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Paramount, Skydance enter exclusive merger talks

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Paramount, the renowned entertainment conglomerate, has embarked on exclusive merger discussions with Skydance, a prominent production company led by David Ellison.

It thereby sidelined a substantial $26 billion bid from Apollo, sources familiar with the matter revealed.

  • Paramount enters exclusive merger talks with Skydance, sidelining Apollo’s $26 billion offer.

  • Skydance’s potential acquisition of Paramount could mark the end of Shari Redstone’s control over the media empire.

  • Paramount’s management excluded from decision-making as Skydance seeks approval for studio merger from an independent committee.

This decision effectively halts any ongoing negotiations with other potential bidders for a period of 30 days, signaling Paramount’s inclination towards striking a deal with Skydance over Apollo’s enticing offers.

Despite Apollo’s substantial bids, Paramount’s directors have opted to explore prospects with Skydance due to uncertainties surrounding Apollo’s financing arrangements.

Skydance’s potential acquisition of Paramount would signify a significant shift in control, potentially marking the end of Shari Redstone’s influence over her family’s media empire, Paramount Global.

Shari Redstone says she did not support a Viacom/CBS split | Reuters

National Amusements sale

Redstone, Paramount’s controlling shareholder, has been engaged in discussions with Ellison since late last year regarding the sale of National Amusements, her family’s media holding company, which commands a significant stake in Paramount.

While Redstone and Ellison have reached preliminary agreements, Skydance’s insistence on merging their studios necessitates a separate deal with Paramount, subject to approval by an independent committee of directors.

Paramount’s management, including CEO Bob Bakish, is reportedly excluded from the decision-making process.

The involvement of Ellison’s father, billionaire Larry Ellison, co-founder of Oracle, is anticipated to bolster Skydance’s financial capabilities in pursuing the merger.

Skydance, backed by investors such as RedBird Capital Partners, KKR, and Tencent, raised substantial capital in 2022, positioning it as a formidable player in the entertainment landscape.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Murdoch loses trust control bid for son Lachlan

Rupert Murdoch’s attempt to alter family trust for Lachlan’s control denied by Nevada commissioner, citing bad faith.

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Rupert Murdoch’s attempt to change the family trust to consolidate control under his son Lachlan has been rejected by a Nevada commissioner.

The ruling, made by Commissioner Edmund J. Gorman Jr., stated that Murdoch and Lachlan acted in “bad faith” while trying to amend the irrevocable trust, which divides control equally among Murdoch’s four oldest children.

The 96-page opinion characterised the plan as a “carefully crafted charade” intended to secure Lachlan’s executive roles unconditionally.

Murdoch’s lawyer expressed disappointment and plans to appeal the ruling.

FILE PHOTO: Media mogul Rupert Murdoch poses for a photograph with his sons Lachlan and James in London.

Media empire

This dispute is critical as it affects the future control of Murdoch’s media empire, which includes Fox News and other major outlets.

While the intention was not to diminish financial stakes, the ruling reflects deep family tensions, especially given differing political views among the siblings.

The commissioner noted Lachlan initiated the proposed changes, created a plan dubbed “Project Family Harmony,” and labeled James as a “troublesome beneficiary.”

Despite Lachlan and Rupert’s efforts, the attempt to marginalise James was deemed insufficiently justified by the court.

Murdoch’s family trust, established in 2006, retains his control until his death, and includes provisions allowing amendments.

However, the commissioner found that Murdoch and Lachlan’s actions were not supporting their siblings’ best interests.

The ruling is not final and may be contested further in court.

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Post-Assad Syria poses new challenges for US strategy

Post-Assad Syria challenges US strategy amid power vacuum, risk of extremism, and Iran’s weakened influence in the region.

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Syrian rebels ousted Bashar Assad after a 13-year civil war, prompting a shift in the region’s dynamics that presents risks and opportunities for the US.

President Biden acknowledged Assad’s removal as a historic opportunity, signaling the need for careful US engagement to avoid chaos in Syria.

Experts highlight this change as a chance to weaken Iran’s regional influence, as the overthrow of Assad hinders Iran’s strategic interests.

The US has had limited involvement in Syria, focusing mainly on combating ISIS, which complicates its response to the new power vacuum.

Expectations suggest a low-level US campaign against ISIS will continue until a stable government is established, with efforts to maintain order and support allies.

The end of Assad’s rule has opened a security vacuum that extremist groups may exploit, further jeopardizing the humanitarian situation.

Iran and Russia also seek to reassert their influence following Assad’s departure, which could lead to competition for power among various factions.

Key figures, including the leader of Hayat Tahrir Al-Sham, Abu Mohammad al-Jolani, may vie for control in the power vacuum, raising concerns given the group’s past affiliations with terrorism.

Washington faces the challenge of engaging with groups like HTS while avoiding further destabilization.

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ByteDance, TikTok request pause on US ban

ByteDance and TikTok seek appeal to pause U.S. divestiture law to avoid ban, pending Supreme Court review.

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ByteDance and TikTok have requested a temporary court order to block a U.S. law requiring ByteDance to divest TikTok by January 19.

They filed an emergency motion with the U.S. Court of Appeals for the District of Columbia.

The companies warned that the law would shut down TikTok, affecting over 170 million U.S. users.

Without this injunction, TikTok faces a possible ban in six weeks, significantly diminishing its value and hurting businesses reliant on the app.

A three-judge panel recently upheld the law, mandating the divestiture.

The companies argue the likelihood of a Supreme Court reversal justifies a pause for further deliberation.

Additional time

They also pointed to President-elect Donald Trump’s opposition to a ban, suggesting additional time could help resolve the issue without Supreme Court intervention.

The Justice Department has indicated the appeals court should deny the request promptly for a timely Supreme Court review.

TikTok requested a decision by December 16, noting that the next actions depend on President Biden, who could extend the deadline, and Trump, who assumes office on January 20.

The feasibility of ByteDance demonstrating significant progress on divestiture remains uncertain.

Trump’s incoming national security adviser expressed his commitment to protecting user access to TikTok while ensuring data security.

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