Business
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Microsoft Exits Role as OpenAI Board Observer Effective Immediately
“Over the past eight months, we have witnessed significant progress by the newly formed board and are confident in the company’s direction,” Microsoft writes
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Hollywood’s Support for Skydance-Paramount Merger Has Been ‘Remarkable and Humbling,’ David Ellison Says
“Top Gun: Maverick” and “Mission: Impossible” star and producer Tom Cruise is “supportive” of the transaction, the executive says
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Hollywood’s Pivot to Streaming 5 Years On: Fatal Error – or Key to Survival?
TheWrap investigates the effect of Hollywood’s race against Netflix and how it left theatrical behind
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Movies
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Regal Raises $250 Million for Theater, Ticketing App Upgrades
New capital investment comes as parent company Cineworld weighs potential sale of U.K. locations
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Shari Redstone Mingles With Billionaires at Sun Valley Retreat 2 Days After Paramount Sale
Mark Zuckerberg, Bob Iger and Sam Altman are also due at Allen & Co.’s annual conference known for its high-roller dealmaking
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Paramount Could Suffer Potential Credit Downgrade, Moody’s Warns in Review
The assessment is prompted by ongoing issues with linear, a “slow pivot” to streaming scale and the merger agreement with Skydance Media
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Larry Ellison Invests $6 Billion in Son David’s Paramount Takeover
The family office is funding the majority of the $8 billion merger with Skydance as RedBird Capital Partners makes up the remaining quarter
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Skydance-Paramount Deal Drags Hollywood Further Into a Tech Future | Analysis
With an $8 billion agreement to buy the legacy studio, CEO David Ellison is promising to leverage technology to turn Paramount from a struggling legacy studio into a tech-content powerhouse
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WrapPRO
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CBS Will Be a ‘Cornerstone’ Asset of New Paramount, Jeff Shell Teases
“It’s going to be actually part of all of our plans going forward,” the executive told reporters Monday
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David Ellison and Jeff Shell Outline Plan for New Paramount: Tech, Animation and Rebuilding Paramount+
The pair have identified $2 billion in cost efficiencies and synergies as they look to manage the company’s declining linear business
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Done Deal: Paramount Global Sells to Skydance Media in $8 Billion Acquisition
The “Mission: Impossible” and “Top Gun: Maverick” coproducer will acquire controlling shareholder Shari Redstone’s National Amusements under the two-step deal
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Paramount Board of Directors Approves Skydance Deal
The agreement now awaits final approval from controlling shareholder Shari Redstone
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Former CBS Anchor Sues Network for Discrimination Over Supposed Race, Sex Quotas
Jeff Vaughn accuses Paramount Global of implementing a policy that “favored the hiring of individuals of certain groups and firing or refusing to hire older, white, heterosexual males”
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Bob Iger and Willow Bay Near $50 Million Deal to Buy LA Women’s Soccer Franchise Angel City FC
The investment would nearly double the value of the team, which is already the most valuable in women’s sports globally
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Paramount Stock Climbs 7% as Skydance Deal Looms
A deal between the two parties could potentially be completed by as early as the weekend, an individual familiar with the matter tells TheWrap