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Entertainment giant Paramount agrees to a merger with Skydance

Entertainment giant Paramount agrees to a merger with Skydance

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Entertainment giant Paramount agrees to a merger with Skydance

Entertainment giant Paramount, which owns CBS and was behind blockbuster films such as “Top Gun” and “The Godfather” has agreed to merge with Skydance, the companies said.

The new combined company is valued at around $28 billion.
“Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king,” said Shari Redstone, chair of Paramount Global.

Redstone’s National Amusements owns more than three-quarters of Paramount’s Class A voting shares though the estate of her late father, Sumner Redstone, according to data firm FactSet. Shari Redstone had battled to keep control of the company.

Skydance, based in Santa Monica, California, has helped produce some major Paramount hits in recent years. Those include several Tom Cruise films including “Top Gun: Maverick” and installments of the “Mission Impossible” series.

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Skydance was founded in 2010 by David Ellison, son of billionaire Larry Ellison, the founder of the software company Oracle. It quickly formed a production partnership with Paramount that same year.

David Ellison will be chairman and chief executive officer of what’s being called New Paramount. The agreement still needs regulatory approval.

The on-again, off-again merger arrives at tumultuous time for Paramount, which in an annual shareholder meeting in early June laid out a restructuring plan that includes major cost cuts. The company also saw a leadership shakeup earlier this year.

Paramount has struggled in an evolving media landscape, particularly as its traditional cable business has declined. To capture today’s growing streaming audience, the company launched Paramount+ back in 2021, but losses and debts have still piled up over time.

Sumner Redstone used National Amusements, his family’s movie theater chain, to build a vast media empire that included CBS and Viacom, which have merged and separated a number of times over the years. Most recently, the companies re-joined forces in 2019, undoing the split consummated in 2006. The company,

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ViacomCBS, changed its name to Paramount Global in 2022.

Under Sumner Redstone’s leadership, Viacom became one of the nation’s media titans, home to pay TV channels MTV and Comedy Central and movie studio Paramount Pictures.

Skydance wasn’t the only one to make a Paramount bid in recent months — Apollo Global Management and Sony Pictures also made competing offers. Late last year, Warner Bros. Discovery also made headlines for exploring a potential merger with Paramount. But by February, Warner had reportedly halted those talks.

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Noor Xarmina crowned Miss Universe Pakistan 2024

Noor Xarmina crowned Miss Universe Pakistan 2024

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Noor Xarmina crowned Miss Universe Pakistan 2024

Noor Xarmina from Islamabad has been crowned Miss Universe Pakistan 2024 and will represent Pakistan at the 73rd Miss Universe competition in Mexico this November.

Noor’s diverse upbringing across nine different countries shaped her global perspective.

She studied biology and business and worked as a venture capital investor in London before pursuing a career in acting and modeling.

In her free time, she enjoys running for mental clarity. Noor aims to increase Pakistani representation in the international entertainment industry. The first runner-up is Nimra Jacob.

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Shaheera Jalil joins star cast of Selahaddin Eyyubi Season 2

Shaheera Jalil joins star cast of Selahaddin Eyyubi Season 2

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Shaheera Jalil joins star cast of Selahaddin Eyyubi Season 2

The makers have reportedly “confirmed” that Shaheera Jalil Albasit, who is known for her role in drama series Razia, has now joined the star cast in Season 2 of the mega project Selahaddin Eyyubi.

Earlier in November last year, Shaheera appeared on Amna Isani’s Haute Talk, where she shared some inside information about the auditions for the Selahaddin Eyyubi series.

Shaheera explained, “In 2021, I auditioned for the Pakistan-Turkey joint venture Selahaddin Eyyubi. It was a formal process; I applied, received a call, and traveled to Karachi. I was thrilled and surprised to see amazing actors like Ushna Shah and Ayesha Omar there.

The auditions were conducted by the Turkish team. I was selected out of 60 people, which was a significant achievement. Standing next to actors like Humayun Saeed felt like a milestone. After being selected, I thought I was set with a role in a Turkish drama.

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The drama has since been completed, but none of us are in it. They selected

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Khalilur Rehman released after abduction, police register case

Khalilur Rehman released after abduction, police register case

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Khalilur Rehman released after abduction, police register case

The Lahore police on Sunday registered a case on the complaint of eminent writer Khalilur Rehman Qamar that he was kidnapped and tortured.

Qamar is a famous writer and has given the industry some major hits. He is also known to have some controversial views on a variety of subjects.

According to the details, a woman named Amina had called Qamar to her house saying she wanted to make a drama and when he reached the woman’s house, the armed men kidnapped him.

The Payare Afzal writer had to give a huge sum of money to the kidnappers for his release.

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Later the Sundar police registered a case of the incident based on his statement.

In the FIR, it is mentioned that the accused kept on torturing Qamar and kept moving him to different places, the accused threatened to kill him and asked him to request for more money from his relatives.

It was further stated in the FIR that the accused had transferred Rs250, 000 from Qamar’s mobile phone and also took his watch, cash and ATM card.
 

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