywood studio despite a personal guarantee from billionaire Larry Ellison backing the media giant’s offer, according to a person familiar with the matter.

Paramount Skydance amended its $30 a share, all-cash offer for Warner Bros. Discovery on Monday, with Paramount shareholder and Oracle founder Larry Ellison now guaranteeing $40.4 billion of the equity financing for the bid, and any damages claims against Paramount.

Netflix has sweetened its offer for Warner Bros. Discovery in a second round of bids as it tries to outdo rival Paramount.

Paramount, Comcast and Netflix are preparing bids for Warner Bros. Discovery , according to people familiar with the matter.

Warner Bros. Discovery was rising again on Friday, as investors carried on weighing up a report of interest from Paramount Skydance that could upend the U.S. entertainment industry.

Paramount Global is laying off 3.5% of its U.S. staff in the latest round of job cuts as the company grapples with a decline in cable TV subscribers, according to an internal memo seen by Reuters.

Paramount Global PARA reported first-quarter earnings and revenue on Thursday that beat Wall Street estimates.

Skydance Media and Paramount Global on Thursday defended their planned $8.4 billion merger, urging the Federal Communications Commission to dismiss opposition from critics, calling them “unwarranted” and “meritless”.

Paramount Global shareholders got some good news late Monday: media mogul Edgar Bronfman Jr. solidified his play for the entertainment giant with a $4.3 billion bid that could put its proposed merger with David Ellison’s Skydance on ice.

Paramount Global is cutting 15% of its U.S. workforce, or about 2,000 jobs, part of a broader cost-cutting plan as it prepares for a merger with Skydance Media.

Paramount Global will merge with Skydance, capping off a months-long negotiation that included various twists and turns, and will see the Redstone family step away from control of the storied movie studio and media company.

Paramount Global shares dropped 7.8% late in Tuesday’s regular trading session and continued falling after hours on reports that Shari Redstone’s National Amusements, majority owner of the media company, had called off discussions about a possible deal with Skydance Media.

Skydance Media’s revised offer to buy Shari Redstone’s family company National Amusements and merge with Paramount Global gives the entertainment conglomerate’s nonvoting shareholders an option to cash out at a premium, according to people familiar with the matter.

Paramount Global’s board is preparing to fire Chief Executive Officer Bob Bakish as soon as Monday morning, according to people familiar with the matter.

 Shares of Paramount Global rose more than 9% in premarket trade on Friday, after Reuters reported Sony Pictures Entertainment and Apollo Global Management were discussing a joint bid to acquire the media company.