SKYDANCE MEDIA
What goes on behind closed doors at America's billionaire summer camp?
This week in Idaho's Sun Valley, the annual Allen & Company summit has gathered top business, media, and political leaders for what's known as the "summer camp for billionaires." Attendees, including tech giants and entertainment moguls, engage in off-the-record talks and outdoor activities. The summit, famed for spawning major deals, hosts discussions on AI, corporate leadership changes, and political futures. Notable absentees like Warren Buffett and Elon Musk underscore shifting dynamics among industry leaders, amidst speculation about upcoming elections.
S&P 500 and Nasdaq notch record highs; chipmakers climb
The S&P 500 and Nasdaq hit records, boosted by Nvidia, Intel, and AMD. Investors await inflation data, Powell's semiannual testimony, and earnings from Citigroup, JPMorgan Chase, and Wells Fargo. Concerns grow over labor markets and rate cuts. Declines in communication services and energy; Paramount merged with Skydance; Boeing resolves fraud investigation.
S&P 500, Nasdaq notch record highs with inflation data, earnings in focus
The slower-than-expected June US job growth, as revealed in Friday's nonfarm payrolls report, has strengthened expectations of interest rate cuts as early as September. While investors seek further clarity on the Federal Reserve's monetary policy path, traders are now pricing in a higher probability of a 25-basis-point cut in September and a total reduction of approximately 50 basis points for the year.
Paramount Global board approves plan to merge with Skydance Media, source says
Paramount Global's board approves merger with Skydance Media, combining the historic studio with the emerging production company. The deal includes major film releases like 'Top Gun: Maverick' and 'Mission: Impossible -Dead Reckoning'. Skydance sweetens offer for Paramount's controlling stake. Stay updated for final announcement.
S&P 500, Nasdaq post record closing highs as data stokes hope for rate cut
Exciting market dynamics unfold as Paramount Global, National Amusements, and First Foundation make significant moves, shaping investor sentiment and market trends.
S&P 500, Nasdaq post record closing highs as data feeds rate cut hopes
U.S. stocks closed mixed on Wednesday, with the S&P 500 and Nasdaq reaching record highs due to optimism about potential Federal Reserve interest rate cuts in September spurred by signs of a slowing economy. However, the Dow Jones Industrial Average remained relatively flat, weighed down by healthcare and consumer stocks in a shortened trading session ahead of the Fourth of July holiday.
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S&P 500 tops 5,400, Nasdaq hits fresh record high ahead of Fed decision; Apple jumps
At midday trading, the stock market showed positive gains. The Dow Jones Industrial Average increased by 0.28%, the S&P 500 was up by 1.11%, and the Nasdaq Composite rose by 1.74%. Oracle's stock surged 11.7% following their optimistic revenue forecast for the next fiscal year.
Paramount Global owner calls off merger talks with Skydance Media
National Amusements ends talks on Paramount-Skydance merger, citing inability to reach terms. Concerns over Paramount's future due to debt and declining TV business. Skydance, led by David Ellison, has produced hits for Paramount like 'Top Gun: Maverick' and 'Mission Impossible' series.
Marvel Cinematic Universe to expand into gaming? Leaker claims official MCU Video Game in development
As Disney reevaluates the trajectory of the Marvel Cinematic Universe (MCU) franchise, whispers emerge of a potential video game based on the superhero saga currently in development.
Sony and Apollo Global's plan for Paramount: Break it up
Sony Pictures Entertainment and Apollo Global Management plan to acquire Paramount Global from Shari Redstone, intending to dismantle it. The strategy involves auctioning off CBS, MTV, and Paramount+ while merging Paramount Pictures with Sony's business. Skydance remains interested. Regulatory hurdles and divestitures are anticipated. Potential buyers for Paramount assets include Warner Bros. Discovery and TV station groups.
Wall Street closes higher for third session on rate cut optimism
Expectations for rate cuts by the U.S. central bank have been tempered as the year has progressed, as inflation has proven stickier, and some investors had begun to worry they might not materialize at all, sending markets lower in April.
Wall Street rises on growing hopes for Fed rate cuts
The Dow Jones Industrial Average rose 86.8 points, or 0.22%, at the open to 38762.43. The S&P 500 rose 14.6 points, or 0.29%, at the open to 5142.42, while the Nasdaq Composite rose 52.2 points, or 0.32%, to 16208.537 at the opening bell.
Warren Buffett says Berkshire sold entire Paramount stake at a loss
Berkshire held 63.3 million Paramount Class B shares at the end of 2023 or about 10.1% of the company. Paramount, like other studios, has been struggling to recover from strikes by Hollywood writers and actors last year, a soft advertising market and falling U.S. cable subscriptions that have eroded its TV profits.
Paramount will let exclusive talks with Skydance lapse
Paramount Global will end exclusive negotiations with Skydance Media without a deal, opening the door for a rival bid. Sony Pictures Entertainment and Apollo Global Management have expressed interest in acquiring Paramount Global for $26 billion. The move comes amidst internal turmoil at Paramount, including the replacement of CEO Bob Bakish. Paramount has been struggling with the aftermath of Hollywood strikes, a soft advertising market, and competition in the streaming sector. The potential acquisition would strengthen Sony's position in the North American box office and create a formidable Hollywood studio.
Sony and Apollo express interest in buying Paramount in $26 billion deal
The new, joint expression of interest would make Sony a significant majority and controlling shareholder and Apollo a minority shareholder. The proposed all-cash acquisition may appeal to Paramount shareholders who have come out against the Skydance deal over concerns it benefits the company's controlling shareholder, Shari Redstone, at the expense of others.
Wall Street stocks finish higher as investors focus on Fed moves
Tesla shares surged 15.3%, after the electric vehicle maker made progress in securing regulatory approval to launch its advanced driver-assistance program in China, its second-largest market after the U.S.
Paramount Global replaces CEO Bob Bakish with a troika of executives
Bob Bakish will be replaced by a troika of executives who will form a new "Office of the CEO." The group includes George Cheeks, the CEO of CBS; Chris McCarthy, CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the CEO of Paramount Pictures.
Wall St edges up as Tesla and Apple gain; Fed decision awaited
U.S. stocks closed higher on Friday, buoyed by moderate inflation data and a rally in megacap growth stocks following robust quarterly results from technology heavyweights Alphabet and Microsoft. Also offering support, Israel-Hamas peace talks in Cairo eased fears of a wider conflict in the Middle East.
Paramount in exclusive merger talks with Skydance: reports
Paramount Global has entered exclusive talks with Skydance on a potential merger instead of a proposed $26 billion takeover offer from Apollo, US media reported Wednesday night. Paramount declined comment while Skydance did not immediately respond to a request from AFP.
New Skydance Animation movies heading to Netflix: Check out the complete list
Netflix and Skydance Animation have joined forces, bringing a slew of upcoming animated films to the platform. Skydance's shift from Apple TV+ to Netflix includes projects like "Spellbound," featuring renowned voices, and "Jack and the Beanstalk," directed by Disney alum Rich Moore. The partnership marks a significant move in the animation world.
Tom Cruise tests his skills with impressive Hindi language skills; vows fans
The journalist then requested Cruise to say, "Namaste. Aap kaise hain?" (Greetings. How are you?). To the delight of his fans, Cruise flawlessly pronounced the phrase on his first attempt, accompanying it with a respectful gesture of folded hands. This clip from the interview quickly went viral on various social media platforms, capturing the attention of Indian fans who found Cruise's effort endearing.
Heart of Stone trailer and release date: Gal Gadot, Jamie Dornan and Alia Bhatt impress in Netflix spy thriller
Hollywood actors Gal Gadot and Jamie Dornan topline the espionage film, Heart of Stone, while Bollywood actor Alia Bhatt plays the villain. Here’s more about the film.
Former CNN CEO Jeff Zucker is back to business, will head Red Bird-IMI joint venture
Former CNN and NBC Universal CEO Jeff Zucker will head the media joint venture floated by Red Bird Capitals and Abu Dhabi-based investment firm IMI.
‘Fubar’ teaser out; Arnold Schwarzenegger’s TV-starring debut set for release in May
In late May, the action comedy "FUBAR," which also stars Monica Barbaro, will make its premiere.
‘Air’ trailer out; Watch Ben Affleck and Matt Damon as they reunite for Nike movie
"Ben Affleck and Matt Damon reunite in 'Air', a film about Nike's mission to sign Michael Jordan. The film retells the story with a new twist.
Matthew McConaughey's movie 'Dallas Sting' dropped by Skydance. Here's the reason
Matthew McConaughey's film 'Dallas Sting', scrapped by Skydance, was based on a true story of a girl soccer team that went to an international tournament in China in 1984 and defeated many major teams before eventually winning the tournament.
Netflix Global Fan event Tudum to return with a bang. See how
Tudum, the Netflix Global Fan event, will be available in 29 different languages on the platform's YouTube channels. It will star the world's most famous actors.
Vidya Balan, Ekta Kapoor & Shobha Kapoor join esteemed list of Oscar members
The Academy list includes artistes and executives from 50 countries.
Chris Pratt-starrer 'The Tomorrow War' will get an Amazon release on July 2
Amazon Studios has acquired the worldwide rights to the sci-fi action drama.
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