Latest news with #DavidEllison
Yahoo
2 days ago
- Business
- Yahoo
Paramount chair Shari Redstone confirms thyroid cancer diagnosis
Paramount Global chair Shari Redstone was diagnosed with thyroid cancer earlier this spring, a spokesperson for Redstone said in a statement to Reuters on Thursday. After experiencing fatigue and other symptoms, Redstone sought medical help about two months ago and was diagnosed with thyroid cancer the next day. While surgeons removed her thyroid gland, some cancer cells remained as they had spread to her vocal cords, according to the New York Times, which first reported the news on Thursday. 'She is maintaining all professional and philanthropic activities throughout her treatment, which is ongoing. She and her family are grateful that her prognosis is excellent,' Redstone's spokesperson Molly Morse said. Redstone kept her diagnosis private, sharing it only with a tight circle of relatives, close friends, and advisers including David Ellison, the Skydance head and tech heir, whose company is set to purchase Paramount and the Redstone family's stake, NYT added. The diagnosis comes against the backdrop of Paramount preparing for an $8.4 billion merger with Skydance Media, which still requires FCC approval. The company also entered mediation to try and settle a lawsuit by President Donald Trump against CBS, reportedly offering $15 million to settle.
Los Angeles Times
08-05-2025
- Business
- Los Angeles Times
Paramount beats estimates with improving results from streaming
Paramount Global, the parent of CBS and MTV, reported first-quarter results that beat analysts' estimates, reflecting the improving performance of its Paramount+ streaming platform. Revenue totaled $7.19 billion, the New York-based media company said Thursday, exceeding the $7.10 billion Wall Street was estimating. Excluding some items, earnings amounted to 29 cents a share, surpassing analysts' estimates of 25 cents. The company, which has agreed to merge with the independent film and TV producer Skydance Media, managed to beat projections in a tough stretch marked by falling TV ad sales and shrinking pay-TV viewers. Both revenue and profit declined from a year ago, when the CBS network carried the Super Bowl. But the company's direct-to-consumer unit, led by Paramount+, delivered a 9% boost in sales and narrowed its loss. Paramount is embroiled in a lawsuit brought by US President Donald Trump and is awaiting regulatory approval for its merger with Skydance, led by David Ellison, the son of Silicon Valley billionaire Larry Ellison. The company continues to expect the deal to close in the first half of this year. Against that backdrop, the company continued to expand its streaming service, adding 1.5 million customers to the Paramount+ service in the first quarter and beating analysts' estimate of 1.41 million. The platform, which airs shows like Landman and Tulsa King, has a total of 79 million subscribers. In traditional TV, Paramount's advertising revenue declined to $2.04 billion in the first three months of the year, down 21% from a year earlier, while its subscriber and affiliate revenue slumped 9%. Last year's coverage of the Super Bowl on CBS delivered a huge gain in advertising sales, making the comparisons tough. Excluding that event, Paramount's total revenue grew 2%, the company said. In filmed entertainment division, Paramount reported revenue of $627 million, up 4%. Trump's recently announced plans to slap tariffs of 100% movies made outside the US is expected to have a major impact on the overall film industry, though the details remain unclear. Earlier Thursday, Warner Bros. Discovery Inc., the parent of HBO and CNN, reported disappointing first-quarter sales due to declines in traditional pay-TV subscriptions and a weaker movie slate. Miller writes for Bloomberg.
Reuters
07-04-2025
- Business
- Reuters
Paramount Global, Skydance Media merger deadline to get 90-day extension
April 7 (Reuters) - Skydance Media and Paramount Global's (PARA.O), opens new tab $8 billion merger would be automatically extended by 90 days after its deadline of April 7 under the terms of the companies' agreement. Paramount's controlling shareholder, Shari Redstone, struck a two-step deal in July to sell her stake in the Hollywood studio as part of the deal with David Ellison's Skydance, a streaming-era upstart. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. The companies are awaiting regulatory approval for the deal to close. If the merger is not finalized by April 7 and certain conditions are met, the agreement allows for up to two automatic 90-day extensions. The closing of the deal is subject to approval by the Federal Communications Commission. A Delaware judge was willing to consider allegations in a class action lawsuit that Paramount's sale to Skydance Media should be blocked from closing because it short-changes public shareholders, according to a court filing from March. In January, an investor group known as Project Rise Partners submitted a proposal valued at $13.5 billion to acquire Paramount, but that was rejected by a special committee of Paramount's board. In response, pension funds for New York City employees that own Paramount stock filed a class action lawsuit in Delaware's Court of Chancery alleging that Paramount's special committee breached its fiduciary duties to the company's public shareholders by not considering the bid from Project Rise Partners. As part of the deal, Skydance had agreed to a 45-day "go shop" period that allowed Paramount to solicit and evaluate other offers. That period had ended on August 21.
Yahoo
14-03-2025
- Entertainment
- Yahoo
MTV Movie & TV Awards, CMTs and more just got shelved. Why Paramount is hitting pause on marquee shows.
For the second year in a row, the MTV Movie & TV Awards show are on ice. The decision follows last year's cancellation, which came after the 2023 edition pivoted to a pre-taped format when Drew Barrymore withdrew as host in solidarity with the Writers Guild of America (WGA) strike. The latest pause comes as Paramount Global — which owns CBS, Paramount Pictures and cable networks such as Comedy Central, Nickelodeon and MTV — undergoes significant restructuring ahead of its anticipated merger with David Ellison's Skydance Media, a deal expected to close in the first half of this year, according to the Hollywood Reporter. As part of that shake-up, several marquee awards shows, including the MTV Europe Music Awards (EMAs) and the CMT Music Awards, have been shelved while the company reinvents its tentpole event strategy. A Nickelodeon spokesperson confirmed to Yahoo Entertainment that the annual Kids' Choice Awards in the U.S. will move forward as planned, with an official date expected to be announced 'in the next month or so.' While the Paramount-Skydance merger has been widely cited as a driving force behind these decisions, a big question remains: What does the future hold for these awards, and are they at risk of disappearing altogether? In a companywide memo sent last month, Paramount president Bruce Gillmer framed the decision to cancel several awards shows as part of a broader effort to 'reimagine and optimize our events slate going forward,' according to the Hollywood Reporter. Among the shows under review are: The MTV Europe Music Awards (EMAs) The CMT Music Awards Nickelodeon's Kids' Choice Awards Mexico The MTV MIAWs (formerly the MTV Millennial Awards), which honors Latin American music and youth culture Paramount's highest-profile events — the Video Music Awards (VMAs) and the U.S. edition of the Kids' Choice Awards — remain unaffected, according to the outlet. Gillmer's memo came amid Paramount's aggressive cost-cutting measures, which have reshaped the company over the past year. In August 2024, Paramount announced plans to slash its U.S. workforce by 15% in a bid to save $500 million. That same month, Variety reported that the company posted a massive operating loss, writing down $5.98 billion on the value of its cable TV networks. The first round of layoffs soon followed, leading to the closure of Paramount TV Studios and the departure of several high-profile executives. A second wave in the fall hit major divisions like CBS News, with additional restructuring expected as the merger progresses. Yahoo Entertainment contacted representatives at Paramount but have had no response. The MTV Movie & TV Awards, which launched in 1992 as a celebration of blockbuster films before expanding to include television in 2017, is currently on indefinite pause. The last live event, in 2023, saw a slight ratings increase, drawing 2 million viewers across various platforms, up from 1.6 million in 2022, according to the Wrap. The 2021 broadcast, hosted by Leslie Jones, brought in 1.3 million viewers. In 2020, the event was canceled due to the pandemic and replaced with a Greatest of All Time special hosted by Vanessa Hudgens. As of now, there are no plans to bring the show back or to formally retire it, according to multiple outlets. Similarly, the CMT Music Awards have also been placed on hold as Paramount reassesses its awards show strategy. However, unlike MTV's show, the CMTs have remained a strong ratings performer. The 2024 broadcast drew 5.38 million viewers on CBS, following 5.43 million in 2023 and 5.16 million in 2022, according to Variety. Paramount isn't scrapping all of its awards franchises, including the VMAs, which drew more than 4 million viewers last year. However, as the company navigates its merger with Skydance and seeks to cut costs, it's unclear whether the awards shows will return in their previous form. Whether that's due to financial necessity or simply a case of reimagining its approach remains to be seen.
USA Today
09-02-2025
- Entertainment
- USA Today
2025 CMT Awards paused ahead of Paramount merger: Here's why, what to know
2025 CMT Awards paused ahead of Paramount merger: Here's why, what to know This year's CMT Awards have been put on pause in the midst of parent company Paramount Global's upcoming merge with David Ellison's Skydance Media. The merger, which is slated to close in the first half of the year, has caused the company to hit pause on a number of events in the first half of 2025, according to The Hollywood Reporter. Other cancelled events include the MTV Europe Music Awards (EMAs), the Nickelodeon Kids' Choice Awards Mexico and the MTV MIAWs (previously called the MTV Millennial Awards), which is a ceremony that honors Latin American music. Unaffected awards ceremonies include the VMAs and Kids' Choice Awards. Why are the CMT Awards canceled? The news came from Paramount Global executive Bruce Gillmer in a memo he sent out to staff, which was obtained by The Hollywood Reporter. The company will be taking the chance to 'reimagine and optimize our events slate going forward" in the face of the merger, he said. 'Our world-class events remain a key component of Paramount's music offering as we continue to raise the bar in delivering iconic, unforgettable performances and moments that drive pop culture," Gillmer continued. "We have the best team in the business, and we are grateful for your hard work and dedication in bringing these events to life.' The Tennessean, part of the USA TODAY network, has reached out to Paramount for comment. 2025 CMT Awards cancellation interrupts long-running status The halt of the 2025 CMT Awards ceases the awards show's status as one of the longest-running country music ceremonies; the CMTS began in 1967, coming onto the scene only a year after the ACMs were established in 1966. The awards show was originally called the Music City News Awards and was rebranded in the 2005 after the ceremony moved to CMT. More: Jelly Roll wins big at the 2024 CMT Music Awards, other top moments The fan-voted awards show honors the best music videos and television performances in country music. Last year's top honors went to Jelly Roll, who took home three trophies, winning video of the year for "Need a Favor," male video of the year and CMT performance of the year. Audrey Gibbs is a music reporter at The Tennessean. You can reach her at agibbs@
