Paramount Board Special Committee Confirms Skydance Merger Will Close In First Half Of 2025, Says 'Go-Shop' Period Has 'Concluded'

A special committee of Paramount Global’s board set up to steer its M&A process has declared an end to the “go-shop” period in its pending Skydance Media merger and says the transaction will close in the first half of 2025, Deadline is reporting.

David Ellison / Getty Images

In a statement released on Monday (Aug. 26) evening following the withdrawal of a rival bid led by Edgar Bronfman Jr., the committee acknowledged having received word that the offer had been withdrawn. The emergence of that alternative to David Ellison‘s Skydance had earlier prompted the committee to extend the “go-shop” for an additional 15 days, through September 5.

“On behalf of the Special Committee we thank Mr. Bronfman and his investor group for their interest and efforts,” said Charles E. Phillips, Jr., Chair of the Special Committee.

“Having thoroughly explored actionable opportunities for Paramount over nearly eight months, our Special Committee continues to believe that the transaction we have agreed with Skydance delivers immediate value and the potential for continued participation in value creation in a rapidly evolving industry landscape,” he added.

While there is likely to be regulatory scrutiny of the transaction, especially due to the broadcast licenses owned by CBS and a portfolio of local stations in the Paramount fold, most observers see a fairly clear path to approval. The saga of Paramount’s M&A aspirations, which began at the end of 2023, and went on to involve a roster of major (and some minor) names in the media business, has been one of the messiest in recent industry history.

The Skydance proposal that prevailed will see a total of $8 billion invested into Paramount in a two-step process. Skydance will first acquire Shari Redstone‘s National Amusements Inc. and then execute a full merger with Paramount Global.

If approved, the deal will mark a major turning point in the media business, with the Redstones relinquishing control of an asset they have controlled for more than three decades. Shari Redsone’s late father, Sumner, assembled the pieces of the media empire that would come to be known as Paramount, eventually ceding the stage amid a host of controversies both personal and professional. Ellison, meanwhile, has long been linked to Paramount as a co-finance partner of major film and TV projects. He also brings the financial resources of his father, Larry Ellison, the billionaire co-founder of Oracle, and has pledged to invest significant amounts of money in Paramount’s streaming operation.

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Originally published: August 28, 2024.

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Edgar Bronfman 'Exiting' $6B Bid For Paramount, Clears Way For Skydance Merger

The Paramount Global ball is back in Skydance‘s court as Edgar Bronfman has discontinued his short-lived $6 billion bid to take control of the Shari Redstone-run media giant.

Edgar Bronfman Jr., Paramount Studios / Getty Images

“Tonight, our bidding group informed the special committee that we will be exiting the go-shop process. It was a privilege to have the opportunity to participate,” Bronfman said in a statement provided to Deadline on Monday (Aug. 26) evening.

“We continue to believe that Paramount Global is an extraordinary company, with an unrivaled collection of marquee brands, assets and people,” the former Vivendi vice-chair added. “While there may have been differences, we believe that everyone involved in the sale process is united in the belief that Paramount’s best days are ahead. We congratulate the Skydance team and thank the special committee and the Redstone family for their engagement during the go-shop process.”

This latest twist in the fate of the studio that made The Godfather comes just days after Bronfman, the Seagram heir and Fubo TV executive chairman, upped his initial offer by $1.7 billion to a $6 billion investment. Skydance had put forth a $8.4 billion offer with a full merger of the two companies, bringing animation, film and TV production and other assets under the newly combined entity. The Bronfman-led bid, by contrast, would have resulted in control of voting shares and a stake in the overall company.

Earlier this month, Bronfman assembled about 20 investors, from funds to high-net-worth individuals and financiers for a $4.3 billion package. Even with former child actor-turned-crypto magnate Brock Pierce and Kazakh businessman Nurali Aliyev, who were in the initial consortium, leaving the original group, the offer seemed to have legs – – certainly enough to put the National Amusements-dominated conglomerate in serious play again.

Despite Paramount Global stock veering toward near-record lows, there was serious cash on the table for a deal of some type, from all the players. In either a complicated merger (Skydance) or an out-and-out purchase (Bronfman), the only question that really mattered was who would deliver the biggest bang for the buck.

Like other traditional media companies, Paramount has been managing through a period of significant decline of its linear TV assets. It took a nearly $6 billion write down of the value of its cable network assets earlier this month. At the same time, it has pursued a direct-to-consumer streaming strategy, positioning Paramount+ as a global competitor. But the cost of streaming, along with the task of maintaining a movie studio business in an uncertain theatrical climate, has prompted a need to streamline. Earlier this month, the company announced the layoffs of 15% of U.S.-based workers.

Last week, as the Bronfman bid gathered steam, there was some not very subtle indication from Skydance that it would consider pulling its own offer, the latest of three formal overtures over an eight-month period. In an August 22 correspondence, Skydance lawyers made it clear to Paramount’s board of directors and the committee formed to handle the M&A process that the Ellisons believed Paramount had actually breached the terms of the merger agreement the two companies announced last month. 

Maybe that help put the brakes on the Bronfman offer. Perhaps it made it clear that meeting the Skydance bid was going to prove a bridge too far for the new bidder(s) as the Seagram heir lost partners and hence serious cash.

In both bids, Skydance and Bronfman would have paid Redstone $2.4 billion for her controlling stake in Paramount through special Class A voting shares. Both parties also plan to inject $1.5 billion to help Par shore up its finances and pay down debt. If Bronfman had succeed in snagging Paramount, he would have also owed Skydance a $400 million breakup fee.

Charles Phillips, the chief of Paramount’s special board committee in charge of evaluating offers, has been rumored to have encouraged Bronfman’s bid.

Bronfman’s eleventh-hour offer marked another pothole for Skydance. After on-again, off-again talks over the past several months, the deep-pocked, David Ellison-founded company reached a merger agreement with Paramount on July 7 that would have involved a total investment of $8 billion. With Ellison as chairman and CEO and former NBCUniversal chief Jeff Shell as president, the Skydance-Paramount merger, which still faces potential regulatory headwinds but values the total enterprise at $28 billion, included a 15-day extension to explore a rival bid. That “go-shop” period was extended for another 15 days. Technically, the go-shop runs through September 5, but the additional days were added only for Bronfman, meaning the race that began in late 2023 has ended with Skydance poised to take the checkered flag.

Reps from Skydance and the Paramount board’s special committee did not respond to Deadline’s request for comment. Paramount has referred questions to other stakeholders since the messy merger process began.

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More Nick: Paramount Plus Expands Kids and Family Programming with New Slate of Films and Series from Nickelodeon Studios!

Originally published: August 28, 2024.

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Paramount Australia And Football Australia Agree To Historic Multi-Year, Multi-Platform Media Rights Deal For Australian National Teams Through To 2028

Paramount Australia And Football Australia Agree To Historic Multi-Year, Multi-Platform Media Rights Deal For Australian National Teams Through To 2028.

August 28, 2024

Paramount Australia (Network 10 and Paramount+) will be the home of the CommBank Matildas and Subway Socceroos in Australia, including the AFC Women’s Asian Cup 2026™ being hosted in Australia and AFC Asian Cup Saudi Arabia 2027™.

More than 100 international football games featuring either the CommBank Matildas or Subway Socceroos will be telecast live with at least 50 games on free-to-air television.

In addition, Paramount Australia have acquired exclusive rights to the FIFA Women’s World Cup Brazil 2027™, in a deal brokered in partnership with IMG.

New package also includes all CommBank Matildas and Subway Socceroos’ friendly matches, all AFC Tournaments (including AFC Asian Qualifiers™), and the Australia Cup Finals through to 2028.

Paramount Australia and Football Australia today announced a landmark multi-year and multi-platform agreement to broadcast an extended package of CommBank Matildas and Subway Socceroos’ games on Network 10 and Paramount+ in Australia, through to 2028.

Under the agreement, Network 10 and Paramount+ will become the exclusive home to all Australian Women’s Senior National Team matches for the next four years, including the FIFA Women’s World Cup Brazil 2027™, up until the LA 2028 Summer Olympics, and the Men’s Senior National Team matches including all AFC Asian Qualifiers™ (FIFA World Cup 2026™ Asian Qualifiers Final Round) except the FIFA World Cup 2026™.

This comprehensive agreement, which was brokered by Football Australia in partnership with IMG, will ensure Australia’s favourite national sporting teams will be available to 96% of Australian homes.

For the first time ever, this landmark agreement brings together rights for one broadcaster for the AFC Women’s Asian Cup 2026™, in addition to the AFC Asian Qualifiers™ (FIFA World Cup 2026™ Asian Qualifiers Final Round), the FIFA Women’s World Cup Brazil 2027™, the AFC Asian Cup Saudi Arabia 2027™, and international friendly matches for both the CommBank Matildas and Subway Socceroos.

In celebration of Paramount Australia’s support of Australia’s rising stars, fans will benefit immediately, as they can look forward to watching the CommBank Young Matildas take on the world at the FIFA U-20 Women’s World Cup Colombia 2024™. The CommBank Young Matildas will play their Colombian hosts in the marquee match on the opening day of the tournament on Saturday 31 August 2024 (local time) and 1 September 2024 AEST.

James Johnson, CEO of Football Australia, commented: “This landmark agreement with Paramount Australia is a pivotal moment for Australian football. It brings unprecedented exposure to our national teams and provides fans with unparalleled access to the CommBank Matildas and Subway Socceroos.

“Innovation is the cornerstone of our approach to sustaining and expanding the influence of Australian football. Reacquiring the Asian Football Confederation (AFC) National Team rights and securing the broadcast rights to the FIFA Women’s World Cup Brazil 2027™ are strategic moves designed to maximise control over our content, enhance fan accessibility and unlock new revenue streams.

“These rights are integral to our strategy to secure a transformative broadcast deal that we anticipate will set new benchmarks in the valuation of football media rights in Australia. Bringing as much national team content as possible to a multi-platform partner was a key objective from a fan’s perspective, and we are thrilled to achieve this.

“We look forward to our continued partnership with Paramount Australia, a relationship that has been pivotal in delivering high-quality football matches to our fans. This ongoing collaboration will be crucial as we navigate future opportunities and challenges in the dynamic media landscape.

“We also extend our gratitude to the IMG team for their invaluable support in navigating this complex negotiation with all parties involved and our friends at FIFA and AFC for their tremendous support and collaboration,” concluded Mr. Johnson.

This agreement confirms the commitment by Paramount Australia to Australian football which has the highest participation rate of club sport in Australia and is the leading organised sport for children under 14. 

The depth and breadth of coverage offered to football fans is unrivalled with Network 10 and Paramount+ reaching 96% of the nation’s homes. 

“Australian football fans are the winners here,” said Beverley McGarvey, President of Network 10 and Paramount Australia’s Head of Streaming and Regional Lead.

“Never before have fans had such incredible access to the sport they love, ranging from the A-Leagues all the way through to premium international games broadcast on the one free-to-air network and on one of Australia’s fastest growing streaming platforms.

“Perhaps one of the most appealing aspects of the Paramount Australia agreement, which we see as an exciting extension of our coverage of the A-Leagues, is the opportunity for women’s football.

“All CommBank Matildas’ games at the FIFA Women’s World Cup 2027 will be telecast by Network 10 on free-to-air television as will all Matildas’ games in the AFC Women’s Asian Cup 2026™,” Ms. McGarvey said.

Network 10 and Paramount+ will broadcast more than 100 internationals over the four-year agreement with at least 50 games on free-to-air television. 

Datuk Seri Windsor John, the AFC General Secretary, said: “The AFC is pleased to extend our partnership with Football Australia, which ensures that our world-class competitions will continue to receive the best possible coverage across Australia as we aim to elevate viewership to new heights.

“It has indeed been heartening to see the great passion Australian fans demonstrate for the Asian game and I am confident that this renewed collaboration will reinforce the AFC’s ambitions to maintain football as the number one sport throughout the Continent.”

Dale Levin, SVP & Head of Commercial, APAC for IMG’s media business, added: “This package represents a new era for Australian Football, following the huge momentum off the back of the CommBank Matildas’ success at the FIFA Women’s World Cup 2023™. Now fans can enjoy exclusive CommBank Matildas and Subway Socceroos coverage on one network for the first time, and also follow the journey of the next generation of Young Matildas and Socceroos.”

IMG has partnered with Football Australia since 2016, supporting its domestic rights process and distributing its international media rights.

Fans can access the broadcasts via Network 10 and/or via Paramount+ subscriptions.

Exclusive behind-the-scenes content, interactive fan engagement opportunities and social media initiatives will be part of this comprehensive coverage.

The full list of rights included in the agreement are:

• AFC Asian Qualifiers (FIFA World Cup 2026™ Asian Qualifiers Final Round)
• 5 Sep 24 – Australia v Bahrain on Network 10, 10 Play and Paramount+.
• 10 Sep 24 – Indonesia v Australia exclusive on Paramount+.
• 10 Oct 24 – Australia v China PR on Network 10, 10 Play and Paramount+.
• 15 Oct 24 – Japan v Australia exclusive on Paramount+.
• 14 Nov 24 – Australia v Saudi Arabia on Network 10, 10 Play and Paramount+.
• 19 Nov 24 – Bahrain v Australia exclusive on Paramount+.
• 20 Mar 25 – Australia v Indonesia on Network 10, 10 Play and Paramount+.
• 25 Mar 25 – China PR v Australia exclusive on Paramount+.
• 5 Jun 25 – Australia v Japan on Network 10, 10 Play and Paramount+.
• 10 Jun 25 – Saudi Arabia v Australia exclusive on Paramount+.
• FIFA Women’s World Cup Brazil 2027™ (15 matches on Network 10, all matches on Paramount+).
• AFC Women’s Asian Cup 2026™ (six matches on Network 10, all matches on Paramount+).
• AFC Asian Cup Saudi Arabia 2027™ (all matches exclusively on Paramount+).
• AFC U23 Asian Cup 2026™ and 2028™.
• All CommBank Matildas and Subway Socceroos International Friendlies 2025 to 2028 (15 CommBank Matildas Friendlies on Network 10, all matches on Paramount+ and 10 Subway Socceroos’ Friendlies on Network 10, all matches on Paramount+).
• Australia Cup Finals 2025 to 2028.

About Paramount Australia

Paramount Australia is a division of Paramount Global which delivers content that is premium and differentiated to the young and young at heart in the way they want it on free-to-air channels (10, 10 Peach Comedy, 10 Bold DRAMA and Nickelodeon), subscription channels (MTV, Nickelodeon, Nick Jr. and Comedy Central), broadcast video on demand platform 10 Play, and subscription video on demand service, Paramount+. It is the home of football in Australia televising the CommBank Matildas, the Subway Socceroos and all Isuzu UTE Men’s A-League and Liberty Women’s A-League matches live.

About Football Australia

Football Australia is the national governing body for football in Australia and a member of Fédération Internationale de Football Association (FIFA), the international governing body for football. It governs all national teams, the A-Leagues (in Football Australia’s capacity as the regulatory body), Australia Cup, National Premier Leagues and leads state, community, and grassroots football.

About the AFC

The Asian Football Confederation (AFC) is the governing body of Asian football and one of the six Confederations making up FIFA. Established in 1954, the AFC is headquartered in Kuala Lumpur, Malaysia, and comprises 47 Member Associations.

The AFC organises the AFC Asian Cup™, the AFC Women’s Asian Cup™ and the AFC Futsal Asian Cup™ which are the flagship Continental national team football and futsal competitions, while the AFC Champions League™is the premier competition for Asian clubs, drawing millions of fans to the beautiful game across the length and breadth of the Continent and beyond.

About FIFA

FIFA exists to govern football and to develop the game around the world. Since 2016, the organisation has been fast evolving into a body that can more effectively serve our game for the benefit of the entire world. As a not-for-profit organisation, FIFA – which organises the FIFA World Cup™, FIFA Women’s World Cup™, and FIFA Club World Cup™, among many other international competitions – reinvests its revenues into a wide range of football development programmes, providing funds, infrastructure and know-how to its member associations through the FIFA Forward Development Programme. FIFA’s Strategic Objectives for the Global Game: 2023-2027 can be explored here.

About IMG

IMG is a global sports, events and representation company. It is a leader in rights management, multi-channel content production and distribution, consultancy and fan engagement; owns, produces and commercially represents hundreds of live events and experiences; and manages licensing programs for the world’s best-known brands and trademarks. IMG is a subsidiary of Endeavor, a global sports and entertainment company. 

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ChangeX and Paramount Global Launch World Mental Health Day Community Fund

ChangeX and Paramount Global Launch World Mental Health Day Community Fund

August 23, 2024

New grant initiative funded by Paramount Global now available to support communities to turn awareness into action on World Mental Health Day, October 10, 2024.

Funding will support up to 200 community projects across 10 countries, and can now be accessed HERE.

ChangeX, the community engagement platform, and Paramount Global, today announced the launch of the World Mental Health Day Community Fund, a new multi-region mental health and well-being focused community fund.

The fund will support communities to start or expand projects that positively impact mental health and well-being in the UK, Australia, Canada, Singapore, Mexico, Argentina, Germany, Netherlands, France and Chile. Communities can apply for funding now through September 14, 2024, to encourage action to commence on World Mental Health Day on October 10 2024.

This initiative is part of Paramount’s ongoing commitment to support mental health and well-being around the world. The World Mental Health Day Community Fund builds on the success of the U.S. focused grant program timed to Mental Health Action Day (the third Thursday in May) spearheaded by Paramount’s SHOWTIME/MTV Entertainment Studios and supported by select CBS-owned local stations. This year, grants were provided to 22 non-profit organisations reaching young people across the country for local activations. 

“At Paramount, we are committed to our legacy of creating impact through initiatives and campaigns to drive change in support of critical social issues, including mental health. Launching this initiative in many markets around the world will further the ability of communities to take action and promote mental health and well-being,” said Crystal Barnes, Executive Vice President of Social Impact and Environmental, Social, and Governance (ESG), Paramount.

Niamh McKenna, co-founder and head of impact, ChangeX, said: “We are delighted to partner with Paramount to support communities in 10 countries, providing support to local projects that promote mental health and well-being.”  

The fund will support up to 200 community projects with grants of up to $2,000 USD available. Applicants can apply for funding for one of two options: to bring a proven mental health and well-being focused idea to life, such as mindful meals and sidewalk listening, or fund an original idea for a mental health and well-being focused community project. Funding to adopt proven ideas will be allocated on a first-come, first-served basis to qualifying applicants.  

About ChangeX

ChangeX is a community engagement platform designed to get funding and resources directly into the hands of ordinary people to lead impactful projects in their neighborhoods. ChangeX was established in 2015. It works with social innovators to scale proven solutions to environmental, economic and social issues and partners with companies and foundations to support local communities with the necessary funding. Its funders include Microsoft, Accenture and the LEGO Foundation, among others. ChangeX is an international non-profit organisation, headquartered in Dublin, Ireland, with teams based across Europe, the Americas, Africa and Asia. 

www.changex.org

About Paramount

Paramount Global (NASDAQ: PARA, PARAA) is a leading global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, Paramount’s portfolio includes CBS, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV. Paramount holds one of the industry’s most extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, the company provides powerful capabilities in production, distribution, and advertising solutions.

www.paramount.com

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Originally published: August 28, 2024.

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Paramount+ Debuts First Look Stills From Upcoming UK Original Series 'Curfew'

The six-part series will debut exclusively on Paramount+ this Autumn.

Paramount+ has revealed first look photos of UK original series Curfew. The six-part thriller is produced by Vertigo Films (Monsters, Britannia, Mammals) in association with Evolutionary Films (I Am Vengeance: Retaliation), and wrapped production earlier this year in London.

An adaptation of Jayne Cowie’s Novel After Dark, the series is set in an alternative reality where all men live under ‘The Women’s Safety Act’, bound by a strict curfew from 7PM to 7AM every night with their movements tracked by an ankle tag 24 hours a day. When a woman’s body is discovered brutally murdered during curfew hours and left on the steps of the Women’s Safety Centre, veteran Police officer Pamela Green (Sarah Parish) believes that a man is responsible. But in a world where men are bound by the curfew system, her theory is rejected. The introduction of The Women’s Safety Act almost three years ago is widely considered as effective at protecting women, who have been able to go out at night without looking over their shoulders, and nobody wants to hear different.

If Pamela proves a man committed this murder, it could bring The Women’s Safety Act crashing down… people in high places are determined to make the curfew a success and will do all it takes to prevent Pamela from discovering the truth.

The photos, below, courtesy of Get Your Comic On, see Sarah Parish (Stay Close) in action for the first time as lead investigator Pamela Green, alongside Mitchell Robertson (Mayflies) who is rookie cop Eddie, shadowing Pamela on his first murder investigation. Mandip Gill (Doctor Who) joins the cast as Sarah, an employee at the local Women’s Safety Centre at the heart of Pamela and Eddie’s investigation. Alexandra Burke (Sister Act), winner of the fifth series of The X Factor (UK), joins the cast as Helen, a well intentioned local school teacher,  advocator for the curfew and close friend of Sarah’s.

Rounding out the cast for the series is Lucy Benjamin (Detectorists), Larry Lamb (Gavin and Stacey), Bobby Brazier (EastEnders), Anita Dobson (EastEnders) Tommy McDonnell (Alice & Jack), Adam Korson (This Is Us), Amy Louise Pemberton (DC’s Legends of Tomorrow), Imogen Sandhu (Casualty), James Craven (Coronation Street), Selorm Adonu (Man to Man) and newcomer Raphael D’Alterio. Further imagery will be released at a later date.

Joasia Goldyn (Britannia) is the Series Director, whilst Lydia Yeoman (The Haze) is the lead writer. Joining Yeoman in the writing team is Jess Green (EastEnders), who will write episode three and Sumerah Srivastav (Manifest) will write episode five. Allan Niblo, Jane Moore and Nathalie Peter-Contesse are Executive Producers on the series for Vertigo Films. John Adams (Damaged) serves as Producer with Diane Shorthouse (Cyberbully) as Co-Producer.

The series was commissioned by Sebastian Cardwell, Deputy Chief Content Officer, UK, and Paul Testar for Paramount+, and the series will debut on the service in the UK this Autumn, whilst Federation Studios will handle global sales. 

Curfew joins a rosta of UK scripted originations for Paramount+, including The Flatshare, Sexy Beast, A Gentleman In Moscow and Insomnia.

Paramount+ UK & Ireland is HERE! Stream a Mountain of Entertainment, including your Nickelodeon favourites! Try it FREE at ParamountPlus.com!

Paramount+ is also available with Sky Cinema at no extra cost.

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Originally published: August 28, 2024.

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