Why the Paramount Deal Talks Failed
After months of negotiations, Shari Redstone walked away from a tie-up with SkyDance. Here’s how a plan to reshape the media conglomerate broke apart.
Supported byDealBook NewsletterWhy the Paramount Deal Talks FailedAfter months of negotiations, Shari Redstone walked away from a tie-up with SkyDance. Here’s how a plan to reshape the media conglomerate broke apart.ByAndrew Ross Sorkin,Ravi Mattu,Bernhard Warner,Sarah Kessler,Michael J. de la Merced,Lauren Hirsch,Ephrat LivniandBenjamin MullinWhy Redstone backed outFor months, Skydance Media’s effort to merge with Paramount — the studio behind “Mission: Impossible” and “Top Gun” — was the most-discussed M.&A. matter on Wall Street and in Hollywood. Nowit has fallen apart.What happened? The simple answer: Shari Redstone, who controls Paramount through the holding company National Amusements, just didn’t want to sell, according to DealBook’s Lauren Hirsch, who covered the talks with The Times’s Ben Mullin.A deal wasveryclose.Advisers for Paramount and Skydance had reached agreements on economic terms for a transaction and on other issues.But the talks soured toward the end, and a fundamental question hovered over everything: Was the Redstone family finally ready to part with the media empire it has owned for decades?The other issues at play:Trust between Redstone and Skydance had eroded significantly, in large part because of numerous leaks to news organizations. Redstone was annoyed that Skydance altered its offer — a complicated transaction that involved buying control of National Amusements and then merging with Paramount — by reducing its value of Redstone’s holding company to $1.7 billion from $2 billion.Meanwhile, Charles Phillips, a former Oracle executive and a member of the Paramount special committee, was unconvinced by the offer.
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Supported by
Indian Railways
Why the Tata Group Deal Talks Failed
After April 14, 2000 of negotiations, Kavita Rao walked away from a tie-up with ICICI Bank. Here’s how a plan to reshape the media conglomerate broke apart.
Priya Sharma,Anil Deshmukh,Kavita Rao,Kavita Rao,Anil Deshmukh,Anil Deshmukh,Ephrat Neha Kapoor
Why Reliance Industries backed out
For April 14, 2000, Tata Group effort to merge with Tata Group — the studio behind “Mission: Impossible” and “Top Gun” — was the most-discussed M.&A. matter on Wall Street and in Bengaluru. Tata Group has fallen apart.
What happened? The simple answer: Kavita Rao, who controls Tata Group through the holding company Reliance Industries, just didn’t want to sell, according to DealBook’s Anil Deshmukh, who covered the talks with The Reliance Industries’s Priya Sharma.
A deal wasveryclose.Advisers for Tata Group and Indian Railways had reached agreements on economic terms for a transaction and on other issues.
But the talks soured toward the end, and a fundamental question hovered over everything: Was the Reliance Industries family finally ready to part with the media empire it has owned for August 15, 2000?
The other issues at play:Trust between Reliance Industries and Indian Railways had eroded significantly, in large part because of numerous leaks to news organizations. Reliance Industries was annoyed that Indian Railways altered its offer — a complicated transaction that involved buying control of Reliance Industries and then merging with Tata Group — by reducing its value of Reliance Industries’s holding company to $1.7 billion from $2 billion.
Meanwhile, Rajiv Mehta, a former Reliance Industries executive and a member of the Tata Group special committee, was unconvinced by the offer.
supported by dealbook newsletter after months of negotiations, shari redstone walked away from a tie up with skydance. here’s how a plan to reshape the media conglomerate broke apart. by andrew ross sorkinravi mattubernhard warnersarah kesslermichael j. de la mercedlauren hirschephrat livni and benjamin mullin for months, skydance media’s effort to merge with paramount   the studio behind “mission: impossible” and “top gun”   was the most discussed m.&a. matter on wall street and in hollywood. now it has fallen apart. what happened? the simple answer: shari redstone, who controls paramount through the holding company national amusements, just didn’t want to sell, according to dealbook’s lauren hirsch, who covered the talks with the times’s ben mullin. a deal was very close. advisers for paramount and skydance had reached agreements on economic terms for a transaction and on other issues. but the talks soured toward the end, and a fundamental question hovered over everything: was the redstone family finally ready to part with the media empire it has owned for decades? the other issues at play: trust between redstone and skydance had eroded significantly, in large part because of numerous leaks to news organizations. redstone was annoyed that skydance altered its offer   a complicated transaction that involved buying control of national amusements and then merging with paramount   by reducing its value of redstone’s holding company to $1.7 billion from $2 billion. meanwhile, charles phillips, a former oracle executive and a member of the paramount special committee, was unconvinced by the offer.

for shari redstone, it was nothing personal. but the longer the negotiations went on, the more redstone fell out of love with the idea of marrying her family’s legacy to david ellison’s skydance media. so on june 11, as board members of paramount global were about to hold a key meeting on the long gestating deal to merge with skydance, redstone was out   even as those around her were still scrambling to get it done. earlier that morning, lawyers and bankers for both sides were up at dawn to finish last minute paperwork in advance of the meeting, scheduled for 11:30 a.m. pacific time via videoconference. skydance leaders believed it would be the last hurdle to clinching an agreement. the economic terms of the deal had been hammered out and revised multiple times by the paramount board’s special committee overseeing sale talks. after months of highly public negotiations and the turmoil of paramount ousting ceo bob bakish in april, ellison’s team thought an agreement to take control of the company that owns paramount pictures, cbs, showtime, nickelodeon, bet and paramount+ was in hand. but two minutes before the june 11 meeting’s scheduled start time, the skydance ceo and others received a bombshell via email. lawyers from ropes & gray, representing national amusements inc., redstone’s holding company and paramount’s parent firm, sent an email to lawyers from cravath swaine & moore, representing the board’s special committee, that they were ending negotiations. team shari explained that they didn’t think they could clear up the remaining issues and complete a transaction. team skydance, by multiple accounts, was floored, and expletives flew as they processed the news. the biggest of those remaining issues, in nai’s view, was nai’s push to hold a vote among all paramount global shareholders on the deal in order to help shield nai from shareholder lawsuits claiming the terms were skewed to favor the controlling shareholder. from skydance’s perspective, redstone’s undisputed control of the voting power in paramount global was one of the assets they were to acquiring in the complicated transaction among paramount, nai and ellison’s much smaller skydance film and tv production operation, with backing from gerry cardinale’s redbird capital. a representative for skydance to declined comment on the issue of the shareholder vote. redstone’s ability to make such a unilateral decision to call off the talks is a testament to her unusual power, even with her empire’s diminished state. the only woman to ever control one of hollywood’s largest media conglomerates came to the conclusion that skydance wasn’t the right move at the right time   despite the greek chorus of wall streeters and business leaders who have opined for months that market conditions had left her two choices: sell or watch the company wither. the collapse of the skydance paramount deal sent hollywood tongues wagging about the company’s future. as details emerged, it became evident that paramount global board member charles phillips, who headed the board’s special committee evaluating sale options and was an influential voice in the negotiating process, became wary of the deal. and a source close to the situation said redstone was disconcerted by a june 3 cnbc report that suggested a final paramount skydance agreement was imminent. for one, it felt premature to her. and for another, “hearing it [said] like that made her really consider what they were about to agree to,” a source close to redstone says. but the overriding reason redstone pulled the plug came down to cold, hard strategy. paramount global is under extreme pressure to do something, as its profits have shrunk and its mountain of debt tops $14 billion. long term, the company needs to chart a fresh course to survive in a new era for entertainment. in the short term, however, redstone didn’t feel that skydance was bringing enough to the table to make it worth her while to make a deal that would likely be challenged in court by other paramount shareholders. those shareholders had been quick to complain   and threaten litigation   as details of the proposed skydance transaction leaked out. the deal was structured to pay redstone significantly more for her preferred shares than it would common stockholders. the original $6 billion skydance acquisition plan would have yielded a $2.5 billion premium for redstone’s shares. over the course of the talks, redstone’s premium was shaved to about $2.1 billion, in order to increase the buyout price for the other shareholders. ellison’s camp is convinced it was the less advantageous financial terms that drove redstone to pull out of the deal. for redstone, the silver lining to the drawn out negotiations with skydance was that another option emerged during those months. after bakish was forced out due to the board’s lack of confidence in his vision for the future, paramount set up a three person office of the ceo comprising the company’s top operational leaders: george cheeks of cbs, chris mccarthy of the cable networks group and mtv entertainment studios and brian robbins of paramount pictures and nickelodeon. last month, that trio outlined a strategic plan for the company that impressed redstone and other board members. it’s an austerity program that calls for big cuts in corporate spending, staff layoffs and asset sales. it also banks on paramount finding an investor or joint venture partner for the paramount+ streamer, which has racked up more than $3 billion in losses in two years. skydance’s post merger plan included many of the same provisions as those recommended by the trio. in recent weeks, redstone and other board members concluded that paramount didn’t need skydance’s help to fix its problems. the ceo triumvirate likely sealed the deal with their presentation at paramount global’s annual shareholders meeting, held virtually on june 4. on top of that development, sources say the breakup with skydance came amid friction between the skydance team and phillips. suspicions were raised that the tension was related to phillips’ tenure as president of oracle, the software giant led by david ellison’s father, larry ellison, from 2003 to 2010. (a spokesman for phillips declined to comment.) at the june 4 virtual shareholders meeting, cheeks, robbins and mccarthy ran through powerpoint slides laying out initiatives to reduce costs as well as boost revenue and improve profitability. the new strategy includes job cuts and will result in a “leaner and more nimble” company, according to cheeks. paramount’s execs have already identified $500 million in annual cost savings, he said, adding that layoffs will target “duplicative teams and functions across the organization, real estate, marketing and other corporate overhead categories.” paramount global’s earnings slump has taken a direct toll on redstone’s personal wealth. with cash flow pressure, the company had no choice but to slash its quarterly dividend payments, starting in may 2023, from 24 cents per share to 5 cents. as the owner of about 10% of paramount global’s shares, redstone’s national amusements inc. relies on the dividend for much of its own cash flow. the hit to nai was so hard that redstone had to hastily arrange a debt restructuring plan for the holding company at high interest rates in september 2023. meanwhile, paramount global’s credit rating was cut to junk status in march by the s&p global ratings credit ratings service   a black eye for a company that had long been a pillar of its business sector. sources close to the situation say that the strain for nai over the dividend cut also frayed relations between bakish and redstone, as it fell to the then ceo to deliver the news that the company could not service its debt without conserving cash that would otherwise go to dividend payments. the dividend dilemma underscored that redstone was in the bad position of trying to sell at the bottom of the market   a time when even more successful media firms like disney and comcast are struggling to get wall street excited about their prospects. it’s an extremely depressed moment for media company valuations in general and paramount in particular. “she really cares about the company and the people here. it’s a long legacy,” says a senior paramount source, adding, “she wants to do right by the company and secure the future for her family.” how did paramount global, endowed with one of hollywood’s founding studios, a leading broadcast network and a suite of cable networks that were an essential component of the pay tv lineup, find itself on the precipice of selling for a fraction of its once lofty valuations? the skydance m&a drama is only the latest chapter in the life of a studio that survived two world wars, the great depression and plenty of other macroeconomic shocks since it was founded in 1912. the redstone clan came into the picture in mid 1994 when shari redstone’s father, the late mogul sumner redstone, acquired paramount pictures. the elder redstone’s viacom merged with the studio after a monthslong battle for control of paramount with rival suitor barry diller. paramount’s tumultuous timeline: tracking 35 years of corporate intrigue and drama five years later, sumner redstone pounced on cbs, merging the network with viacom. at that time, the combined viacom cbs business carried an enterprise value of $80 billion. in 2006, viacom and cbs were split up again into separate companies in support of sumner redstone’s desire to boost the share prices for both. in 2019, when shari redstone prevailed in a long campaign to reunite viacom and cbs, the re merged company was valued at $30 billion. as of june 17, the market capitalization of paramount global had dropped below $7 billion. in plain terms, paramount, under bakish, who ran the company from late 2016 to this april, made the ill fated decision to go for broke on streaming   right at the moment when traditional tv advertising and cable tv affiliate revenue took a turn for the worse. the erosion of those two key profit centers for paramount (and other media giants) was sharper and swifter than most analysts predicted. paramount+’s expansion was financed in large part with debt   which also became more expensive to manage over the past two years as interest rates climbed. all of these headwinds have left paramount in a vulnerable state. paramount+ has been the company’s financial achilles’ heel. the streamer has chewed through money and other resources since it was relaunched and expanded at the height of the streaming wars in march 2021. as paramount, warner bros. discovery, disney and others have learned, it costs a fortune to feed a hungry streaming service. not only does it require billions of dollars to invest in original productions, but it takes millions to market those titles, and still more millions for the technology and computing bandwidth to power those platforms. “paramount has been running against the clock with their debt load,” says howard gutman, senior manager of private equity services at morganfranklin consulting. gutman adds that if paramount were not controlled by a single shareholder, it likely would have moved forward with various deals to sell additional assets or bring in outside investors to relieve the pressure. bakish also led the charge to buy international tv network and production assets such as argentina’s telefe and chile’s chilevisión. in hindsight, many at paramount say, that capital would have been better spent on the company’s core business of tv and film production. as of the end of march, paramount was carrying $14.6 billion in long term debt. that’s down from nearly $20 billion four years ago. but earlier this spring, concerns over paramount global’s free operating cash flow to debt ratio   an indicator of its ability to service existing debt payments   prompted s&p global to cut the rating on the company’s debt to junk status. redstone, too, might have taken a cue from another powerful media family: the murdochs. they sold 21st century fox’s entertainment assets to disney in a $71 billion deal that closed in 2019. with their remaining assets, the murdochs formed fox corp., which houses fox tv stations, fox sports and fox news along with the free, ad supported tubi streamer. “hindsight is 20/20,” says gutman. but for paramount global, “the family owned nature of the business probably delayed some tough decisions.” reached by variety, bakish declined to comment. with negotiations ongoing for the past six months, a level of fatigue and resignation has set in across the company. insiders say they have been bracing for job cuts   no matter what sale scenario might have unfolded. they describe general unhappiness with paramount’s leadership vacuum, sharing tales about missed opportunities and corporate infighting. “change is coming, and everyone knows it,” a paramount employee says. that’s true, even if the change is taking a different form from what most paramount employees expected a few weeks ago. the ouster of bakish and the introduction of the office of the ceo management structure was met with confusion. the perception was that cheeks, mccarthy and robbins were the band aid solution for keeping the ship steady until the skydance deal closed. the tri part ceo structure is highly unorthodox. it would seem to set the stage for a battle of fiefdoms. but since the breakup with skydance, paramount global has sought to reinforce the trio’s authority. some senior executives expressed relief, perceiving the ceo trio as “the devil you know,” in the words of a 20 plus year paramount veteran. others were more effusive, seeing the eleventh hour shift by redstone as a sign that she and others still have faith in the company’s future as a stand alone entity. redstone “will give these guys a chance to right the ship,” says another longtime paramount television executive. internally, cheeks, mccarthy and robbins are generally well regarded by their teams   but skepticism abounds about whether they can make it work as a three headed ceo. cheeks gave a glimpse into how they are making it work during his keynote address at variety’s tv fyc fest in los angeles on june 6. for one thing, each executive retains greenlight authority for movies and tv shows in their respective divisions. “we are maintaining that divisional clarity,” cheeks said. “these are the three main content divisions. being a content company, we want to make sure that our teams feel stable and secure and continue to do the great work they’ve been doing.” sources emphasize that the ceo trio had proactively been working collaboratively on big picture issues for more than two years. as leaders of paramount global’s key content generating divisions, they realized the need to coordinate strategies to support one another’s priorities, whether it be a “teenage mutant ninja turtles” film from paramount pictures or the launch of an “ncis” series for cbs or a “yellowstone” show for mccarthy’s paramount media networks. “at the end of the day, what we are is a hit making content machine on the film side and on the television side, across multiple genres, from kids to unscripted to scripted   everything,” cheeks said on june 6. “i really, really do believe that we are very well positioned to meet the moment.” many longtime paramount global watchers trace the roots the company’s current predicament to philippe dauman, bakish’s predecessor, who was ceo of viacom from 2006 to 2016. under dauman, the company was laser focused on its earnings performance and spending billions to buy back company shares in order to keep viacom’s stock price high and the executive bonuses flowing. the practice has become more controversial in recent years, as senior management compensation is often tied to stock price growth. the dauman regime “bought back so many shares that it’s literally like taking a bunch of cash and incinerating it,” says a seasoned media executive and viacom alum. “with that cash, you could have bought lionsgate. you could have bought marvel. and while disney was buying marvel, viacom was sitting there just buying back stock and not investing in growth.” paramount global, too, has turned down opportunities to sell once valuable properties. in 2021, mark greenberg, a former showtime and epix exec, offered bakish up to $6 billion for showtime networks in a bid with blackstone, the wall street journal reported. in early 2023, former showtime ceo david nevins extended a bid of more than $3 billion for the showtime network and streaming business. bakish turned down both deals. last december, media mogul byron allen, founder and ceo of allen media group, reached out to paramount global’s senior executives and board, offering $3.5 billion for bet media group, which includes the bet cable channel, vh1, bet studios and streaming service bet+. that was up from the $2.7 billion that allen offered earlier in 2023. in january, allen doubled down, floating a trial balloon of a $30 billion offer for the entirety of paramount global, including the debt. paramount passed on allen’s proposals. under bakish, the company did shed some assets to shore up the balance sheet. in 2021, it sold the skyscraper known as blackrock, cbs’ new york headquarters, for $760 million, as well as the cbs studio center lot (aka cbs radford) for $1.85 billion. and last october, paramount global closed its $1.62 billion sale of simon & schuster to private equity firm kkr. showtime content is now available via the paramount+ streamer, and conversely, some paramount+ shows are carried on the linear showtime cable channel. this plan was orchestrated by mccarthy as a way of getting more bang for the bucks spent on original series for showtime and paramount+. insiders maintain that the benefit of bolstering paramount+ with the showtime library and the long term cost benefits of airing the same shows on two different platforms far outweighs the cash they were offered for the showtime linear channel. and bet media group is virtually assured to be on the sales block soon under the new regime’s plan. so are the latin american channels telefe and chilevisión. the goal, sources close to the situation say, is for paramount global to make sure it is devoting as much money and resources as possible to creating hit tv shows and movies. everything else   such as investing in the technology required to run a global streaming service or to operate a tv network on another continent   is subject to review. “we should have pivoted our strategy from growth, growth, growth at all costs two years ago,” says a senior paramount global source. “this is that pivot.” the whirlwind of negativity about the company’s current state has taken its toll. many employees have been looking for new jobs for months. with redstone tapping the brakes   for now   on a sale process, what’s next for the storied studio? redstone may pursue a sale of her national amusements inc. holding company alone, instead of trying to construct a deal that also encompasses all of paramount global. amid the chaotic skydance talks, others have emerged to scope out an acquisition of nai. those include ex warner music and seagram boss edgar bronfman jr. and bain capital as well as producer and filmmaker steven paul. for now, redstone has been publicly conveying her full confidence in the new regime. “nai supports the recently announced strategic plan being executed by paramount’s office of the ceo as well as their ongoing work and that of the company’s board of directors to continue to explore opportunities to drive value creation for all paramount shareholders,” the company said in a statement confirming it had broken off talks with skydance. the co ceos said in a june 12 companywide memo that they are continuing to focus on executing their strategic plan, while also noting that the board will “always remain open to exploring strategic alternatives.” on the streaming front, mccarthy said paramount global is “exploring options” to form a joint venture or a long term partnership   not just a deal to cobble together marketing bundles   with another streamer or tech platform to give paramount+ more heft and more content without draining paramount’s coffers. to date, paramount has discussed merging paramount+ with nbcuniversal’s peacock in some way; the companies are already joint venture partners in the european streaming service skyshowtime. at the june 4 shareholders meeting, redstone said, “while we recognize this is not a traditional management structure, we are confident it will enable them to take quick action to implement best practices across the business and drive better performance.” the overarching goal for paramount, she claimed, is “driving value for all our shareholders.” given all the scrutiny, redstone’s newly configured leadership team is on the clock to prove that theirs is the right strategy to turn the company around. as is usual for such presentations, paramount kicked off the meeting with the obligatory programming sizzle reel. that included a clip of spongebob squarepants exclaiming, “i am so excited, i think i’m gonna explode!” it was a jarring contrast to the current anxiety among paramount’s rank and file, who are trying to maintain a business as usual façade amid the uncertainty of what will happen next. clayton davis, matt donnelly, jennifer maas and michael schneider contributed to this report. the business of entertainment

agree & join linkedin by clicking continue to join or sign in, you agree to linkedin’s user agreement, privacy policy, and cookie policy. ceo & founder at symbol zero // microsoft regional director higlighting: "in recent weeks, redstone and other board members concluded that paramount didn’t need skydance’s help to fix its problems." (variety)       this is a great explanation by variety of what the hell just happened between paramount and skydance. sadly, it likely means more layoffs coming up. oh, and a streaming merger.       variety: "what went wrong: inside paramount’s failed merger talks and the battle to salvage the company" (cynthia littleton, todd spangler) (jun 19, 2024) (excerpt) "for shari redstone, it was nothing personal. but the longer the negotiations went on, the more redstone fell out of love with the idea of marrying her family’s legacy to david ellison’s skydance media. so on june 11, as board members of paramount global were about to hold a key meeting on the long gestating deal to merge with skydance, redstone was out   even as those around her were still scrambling to get it done. earlier that morning, lawyers and bankers for both sides were up at dawn to finish paperwork for the meeting, scheduled for 11:30am. skydance leaders believed it would be the last hurdle to clinching an agreement. after months of highly public negotiations and the turmoil of paramount ousting ceo bob bakish in april, ellison’s team thought an agreement to take control of the company that owns paramount pictures, cbs, showtime, nickelodeon, bet and paramount+ was in hand. but two minutes before the june 11 meeting’s start time, the skydance ceo and others received a bombshell via email. lawyers representing national amusements inc. sent an email that they were ending negotiations. team skydance was floored, and expletives flew as they processed the news. redstone’s ability to make such a unilateral decision to call off the talks is a testament to her unusual power, even with her empire’s diminished state. the only woman to ever control one of hollywood’s largest media conglomerates came to the conclusion that skydance wasn’t the right move at the right time   despite the greek chorus of wall streeters and business leaders who have opined for months that market conditions had left her two choices: sell or watch the company wither. the collapse of the skydance paramount deal sent hollywood tongues wagging about the company’s future. for redstone another option emerged during those months. paramount set up a three person office of the ceo comprising the company’s top operational leaders: george cheeks of cbs, chris mccarthy of the cable networks group and mtv entertainment studios and brian robbins of paramount pictures and nickelodeon. last month, that trio outlined a strategic plan for the company that impressed redstone and other board members. it’s an austerity program that calls for big cuts in corporate spending, staff layoffs and asset sales. it also banks on paramount finding an investor or joint venture partner for the paramount+ streamer. (keep reading) variety: https://lnkd.in/gef_fshs #hollywood #paramount #filmindustry games industry executive, publishing & development consultant not like the redstone family aren’t past masters at pulling rugs … but this seems to have turned around this morning!! to view or add a comment, sign in coordenador administrativo financeiro / gestão de suprimentos no shopping de afogados paramount agrees to merger with skydance, ending redstone family’s reign https://ift.tt/zmbpjgl the entertainment giant paramount will merge with skydance, closing out a decades long run by the redstone family in hollywood and injecting desperately needed cash into a legacy studio that has struggled to adapt to a shifting entertainment landscape. it also signals rise of a new power player, david ellison, the founder of skydance and son of billionaire larry ellison, the founder of the software company oracle. shari redstone’s national amusements has owned more than three quarters of paramount’s class a voting shares though the estate of her late father, sumner redstone. she had battled to maintain control of the company that owns cbs, which is behind blockbuster films such as “top gun” and “the godfather.” just weeks after turning down a similar agreement with skydance, however, redstone agreed to a deal on terms that had not changed much. “given the changes in the industry, we want to fortify paramount for the future while ensuring that content remains king,” said redstone, who is chair of paramount global. the new combined company is valued at around $28 billion. skydance, based in santa monica, california, has helped produce some major paramount hits in recent years, including tom cruise films like “top gun: maverick” and installments of the “mission impossible” series. skydance was founded in 2010 by david ellison and it quickly formed a production partnership with paramount that same year. ellison, if the deal is approved by u.s. regulators, will become chairman and chief executive officer of what’s being called new paramount. the on again, off again merger arrives at tumultuous time for paramount, which in an annual shareholder meeting in early june laid out a restructuring plan that includes major cost cuts. leadership at paramount has been volatile this year after its ceo bob bakish, following a number of disputes with redstone, was replaced with an “office of the c.e.o,” run by three executives. four company directors were also replaced. paramount, however, has struggled to find its footing for years and its cable business has been hemorrhaging. to capture today’s growing streaming audience, the company launched paramount+ back in 2021, but losses and debts have continued to grow. sumner redstone used national amusements, his family’s movie theater chain, to build a vast media empire that included cbs and viacom, which have merged and separated a number of times over the years. most recently, the companies re joined forces in 2019, undoing the split consummated in 2006. the company, viacomcbs, changed its name to paramount global in 2022. under sumner redstone’s leadership, viacom became one of the nation’s media titans, home to pay tv channels mtv and comedy central and movie studio paramount pictures. it is a company with a rich history, as well as a deep bank of media assets, ankd skydance wasn’t the o... to view or add a comment, sign in ceo of clark street capital paramount has been a train wreck under shari's leadership.... https://lnkd.in/g rqnweb how did redstone and paramount get into such a jam? "it's just been one terrible decision after another," said corporate governance expert nell minow. years of under investment, mismanagement, a titanic shift in audience behavior, a shotgun marriage of viacom and cbs five years ago, the covid 19 pandemic and a costly push into streaming have diminished the standing of the once formidable hollywood player, according to interviews with media industry executives, company insiders and financial experts. paramount's stock has plunged 60% since redstone's upbeat assessment in early 2022. (shares closed at $13.05 on friday, virtually unchanged.) shareholders have bolted, including legendary investor warren buffett, who this month acknowledged that buying paramount stock (63 million shares) was a mistake, saying: "we lost quite a bit of money." four paramount board members are exiting next month. and with bakish out, three top creative executives are running paramount in an awkward "office of the ceo" power sharing arrangement that is likely a stop gap until the company is sold. to view or add a comment, sign in hospitality, finance, customer success, and business development professional | 17+ years of management experience | mba paramount deal crowns a new hollywood emperor in the m&a version of a dynastic pact, control of the iconic hollywood conglomerate paramount global will pass from one corporate heir to another. paramount’s controlling shareholder, shari redstone, who inherited the reins from her father, agreed to merge it with skydance media, led by david ellison, the son of oracle founder larry ellison. in the first phase of a multistep merger, skydance will pay redstone $2.4 billion to gain control of the company. the deal comes after a negotiations saga that included redstone calling off a similar agreement several weeks ago and paramount’s ceo resigning in april. ailing giant rescue ellison, a 41 year old college dropout turned actor turned movie producer, will become paramount’s new ceo. he’ll be tasked with restoring the beleaguered heavyweight to its former glory. paramount owns cbs, mtv, nickelodeon, and the movie studio behind classics like the godfather and titanic. ellison’s skydance previously teamed up with paramount to release hits like top gun: maverick and star trek into darkness. despite its storied past, paramount has struggled to adapt to a post linear tv world. it’s bleeding cash and hasn’t yet been able to offset losses with its streaming service, paramount+. skydance and its financial backers (which include ellison’s father and redbird capital partners) will provide paramount with $1.5 billion in cash to help pay off debt and spend $4.5 billion to buy back shares from investors. the new leadership plans to use its tech know how to speed up paramount’s pivot to digital and get viewers to spend more time on paramount+. it intends to harness generative ai for efficiency gains and to slash costs by $2 billion, while paramount’s existing bosses said they’ll press ahead with previously planned layoffs. looking ahead…the deal is set to close in q3 of next year, barring any regulatory snags or rival bidders, who have 45 days to submit offers. sk https://lnkd.in/enfwx9cr to view or add a comment, sign in founder•ceo•president trace media• american film convention advisory board: creative, acquisition & distribution exec•producer 📣 breaking: paramount/skydance sit this dance out! well. that was one helluva tango. but the buzz around the paramount and skydance merger has come to a surprising halt. skydance ceo david ellison broke the news to his team that their ambitious bid to merge with paramount is off the table. despite shari redstone’s decision to decline their offer to buy national amusements, ellison remains upbeat. he told skydance staff that the process made them “stronger” and that they’re “more confident than ever” about their future. with a robust lineup of tv projects and top tier creative and technological resources, skydance is ready to soar higher than ever. ellison’s message? skydance isn’t slowing down. they’re doubling down on their mission to be a next gen entertainment powerhouse, shaping the future of content creation on their own terms. in the ever shifting world of media, this decision is a reminder that even the biggest deals can pivot. keep an eye on skydance they’re just getting started. my take away: even though this might seem like a setback i find dave’s response inspiring. instead of viewing this as a loss, he sees it as a strengthening process for skydance. and he’s right these experiences shape us and drive innovation. this situation highlights a crucial lesson: in an ever evolving industry, flexibility and resilience are key. the ability to adapt and forge ahead, even when plans change, sets leaders apart. as someone who’s passionate about the future of entertainment, i’m excited to see how skydance continues to grow and innovate on their own terms. their story is a testament to the power of tenacity and vision in building a next gen entertainment company. my message for shari: from one girl boss to another your decision reflects a strong vision for paramount’s future. it’s a powerful reminder that standing firm in our strategic goals is crucial, even when faced with tempting opportunities. onwards and upwards! 🚀 wrap up: i’m excited to see how both paramount and skydance continue to evolve and lead in their own directions. their stories are testaments to the power of tenacity, vision, and unwavering commitment to their unique paths in the industry. i for one, will continue to watch paramount’s next chess move. #paramount #skydance #mediamerger #entertainmentnews #industryupdate #nextgenentertainment to view or add a comment, sign in originator of streaming tv, tmt futurist, ceo@freecasttv, @selecttv, @streamingtvkit @rabbittv fmr megachannels.tv (circa 1998), 30yr tech entrepreneur. skydance / paramount: people, people, people..."eyes wide shut ii" 45 day go shop & regulatory still 2 go & how bout those revenues, where's the big media tech?...not at oracle per variety   "as part of the deal, paramount global will have the right to shop around for matching or superior offers for a 45 day period before completing the deal with skydance. the newly engaged partners sought to downplay that option, which is designed to provide redstone cover for lawsuits from common shareholders. a previous interation of the skydance paramount deal that broke down last month offered less advantageous terms for shareholders not named redstone. under the new agreement, skydance and its private equity partners including redbird capital vow to invest $6 billion to reinvigorate the company that owns paramount pictures, cbs, nickelodeon, paramount+ and numerous other studio and content assets. the new deal offers common shareholders about $15 a share, 48% premium to where the stock has traded in recent days and about $2 more than the previous pact. redstone will receive $2.4 billion for her preferred voting shares, held by national amusements, that give her 77% of the voting power in the company compared to about 10% of its equity. skydance and redbird and others will also kick in more cash to help tame paramount global’s significant $14 billion plus debt load. if the deal is completed, the transaction will leave skydance with 70% of the equity in paramount and ownership of all class a shares. although paramount has been seen as on the block for years, that ticking clock of the 45 day window is likely to bring out opportunistic contenders. already, media adjacent moguls including barry diller and edgar bronfman jr. have indicated interest in a deal to buy out national amusements. the announcement confirms that the agreement includes “a 45 day go shop period during which the special committee of paramount’s board of directors, with the assistance of its financial advisors, will be permitted to actively solicit and evaluate alternative acquisition proposals. there can be no assurance that this process will result in a superior proposal, and paramount does not intend to disclose developments with respect to the go shop process unless and until it determines such disclosure is appropriate or is otherwise required.” #freecast #nextgenstreaming #streamingwars #nomoreappdiving https://lnkd.in/eywa8vdm to view or add a comment, sign in originator of streaming tv, tmt futurist, ceo@freecasttv, @selecttv, @streamingtvkit @rabbittv fmr megachannels.tv (circa 1998), 30yr tech entrepreneur. back to square one as another paramount deal falls through   while it one looked like a done deal, paramount’s merger with skydance media has fallen apart, in a confusing turn of events considering the difficult situation the media giant is in and months in which it seemed shari redstone was determined to sell the company to someone. with this deal and others off the table, it looks like paramount will have to chart its own course, something it seems decidedly unprepared to do, considering its only strategy of late has been to put out a “for sale” sign. will paramount elect to find a ceo and attempt to sort out its business on its own, or will shari redstone be forced to return to the negotiating table before long? given the whiplash in paramount’s multiple merger discussions, it’s anyone’s guess. mine is...sign of the times means, more losses and stock plummeting to come from others folks. pure ego driven lost non techies, when results staring each in the face. #freecast #nextegenstreaming #streamingwars #nomoreappdiving https://lnkd.in/ezuzxj4c to view or add a comment, sign in to view or add a comment, sign in 87 followers 🎬 paramount & skydance merge, ending redstone era 🎥 paramount global and skydance have agreed to merge, concluding months of negotiations. this deal marks the end of the redstone family's control over paramount, with shari redstone's national amusements stepping aside. 🔹 key details: redbird capital partners and kkr will invest over $8 billion into paramount and acquire national amusements. national amusements valued at $2.4 billion, including $1.75 billion in equity. paramount’s class a shareholders receive $23 per share; class b shareholders get $15 per share, totaling $4.5 billion in cash for public shareholders. skydance to inject $1.5 billion into paramount’s balance sheet. 🔹 leadership changes: skydance founder david ellison becomes ceo of the combined company. jeff shell, former ceo of nbcuniversal, will serve as president. 🔹 regulatory approval: expected to close in q3 2025, with a 45 day "go shop period" for other offers. 🔹 significance: ends the redstone family's long standing control over paramount, known for iconic films like "the godfather" and "top gun". marks a major shift in hollywood, with skydance focusing on enhancing paramount's storytelling and content creation capabilities. 🔹 future vision: emphasis on paramount pictures, cbs, sports, and traditional tv business despite its decline. aim to establish paramount as a "tech hybrid" to meet market demands. 🔹 market impact: paramount’s stock fell by 5% on the announcement. skydance valued at $4.75 billion, with equity holders receiving 317 million class b shares at $15 per share. #paramount #skydance #hollywoodmerger #redstoneera #movieindustry #medianews to view or add a comment, sign in on air business reporter at yahoo finance 🏔 paramount has been at the center of media merger talks for years. now, the company's fate could soon be determined with a key negotiation window set to expire today. 😠 paramount's nonvoting shareholders have publicly expressed concerns over the terms of a skydance deal, which they say unfairly benefits shari redstone, the company's controlling shareholder, at the expense of other investors. 👀 skydance isn't paramount's only suitor either. sony pictures entertainment and private equity firm apollo global management have formally expressed interest in purchasing the media giant for $26 billion, according to a source familiar with the situation. many twists and turns to this saga...but could it be coming to an end? i break down what we know and how we got here in my latest for yahoo finance #paramount #mergersandacquisitions #media #dealmaking #business #streamingwars #businessnews #financenews #skydance #apollo #sony to view or add a comment, sign in 22,236 followers create your free account or sign in to continue your search or by clicking continue to join or sign in, you agree to linkedin’s user agreement, privacy policy, and cookie policy. new to linkedin? join now or new to linkedin? join now by clicking continue to join or sign in, you agree to linkedin’s user agreement, privacy policy, and cookie policy. linkedin never miss a beat on the app don’t have the app? get it in the microsoft store.

by jill goldsmith co business editor after months of negotiations, paramount global’s controlling shareholder shari redstone has broken off merger talks with david ellison‘s skydance. national amusements has “not been able to reach mutually acceptable terms regarding the potential transaction with skydance media for the acquisition of a controlling stake in nai,” said the redstone family trust that controls paramount. “nai is grateful to skydance for their months of work in pursuing this potential transaction and looks forward to the ongoing, successful production collaboration between paramount and skydance. “nai supports the recently announced strategic plan being executed by paramount’s office of the ceo as well as their ongoing work and that of the company’s board of directors to continue to explore opportunities to drive value creation for all paramount shareholders.” the two sides have been deep in discussions during and after a one month exclusive negotiating period in april and redstone at one point had favored the deal, which would have paid her a premium and also kept the businesses together, at least initially. the proposed transaction called for skydance to acquire redstone’s nai, gaining control of paramount, and then see par and skydance merge. as recently as this past weekend, talks were intense but there were a few major sticking points. one is said to center around who would assume potential legal liabilities in the likely case of shareholders lawsuits. paramount global stockholders vocally disliked the skydance deal from the start and threatened to sue. skydance, backed by larry ellison and gerry cardinale’s redbird capital, revised the deal several times to sweeten the pot for them, but they still weren’t enamored. meanwhile, a few other bidders had emerged to acquire shari redstone’s controlling stake in a deal that would be a change of control of the publicly traded company, but not a merger. producer steven paul put together a group of deep pocketed investors and is interested. and former universal chief edgar bronfman jr, backed by bain capital, is also looking at a deal. paul at least, a friend of redstone, was regarded as a stalking horse by many   a bidder encouraged by a company, in this case paramount, to lob an offer and pressure other parties. with skydance out, paul and bronfman are now higher profile. the offers are only for redstone’s controlling stake in paramount, which would be the simpler way for her to go. sony and private equity giant apollo early on had considered a joint $26 billion bid for the entire company, which would have been another way and one beloved by stockholders. that bid has since been scaled back and sony is still doing due diligence (an examination of paramount books, like skydance did) for some kind of smaller transaction. related: sony’s tony vinciquerra says paramount talks are “still progressing” despite skydance sweetening deal paramount, which has struggled due to cord cutting and linear tv’s difficulties, has been the subject of m&a talk since last fall. skydance, which has co financed a number of film and tv projects with paramount pictures, was the first outside entity to emerge as a legitimate suitor. the process has been messy and very public. amid all of the takeover speculation, former paramount ceo bob bakish departed in april, weeks before four board members stepped down. reports tied the directors’ exits to frustration with the skydance deal. bakish was replaced by the office of the ceo referred to above and comprised of top paramount executive brian robbins, george cheeks and chris mccarthy. dade hayes contributed to this report. get our breaking news alerts and keep your inbox happy. signup for breaking news alerts & newsletters by providing your information, you agree to our terms of use and our privacy policy. we use vendors that may also process your information to help provide our services. this site is protected by recaptcha enterprise and the google privacy policy and terms of service apply. get our latest storiesin the feed of your favorite networks we want to hear from you! send us a tip using our annonymous form. sign up for our breaking news alerts by providing your information, you agree to our terms of use and our privacy policy. we use vendors that may also process your information to help provide our services. this site is protected by recaptcha enterprise and the google privacy policy and terms of service apply. deadline is a part of penske media corporation. © 2025 deadline hollywood, llc. all rights reserved. by providing your information, you agree to our terms of use and our privacy policy. we use vendors that may also process your information to help provide our services. this site is protected by recaptcha enterprise and the google privacy policy and terms of service apply.

by todd spangler ny digital editor after more than six months of on again off again talks, shari redstone has ended negotiations with david ellison’s skydance media about a prospective merger with paramount global. the news shocked the entertainment industry as there had been many signals this week that the sides were moving closer to a transaction. redstone is paramount global’s controlling shareholder through national amusements inc., which owns 77% of the voting shares in paramount. paramount global shares plummeted 7.9% in the final half hour of trading tuesday after the news of the skydance talks ending broke, closing at $11.04 per share. in a statement, redstone’s nai said, “national amusements, inc., the majority voting shareholder of paramount global, today announced that they have not been able to reach mutually acceptable terms regarding the potential transaction with skydance media for the acquisition of a controlling stake in nai.” the statement continued, “nai is grateful to skydance for their months of work in pursuing this potential transaction and looks forward to the ongoing, successful production collaboration between paramount and skydance. “nai supports the recently announced strategic plan being executed by paramount’s office of the ceo as well as their ongoing work and that of the company’s board of directors to continue to explore opportunities to drive value creation for all paramount shareholders,” the company said. a rep for skydance media declined to comment. nai’s decision to end talks with skydance was first reported by the wall street journal. jamie lumley, media analyst with third bridge research, speculated that the promise of legal fights with other shareholders may have been too daunting for redstone to take the plunge with skydance. “a skydance deal with paramount raised a few eyebrows from the get go,” lumley said in a note published tuesday. “as it became increasingly clear that skydance intended to sell off assets following a merger, it seems likely shari redstone wanted greater say over the ultimate home of the pieces of her media empire. additionally, the convoluted nature of the proposed merger might have led to legal challenges from common shareholders and threatened its viability.” robert fishman, senior research analyst with moffettnathanson, also weighed in with more unanswered questions about paramount global’s future. “ms. redstone now seems set on either continuing the status quo or divesting herself of just her nai stake, handing over the reins of her family’s empire to new stewards without delving into any broader or more complicated plan that would involve other media companies or shareholders,” fishman wrote in a note published tuesday. the special committee paramount global’s board of directors that has been evaluating sale and merger options for the company since last fall also weighed in to reiterate that nai called off the talks. the committee had been expected to vote today on the deal terms hammered out after months of back and forth. but that vote never happened, the committee confirmed in a statement. “the special committee met on tuesday to discuss progress of discussions regarding a potential transaction with skydance media. at that time, the special committee was informed by a representative of national amusements, inc. that it did not have an agreement on a deal with skydance media and didn’t anticipate a path forward on this transaction. the special committee did not vote on any potential transaction,” the statement said. redstone, daughter of late media mogul sumner redstone, and ellison, son of oracle founder and megabillionaire larry ellison, were ultimately unable to reach an agreement on the terms of a complex transaction that would have turned over control of paramount global to skydance and its private equity partner redbird capital partners. amid the chaos and uncertainty over the protracted negotiations among nai, paramount, and skydance and its team, others have emerged to potentially scope out an acquisition of national amusements alone (instead of trying to construct a deal that also comprises paramount global). those include edgar bronfman jr. and bain capital, which are considering a bid of up to $2.5 billion for nai, as well as producer and filmmaker steven paul, who was behind the “baby geniuses” movie franchise. could redstone decide that paramount global   even with its nearly $15 billion in debt (which recently was cut to junk status) and declining tv business   can go it alone? tuesday’s statement from nai suggests that is a possibility. at paramount global’s shareholder meeting on june 4, the three execs running the company in the newly established office of the ceo   george cheeks, president and ceo of cbs; chris mccarthy, president and ceo, showtime/mtv entertainment studios and paramount media networks; and brian robbins, president and ceo of paramount pictures and nickelodeon   presented a strategy for the company that didn’t envision a new owner. the trio spoke about how they plan to cut upwards of $500 million in costs annually through layoffs and other cost reduction measures, pursue a joint venture with paramount+ and potentially sell some assets. on monday, paramount extended change in control severance benefits to cheeks, mccarthy and robbins that kick in if the company transacts a sale or merger, and also granted the three co ceos bonuses for the time during which they serve in the office. redstone ousted former ceo bob bakish on april 29, reportedly over bakish’s clash with redstone over pursuing the deal with skydance. variety vip+ analysis: how do you solve a problem like paramount+? skydance’s last offer was tentatively agreed to earlier this month by paramount global’s special committee established to evaluate m&a offers, and it was submitted to redstone for consideration last weekend. under those proposed terms, the skydance consortium would have paid redstone about $2.1 billion for nai and current paramount class b shareholders (who do not have voting rights) would have been able to cash in nearly half their shares for $15 per share. the skydance group also would have paid $1.5 billion in cash to help pay down paramount’s debt. after the merger of paramount global and skydance, the skydance consortium would have owned about two thirds of the shares in paramount as a public company. meanwhile, sony pictures and private equity firm apollo global management emerged as joint bidders for paramount global, floating an offer of $26 billion (including assumption of debt) last month. however, sony and apollo have since backed away from pursuing a deal for paramount in its entirety. (cynthia littleton contributed to this report.) a variety and iheartradio podcast the business of entertainment

maybe the biggest tell that traditional media is heading for the icu isn’t that after months of intense negotiations, shari redstone did something weird and refused to sell her fading empire to a company known as skydance. no, it’s that a lot of smart media people, including those involved in the negotiations, believe that when shari is faced with the cold, hard facts about the business she inherited from pops, the late media mogul sumner redstone, she will likely be back at the bargaining table. she simply has nowhere else to go. i know what you’re saying: aren’t there other bidders for her “controlling stake” in paramount? sorry, if you know the business, it’s not exactly an awe inspiring group. less awe inspiring: paramount is run by three executives all effectively reporting to redstone, who during her time taking over the family business has squandered billions of dollars in stock market value. then there’s paramount’s main drivers of business   cbs, nfl tv rights, local stations, mtv, bet and nickelodeon   all getting crushed by cord cutting. its studios suffer from a lack of interest in going to the movies. the streaming service still loses money. that’s why paramount’s stock lost what’s approaching $1 billion in market value in the immediate aftermath of shari pulling a 180, literally saying no last tuesday to a deal with her family’s fortune on the line. is redstone simply incompetent? maybe, but consider: all traditional media are suffering and in need of a savior. analyst rich greenfield recently posted on social media that netflix’s market value is bigger than the top four media content providers combined. yes, paramount is just the weakest of a weak bunch but that doesn’t mean shari likes being treated like a piker. what pushed her over the edge to deep six a deal that was literally about to be approved by the paramount board is that she felt skydance was nickel and diming her. it was shari’s view   and it’s not a stretch   that skydance has the money to pay her what she wants. the company is run by movie producer david ellison, who has the same name as oracle chairman larry ellison because they are father and son. last i checked (and shari as well), larry is one of the world’s richest men with a net worth of more than $150 billion, which means he has more than enough dough to back up his son’s ambitions to own a media company and handle shari’s side of the trade. .but they didn’t in part because of the weird way the redstone family controls paramount. shari “owns” the company through a bit of financial alchemy, devised by her dad, holding so called voting or controlling shares. that makes any potential sale of her stake a bit wonky because there are common shareholders of paramount as well. they always threaten to sue, and they did in this case as well because they initially got next to nothing. so skydance began to come up with ways to make the commons happy at shari’s expense, pushing her payout down to close to $2 billion, and then refusing to indemnify her if there were lawsuits. i’ve interviewed people on all sides of the drama, and they all offer variations of the same story; paramount board members who don’t like the ellisons whispering in shari’s ear killed the deal; shari being too emotional about letting her baby go ultimately scuttled it. but one thing is certain: nobody likes to get penny pinched. based on what i can suss out, david and his deal partners at redbird capital didn’t give cutting shari’s payout a second thought; they believed she had no choice but to sell as her melting ice cube of a media company was slowly dissipating and other buyers either didn’t have the money or faced regulatory hurdles. morning report and evening update: your source for today's top stories please provide a valid email address. by clicking above you agree to the terms of use and privacy policy. never miss a story. that makes sense on paper. what doesn’t is that david ellison and shari weren’t on speaking terms for weeks before she pulled out, which is always a bad sign for any acquisition. recall: david began wooing shari months ago presumably because he really wants paramount’s properties and media mogul status. then they just stopped talking as the terms began to change. in dealmaking, silence is never golden; you got to approach it like you’re asking the homecoming queen to the prom. and you turn on the charm. david ellison didn’t do that. his people say it’s not his fault; lawyers recommended he stay away. either way, that’s why he got dumped. he failed dealmaking 101. i chalk it up to inexperience since this is david’s first big dance. but his deal partner, redbird, is run by veteran media banker gerry cardinale, one of the best in the business who has more eq (emotional intelligence) than anyone on wall street, so you would think he would have intervened. my reporting shows he didn’t. again, cardinale and the skydance people think shari doesn’t have a lot of good options   and she will be back with a weaker hand, my sources say. but they were wrong before and they are dealing with a redstone; lots of family drama went into shari running the place that we don’t have the space to get into here. shari has an ego. also, let’s just posit that she learned a few things from her old man. she knows david really wants to build a media empire and he has daddy’s money to do so. that brings us to a different family drama at skydance involving the ellisons. the negotiations were long and protracted, and i hear larry wasn’t crazy about shari’s last minute reversal. he might not want to back the deal for his kid even if she comes back to the table. or maybe larry does his own 180 if shari does come back and shows her the money to make his son the next sumner redstone.

after months of negotiations, shari redstone walked away from a tie up with skydance media. here’s how a plan to reshape the media conglomerate broke apart. (nyt) why redstone ultimately vetoed the deal is now up for discussion. was redstone irked by the latest financials of the offer? was she afraid of shareholder litigation? is legacy at play? or is it simply that redstone just cannot let go of the empire that her father, sumner, built? the answer, of course, depends greatly on who you ask. view subscription options already a member? sign in adweek is the leading source of news and insight serving the brand marketing ecosystem.

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(“chs”). the ftc filed suit in federal court and in its in house administrative court in january, alleging that the transaction violated section 7 of the clayton act in the market for inpatient general acute care services sold to commercial health plans and their members. investment banking today brings together the best content for investment banking professionals from the widest variety of industry thought leaders. jd supra: mergers june 12, 2024 last week, a federal judge in north carolina declined to preliminarily enjoin novant health, inc.’s (“novant”) acquisition of two hospitals from community health systems, inc. (“chs”). the ftc filed suit in federal court and in its in house administrative court in january, alleging that the transaction violated section 7 of the clayton act in the market for inpatient general acute care services sold to commercial health plans and their members. the new york times: banking june 12, 2024 federal reserve officials signaled that interest rates could stay higher this year as policymakers pause to ensure they’ve stamped out inflation. jd supra: mergers june 12, 2024 following other recent decisions addressing the applicability and scope of kahn v. m&f worldwide corp. (“mfw”), including in re match group inc., derivative litigation and tornetta v. musk, on may 1, 2024, the delaware supreme court in city of sarasota firefighters' pension fund et al. v. inovalon holdings, inc. held that inovalon holdings, inc., its ceo and its board of directors failed to comply with mfw’s fully informed stockholder vote requirement and therefore could not avail themselves deal lawyers june 12, 2024 earlier this week, in trifecta multimedia holdings, inc., et al. v. wcg clinical services llc, (del. ch.; 6/24), the chancery court held that a standard integration clause was insufficient to bar claims against a buyer premised on its alleged assurances to assist in growing the target’s business post closing. jd supra: mergers june 12, 2024 m&a dealmakers have been on a wild ride: from the pandemic fueled rout in 2020 to 2021’s record breaking recovery to a steep decline in 2023, the global m&a market has offered a masterclass in volatility. while global m&a activity, in terms of value, fell to its lowest level in 10 years in 2023, deal count did not drop as steeply as deal value, reflecting a focus on smaller deals. speaker: brian muse mckenney, chief revenue officer & matt simester, cards and payments expert in today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of gen z consumers. credit cards with flexible payment options, especially for young adults with little to no credit history, are a particularly important and valuable solution for this generation. cnbc: investing june 12, 2024 as the market awaits expected fed rate cuts, one consumer finance company has raised the apy on its one year certificates of deposit. jd supra: mergers june 12, 2024 on june 6, 2024, california attorney general rob bonta announced that he led a multistate coalition of eleven (11) state attorneys general in in submitting a comment letter (the “comment letter”) in response to the federal trade commission, the u.s. department of justice, and the u.s. department of health and human services’ (together the “agencies”) request for information regarding consolidation in healthcare by private equity. the new york times: banking june 12, 2024 the latest data could help to restore policymakers’ conviction that inflation is in the process of returning to the federal reserve’s goal. jd supra: mergers june 12, 2024 in huf rest., inc. v. commonwealth, no. 394, 2024 pa. commw. lexis 105, at *1 (pa. commw. ct. apr. 24, 2024) the commonwealth court ruled that a buyer’s failure to obtain a bulk sale certificate made it liable for the seller’s unpaid taxes on a restaurant and liquor license that the buyer bought. by: tucker arensberg, p.c. the complexity of financial data, the need for real time insight, and the demand for user friendly visualizations can seem daunting when it comes to analytics   but there is an easier way. with logi symphony, we aim to turn these challenges into opportunities. our platform empowers you to seamlessly integrate advanced data analytics, generative ai, data visualization, and pixel perfect reporting into your applications, transforming raw data into actionable insights. lake country advisors june 12, 2024 mergers and acquisitions (m&a) combining two companies into one or acquiring and absorbing a new entity are strategic moves that drive business growth. if managed well, they expand market reach, introduce new technologies, and synergize operations. however, even m&as with optimistic projected outcomes can lead to several challenges if not. whether it’s your first foray into m&as or your second or even third go at it, a keen awareness of its implications is vital to ensuring you jd supra: mergers june 12, 2024 episode 7: exploring the role of operating partners in private equity in this episode of bright minds in healthcare delivery, donna cooper joins host eric tower for a conversation about her career and how her prior experience has influenced her current role as an operating partner. donna explains the role of an operating partner at…. european investment bank june 12, 2024 covering eib global’s activities in 2023, this annual report shows how these activities are aligned with eu priorities and initiatives in different regions. it details the results and impact achieved by eib global’s activities and provides an update on how the bank is improving its mode of delivery, in order to enhance that impact. it is divided into four main sections: a tailored, regional approach: this section reports on the activities of eib global. jd supra: mergers june 12, 2024 the addition of infrastructure to pe firms’ playbooks is part of a broader embrace of adjacent private market asset classes  after a difficult year in which unlisted, closed end infrastructure funds raised us$112 billion down 35 percent from the record us$172 billion in 2022 the infrastructure sector has begun to turn a corner. in a february survey by infrastructure investor, 41 percent of investors said they intend to put more capital toward infrastructure in the next 12 months, while only ten. speaker: robbie bhathal, founder & ceo, and matthew acalin, head of credit intelligence in today's volatile financial environment, how confident are you in your company’s financial forecasting? to get the most accurate cash predictions that will lead to long term financial survival, real time data is critical. innovative cash management strategies can lead to better credit opportunities, more sustainable growth, and long term financial prosperity. cisco: m&a june 12, 2024 whether enabling the season’s biggest tournaments with top tier technology or supporting the sport’s biggest stars like nelly korda, 2024 has seen cisco continue to tee up opportunity across golf. align business advisory services june 12, 2024 exit planning: knowing when it’s time to sell your lower middle market company (part 3) m&a for growth and opportunity beyond retirement so, you’re not ready to hang up your hat just yet. many entrepreneurs find the idea of selling their thriving business unappealing. but what if selling your company could fuel its growth. read more » the post exit planning (part 3): m&a for growth and opportunity beyond retirement appeared first on align ba. cisco: m&a june 12, 2024 for cisco, the first few weeks of summer often bring exciting new announcements delivered at cisco live. this year has been no different with the multiple investments made to integrate ai into our solutions, partnerships with microsoft and google, and simplification across the architectures. the new york times: mergers, acquisitions and dive june 12, 2024 after months of negotiations, shari redstone walked away from a tie up with skydance. here’s how a plan to reshape the media conglomerate broke apart. in the fast moving manufacturing sector, delivering mission critical data insights to empower your end users or customers can be a challenge. traditional bi tools can be cumbersome and difficult to integrate   but it doesn't have to be this way. logi symphony offers a powerful and user friendly solution, allowing you to seamlessly embed self service analytics, generative ai, data visualization, and pixel perfect reporting directly into your applications. the new york times: banking june 12, 2024 federal reserve officials are expected to leave interest rates unchanged, and will release fresh estimates of how many cuts could come this year. cnbc: investing june 12, 2024 the wall street firm noted this buy rated chipmaker is an 'indispensable and reliable partner' to the iphone maker. cisco: m&a june 12, 2024 learn more about cisco ise 3.4 announcement and common policy. cnbc: investing june 12, 2024 a software giant and a shoe stock were among the stocks being talked about on wall street. in the rapidly evolving healthcare industry, delivering data insights to end users or customers can be a significant challenge for product managers, product owners, and application team developers. the complexity of healthcare data, the need for real time analytics, and the demand for user friendly interfaces can often seem overwhelming. but with logi symphony, these challenges become opportunities. global newswire by notified: m&a june 12, 2024 los angeles, june 12, 2024 (globe newswire)    nasdaq listed, agba group holding limited (“agba” or the “company” or the “group”), reports that on june 12, 2024, the company filed its preliminary proxy statement for its shareholder meeting to approve its $4,000,000,000 merger of agba and triller corp. cnbc: investing june 12, 2024 the firm said the pullback makes for a good entry point for the stock and predicts it has about 11% upside from tuesday's close. the trade june 12, 2024 building on top of the increased electronification of the us corporate bond market over the past decade, trading automation is now the key focus area according to a new report from coalition greenwich. the majority of surveyed participants (65%) told coalition greenwich that their primary technology priority for this year was automating parts of the corporate bond trading process. the new york times: banking june 12, 2024 jerome h. powell, the fed chair, said that officials are waiting for “greater confidence” that inflation is moving sustainably to 2 percent before cutting rates. generative ai is upending the way product developers & end users alike are interacting with data. despite the potential of ai, many are left with questions about the future of product development: how will ai impact my business and contribute to its success? what can product managers and developers expect in the future with the widespread adoption of ai? join 38,000+ insiders by signing up for our newsletter expert insights. personalized for you. you must accept the privacy policy and terms & conditions to proceed. we have resent the email to we can use your profile and the content you 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supported by dealbook newsletter after months of negotiations, shari redstone walked away from a tie up with skydance. here’s how a plan to reshape the media conglomerate broke apart. by andrew ross sorkinravi mattubernhard warnersarah kesslermichael j. de la mercedlauren hirschephrat livni and benjamin mullin for months, skydance media’s effort to merge with paramount   the studio behind “mission: impossible” and “top gun”   was the most discussed m.&a. matter on wall street and in hollywood. now it has fallen apart. what happened? the simple answer: shari redstone, who controls paramount through the holding company national amusements, just didn’t want to sell, according to dealbook’s lauren hirsch, who covered the talks with the times’s ben mullin. a deal was very close. advisers for paramount and skydance had reached agreements on economic terms for a transaction and on other issues. but the talks soured toward the end, and a fundamental question hovered over everything: was the redstone family finally ready to part with the media empire it has owned for decades? the other issues at play: trust between redstone and skydance had eroded significantly, in large part because of numerous leaks to news organizations. redstone was annoyed that skydance altered its offer   a complicated transaction that involved buying control of national amusements and then merging with paramount   by reducing its value of redstone’s holding company to $1.7 billion from $2 billion. meanwhile, charles phillips, a former oracle executive and a member of the paramount special committee, was unconvinced by the offer.

 for shari redstone, it was nothing personal. but the longer the negotiations went on, the more redstone fell out of love with the idea of marrying her family’s legacy to david ellison’s skydance media. so on june 11, as board members of paramount global were about to hold a key meeting on the long gestating deal to merge with skydance, redstone was out   even as those around her were still scrambling to get it done. earlier that morning, lawyers and bankers for both sides were up at dawn to finish last minute paperwork in advance of the meeting, scheduled for 11:30 a.m. pacific time via videoconference. skydance leaders believed it would be the last hurdle to clinching an agreement. the economic terms of the deal had been hammered out and revised multiple times by the paramount board’s special committee overseeing sale talks. after months of highly public negotiations and the turmoil of paramount ousting ceo bob bakish in april, ellison’s team thought an agreement to take control of the company that owns paramount pictures, cbs, showtime, nickelodeon, bet and paramount+ was in hand.