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Tag: Skydance media

  • Paramount Global get $11 billion buyout offer from Apollo Global

    Paramount Global get $11 billion buyout offer from Apollo Global

    MUMBAI: Even as the dust is settling on the $517 million Viacom18 television stake sale deal between Reliance and US media behemoth Paramount Global, comes the news that the latter itself is the target of a a buyout offer. The Wall Street Journal has reported that private equity firm Apollo Global Management, has made a $11 billion offer to the buy the film and television studio. 

    This is not the first acquisition offer that a reluctant controlling shareholder Shari Redstone has received. Earlier, the David Ellison-controlled production company Skydance Media had  proposed to buy Paramount parent National Amusements and fuse it with his firm as a whole. Skydance had bid in excess of $4 billion for a 70 per cent stake. Ellison’s offer – which plans to keep all the studio  assets but sell off the rest – is still on the table.

    Paramount Global’s assets include Paramount Pictures, broadcaster CBS, Viacom cable networks including MTV as well as PlutoTV. The media conglomerate has a current valuation in excess of $7.7 billion. 

    Earlier this month, Paramount’s chief financial officer Naveen Chopra had dismissed any move towards selling the company at a Morgan Stanley media conference. “From management’s perspective, we are focused on execution. And we believe the continued execution of our plan will unlock value. We’re very conscious of the fact that our job as management is to create value for all of our shareholders…To the extent that there are other alternatives, we’ll be diligent about exploring them,” he had said. 

    The company has been grappling with the changing dynamics of content consumption under CEO Bob Bakish. In its latest quarter overall revenue shaved six per cent year-on-year to $7.64 billion, worse than an expected $7.9 billion. TV media revenue and filmed entertainment revenues respectively fell 12 per cent to $5.17 billion and 31 per cent to $647 million. The saving grace was direct to consumer revenues which rose 34 per cent to $1.87 billion.

    “Our disciplined execution and strong content offering drove our results in 2023, as we continue to evolve our business for profitable growth in 2024 and beyond. In Q4, Paramount+ revenue increased 69 per cent,  direct to consumer adjusted Operating income before depreciation and amortization (OIBDA) improved for the third consecutive quarter, and we now expect to reach domestic Paramount+ profitability in 2025 – a significant milestone,” Bakish had told shareholders at the time of the earnings release. “Looking ahead, we continue to be focused on maximizing the return on our content investments and scaling streaming, while transforming the cost base of our business. And I couldn’t be more thrilled with the early momentum we’ve had across every platform in 2024, demonstrating the power of our strategy and assets.”

  • Lionsgate and Skydance Media ink global television distribution pact

    Lionsgate and Skydance Media ink global television distribution pact

    MUMBAI: Lionsgate and Skydance have formed a global television distribution pact. The launch of newly-created label Skydance International, which will feature Skydance Media’s current and emerging premium television properties around the world following their initial US broadcast, augments Lionsgate’s worldwide distribution pipeline and permits the two companies to tap opportunities across the global television marketplace.

     

    The global distribution pact will encompass programming led by Skydance’s Emmy-nominated television series Grace and Frankie and the dramaManhattan (produced in partnership with Lionsgate and Tribune Studios), as well as a number of new properties that Skydance is developing for the international television marketplace.

     

    These include Lore, which is executive produced by McG and written by Zack Stentz, and Madness of Angels, which is inspired by Kate Griffin’s six-book fantasy series. The project is executive produced by Neil Burger, who is also slated to direct, and written by rising star UK-based writer Ben Vanstone.

     

    “We’re thrilled to expand our partnership with Skydance Media, one of the hottest and most dynamic film and television studios in the industry. The Skydance brand is synonymous with big, bold, quality entertainment events, and their television slate complements our global distribution pipeline. We’re excited to partner with them on all forms of global distribution, from the traditional to the disruptive, and we’ll focus on innovative deals that reflect today’s dynamic television ecosystem,” said Lionsgate president of worldwide television & digital distribution Jim Packer.

     

    “We believe joining together with Lionsgate – one of the most cutting-edge and creative content companies in the world – will strongly position the Skydance Media brand for success as we make our debut in the international television marketplace. We’ve worked hard to create premium, branded content that will resonate with audiences worldwide, and this new partnership with Lionsgate will accelerate our ability to distribute our shows far and wide across platforms and around the globe in conjunction with the launch of Skydance International,” added Skydance Media founder and CEO David Ellison.

     

    As part of today’s announcement, Brandon Zimon has been named as Skydance Media senior vice present of international television sales and co-productions. 

     

    “In this important new role, Brandon will be responsible for collaborating with Lionsgate to expand the reach of our new and existing television properties around the world and for independently executing international television acquisitions for Skydance Media,” said Skydance COO Jesse Sisgold.

     

    Zimon joins Skydance Media from Sony Pictures Television, where he spent over a decade, most recently as vice president of international distribution.