As a seasoned observer of the dynamic world of media and entertainment, I find this latest development between Skydance Media and Paramount Global truly intriguing. The shift in power dynamics, with David Ellison taking the helm as Chairman and CEO of New Paramount, is a testament to his strategic acumen and the Ellison family’s influence in the industry.
Skydance Media submitted an updated FCC filing to reflect that David Ellison, CEO of Skydance, will hold 100% percent of the Ellison family’s voting interests in the newly combined Skydance-Paramount.
Based on the updated FCC submission revealed on Tuesday, David Ellison is set to assume the positions of Chairman and CEO at New Paramount following the merger of Skydance and Paramount Global’s assets, which is anticipated to be completed in the first half of 2025. Additionally, David Ellison will serve as the single manager for the Ellison family-owned companies – Hikouki LLC, Furaito LLC, and Aozora LLC – giving them ownership and control over National Amusements Inc. (currently Paramount Global’s majority shareholder) and New Paramount.
Earlier reports to the Federal Communications Commission indicated that I, as a movie enthusiast and admirer of cinematic arts, would hold the majority stake in NAI following the merger of Paramount and Skydance. This significant position would give me, Larry Ellison, the multibillionaire founder of Oracle and David Ellison’s father, the controlling power over the combined studio.
After the transaction is completed, Pinnacle Media Ventures – established as entities specifically for this purpose to represent the Ellison family’s stake in NAI and Paramount – will control approximately 77.5% of National Amusements. The remaining 22.5% of NAI will be owned by Gerry Cardinale, leader of RedBird Capital Partners, a private-equity firm, who collaborated with Skydance and the Ellison family on the NAI/Paramount deal.
The FCC requires NAI to disclose its ownership shares due to a transaction involving CBS transferring 28 locally owned TV stations. Meanwhile, Skydance Group has submitted an application to the FCC, seeking approval for the change in control of television broadcast licenses. Here’s the updated FCC filing from October 29, accessible through this link.
According to the documents, after the Skydance/NAI/Paramount agreement is finalized, the NAI board will initially consist of no more than seven people. The Ellison family, specifically David Ellison, will hold controlling voting rights and the ability to appoint up to five board members. RedBird has the right to nominate up to two individuals for the NAI board.
In July, following several rounds of discussions, Shari Redstone, the major shareholder of Paramount, finalized an agreement to combine the media giant with Skydance. Since that point, Paramount has undertaken job cuts and reorganization initiatives aimed at reducing 15% of its U.S.-based workforce as part of an effort to reduce annual expenses by $500 million.
As a devoted cinema enthusiast, I’d rephrase the statement like this: Earlier this month, I learned that Paramount Global made an allowance for its three co-CEOs – George Cheeks, Chris McCarthy, and Brian Robbins – in their employment contracts. This provision enables them to resign with severance pay if they were to be stripped of their co-CEO positions. Interestingly, each executive was also granted $3 million in stock as part of Paramount’s long-term incentive program.
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2024-10-30 00:46