Paramount Global (shorten as Paramount) is Nickelodeon's parent company. It was an American multinational mass media conglomerate based in New York City. The corporation was formed via the merger of CBS Corporation and the second incarnation of Viacom on December 4, 2019, which were created from the split of the original Viacom in 2005. The company had interests in film, television, publishing and digital media. In February 17, 2022, Paramount Global replaced the former ViacomCBS.
Paramount Global is the owner of Paramount Domestic Media Networks, whose Kids and Family Group includes Nickelodeon, Nick at Nite, NickToons, Nick Jr., and TeenNick. It also owns Paramount Pictures, which collaborated with Nickelodeon Movies to release all productions except for Hotel for Dogs. Paramount Global's overseas unit, Paramount International Media Networks, manages all Nickelodeon networks outside of the United States. It is also a co-owner of the Rainbow SpA studio, which produces shows for Nickelodeon channels. Paramount Global controls the Pluto TV app, which features a collection of Nick-based channels called Nick on Pluto TV.
History[]
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In 2019, ViacomCBS was the owner of ViacomCBS Domestic Media Networks, whose Kids and Family Group includes Nickelodeon, Nick at Nite, NickToons, Nick Jr. Channel and TeenNick. It also owned Paramount Pictures, which collaborated with Nickelodeon Movies to release all productions except for Hotel for Dogs. ViacomCBS' overseas unit, ViacomCBS International Media Networks, managed all Nickelodeon networks outside of the United States. It was also a co-owner of the Rainbow SpA studio, which produces shows for Nickelodeon channels. ViacomCBS controls the Pluto TV app, which features a collection of Nick-based channels called Nick on Pluto TV. In February 2022, the company changed its name to Paramount Global.
Potential sale[]
On December 20, 2023, it was reported by Axios and The New York Times that David Zaslav, CEO of frequent business collaborator Warner Bros. Discovery, had met with Bob Bakish, and had discussed a possible merger. Spokespeople for the two companies stated that the talks were preliminary and may not result in a deal,[1][2] while Fox Business reported via internal sources that Zaslav "is not in deal mode".[3]
On January 10, 2024, National Amusements was confirmed to be putting Paramount Global up for sale. Potential bidders include WBD, Apollo Global Management, Allen Media Group and RedBird Capital Partners, as well as Skydance Media, already a co-financier of select Paramount movies which RedBird also invests in.[4] On February 27, 2024, CNBC reported that WBD halted the merger talks with Paramount.[5] Following this, Apollo, Allen, RedBird and Skydance continued their bids for Paramount.[6]
On April 2, 2024, Paramount and National Amusements approached Skydance for an exclusive acquisition window agreement. Shari Redstone and David Ellison sought a three-way transaction between the companies.[7] On April 18, it was reported that Sony Pictures was interested in acquiring Paramount Global through a joint buyout with Apollo Global Management.[8][9]
On April 29, 2024, Bob Bakish stepped down from his role as President and CEO. He was replaced by an office of the CEO, led by Brian Robbins, George Cheeks, and Chris McCarthy.[10] McCarthy was deemed the company's "interim principal executive officer" in order to comply with SEC regulations.[11]
Skydance's exclusive negotiation window ended on May 3, 2024 and was not renewed, although the company was still interested in buying Paramount. The following day, Paramount's board members met, considering a "go-shop" approach for other such offers; it was ultimately decided that they would begin negotiations regarding Sony and Apollo's offer while still holding non-exclusive talks with Skydance.[12] That same day, Berkshire Hathaway's Warren Buffett stated in an annual meeting that he had sold all of his shares in Paramount at a substantial loss.[13] Skydance would revise its offer to acquire National Amusements for $2 billion, which The Wall Street Journal reported an independent committee representing Paramount had ultimately recommended.[14]
By June 3, Paramount and Skydance had agreed to terms of a merger, with a final deal expected to be announced in the coming days.[15] However, at that point, Redstone's National Amusements had not formally approved the deal.[16] Redstone was reportedly displeased with the revised terms, considering a sale of her company to another bidder, with such names as producer Steven Paul and Patrón Tequila founder John Paul DeJoria in the running.[17][18] National Amusements announced that they have failed to reach an agreement with Skydance on the Paramount deal on June 11, 2024.[19] However, a deal was reched on July 8th of that year, with Skydance acquiring NAI and merging it with Paramount with the acquisition set to be completed by 2025.[20]
References[]
- ↑ "Scoop: Warner Bros. Discovery in talks to merge with Paramount Global". Axios (20 December 2023).
- ↑ "Warner Bros. Discovery in Talks to Merge With Paramount". The New York Times (20 December 2023).
- ↑ Charlie Gasparino, Eleanor Terrett (2023-12-21). "Warner Bros. Discovery CEO Zaslav not ready to make deal for Paramount but options remain on table" (en-US). Fox Business.
- ↑ "Shari Redstone launches auction of Paramount Global's holding company: sources". New York Post (January 10, 2024).
- ↑ Sherman, Alex (February 27, 2024). "Warner Bros. Discovery halts merger talks with Paramount Global, sources say" (en-US). CNBC.
- ↑ "Apollo Global reportedly still interested in deal for all or parts of Paramount" (en-us). C21media.
- ↑ Littleton, Cynthia (2024-04-03). "National Amusements and Paramount Global Close to Setting an Exclusive Window for Acquisition Talks with Skydance Media" (en-US). Variety.
- ↑ "Sony, Apollo discuss joint bid for Paramount, says source" (en-US). Yahoo Finance (2024-04-19).
- ↑ "Sony and Apollo discuss teaming up to bid for Paramount Global". www.ft.com.
- ↑ Goldsmith, Jill (2024-04-29). "It’s Official: Bob Bakish Is Out At Paramount Global, Trio Of Division Heads Form New Office Of The CEO" (en-US). Deadline.
- ↑ Goldsmith, Jill (May 3, 2024). "Paramount Unveils Bob Bakish Exit Terms, Names Chris McCarthy ‘Interim Principal Executive’ For SEC Purposes".
- ↑ Goldsmith, Jill (4 May 2024). "Paramount To Negotiate With Sony & Apollo But Continue Skydance Talks; James Cameron, Ari Emanuel Back David Ellison – Update". Deadline Hollywood.
- ↑ Hayes, Dade (4 May 2024). "Warren Buffett Says He Has Sold All Of His Paramount Global Stock, Losing "Quite A Bit Of Money"". Deadline Hollywood.
- ↑ Manfredi, Lucas (31 May 2024). "Paramount Special Committee Recommends Revised Offer From David Ellison’s Skydance Media ". TheWrap. https://www.thewrap.com/paramount-special-committee-recommends-skydance-sweetened-offer/.
- ↑ "Paramount and Skydance agree to terms of a merger deal" (en). CNBC (3 June 2024).
- ↑ Spangler, Todd (June 3, 2024). "Paramount, Skydance Agree on New M&A Deal Terms but Shari Redstone Hasn’t Approved Pact Yet". Variety.
- ↑ Chmielewski, Dawn (June 4, 2024). "Paramount-Skydance talks take turn as rival bidders press their case". Reuters.
- ↑ Palmeri, Christopher (June 5, 2024). "Paramount’s Rival Bidders Include the Patrón Tequila Billionaire". Bloomberg News.
- ↑ "National Amusements stops discussions with Skydance on Paramount deal, sources say" (en). NBC News (2024-06-11).
- ↑ "Paramount agrees to merge with Skydance, ending monthslong negotiations and Redstone era". CNBC (July 8, 2024).