Paramount Global says Skydance merger should close in two weeks
Skydance CEO David Ellison is prepared to assume the helm at Paramount Skydance, home to the venerable Paramount Pictures, the CBS broadcast network, and a collection of cable television channels.
The new chief executive is already confronted with questions from investors about the future of the Paramount+ streaming service, plans for Paramount's declining television assets, and forecasts for spending on content, including professional sports.
'Now that the long, drawn-out sale process is finally nearing its end, Skydance leadership is poised to take control,' wrote MoffettNathanson media analyst Robert Fishman. 'With that, the real work begins – rebuilding Paramount, addressing the critical strategic questions ahead, and charting a path towards a more sustainable and competitive future.'
Announced more than a year ago, the merger will unite Paramount's prized film and TV library, including classics such as Ferris Bueller's Day Off and Breakfast at Tiffany's, with films it produced with Skydance, including Top Gun: Maverick and Mission: Impossible – Dead Reckoning.
Ellison was not available for comment. He has previously said that he plans to expand Paramount's technological capabilities, rebuild the Paramount+ platform and grow the streaming business, and reorganise the business to prioritise cash flow. A year ago, he said the team had identified US$2 billion in cost savings. The Federal Communications Commission (FCC) cleared the deal on Thursday, just weeks after Paramount settled a lawsuit filed by US President Donald Trump over CBS' editing of a 60 Minutes interview with his Democratic opponent, former vice-president Kamala Harris.
A NEWSLETTER FOR YOU
Friday, 2 pm Lifestyle
Our picks of the latest dining, travel and leisure options to treat yourself.
Sign Up
Sign Up
The US$16-million settlement drew criticism that Paramount had effectively bought regulatory approval, with the Democratic dissenter in the FCC's 2-1 vote calling it a 'cowardly capitulation' to the Trump administration. The agency has repeatedly said its review was independent of the lawsuit.
The deal marks the end of media mogul Shari Redstone's control over Paramount parent National Amusements. Redstone, long hesitant to part with the studio her late father, Sumner Redstone, acquired in 1994, relinquishes the reins of a media empire her family built over decades.
As part of FCC negotiations, Skydance agreed to appoint an ombudsman to address complaints about editorial bias or other concerns at CBS. The company also pledged to end diversity, equity, and inclusion initiatives that Trump claimed were discriminatory. CBS News named Tanya Simon its top producer for '60 Minutes' on Thursday, replacing Bill Owens, who stepped down citing a lack of editorial independence amid Trump's lawsuit.
Since announcing the deal, Paramount has undergone several changes that include internal restructuring, significant cost-cutting and management changes. CFO Naveen Chopra exited the company in June to take on a similar role at video game company Roblox. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
30 minutes ago
- Straits Times
Mexico set to discuss US tariffs with Canada as ministers visit
Sign up now: Get ST's newsletters delivered to your inbox MEXICO CITY - Mexican Economy Minister Marcelo Ebrard said he is set to speak with Canada's finance minister, who is visiting Mexico City, later on Tuesday about the two countries' experiences in dealing with tariffs imposed on goods shipped to the United States. "They want to know how Mexico is getting these results," Ebrard told journalists. Mexico was able to avoid 30% tariffs on its shipments to the U.S. set to come into force last week, securing a 90-day pause to work on a trade deal with the government of U.S. President Donald Trump. Meanwhile, Trump slapped a 35% duty on many goods coming from Canada, hiking the rate from a 25% fentanyl-related tariff imposed earlier this year. "We're going to exchange experiences," Ebrard said. "They're paying a 35% tariff, and Mexico isn't." Mexico is still subject to the previously imposed 25% fentanyl tariffs, though goods sent under the United States-Mexico-Canada (USMCA) trade agreement - which are most of them - are exempt. Trump has said the U.S. would continue to levy a 50% tariff on Mexican steel, aluminum and copper and a 25% tariff on Mexican autos and on the non-USMCA-compliant goods. Mexican President Claudia Sheinbaum met with the Canadian finance minister, Francois-Philippe Champagne, as well as Foreign Minister Anita Anand, earlier in the day at Mexico's national palace. "We're strengthening the relationship between our countries," she said in a post on X. REUTERS
Straits Times
30 minutes ago
- Straits Times
US to investigate the use of AI to personalise airline ticket prices
Sign up now: Get ST's newsletters delivered to your inbox A plane of US airline Delta approaches for landing at Benito Juarez International Airport in Mexico City on July 22, 2025. WASHINGTON - Transportation Secretary Sean Duffy said on Aug 5 the department has concerns about the use of AI to set personalised airline ticket prices and will investigate if anyone does so. Last week, Delta Air Lines told lawmakers it will not and has not used AI to set prices for individual consumers. 'To try to individualise pricing on seats based on how much you make or don't make or who you are, I can guarantee you that we will investigate if anyone does that,' Mr Duffy said. 'We would engage very strongly if any company tries to use AI to individually price their seating.' Mr Duffy noted Delta clarified that it would not use AI for pricing individual tickets, 'and I'll take them at face value.' Late in July, Democratic Senators Ruben Gallego, Mark Warner and Richard Blumenthal said they believed the Atlanta-based airline would use AI to set individual prices , which would 'likely mean fare price increases up to each individual consumer's personal 'pain point.'' Delta previously said it plans to deploy AI-based revenue management technology across 20 per cent of its domestic network by the end of 2025 in partnership with Fetcherr, an AI pricing company. Fetcherr on its website says its technology is 'trusted by the world's leading airlines,' and lists Delta, Westjet, Virgin Atlantic, Viva and Azul. Top stories Swipe. Select. Stay informed. Singapore More train rides taken in first half-year, but overall public transport use stays below 2019 levels Singapore BlueSG needs time to develop software, refresh fleet, say ex-insiders after winding-down news Asia Cambodia-Thailand border clash a setback for Asean: Vivian Balakrishnan Singapore 'She had a whole life ahead of her': Boyfriend mourns Yishun fatal crash victim Singapore Doctor hounded ex-girlfriend, threatened to share her intimate photos, abducted her off street Asia Trump's transactional foreign policy fuels 'US scepticism' in Taiwan Business Women on corporate boards give firms a competitive advantage, says Australian Governor-General Singapore CEO of sports car distributor accused of offences including multiple counts of false trading American Airlines CEO Robert Isom said last month using AI to set ticket prices could hurt consumer trust. Democratic lawmakers Greg Casar and Rashida Tlaib have introduced legislation to bar companies from using AI to set prices or wages based on Americans' personal data and would specifically ban airlines raising individual prices after seeing a search for a family obituary. Delta said airlines have used dynamic pricing for more than three decades, in which pricing fluctuates based on a variety of factors like overall customer demand, fuel prices and competition, but not a specific consumer's personal information. REUTERS
Straits Times
30 minutes ago
- Straits Times
US to investigate use of AI to personalise airline ticket prices
Sign up now: Get ST's newsletters delivered to your inbox A plane of US airline Delta approaches for landing at Benito Juarez International Airport in Mexico City on July 22, 2025. WASHINGTON - Transportation Secretary Sean Duffy said on Aug 5 the department has concerns about the use of AI to set personalised airline ticket prices and will investigate if anyone does so. Last week, Delta Air Lines told lawmakers it will not and has not used AI to set prices for individual consumers. 'To try to individualise pricing on seats based on how much you make or don't make or who you are, I can guarantee you that we will investigate if anyone does that,' Mr Duffy said. 'We would engage very strongly if any company tries to use AI to individually price their seating.' Mr Duffy noted Delta clarified that it would not use AI for pricing individual tickets, 'and I'll take them at face value.' Late in July, Democratic Senators Ruben Gallego, Mark Warner and Richard Blumenthal said they believed the Atlanta-based airline would use AI to set individual prices , which would 'likely mean fare price increases up to each individual consumer's personal 'pain point.'' Delta previously said it plans to deploy AI-based revenue management technology across 20 per cent of its domestic network by the end of 2025 in partnership with Fetcherr, an AI pricing company. Fetcherr on its website says its technology is 'trusted by the world's leading airlines,' and lists Delta, Westjet, Virgin Atlantic, Viva and Azul. American Airlines CEO Robert Isom said last month using AI to set ticket prices could hurt consumer trust. Democratic lawmakers Greg Casar and Rashida Tlaib have introduced legislation to bar companies from using AI to set prices or wages based on Americans' personal data and would specifically ban airlines raising individual prices after seeing a search for a family obituary. Delta said airlines have used dynamic pricing for more than three decades, in which pricing fluctuates based on a variety of factors like overall customer demand, fuel prices and competition, but not a specific consumer's personal information. REUTERS
