Photo by Hannah Wernecke on Unsplash
Paramount Is Possibly Going Up for Auction
January 12, 2024
Warner Bros. Discovery and Skydance Media are at the negotiating table, discussing the potential acquisition of media company Paramount. The deal centers around acquiring a controlling stake in Paramount, currently held by majority owner Shari Redstone. Owning her majority shares would mean a pivotal transition for the company.
Redstone isn’t just any media executive. She has her hands on the helm of Paramount Global and National Amusements, the latter holding a whopping 77% of Paramount’s voting shares. This isn’t a small transaction; selling this share in Paramount hands the keys of control over to the highest bidder.
The negotiations are in the introductory stages, and there’s more than just these two parties at play. Investment firms also eye a piece of the pie, which could potentially escalate the selling price for Paramount. Warner Bros. Discovery, in particular, has shown keen interest in Paramount, even exploring merger options with the Paramount Global CEO, Bob Bakish, last month.
As the talks with Skydance Media and Warner Bros. Discovery progress, there’s an increased likelihood of them crumbling under the pressure of escalating costs driven by the entry of investment firms. No auction date is set in stone yet, but sources indicate that financial experts have initiated the process of sharing Paramount’s details with interested bidders.
The stakes are high as the new owner of National Amusements would not only have control over Paramount but also a suite of popular cable TV networks. This includes heavyweights like Nickelodeon, Comedy Central, MTV, and several movie theaters.
The backdrop to this high-stakes game is a tumultuous time for the entertainment industry. Cable TV viewership is on a downhill path, and most streaming platforms are grasping for profitability. Paramount’s own streaming service, Paramount+, is among those struggling in the fierce battlefield of streaming services.
Recent News
Godfather of AI Suggests a Universal Basic Income
Renowned computer scientist Professor Geoffrey Hinton is advocating for urgent governmental intervention amidst rising concerns over AI-induced job displacement and widening inequality. His expert opinion is not to be taken lightly since he is often hailed as the “godfather of artificial intelligence.”
Ducati Honors Ayrton Senna with Limited Edition Monster
As Formula 1 drivers gear up for the Imola circuit this weekend, Ducati has unveiled a special limited edition Monster to honor Ayrton Senna, marking 30 years since his tragic passing on this track. This isn’t just a commemorative piece; Senna had a deep connection with Ducati, having been both a fan and a collaborator with the brand.
Elon Musk in Bali to Launch Starlink Satellite Internet Service
Elon Musk, the visionary entrepreneur behind Tesla and SpaceX, touched down in Indonesia’s picturesque island of Bali on Sunday, embarking on a mission to introduce Starlink satellite internet service to the vast archipelago nation.
Blue Origin Relaunches Space Tourism
Blue Origin made a triumphant return to space tourism with the launch of its New Shepard rocket, marking the end of a nearly two-year hiatus. The NS-25 mission, which took off at 9:36 a.m. CT (10:36 a.m. ET) on Sunday, May 19, from Blue Origin’s private facility in West Texas, was the company’s seventh crewed flight and the first since a failed uncrewed test flight in September 2022.