Paramount agrees to sweetened Skydance merger deal

Paramount Pictures studio lot at 5555 Melrose Ave.
Skydance founder David Ellison is set to become Paramount’s new chairman and chief executive. | Brian van der Brug / Los Angeles Times via Getty Images

Paramount Global has agreed to merge with Skydance Media in a deal that will see the joint enterprise, temporarily dubbed “New Paramount,” valued at approximately $28 billion.

As part of the two-step agreement announced on Sunday, Paramount Chair Shari Redstone (the daughter of Sumner Redstone) will sell National Amusements — which holds her family’s controlling stake in Paramount — for $2.4 billion. Skydance will then merge with Paramount, investing $8 billion to purchase Paramount’s shares and pay off some of the company’s balance sheet. Bloomberg reports that Paramount has $14.6 billion of debt as of March, partially attributed to streaming losses and a decline in the company’s broadcast and cable TV business.

“Given the changes in...

Continue reading…



from The Verge - All Posts https://ift.tt/pSTlGzF

Comments

Post a Comment

Popular posts from this blog

Gemini app finally expands to audio files

Image
Google made three major updates to its Gemini-powered products on Monday: The Gemini app now accepts audio files; Search can handle five new languages; and NotebookLM creates reports in the form of blog posts, study guides, quizzes, and more.  According to a Monday post on X by Josh Woodward, vice president of Google Labs and Gemini, audio file compatibility was the “#1 request” to the Gemini app.  Free Gemini users max out at 10 minutes of audio, and five free prompts each day. AI Pro or AI Ultra users, meanwhile, can upload audio up to three hours in length. All Gemini prompts accommodate up to 10 files across various file formats, including within ZIP files.  Additionally, Google Search’s AI Mode has rolled out five new language options: Hindi, Indonesian, Japanese, Korean, and Brazilian Portuguese, thanks to the integration of Gemini 2.5 with Search, according to a company blog : “With this expansion, more people can now use AI Mode to ask complex questions in ...
Read more

Is AI the end of software engineering or the next step in its evolution?

Image
The first time I used ChatGPT to code, back in early 2023, I was reminded of " The Monkey's Paw ," a classic horror story about an accursed talisman that grants wishes, but always by the most malevolent path - the desired outcome arrives after exacting a brutal cost elsewhere first. With the same humorless literalness, ChatGPT would implement the change I'd asked for, while also scrambling dozens of unrelated lines. The output was typically over-engineered, often barnacled with irrelevant fragments of code. There were some usable lines in the mix, but untangling the mess felt like a detour. When I started using AI-assisted tools earlier this … Read the full story at The Verge. from The Verge https://ift.tt/lwe4xZJ
Read more

Amazon is offering a like-new Kindle Paperwhite 2024 for just $107

Image
With less than a week until Prime Day kicks off, we’re already seeing some exciting early deals pop up. And now we can add two more great discounts to the list: the refurbished ad-supported Kindle Paperwhite is down to $106.99 ($37 off) at Amazon , while the refurbished Kindle Paperwhite Signature Edition is $126.99 ($53 off) at Amazon . Both discounts bring the like-new e-readers to all-time lows — just in time to read Andy Weir’s Project Hail Mary before the movie adaptation hits theaters next year. Kindle Paperwhite (refurbished 2024) Where to Buy: $143.99 $106.99 at Amazon The Kindle Paperwhite is one of our favorite e-readers , especially for those who are already in the Kindle ecosystem. It offers a large 7-inch display, sharp 300ppi resolution, and an adjustable warm white front light, making it more comfortable to read in different environments. It’s also waterproof, so you can read while lounging by the pool, which I plan to do a lot of this summer. Meanwhile,...
Read more