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New Offer, Shareholder Meeting Refresh Paramount's Saga
Paramount Pictures released its latest earnings report this week amid rumors of a possible sale.
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Topline:
A new offer and an annual shareholder meeting refreshed the ongoing saga of the potential sale of Paramount Global.
Why it matters: Paramount is one of the five major Hollywood studios, employing more than 20,000 people. Its health and vitality are important to the overall entertainment ecosystem in Los Angeles.
The latest offer: Skydance had been floating a complex arrangement by which it would buy out Shari Redstone’s voting control via her family’s ownership in National Amusements and then Paramount would acquire Skydance — but Skydance would then control and run the combined company. Now Skydance, which is run by David Ellison — son of Larry Ellison, one of the world’s richest men — is reportedly offering to buy a majority stake in Paramount.
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Paramount’s current plan: Paramount Global’s three-person Office of the CEO appeared at the company’s annual shareholder meeting on June 4 to answer questions and present their vision. They discussed how they were cutting costs at a rate that would total $500 million on an annual basis, with more planned. They also evangelized their intent to license more content from Paramount’s vast library, produce new versions of iconic work from that library — such as the forthcoming Matlock series — and perhaps pursue a long-rumored joint venture on streaming.
What’s next: A planned Paramount company-wide town hall that had been scheduled for June 5 was postponed to June 25. Meanwhile, all accounts are that the ultimate decision for what happens next rests with Redstone.
For more . . . read the full story on The Ankler.
This story is published in partnership with The Ankler, a paid subscription publication about the entertainment industry.
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But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.
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