| | | | Edgar Bronfman, Jr. has made an offer for Paramount Global in a deal worth $4.3 billion, attempting to outmaneuver David Ellison's Skydance, which has a deal in place to take over the media company. The entry of a new bidder late Monday comes just before Wednesday's expiration of a "go-shop" period provided for in the pending agreement with Skydance. It is now up to a special committee of Paramount's board to take action. It could extend the go-shop window in order to evaluate the new bid or it could deem it unworthy and proceed to the altar with Skydance.
The offer from Bronfman, the Seagram heir who once ran Warner Music and was vice chairman of Vivendi Universal, includes a $2.4 billion payment to Shari Redstone for National Amusement's Inc., sources tell Deadline. The family holding company controls Paramount Global through its majority of Class A voting shares, Some $1.5 billion would also be injected into the company’s balance sheet to pay down some debt and ensure investment grade. Most of the rest would go toward a $400 million breakup fee owed to Skydance if it can't close a deal. >>>Not Much For Other Shareholders |
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Millie Bobby Brown's 'Steps' - Millie Bobby Brown (Stranger Things) is developing Nineteen Steps, a feature adaptation of her same-name debut novel for Netflix. >>>Home-Grown Talent
Bad Robot, Good Deal - The tenure of J.J. Abrams’ Bad Robot at Warner Bros. Television is expected to cross the 20-year mark. The company is in advanced negotiations with Warner Bros. to re-up its film and TV deal with the studio. >>>Pending Multi-Year Extension
Sony Signs The Ebo Sisters - Adamma and Adanne Ebo have inked an overall deal with Sony Pictures Television. Under the pact, the sisters will develop, create, and produce drama, comedy and animation series for all platforms. >>>Filmmaking Duo |
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Steven Zaillian speaks about his career and why he decided to face the challenge of taking on a new version of Patricia Highsmith’s celebrated 1955 novel The Talented Mr. Ripley, which had been made before by Rene Clement as Purple Noon with Alain Delon in 1960 and in 1999 by Anthony Minghella starring Matt Damon and Jude Law. >>>Watch |
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More News 📣 Netflix says it has wrapped upfront advertising sales, posting a 150% gain over 2023 levels, in line with internal expectations. The company's ad effort, is still in an early phase after launching in November 2022.
✊ The Animation Guild is heading back to the bargaining table in September after concluding a week of scheduled negotiations without making a deal with the Alliance of Motion Picture and Television Producers.
⚖️ Julia Ormond’s lawsuit against Disney, CAA and Miramax over an alleged 1995 sexual assault by the now-incarcerated Harvey Weinstein will be going forward, New York State Judge Suzanne Adams ruled.
🦚 Peacock's upcoming Friday the 13th prequel series Crystal Lake, from A24, has found its new showrunner in Brad Caleb Kane (It: Welcome to Derry). |
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On the Radar
Tues - Edinburgh TV Festival begins
Wed - Paramount "go-shop" period in Skydance merger agreement expires
Thu - Kamala Harris speaks at DNC |
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“We Love Joe!” - After a nearly 5-minute standing ovation, delegates at the Democratic National Convention regaled Joe Biden with chants of "We love Joe!" and "Thank you Joe!" as the president got ready to speak on the event's opening night. |
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