Who will buy Paramount?

[LinusFan303]

It seems they are cutting the marketing some more and some Paramount Plus positions. They are running out of things to cut, they've already set the plan to cut CBS Evening News spending and demoting the anchor and moving things back to NYC, the local stations stations have had annoying cuts too, awful. The bad acquisition that also shouldn't happen will also have more cuts and annoyances.

 

[lowell]

It seems they are cutting the marketing some more and some Paramount Plus positions. They are running out of things to cut, they've already set the plan to cut CBS Evening News spending and demoting the anchor and moving things back to NYC, the local stations stations have had annoying cuts too, awful. The bad acquisition that also shouldn't happen will also have more cuts and annoyances.

Skydance even promised to do even more layoffs if they can do so. They didn't even rule out selling CBS down the road as well so the goose was basically cooked when the Redstones fired Bakish.

The Redstones likely don't care about this anyway because they're going to walk away with money in all of the scenarios as the drama saga is ongoing.

Whoever steps in down the road will do even more gutting than what the trio are doing now if they can do so.

 

[themidnightlore]

It seems they are cutting the marketing some more and some Paramount Plus positions. They are running out of things to cut, they've already set the plan to cut CBS Evening News spending and demoting the anchor and moving things back to NYC, the local stations stations have had annoying cuts too, awful. The bad acquisition that also shouldn't happen will also have more cuts and annoyances.

They still can sell the foreign TV channels. But not sure if that could even help.

 

[lowell]

They still can sell the foreign TV channels. But not sure if that could even help.

They don't have to do that given there's still a lot of non-content assets lying around in the company.

One of those non-content assets, Pop Culture Media (PopCulture.com & ComicBook.com), was actually sold off yesterday:

Paramount Sells ComicBook, PopCulture Sites to Nashville-Based Savage Ventures | Exclusive

Savage has been investing in the media industry recently, creating a joint venture with Vice Media to relaunch its digital properties

www.thewrap.com

 

[PF9]

Paramount Television Studios Shutting Down Amid Cutbacks

After its team was gutted in the February cuts, Paramount TV Studios is being shuttered altogether. It will cease operations after 11 years.

deadline.com

Paramount Television Studios is merging into CBS Studios.

Personally, Paramount Television Studios should be used as an in-name-only label for CBS Studios shows being released on platforms not owned by Paramount Global, similar to how the original Paramount Television used CBS Productions as a label in the last two seasons before the split of Viacom.

This would mean if Star Trek: Prodigy gets a third season at Netflix, it would be the first time a Star Trek TV series had a Paramount closing logo since the series finale of Enterprise in 2005.

After all, Paramount is too iconic a name to disappear from television completely (again).

 

[LinusFan303]

They aren't merging , Paramount Television is dead, that's the point of why they are closing it. They are moving productions to CBS Studios.

I , of course, am more pro CBS than Paramount in all cases, but it's awful they are just getting rid of people left and right. They aren't going to much of a marketing and PR team anymore either.

https://www.wsj.com/business/media/...mid-restructuring-7c42a4ee?st=wjp8ufiqedrvybc

Sony and Apollo, were going to what again? Looks like they'd rather tear things apart themselves.

 

[harry580]

but they only folding paramount television which sounds good on paper if they going to rebrand the cbs branded television studios assets as cbs paramount like they used to do back in the 2000s

 

[PF9]

They aren't merging , Paramount Television is dead, that's the point of why they are closing it. They are moving productions to CBS Studios.

I , of course, am more pro CBS than Paramount in all cases, but it's awful they are just getting rid of people left and right. They aren't going to much of a marketing and PR team anymore either.

https://www.wsj.com/business/media/...mid-restructuring-7c42a4ee?st=wjp8ufiqedrvybc

Sony and Apollo, were going to what again? Looks like they'd rather tear things apart themselves.

It has the effect of a merger though.

I mean since I want a new Mission: Impossible TV series on ABC I am adamant it have a Paramount closing logo. My proposal would allow for that.

 

[lowell]

They aren't merging , Paramount Television is dead, that's the point of why they are closing it. They are moving productions to CBS Studios.

I , of course, am more pro CBS than Paramount in all cases, but it's awful they are just getting rid of people left and right. They aren't going to much of a marketing and PR team anymore either.

https://www.wsj.com/business/media/...mid-restructuring-7c42a4ee?st=wjp8ufiqedrvybc

Sony and Apollo, were going to what again? Looks like they'd rather tear things apart themselves.

Looks like most of it was gone in February because there's only now 20-30 employees from the studio that's part of the layoffs and now they're just folding the remaining operations into CBS Studios:

"PTVS’ shutdown will result in the exit of 20-30 employees. All current PTVS series and development projects will be folded into CBS Studios."

Paramount Television Studios Shutting Down Amid Cutbacks

After its team was gutted in the February cuts, Paramount TV Studios is being shuttered altogether. It will cease operations after 11 years.

deadline.com

90% of the planned 15% of U.S. workforce cuts are planned to be done by the end of Septemeber and the rest to be finished by the end of the year:

"This process will take place in three phases, starting today and continuing through the end of the year. We expect 90% of these actions to be complete by the end of September."

Paramount Begins Laying Off 15% Of U.S. Staff; Co-CEOs Tell Staffers Media Company Has Reached “An Inflection Point” As “Industry Continues To Evolve”

Paramount Global has initiated the first wave of layoffs as it looks to reduce its U.S. workforce by 15%.

deadline.com

 

[LinusFan303]

Looks like most of it was gone in February because there's only now 20-30 employees from the studio that's part of the layoffs and now they're just folding the remaining operations into CBS Studios:

"PTVS’ shutdown will result in the exit of 20-30 employees. All current PTVS series and development projects will be folded into CBS Studios."

Paramount Television Studios Shutting Down Amid Cutbacks

After its team was gutted in the February cuts, Paramount TV Studios is being shuttered altogether. It will cease operations after 11 years.

deadline.com

90% of the planned 15% of U.S. workforce cuts are planned to be done by the end of Septemeber and the rest to be finished by the end of the year:

"This process will take place in three phases, starting today and continuing through the end of the year. We expect 90% of these actions to be complete by the end of September."

Paramount Begins Laying Off 15% Of U.S. Staff; Co-CEOs Tell Staffers Media Company Has Reached “An Inflection Point” As “Industry Continues To Evolve”

Paramount Global has initiated the first wave of layoffs as it looks to reduce its U.S. workforce by 15%.

deadline.com

Those earlier cuts this year were grim , this just even more sad.

 

[Moe]

I mean since I want a new Mission: Impossible TV series on ABC I am adamant it have a Paramount closing logo. My proposal would allow for that.

I'm in mood for new Mission: Impossible TV series and it is going to be based on modern like saw in their movies, rather than 1960s show and as for 1988 show, they are basically late 1980s, rather than 1960s.

 

[lowell]

Those earlier cuts this year were grim , this just even more sad.

I mean, any Bakish-less scenario, with or without a sale, was going to result in the trio pulling these moves anyway.

This current round (2000 employees) will be larger than the February one (800 employees), to be honest.

The Redstones aren't going to likely care about this because they'll be walking away with money in all scenarios as the drama saga is ongoing.

 

[LinusFan303]

The chairman of Fubo must be feeling good after a judge sided with his company, Edgar Bronfman wants to buy Paramount.

https://www.cnbc.com/2024/08/20/edgar-bronfman-submits-4point3-billion-rival-bid-for-paramount-global-reuters-reports.html

MSN

 

[lowell]

The chairman of Fubo must be feeling good after a judge sided with his company, Edgar Bronfman wants to buy Paramount.

https://www.cnbc.com/2024/08/20/edgar-bronfman-submits-4point3-billion-rival-bid-for-paramount-global-reuters-reports.html

MSN

The Redstones are basically encouraging all sides to do whatever to help grow their payout:

"Critical to whether the bid has any chance of succeeding is Shari Redstone, Paramount’s non-executive chairwoman, who controls NAI, which controls 77% of Paramount Global voting stock, the person said.

“She has been very encouraging about this bid” from Bronfman, the source said. “Any bid that has the financial backing but doesn’t have the Skydance albatross would be deemed superior.”"

Edgar Bronfman Jr. Makes Last-Minute $4.3 Billion Bid for Paramount

The former Warner Music executive is preparing to submit a competing bid for Paramount Global and National Amusements, TheWrap has learned.

www.thewrap.com

I wouldn't be that surprised if a bidding war does end up happening, given this drama saga has been having twists and turns.

 

[harry580]

if I have to guess, Edgar bronfman jr gets picked to become chairman of paramount global instead of Jeff shell and skydance would still get paramount

 

[LinusFan303]

The have extended the deal talks to allow Mr. Bronfman his chance to see why he should be picked instead.

https://www.axios.com/2024/08/21/edgar-bronfman-paramount-extend-deal-talks

 

[lowell]

The have extended the deal talks to allow Mr. Bronfman his chance to see why he should be picked instead.

https://www.axios.com/2024/08/21/edgar-bronfman-paramount-extend-deal-talks

That is not that surprising at this point since the Redstones encouraged all bidders to do whatever to fatten their payout as much as possible.

 

[harry580]

so, who is going to win the bidding war?

 

[lowell]

so, who is going to win the bidding war?

It could lead to a bidding war but so far, they've basically only opened negotiations at the moment.

 

[LinusFan303]

SkyDance is doing the ole' "We'll walk away, really we will" thing because of this. Skydance Urges Paramount To Spurn Edgar Bronfman-Led Offer