logo
Oracle in talks for US$100 million Skydance-Paramount cloud deal

Oracle in talks for US$100 million Skydance-Paramount cloud deal

Business Times2 days ago
[NEW YORK] Oracle is in discussions with Skydance Media for a major software deal once the media company's acquisition of Paramount Global is complete.
The new arrangement is expected to be worth about US$100 million per year, according to sources familiar with the matter who asked not to be named speaking about the private discussions. The agreement would see Paramount and its subsidiaries using Oracle's cloud software, the sources said.
Skydance was founded by David Ellison, the son of Oracle chairman Larry Ellison. The company already uses Oracle software, spending US$2.2 million on cloud infrastructure and platform products in the fiscal year that ended in May 2024, according to a company filing. The elder Ellison is helping bankroll Skydance's acquisition, which involves US$8 billion in cash payments and investment.
A spokesperson for Skydance declined to comment. Paramount and Oracle did not respond to requests for comment.
This deal would make the combined Skydance-Paramount a major cloud client of Oracle's. It could also potentially save Paramount hundreds of millions of US dollars as they update their systems, according to one of the sources familiar with the plans. Paramount owns a cadre of media properties such as the CBS and MTV networks, which create large amounts of memory-heavy video and audio and would be hosted in Oracle's cloud servers.
David Ellison has said he plans to run Paramount more efficiently, in part by updating its technology. Details of the agreement could still change, the sources said.
The Paramount-Skydance merger, first announced last year, has one big hurdle left – approval by the Federal Communications Commission (FCC). David Ellison met last week with FCC chairman Brendan Carr and other commission staff members to pitch the deal.
Earlier this month, Paramount settled a suit alleging media bias at CBS News brought by US President Donald Trump. On Monday (Jul 21), US Senators sent a letter to Ellison asking whether the settlement was connected to efforts to complete the merger.
Oracle, known for its database software, has gained traction in the market for renting out computing power and storage over the internet, in part by targeting clients focused on artificial intelligence work. It counts companies including TikTok, Zoom Communications and Uber Technologies, as major customers. BLOOMBERG
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Stablecoin US$2 trillion forecast is ‘optimistic', JPMorgan says
Stablecoin US$2 trillion forecast is ‘optimistic', JPMorgan says

Business Times

time9 minutes ago

  • Business Times

Stablecoin US$2 trillion forecast is ‘optimistic', JPMorgan says

[NEW YORK] The eye-catching US$2 trillion projection for the potential growth of the stablecoin market that was often cited during the recent push to approve US regulation of the crypto market for the first time is 'a little bit optimistic,' according to JPMorgan Chase. Last month, Treasury Secretary Scott Bessent said during a Senate hearing that the sector could even exceed that estimate by 2028, provided there is legislative support. That would be almost roughly eight times the current US$260 billion market value of all stablecoins. 'We find it hard to believe that the market could grow substantially larger over the next few years as the infrastructure/ecosystem that supports stablecoins is far from developed and will take time to build out,' JPMorgan strategists led by Teresa Ho wrote in a note to clients on Wednesday (Jul 23). 'While adoption is poised to grow further, it might be at a slower pace than what some might anticipate.' Stablecoins have been touted as disruptive for traditional financial systems because of their potential use in almost-instantaneous cross-border payments and remittances. Unlike more volatile cryptocurrencies, stablecoins are usually pegged to fiat currencies, potentially making it easier to settle payments instantly and around the clock. But despite the recent increase in interest for the assets, they still only account for less than 1 per cent of global money flows, suggesting the role of the digital asset in upending financial rails still has significant steps to take, the strategists wrote. JPMorgan pointed out that given the current growth trajectory, it was more likely that the market would double or triple, which is far lower than other estimates. The stablecoin market has grown significantly over recent years, with Tether Holdings SA's USDT and Circle Internet Group's USDC accounting for more than 60 per cent of the market. Stablecoins have been marketed by some issuers as a means of bypassing card networks, though they are seen as being more attractive for merchants than consumers. While issuers are able to generate millions of US dollars from yield on their reserves, customers are usually only able to store and transfer value through the digital asset. 'We suspect liquidity investors, whether retail or institutional, are not going to immediately jump into payment stablecoins as a cash alternative given their conservative nature in terms of how they manage their cash as a source of liquidity,' the bank said. Following the signing of the Genius Act into law last week, regulatory concern regarding stablecoins has mostly cleared. The law sets rules for US dollar-backed stablecoins, including a requirement for firms to hold equivalent US dollar amounts for their stablecoin reserves in Treasuries or similar products overseen by state or federal regulators. Bessent has hailed US dollar-pegged stablecoins for their potential to increase demand for US dollars and US debt globally. BLOOMBERG

How the shoe brand worn by Blackpink's Jennie, Bella Hadid and Selena Gomez chose Singapore for its first store
How the shoe brand worn by Blackpink's Jennie, Bella Hadid and Selena Gomez chose Singapore for its first store

CNA

time9 minutes ago

  • CNA

How the shoe brand worn by Blackpink's Jennie, Bella Hadid and Selena Gomez chose Singapore for its first store

When it comes to fashion, everything Blackpink's Jennie touches turns to gold – and her outing in ruby-hued Mary-Janes from sustainable footwear brand Vivaia was no exception. After performing at Coachella this year, the K-pop star posted a casual snap of herself in the coveted shoes on Instagram. Demand for the Margot Mary-Jane surged overnight, with the style racking up over 150,000 sales globally. But viral fame, while exhilarating, is not the cornerstone of the brand's success. What's powering the US-based label's meteoric rise in just five years – from a digital-first startup to a global name with a physical flagship in Singapore – are shoes that marry sleek design, sustainability and real-world wearability. Vivaia (pronounced vi-vai-yah) was founded in 2020 by Jeff Chan and Marina Chen, who are in their '40s'. Their origin story, as Chan tells it, began with a band-aid. 'My wife has over 200 pairs of shoes, but every time she wore heels, she had to carry a band-aid,' he said. 'When I asked why, she said, 'It's not the shoes. It's my feet that don't fit in them.'' That insight became the seed of something bigger for the serial entrepreneur, who previously co-founded travel gear brand Nordace. Chan brought the idea to Chen, a footwear industry professional well-versed in sourcing and product development. She immediately saw the potential. 'The question I kept hearing from women was: Why can't heels or dress shoes feel like sneakers?' she said. 'I wanted to design shoes that didn't force women to choose between feeling good and looking good.' Viviaia was launched in the United States in 2020, initially operating as a direct-to-consumer online label. Today, its brand marketing and public relations teams operate out of New York, while Chan is based in Hong Kong. Chen splits her time between Asia, the United States and Europe to stay connected with their global teams and markets. The founders declined to share their nationalities, and information regarding their backgrounds is not publicly available. A PHYSICAL HOME IN SINGAPORE While Vivaia's shoes are spotted on everyone from Katie Holmes to Bella Hadid, the brand's first-ever physical store didn't open in New York or Seoul – but right here in Singapore. In 2023, Vivaia opened its first retail outlet at Bugis Junction, a move Chan describes as a 'truly meaningful milestone'. 'What made it so special was the opportunity to let customers experience our shoes firsthand – to feel the comfort, try them on and share their feedback directly with us. That plays a big role in helping us continuously improve our designs.' Since then, five more stores have opened in Singapore, cementing it as the brand's regional stronghold. 'From early on, we saw strong interest from our Singaporean community on social media, especially around having a retail presence. The city's blend of style and sustainability aligned perfectly with Vivaia's values. What surprised us most was how deeply customers connected with our story – not just the shoes,' he added. MEET THE IT SHOES View this post on Instagram A post shared by VIVAIA INDONESIA (@ Ask any Vivaia fan in Singapore and chances are they'll mention the Margot Mary-Jane – the viral square-toe flat worn by Jennie. With an adjustable strap and all-day wearability, the machine-washable style has become one of the brand's top global bestsellers. 'From the start, we had a strong sense it would resonate,' said Chen. 'It's based on our original bestseller, the Margot, but with design tweaks like adding an adjustable strap that adapts to different arch shapes, and a square toe for wider feet. Since launching it in late 2023, we've sold over 150,000 pairs.' Then there's the Sneakerina – recently spotted on Bella Hadid. 'The material was a big challenge. We had to figure out how to use recycled materials to make the satin feel and capture the elegance of a ballet flat while delivering sneaker-level comfort,' she shared. "We developed a unique triple-layer sole for better support. Since satin is hard to maintain, we worked through multiple rounds of testing to make the Sneakerina machine-washable without losing its shape.' Local customers have also made the shoes their own. 'Customers here often pair the Margot Mary-Jane with breezy, minimalist looks,' said Chen. 'In New York, it's styled with jeans, a blazer and bold accessories. With the Sneakerina, we see Singaporeans styling it from work to brunch, while New Yorkers go for a more fashion-forward and playful look with different shoe laces.' PURPOSE MEETS POLISH In the early days, one of the brand's biggest design challenges was striking the balance between function and form. 'For instance, the width of a shoe can pull us in two directions,' explained Chan. 'On one hand, comfort typically calls for a wider fit to provide ample space, while a sleek look often demands a narrower design to achieve that chic, sexy silhouette.' To navigate these trade-offs, Chen – who has over 20 years of experience in the footwear industry, including senior roles at Nike and Nine West – leads product development and innovation. She works closely with their teams to fine-tune structure, fit and material performance. Chan oversees branding, customer insights and operations, ensuring the business stays nimble and responsive to real-world feedback. For Chen, Vivaia's evolution has also been deeply personal. 'I've experienced the same frustrations our customers have. I've worn heels that look beautiful but leave you in pain by the end of the day,' she said. 'I've always believed women shouldn't have to choose between feeling good and looking good.' That is why, she says, every Vivaia design is shaped by her own experience. "From the chic look to the comfortable fit and timeless silhouettes, every pair is a reflection of what I've needed at different occasions, and what I've heard from women around me.' And then there's the woman who unknowingly inspired it all: Chan's wife. 'She's proud – and still a little amused – to be our muse,' he said, cheekily noting that her favourite shoes seem to change as quickly as the brand evolves. SUSTAINABILITY AT ITS CORE View this post on Instagram A post shared by VIVAIA | Eco-Friendly Footwear (@vivaia_official) Every pair of Vivaia shoes is crafted using 3D knitting technology to significantly reduce production waste. The uppers are made from recycled PET bottles – each pair repurposes about six plastic bottles, transforming them into breathable, durable yarns knit directly to shape. 'Any small amounts of leftover material are recycled back into the production cycle,' said Chan. The soles are made from sugarcane-based EVA, a non-toxic, fully recyclable material, while packaging uses recycled cardboard. It's all part of a larger goal: Zero-waste manufacturing. 'We have always been committed to 'doing the hard but right things',' Chan added. "This principle is not just a challenge, it reflects our corporate culture. We are willing to make decisions and take actions that may not gain immediate rewards, but are aimed at long-term sustainability.' WHEN HOLLYWOOD COMES CALLING View this post on Instagram A post shared by VIVAIA INDONESIA (@ The brand's first big brush with fame came when actress Katie Holmes was seen in Vivaia sneakers in 2023, followed by Selena Gomez sharing the Julie Pro heels on Instagram. 'That moment went viral, it really put us on the map,' said Chen. 'People started recognising us as 'the brand worn by Katie and Selena'.' Even now, the thrill of recognition hasn't worn off for the founders. 'It's both surreal and incredibly exciting for our team. It continues to inspire us every day,' she shared. WHAT'S NEXT Now in its fifth year, Vivaia shows no signs of slowing down. The company has grown into a global team of over 200 people across design, R&D, marketing, logistics and customer care – and since its launch, has reached more than a million customers in 61 countries. Its top markets include the United States, United Kingdom and Japan. 'Over the next five years, our focus is to keep listening closely to our customers, investing in great people, and continuously improving our products,' said Chan. 'We want to reach more people and make it easier for people everywhere to experience what we stand for.'

Oil prices steady with trade talks in focus
Oil prices steady with trade talks in focus

Business Times

time39 minutes ago

  • Business Times

Oil prices steady with trade talks in focus

[NEW YORK] Oil prices were little changed on Wednesday as investors assessed trade developments between the European Union and the US after President Donald Trump reached a tariff deal with Japan. Brent crude futures settled 8 cents, or 0.12 per cent, lower at US$68.51 a barrel, while US West Texas Intermediate crude futures were down 6 cents, or 0.09 per cent, at US$65.25 per barrel. On Wednesday, EU officials said they were heading towards a trade deal with Washington that would result in a broad 15 per cent tariff on EU goods imported into the US, avoiding a harsher 30 per cent levy slated to be implemented from Aug 1. Just hours earlier, Trump said the US and Japan had struck a trade deal that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a US$550 billion package of US-bound investment and loans. 'The trade deal with Japan might be a template for trade deals with other countries,' said Andrew Lipow, president of Lipow Oil Associates. 'On the other hand, the market is still concerned about the US coming to an agreement with the European Union and China.' The European Commission planned to submit counter-tariffs on 93 billion euros (S$139.1 billion) of US goods for approval to EU members. A vote is expected on Thursday, though no measures would be imposed until Aug 7. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Both benchmarks lost about 1 per cent on Tuesday after the EU said it was considering countermeasures against US tariffs. 'The slide (in prices) of the past three sessions appears to have abated, but I don't expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment,' said Vandana Hari, founder of oil market analysis provider Vanda Insights. On the supply side, US Energy Information Administration data showed US crude inventories fell last week by 3.2 million barrels to 419 million barrels, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. 'That's a bullish swing,' said Bob Yawger, director of energy futures at Mizuho. 'It was largely a function of import-export dynamics.' US crude exports were up by 337,000 barrels per day (bpd) to 3.86 million bpd, while net US crude imports fell last week by 740,000 barrels per day, the EIA said. In another bullish sign for the crude market, the US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. REUTERS

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store