Paramount and Skydance close their $8 billion merger, kicking off reign of new entertainment giant
The new company — which will trade under the 'PSKY' ticker on Wall Street — brings Paramount's legacy Hollywood footprint, major TV networks like CBS and MTV, streaming services and more under the roof of a new power player: billionaire Skydance founder David Ellison.
'Today marks an exciting and pivotal moment as we prepare to bring Paramount's legacy as a Hollywood institution into the future of entertainment,' Ellison, who is now Chairman and CEO of Paramount, a Skydance Corporation, said in a statement. He added that he aims to 'honor exceptional storytelling while modernizing how we make and deliver content.'
The merger's close came just two weeks after it received regulatory approval from the Trump administration. While now a done deal, the path towards that approval was far from smooth sailing. Months of scrutiny and turmoil surrounded the transaction — particularly amid President Donald Trump's legal battle with '60 Minutes,' the crown jewel of Paramount-owned broadcast network CBS. With the specter of the Trump administration potentially blocking the hard-fought deal with Skydance, Paramount agreed to pay a $16 million settlement to the president in early July.
Critics of the settlement lambasted it as a veiled bribe to appease Trump, amid rising alarm over editorial independence overall. Further outrage also emerged after CBS said it was canceling Stephen Colbert's 'Late Show' just days after the comedian sharply criticized the parent company's settlement on air. Paramount cited financial reasons, but big names both within and outside the company have questioned those motives.
When still seeking approval to buy Paramount from the Federal Communication Commission, Skydance management assured regulators that it would carefully watch for any perceived bias at CBS News and hire an ombudsman to review any complaints about fairness. In filings just last month, the company's general counsel maintained that New Paramount will embody 'a diversity of viewpoints across the political and ideological spectrum' — and also noted that it plans to take a 'comprehensive review' of CBS to make 'any necessary changes.'
By the time the deal was approved, FCC Chairman Brendan Carr hailed the merger as an opportunity to bring more balance to 'once-storied' CBS. 'Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change,' Carr said.
Carr also pointed to other commitments from Skydance — including company assurances about ending diversity, equity and inclusion initiatives at Paramount. In a letter addressed to Carr days before the FCC's greenlight, Skydance wrote to 'confirm the elimination' of DEI initiatives previously in place at Paramount — and maintained that Skydance 'does not have DEI programs in place today and will not establish such initiatives.'
Skydance pointed to the Supreme Court's 2023 decision on affirmative action in college admissions, but such moves also arrive amid the Trump administration's wider crackdown on DEI in the workplace — and the company cited recent federal mandates impacting employers, too, noting that Paramount announced 'significant changes' to its recruiting and hiring practices in February 2025.
The FCC approved the merger by a 2-1 vote on July 24. The regulator who opposed it, FCC Commissioner Anna Gomez, expressed disdain for how it all came together — pointing to 'months of cowardly capitulation to this administration.'
'In an unprecedented move, this once-independent FCC used its vast power to pressure Paramount to broker a private legal settlement and further erode press freedom,' Gomez, who was appointed by President Joe Biden, said in a statement. She also said the agency overstepped its authority by 'undermining legitimate efforts to combat discrimination and expand opportunity.'
Paramount's new leaders will be watched particularly closely for how they deal with CBS News, given the $16 million settlement with Trump following his complaint about last fall's '60 Minutes' interview with his Democratic opponent, then-Vice President Kamala Harris. And the merger could also have ripple effects across other Paramount properties, including its late night and comedy programming.
When first announcing the deal in July 2024, Ellison also stressed the need to transition into a 'tech hybrid' to stay competitive in today's entertainment landscape. That included plans to 'rebuild' the Paramount+ streaming service, among wider efforts to expand direct-to-consumer offerings in a world with more entertainment options and shorter attention spans.
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NHC Reports Second Quarter 2025 Earnings
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Excluding the unrealized gains and losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended June 30, 2025 was $25,710,000 compared to $15,612,000 for the same period in 2024, an increase of 64.7% (*). The GAAP diluted earnings per share were $1.52 and $1.73 for the quarters ending June 30, 2025 and 2024, respectively. Adjusted diluted earnings per share were $1.65 and $1.00 for the quarters ending June 30, 2025 and 2024, respectively (*). (*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items. About NHCAs of August 1, 2025, NHC affiliates operate for themselves and third parties 80 skilled nursing facilities with 10,329 beds. NHC affiliates also operate 26 assisted living communities with 1,413 units, nine independent living communities with 777 units, three behavioral health hospitals, 34 homecare agencies, and 33 hospice agencies. 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Forward-Looking StatementsStatements in this press release that are not historical facts are forward-looking statements. NHC cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. The risks and uncertainties are detailed from time to time in reports filed by NHC with the S.E.C., including Forms 8-K, 10-Q, and 10-K. All forward-looking statements represent NHC's best judgment as of the date of this release. Consolidated Statements of Operations (in thousands, except share and per share amounts) Three Months Ended Six Months Ended June 30 June 30 2025 2024 2025 2024 (unaudited) (unaudited) Revenues: Net patient revenues $ 363,349 $ 279,918 $ 724,956 $ 565,741 Other revenues 11,561 11,295 23,651 22,648 Government stimulus income - 9,445 - 9,445 Net operating revenues and grant income 374,910 300,658 748,607 597,834 Costs and expenses: Salaries, wages and benefits 226,534 180,076 454,664 363,214 Other operating 91,943 78,154 184,400 155,583 Facility rent 11,328 10,570 22,693 20,918 Depreciation and amortization 11,015 9,338 21,993 19,924 Total costs and expenses 340,820 278,138 683,750 559,639 Income from operations 34,090 22,520 64,857 38,195 Non-operating income 5,132 4,956 9,211 10,641 Interest expense (1,993 ) - (4,099 ) (46 ) Unrealized gains/(losses) on marketable equity securities (5,061 ) 9,124 5,921 23,523 Income before income taxes 32,168 36,600 75,890 72,313 Income tax provision (8,055 ) (9,494 ) (19,487 ) (18,956 ) Net income 24,113 27,106 56,403 53,357 Net income attributable to noncontrolling interest (391 ) (262 ) (476 ) (300 ) Net income attributable to National HealthCare Corporation $ 23,722 $ 26,844 $ 55,927 $ 53,057 Net income per common share Basic $ 1.53 $ 1.74 $ 3.62 $ 3.45 Diluted $ 1.52 $ 1.73 $ 3.59 $ 3.42 Weighted average common shares outstanding Basic 15,462,135 15,391,535 15,450,286 15,371,150 Diluted 15,599,638 15,555,612 15,587,783 15,530,624 Dividends declared per common share $ 0.64 $ 0.61 $ 1.25 $ 1.20 Balance Sheet Data June 30 December 31 (in thousands) 2025 2024 (unaudited) Cash, cash equivalents and marketable securities $ 257,628 $ 216,185 Restricted cash, cash equivalents and marketable securities 169,340 163,795 Current assets 463,227 424,408 Property and equipment, net 676,619 684,289 Total assets 1,562,220 1,524,429 Current liabilities, excluding current long-term debt 261,245 227,297 Current and long-term debt 110,000 137,000 NHC stockholders' equity 1,021,905 980,161 Selected Operating Statistics Three Months Ended Six Months Ended June 30 June 30 2025 2024 2025 2024 (unaudited) (unaudited) Skilled Nursing Per Diems: Medicare $ 614.85 $ 577.71 $ 613.47 $ 579.81 Managed Care 486.17 447.96 489.30 459.48 Medicaid 286.43 264.49 284.07 264.88 Private Pay and Other 341.34 312.91 339.24 310.31 Average Skilled Nursing Per Diem $ 361.42 $ 338.86 $ 360.78 (1) $ 341.21 (1) Skilled Nursing Patient Days: Medicare 83,615 74,602 169,869 155,758 Managed Care 83,015 62,957 166,661 128,388 Medicaid 368,687 279,504 732,329 561,325 Private Pay and Other 194,202 150,234 378,796 307,677 Total Skilled Nursing Patient Days 729,519 567,297 1,447,655 (1) 1,153,148 (1) (1) NHC exited three skilled nursing facilities in Missouri on March 1, 2024. 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The third rule of fashion redemption: Secure the YSL bag As Hollywood moves further into the streaming economy and content gets cheaper to make through AI and TikTok, celebrity salaries can become a casualty. (Witness The White Lotus cast getting paid $40,000 per episode in 2025, when past TV royalty like the Friends cast earned $1 million for 30 minutes of air time in its final seasons.) Because of this new cash crunch, 'it's more important than ever for actresses to secure fashion and beauty campaigns,' says Badia. 'The red carpet is essentially an audition for those campaigns.' To show that she can attract the right kind of press for designer brands, Lohan's third clothing rail is stuffed with runway looks, including slinky gowns from Saint Laurent and Chloé, a suit from Sergio Hudson and a Carrie Bradshaw tutu situation from the edgy French label Jacquemus. Together, these pieces cost nearly $18,000. But a star like Lohan's potential haul as the face of a luxury brand is an estimated $3 million per campaign, according to the New York Times. Nobody who's coveted a $2,900 Miu Miu bag thinks money can't buy a little swing of happiness. Still, Forbes-Bell suspects the real value of Lohan's red carpet tour isn't something she can charge to her American Express. 'She looks like she's having a blast,' says Forbes-Bell. 'As humans, we're drawn to beautiful things, but they have to feel real. Her outfit is gorgeous and her smile is real. That's what fans are here to see.' This weekend, Freakier Friday officially hits global cinemas, and Lohan's bankability will be tested at the box office. So, too, will her ability to sell style along with movie tickets. One early hint? After Lohan wore Cavalli's zany pheasant-print minidress on July 28, searches for the brand spiked nearly 340%. Despite its $3,025 price tag, it zipped from shelves with the speed of a celebrity tabloid rumor. At Cavalli's boutique, every version of the dress is gone. Online at Farfetch, there's literally one left as of press time. In the words of Freaky Friday fans, it's the ultimate. Solve the daily Crossword
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Under Armour forecasts downbeat quarterly sales, shares drop
(Reuters) -Under Armour forecast second-quarter revenue below estimates on Friday as the sportswear maker grapples with muted demand in North America due to still-high inflation and tariff uncertainty, sending its shares down 14% in premarket trading. The Maryland-based retailer's attempts to reset its business after sales declined over the last two years have been in jeopardy, with consumer spending weakening in the U.S. as the Trump administration's fluctuating tariff policies fan uncertainty. Under Armour in May announced plans to raise prices, risking demand for its apparel as customers look for cheaper options. On Friday, the company said the forecast includes considerations for ongoing uncertainty around trade policies and the broader macroeconomic environment, including potential demand and cost impacts from tariffs. The company now expects quarterly revenue to decline between 6% and 7%, compared with analysts' average estimate of a 2.9% drop, according to data compiled by LSEG.
