Paramount Global Stock Pops On Apollo’s Reported $11 Billion Bid For Studio

Cynthia Littleton Business Editor Charter Communications is about to play a guest-star role in the corporate drama surrounding Paramount Global. As if Shari Redstone’s media empire wasn’t under enough pressure, Paramount Global now is in the final few weeks of its most recent carriage agreement with Charter, the nation’s second largest cable operator behind Comcast. The two companies are in renewal discussions, the outcome of which will have significant influence on Paramount’s ability to deliver the free cash flow that media investors are expecting from the company that has lately posted big losses on streaming operations.

Zack Sharf Digital News Director Dwayne Johnson will not endorse any presidential candidate this year, he confirmed during an interview with Fox News. It’s a change of pace for the celebrity, who publicly endorsed Joe Biden for president during the 2020 election. “The endorsement that I made years ago with Biden was one I thought was the best decision for me at that time,” Johnson said.

EXCLUSIVE: Sony Pictures Television has finalized a new licensing deal with Paramount Global for comedy series The King of Queens to continue to be available on Paramount linear cable networks. The new pact also includes for the first time streaming rights on Paramount+ for all nine seasons and on Pluto TV for some (currently Seasons 1-3).

Todd Spangler NY Digital Editor Private-equity giant Apollo Global Management made a $27 billion offer to acquire all of Paramount Global this week, sources familiar with the bid told Variety. However, the special committee set up by the Paramount Global board of directors to consider M&A options declined to engage with the bid. Apollo submitted an all-cash bid on Sunday, March 31, to acquire Paramount Global in a deal worth more than $27 billion of total enterprise value, encompassing equity and debt, according to people familiar with the situation.

UPDATED with stock price: Shares of Paramount Global jumped more than 15% Wednesday afternoon with Skydance chief David Ellison in pole position to clinch a majority stake of National Amusements.

Cynthia Littleton Business Editor Paramount Global and its parent company are moving closer to an agreement with Skydance Media for an exclusive window for acquisition negotiations as Shari Redstone and David Ellison inch toward a deal to bring their companies together in a three-way transaction. The New York Times on Tuesday reported on the rumors that have been swirling around Hollywood for the past few days.

3 Body Problem pushed its way to the top of Netflix‘s TV charts.

Taylor Swift has officially appeared on Forbes‘ annual billionaires list for the first time ever.The publication has just released their billionaires list, where the musician’s name cropped up this year. Even more astoundingly, Forbes has revealed Swift landed on the list thanks to her music and performances alone.Swift joins the first-time billionaires list alongside NBA legend Earvin “Magic” Johnson, designer Christian Louboutin and over 260 more names.Bloomberg originally reported that Swift became a billionaire last October, thanks to her new albums, ‘Eras’ tour (the first tour to ever gross $1billion (£795million) and record-breaking concert film.In their summary of the superstar’s wealth, Forbes estimated she had made $500million (£398million) from her royalties and touring, and another $500million from her catalogue.

2024 World’s Billionaires List on Tuesday, and the “Anti-Hero” singer made the cut for the very first time with an estimated fortune of $1.1 billion. The publication credits her ever-exploding music career and real estate portfolio for her income boost.The 34-year-old pop star joins 2,780 other mega-rich individuals who are collectively worth $14.2 trillion.

Eight months after it began global release, Christopher Nolan’s Oppenheimer opened in Japan today. The Best Picture Oscar winner about the race to develop the atomic bomb has been met with a mix of reactions, some praising the movie and some finding it uncomfortable to watch. There also have been reports of confusion over the devastating 1945 bombings of Hiroshima and Nagasaki not explicitly being depicted.

Joe Biden was joined by his predecessors Barack Obama and Bill Clinton today for a taping of the Smartless podcast, a prelude to a large-scale showbiz filled fundraiser this evening at Radio City Music Hall.

Todd Spangler NY Digital Editor Paramount Global‘s debt rating was cut to junk status by credit-rating agency S&P Global, which cited the media conglomerate’s ongoing challenges with free cash flow generation relative to its debt. S&P on Wednesday said it expects Paramount Global’s free operating cash flow-to-debt will remain “well below” 10% through 2025, and that adjusted leverage (debt-to-equity ratio) will stay above 3.5 times through then.

A 'fact-finding' review will look at how a Falkirk Council report from 2019 - which seemed to highlight major concerns about the dangerous state of Bo'ness Recreation Centre - was overlooked.

Queen of Tears.Today (March 27), Hankook Ilbo via The Korea Times reported that Kim Soo-hyun was paid about KRW300million per episode of his new K-drama series, Queen of Tears. That comes to a total of about KRW5billion over the show’s 16-episode run.According to the news outlet, the actor’s salary for the new K-drama is lower than the KRW500million he was reportedly paid for the 2021 series One Ordinary Day.

Nothing says Easter tentpole quite like Godzilla x Kong: The New Empire which is set to conquer the world with a box office debut around $135M, bolstered by 63 foreign markets and 3,850 theaters stateside.

Paula Weinstein, who produced dozens of films including The Perfect Storm and The Fabulous Baker Boys, exec produced Grace and Frankie, won Emmys for Truman and Recount and was a former studio and Tribeca Enterprises executive during a nearly 40-year career, died Monday morning. She was 78.

Jennifer Maas TV Business Writer What does the future hold for Paramount Global? The odds of a seismic M&A event seem to be increasing: Private-equity firm Apollo Global has reportedly offered $11 billion for Paramount’s Hollywood studios. Short of carving up the “mountain of entertainment,” as the Paramount+ tagline boasts, analysts say the overture could drive up bidding for the entirety of Paramount Global — which is what Shari Redstone, who owns a controlling stake in the media conglomerate, is understood to prefer. Given that backdrop, let’s consider what Paramount Global comprises — and the potential effect of selling it off in its entirety or in pieces.

Paramount Global shares, which soared Wednesday on news that Apollo had made an $11 billion offer for Paramount Pictures, has slumped today after a report splashed cold water on the scenario.

The legal battle between Kelly Clarkson and Brandon Blackstock is heating up!

Todd Spangler NY Digital Editor Paramount Global has sold its 13% ownership stake in TV and streaming company Viacom18 to Reliance Industries for $517 million. Reliance was already the majority owner of Viacom18. The pact comes two weeks after Disney and Reliance Industries announced a blockbuster $8.5 billion deal merging their massive Indian TV and streaming businesses.