With our free press under threat and federal funding for public media gone, your support matters more than ever. Help keep the LAist newsroom strong, become a monthly member or increase your support today.
Proposed Paramount Acquisition: What No One Is Talking About
Paramount studios lot entrance.
(
Photo by M.V. Jantzen via the LAist Featured Photos pool on Flickr
/
iStock
)
Topline:
As the negotiations for David Ellison’s Skydance Media to acquire Paramount Global move into a more serious phase, some underexplored issues around what Ellison is buying — and the implications of the deal — emerge.
Why it matters: Paramount has long been one of Hollywood’s major studios, and employs more than 20,000 people. But it possesses a significant number of declining assets in its linear cable networks and CBS broadcast network. These make up 55% of its 2023 revenues. Its investments in streaming, which now comprise 23% of its business, have yet to make up for the declines in its legacy businesses.
What we know: Ellison, with backing from his father, Oracle co-founder Larry Ellison, are reportedly pursuing a complicated deal to acquire Shari Redstone’s control of National Amusements (the Redstone family’s theater business) leading ultimately to them having the primary financial interest in Paramount.
Sponsored message
What we need to know: What are the Ellisons going to do with all those old cable channels? CBS has the very valuable NFL rights until 2033, but how much interest is there in the rest of the network, including its news division? Is Larry Ellison only helping to bankroll the deal to boost the fortunes of Oracle’s lagging cloud-computing business? What does that then mean for any aspect of Paramount that can’t migrate to the cloud?
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.
At LAist, we believe in journalism without censorship and the right of a free press to speak truth to those in power. Our hard-hitting watchdog reporting on local government, climate, and the ongoing housing and homelessness crisis is trustworthy, independent and freely accessible to everyone thanks to the support of readers like you.
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.
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.
Senior Vice President News, Editor in Chief
