Latest news with #ShariRedstone
New York Times
a day ago
- Entertainment
- New York Times
Not Even ‘The Late Show' Could Defy Gravity
Stephen Colbert's announcement on Thursday night that 'The Late Show' was being canceled by CBS stunned the entertainment industry, the public and even his staff. But the writing had been on the wall for some time. 'The Late Show,' a fixture of the network for over three decades, was racking up losses of tens of millions of dollars a year, and the gap was growing fast, according to two people familiar with the show's finances. Like other late-night shows before it, 'The Late Show' was canceled when the network could not figure how to make the finances work in an entertainment world increasingly dominated by streaming. So as CBS executives mapped out the schedule and budget for next year, George Cheeks, CBS's president, decided in recent weeks that the network couldn't take those losses any more, the two people said. Mr. Colbert learned of the decision on Wednesday night. Shari Redstone, the controlling shareholder of Paramount, CBS's parent company, learned about it on Thursday, according to two other people. The cancellation underscores just how rapidly the late-night genre has fallen. Not even 'The Late Show,' the highest rated of those network talk shows, was safe, as many in the entertainment industry assumed it was. Nevertheless, questions lingered on Friday about whether political calculations — not strictly financial ones — had played a role in the decision as well. Paramount is closing a multibillion-dollar merger with the movie studio Skydance, a deal that still requires approval from the Trump administration. Early this month, Paramount agreed to pay President Trump $16 million to settle a lawsuit over an interview on CBS's '60 Minutes.' Mr. Colbert, a longtime critic of Mr. Trump, called that settlement 'a big fat bribe' on his show this week. Want all of The Times? Subscribe.
Yahoo
a day ago
- Business
- Yahoo
Skydance CEO David Ellison Pledged to FCC He Would ‘Ensure' CBS News Coverage Reflects ‘Varied Ideological Perspectives'
More than a year after Skydance Media and its partners clinched a deal with Shari Redstone and Paramount Global to merge the companies, the FCC has yet to act on an application to approve the transfer of CBS licenses to the new ownership. Earlier this week, Skydance chief David Ellison met with FCC Chairman Brendan Carr and others at the commission to lobby for the deal's approval — and, notably, Ellison promised that CBS's 'editorial decision-making reflects the varied ideological perspectives of American viewers.' More from Variety Inside CBS's Breakup With Stephen Colbert: Audience Shifts, Political Humor Made Unsustainable Mix CBS Canceling Stephen Colbert's 'Late Show' Is an End of an Era for Television - and a Chilling Sign of What's to Come Jamie Bennett, CBS and Walt Disney TV Executive, Dies at 78 That's significant because Carr, appointed by Trump, had reopened an agency probe into a 'news distortion' complaint against CBS over the alleged deceptive editing of a '60 Minutes' interview with Kamala Harris segment — the same interview that Trump sued Paramount and CBS over, and which Paramount earlier two weeks ago announced it agreed to settle by paying Trump $16 million. In a Feb. 7 Fox News interview with Martha MacCallum, Carr cited Trump's lawsuit against CBS and said, the president 'has been right on these media bias issues.' Carr continued, 'He came out early and said, 'This thing ['60 Minutes' interview] looks like it has been pretty chopped up.'' The application of the FCC's 'news distortion' policy in this way was highly unusual, according to former agency officials. On Tuesday, July 15, Ellison and his lawyer, Matthew A. Brill of Latham & Watkins, met with Carr, along with Carr's chief of staff Greg Watson and Ben Arden, special counsel in the office of the bureau chief of the FCC's Media Bureau. According to a letter from Brill posted Friday in the FCC's docket for the matter, Ellison and Brill 'emphasized the public interest benefits' of the Skydance-Paramount transaction and 'We also urged the Media Bureau to promptly grant' approval of the transfer of the CBS licenses to 'New Paramount.' Among the topics Ellison and Brill discussed at the FCC meeting was Skydance's 'commitment to unbiased journalism and its embrace of diverse viewpoints, principles that will ensure CBS's editorial decision-making reflects the varied ideological perspectives of American viewers.' (According to CBS, Skydance played no part in the decision to cancel 'The Late Show With Stephen Colbert,' which was announced publicly on Thursday.) Carr, meanwhile, has championed the Trump administration's goal of eradicating diversity, equity and inclusion programs, calling DEI policies an 'invidious forms of discrimination.' To that end, Ellison and his lawyer 'noted Skydance's commitment to promoting non-discrimination and equal employment opportunity at New Paramount, ensuring the company is fully compliant with law.' With respect to the Skydance-Paramount transaction's 'significant public interest benefits,' Ellison and Brill 'explained the Ellison family and RedBird represent fresh leadership with the vision and experience needed to drive New Paramount's long-term growth in the face of the challenges presented by today's media landscape, all while preserving and enhancing the legacy and broad reach of both the national CBS television network and the company's 28 owned-and-operated local television stations,' per the filing. If and when the Paramount-Skydance deal closes to create 'Paramount Skydance Corp.,' Redstone, who is Paramount controlling shareholder, is set to exit the merged company's board. Ellison would assume the role as CEO and chairman of the combined Paramount-Skydance. The company would be controlled by the Ellison family and remain publicly traded. Also at Tuesday's meeting with the FCC, Ellison and Brill again addressed allegations 'regarding the prospect of undue foreign influence over New Paramount.' Third-party commenters in the FCC's Skydance-Paramount proceeding have raised concerns about the potential for Chinese influence on the merged company, citing the minority interest in Skydance held by Chinese company Tencent Holdings. In a response to that, Skydance said in a March 10 filing with the FCC, 'Any insinuation that a great and deeply patriotic American family, the Ellisons, will be swayed by Communist influences is offensive.' Ellison and Brill at the July 15 meeting 'reiterated that Tencent will hold only a non-voting, passive interest in New Paramount' of less than 5%, in the form of publicly traded shares it would be free to purchase on the Nasdaq. That gives Tencent 'no governance or informational rights and therefore no ability to influence the operation of New Paramount,' according to the latest Skydance filing. 'Rather, we made clear that Mr. Ellison will lead New Paramount with a talented team of executives focused on American storytelling, and that RedBird's investment in New Paramount will not involve any participation by any Chinese entity or individual,' according to the filing. 'The planned governance structure will ensure the Ellison family's management of New Paramount is fully consistent with the Commission's rules and will not be subject to any Chinese (or other foreign) influence.' Pictured above: David Ellison, Brendan Carr Best of Variety New Movies Out Now in Theaters: What to See This Week 'Harry Potter' TV Show Cast Guide: Who's Who in Hogwarts? Final Emmy Predictions: Talk Series and Scripted Variety - New Blood Looks to Tackle Late Night Staples
New York Post
2 days ago
- Business
- New York Post
Sun Valley has lost its dealmaking mojo — here's why
It's no surprise that the biggest story that came out of last week's so-called 'summer camp for billionaires,' the once high-profile Allen & Co. media conference, involved the investment bank directing its band of goon-squad security guards to chase away reporters from doing their job of interviewing some of the A-listers who still attend. The get-together on the lush grounds of the Sun Valley Lodge in Idaho is an also-ran because Big Media isn't so big anymore. Sure, some moguls still have their billions, but most run companies that are melting away, having been hurt by secular forces in their business. Their hold on American culture has also waned considerably as consumers of entertainment and news increasingly boycott wokeism. Advertisement It's no surprise that the biggest story that came out of last week's 'summer camp for billionaires,' the once high-profile Allen & Co. media conference, involved the investment bank directing its security guards to chase away reporters. Jack Forbes / NY Post Design That doesn't mean there was no business going down, though it was a far cry from years past. Four years ago, the Post's Lydia Moynihan first reported that media heiress Shari Redstone was at the confab shopping Paramount Global. An $8 billion merger with Skydance Media is now poised to be consummated as it awaits regulatory approval from the Federal Communications Commission. From what I understand, this year's Sun Valley chatter was focused on much smaller players and deals since the big guys (think companies like Warner Bros. Discovery and Comcast) are busy spinning off their money-losing assets. They're breaking up into smaller pieces to try to preserve some shareholder value. Plus, they have neither the stomach or the balance sheet in the foreseeable future for major acquisitions, particularly the transformation type. Advertisement The names that I understand were on the dealmaking watch list were the so-called local broadcasters. Many of them run affiliate stations of the major networks that serve local news to middle America. These are companies like Sinclair Broadcast Group, Gray Media and Cox Media Group. The latter is private and majority owned by private equity shop Apollo Management. Shares of Sinclair are up 16%, while Gray is up 30% – compared to a 5% rise in the S&P – based on merger and buyout chatter, telecom bankers and lawyers tell On The Money. Advertisement Shari Redstone at Sun Valley in 2021. Getty Images Apollo is looking for a buyer for Cox, I am told. So why would anyone bet that Little Media will survive the melting ice cube that is draining the Big Media business model? First the little guys do make money, though less so because of changes in the business. There is also a move by Trump regulators to preserve local TV media since it serves so much of the MAGA base. Advertisement Charlie Gasparino has his finger on the pulse of where business, politics and finance meet Sign up to receive On The Money by Charlie Gasparino in your inbox every Thursday. Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters That means networks like Paramount-owned CBS will be on a tight leash from DC to jack up fees on the locals to run their programming. On top of it all, these companies run lean and can run leaner, meaning you can grow profits through cuts, bankers argue. So who would buy them? Difficult to say since major players might not have the balance sheet. Maybe they will merge or begin swapping properties among themselves. Full disclosure: I didn't attend Sun Valley to report any of the above, which is another reason to skip the event.
Yahoo
09-07-2025
- Business
- Yahoo
Paramount-Skydance Merger Extension Kicks In as Trump Lawsuit Clears
The clock restarted Monday on the Paramount-Skydance merger, with a second 90-day extension now in effect. That gives both sides and the FCC until early October to finalize the $8 billion-plus deal that would shift CBS and its broadcast licenses under Skydance's control. Warning! GuruFocus has detected 7 Warning Signs with PARA. The timing follows a key development: Paramount (PARA, Financials) agreed to a $16 million settlement with Donald Trump, ending a year-long lawsuit over how 60 Minutes edited an interview with Kamala Harris. Trump initially sued for $20 billion; the case later morphed into a broader commercial dispute after his 2024 election win. While the case was considered weak, Paramount decided to settle. Co-CEO George Cheeks told shareholders it was about avoiding drawn-out litigation and keeping the focus on business. The settlement covers Trump's legal fees and includes a donation to his presidential library but no apology or admission of wrongdoing. The FCC still needs to approve the transfer of CBS licenses to David Ellison's Skydance. That process is expected to move more smoothly now that the Trump suit is out of the way one less political roadblock in a deal that's already taken over a year to structure. Paramount's controlling shareholder, Shari Redstone, had been eager to resolve the dispute and move forward. For now, the merger remains in motion; the finish line may finally be in sight. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
09-07-2025
- Business
- Yahoo
Paramount-Skydance Merger Extension Kicks In as Trump Lawsuit Clears
The clock restarted Monday on the Paramount-Skydance merger, with a second 90-day extension now in effect. That gives both sides and the FCC until early October to finalize the $8 billion-plus deal that would shift CBS and its broadcast licenses under Skydance's control. Warning! GuruFocus has detected 7 Warning Signs with PARA. The timing follows a key development: Paramount (PARA, Financials) agreed to a $16 million settlement with Donald Trump, ending a year-long lawsuit over how 60 Minutes edited an interview with Kamala Harris. Trump initially sued for $20 billion; the case later morphed into a broader commercial dispute after his 2024 election win. While the case was considered weak, Paramount decided to settle. Co-CEO George Cheeks told shareholders it was about avoiding drawn-out litigation and keeping the focus on business. The settlement covers Trump's legal fees and includes a donation to his presidential library but no apology or admission of wrongdoing. The FCC still needs to approve the transfer of CBS licenses to David Ellison's Skydance. That process is expected to move more smoothly now that the Trump suit is out of the way one less political roadblock in a deal that's already taken over a year to structure. Paramount's controlling shareholder, Shari Redstone, had been eager to resolve the dispute and move forward. For now, the merger remains in motion; the finish line may finally be in sight. This article first appeared on GuruFocus. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
