Paramount, the media empire behind CBS and ‘Top Gun,’ agrees to merge with Skydance
CNN
Paramount Global, the sprawling media empire behind CBS, MTV, and one of Hollywood’s most storied movie studios, has agreed to merge with technology scion David Ellison’s Skydance Media, ending years of speculation over the company’s fate.
Paramount Global—the sprawling media empire behind CBS, MTV, and one of Hollywood’s most storied movie studios—has agreed to merge with technology scion David Ellison’s Skydance Media, ending years of speculation over the company’s fate. The deal announced late Sunday comes just weeks after a previous offer from Ellison to acquire Paramount collapsed in the eleventh hour, stunning industry observers and raising questions about the beleaguered media company’s future. The agreement cements Ellison as a media mogul, ending Shari Redstone’s control of Paramount through her family’s National Amusements holding company, after her father, the late Sumner Redstone, won a fierce bidding war to piece together the media conglomerate beginning in the 1980s. The complicated transaction will see Skydance first buy National Amusements, then merge with Paramount, valuing Skydance at $4.75 billion. Ellison’s production company will “invest $2.4 billion to acquire National Amusements for cash and $4.5 billion for the stock/cash merger consideration to be paid for publicly traded Class A shares and Class B shares, as well as $1.5 billion of primary capital to be added to Paramount’s balance sheet,” it said. The combined company will be helmed by Ellison as chief executive and former NBCUniversal chief Jeff Shell as president.
Last-minute errands always seem to pop up on Christmas and Christmas Eve, whether it’s buying a quick present or picking up one last ingredient.
King Charles III has ended royal warrants for Cadbury and Unilever, which owns brands including Marmite and Ben & Jerry’s, in a blow to the household names.
While businesses across the US are fretting that President-elect Donald Trump’s threat of new tariffs could mean a massive hit to their bottom lines, at least one industry is gearing up for the exact opposite.
Back in 2022, when the labor market was so hot that Beyoncé even released a song about it, Americans were job hopping in large numbers, boosting their salary in the process.
Federal Reserve Chair Jerome Powell has steered the world’s most powerful central bank during a tumultuous period for the US economy, from the pandemic to a historic bout of inflation shortly after.
Rupert Murdoch’s News Corp has agreed to sell its Australian cable TV unit Foxtel to British-owned sports network DAZN for 3.4 billion Australian dollars ($2.1 billion) including debt, cutting the media empire’s exposure to a business upended by streaming platforms.
Japanese automakers Honda and Nissan have announced plans to join forces, forming world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.
The strike protests a lack of contract negotiations, including wage increases for union baristas.
This year was brutal for a number of well-known companies, including Red Lobster, True Value and Big Lots.
Last-minute holiday shoppers may want to give their digital carts a hard look, as Amazon workers remain on strike on the final weekend before Christmas.
Campaigners have accused Facebook parent Meta of inflicting “potentially lifelong trauma” on hundreds of content moderators in Kenya, after more than 140 were diagnosed with PTSD and other mental health conditions.