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Paramount Global pushed out CEO Bob Bakish on Monday — removing a major opponent to the media giant’s possible merger with Skydance Media.

Bakish, who had run Paramount since 2019, will be replaced by a three-headed “Office of the CEO” –consisting of George Cheeks, President and CEO of CBS; Chris McCarthy, President and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, President and CEO of Paramount Pictures and Nickelodeon, the company said.

I have tremendous confidence in George, Chris and Brian, Paramount board chair Shari Redstone said in a written statement after cutting ties with Bakish, long viewed as her right hand.

They have both the ability to develop and execute on a new strategic plan and to work together as true partners.”

The announcement came shorty before the debt-saddled company announced its quarterly earnings after the bell.

As expected, Bakish did not lead the earnings call, which kicked off at 4:30p ET and abruptly ended 10 minutes later.

The media conglomerate — home to CBS, MTV, BET, Hollywood studio Paramount Pictures and the Paramount+ streaming service — informed investors that it would not be taking questions from analysts, a staple of any earnings call, as it reported earnings that beat Wall Street expectations.

Cheeks kicked off the call by thanking Bakish, and emphasizing that “Paramount Global has the greatest content in the world.”

“Everything will be built from that,” he added.

Shares of the company rose nearly 1% in after-hours trading to $12.36.

Bakish’s golden parachute will be roughly $50 million, two sources told The Post.

He was paid $31.3 million in 2023 compensationand has a contract that runsthrough December 4, 2025, according to public filings.

Redstone thanked Bakish for his many contributions over his long career, including in the formation of the combined company as well as his successful efforts to rebuild the great culture Paramount has long been known for.

Nonetheless, his ouster comes after he reportedly clashed with Redstone, who controls Paramount through her family holding business, National Amusements. The daughter of the late media mogul Sumner Redstone has questionedwhether Bakish pursued strategic opportunitiesfor the company aggressively enough, including a potential sale of the Showtime channel, according to The Wall Street Journal.

Bakish, 60, also has privately argued against Redstone’s sweetheart deal with Skydance — the independent movie studio run by tech heir David Ellison, the son of Oracle co-founder Larry Ellison — because it dilutes common shareholders, according to reports.

The two companies have engaged in exclusive 30-day talks that expire Friday. Skydance planned to buy Redstone’s 77% stake in National Amusement for as much as $2 billion.

The purported payout has led to an outcry from large common shareholders including Mario Gabellis Gamco Investors, Ariel Investments, Matrix and Aspen Sky Trust.

Gabelli whose firm through super voting shares and common Paramount stock is the second leading voting shareholder next to Redstone  recently told The Post that he preferred that Bakish continue his turnaround strategy over a sale.

That includes a deal with Skydance or a sale to private equity firm Apollo Global Management, which has offered $26 billion and is now mulling a partnership with Sony as part of its Paramount acquisition.

In order to quell shareholders, Bloomberg reported Sunday that Redstone and David Ellison have both offered concessions to make the deal more palatable to Paramount’s other investors.

Ellison has put his best and final offer on the table with the offer to buy a block of Paramount shares.

On Monday, The New York Times reported that Skydance had offered to provide the combined company with a $3 billion cash infusion in recent days that it could use to pay down an estimated $14 billion in debt and buy back stock. 

Redstone, who owns a majority of the companys voting shares, has also agreed to let nonvoting shareholders have a say on whether any transaction should be approved.

Should a deal go through, privately-owned Skydance would be valued at $5 billion and merged with Paramount.

Ellison, along with private equity firms KKR and Redbird, plan to raise about $4.5 billion to $5 billion in new equity, according to reports.5

If a deal gets inked, Ellison is expected be named CEO of Paramount Global and former NBCUniversal CEO Jeff Shell as president, CNBC said.

Bakish joined Viacom in 1997 and took on roles of increasing seniority across the company’s operations, grabbing the reins of Viacom in 2016 and becoming the CEO of Paramount Global after Viacom merged with CBS. 

As Redstone and the Paramount board inch closer to a deal with Skydance, which has produced blockbusters for Paramount like Mission: Impossible Dead Reckoning, and Top Gun: Maverick, Bakish has sought out alternatives.

One such deal included a potential streaming partnership with NBCUniversal-parent Comcast, without keeping Redstone or the board in the loop, The Journal said.

Meanwhile, Redstone had grown tired of Bakish, blaming him for the companys overall predicament and what she views as missed chances to strike sound deals, The Journal said.

People close to Redstone said the mogul was open to selling premium channel Showtime, home to Billions, Dexter and Yellowjackets, but that Bakish turned down bids  even rejecting a $3 billion offer from former Showtime CEO David Nevins last year. Instead, Bakish folded Showtime and its content into Paramount+.

Bakish supporters beg to differ, saying that the exec put the company on the map with streaming via its Paramount+ launch, acquisition of Pluto TV, an ad-supported TV streaming service, as well as maintaining CBSs strong industry position, among other things.

But the companys market value has plunged by half since the Viacom-CBS merger as the legacy TV business shrinks and losses pile up in streaming.  

For the quarter that ended in March, Paramount reported adjusted earnings per share of 62 cents, well ahead of the 36 cents consensus of analysts — boosted mainly from revenue generated by hosting the Super Bowl in February.

Still, revenue came in shy of expectations at $7.69 billion. Wall Street had forecast $7.73 billion, according to LSEG data.

During the abbreviated conference, McCarthy underscored that the newly-formed leadership troika has “worked together for years” and that they have “deep respect” for one and other.

He added that the execs are “building a plan” which will “make the most out of our hit content.”

Robbins also attested to his long-standing business relationships with McCarthy and Cheeks.

“We will come back to you in short order with our plans,” he added.

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Sports

Devers’ 6-game HR streak breaks Red Sox record

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Devers' 6-game HR streak breaks Red Sox record

ST. PETERSBURG, Fla. — Boston Red Sox star Rafael Devers set a team record when he homered for the sixth consecutive game in Monday night’s 5-0 win over the Tampa Bay Rays.

Devers had shared the mark of five with Jimmie Foxx (1940), Ted Williams (1957), Dick Stuart (1963), George Scott (1977), Jose Canseco (1995) and Bobby Dalbec (2020).

“He’s a freak,” Red Sox winning pitcher Tanner Houck said. “A guy that can hit any pitch at any time, and to see what he’s done, I mean, he’s just an incredible player.”

He is the first major leaguer to do it since the Los Angeles AngelsMike Trout had a seven-game streak Sept. 4-12, 2022.

“I’m very proud to be in that conversation with him,” Devers said through an interpreter. “Obviously we know the type of superstar that he is. He’s a future Hall of Famer and superstar, and to be in the same level with him is very nice.”

The Chicago CubsMichael Busch had a five-game home run streak earlier this season.

Tampa Bay starter Taj Bradley struck out eight of his first nine batters entering the fourth. Devers was the only Boston batter to put the ball in play over the stretch, hitting a comeback groundout that Bradley deflected to second baseman Brandon Lowe.

After Jarren Duran had a leadoff triple in the fourth and scored on Wilyer Abreu‘s double, Devers connected on a opposite-field homer to left.

“At the moment I wasn’t thinking about that.” Devers said of the record. “It was most about hitting the ball well in the air with men in scoring position. For me to be able to help the team and get ahead with two runs at that point it was a great moment. But yes of course when I got to the dugout and and I saw my teammates, it was a special moment, for sure.”

The homer was Devers’ 10th of the season and extended his hitting streak to 10 games.

Both Boston manager Alex Cora and Devers agree that the slugger is not locked in yet at the plate.

“But the accomplishment is amazing,” Cora said. “Six days in a row hitting homers — shoot, I can’t recall how many days in a row I got hits when I played.”

Devers’ six-game homer stretch also tied the longest by a third baseman over the past 100 seasons, joining Colorado‘s Nolan Arenado (2015), Houston‘s Morgan Ensberg (2006) and San Diego‘s Graig Nettles (1984).

ESPN Stats & Information and The Associated Press contributed to this report.

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Business

‘We’ve got to fight for our livelihoods’: Port Talbot’s uncertain future as the cost of going green hits home

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'We've got to fight for our livelihoods': Port Talbot's uncertain future as the cost of going green hits home

“Workers united, will never be defeated!” a man shouts into a loud hailer. He is part of a crowd marching through the streets of Manchester in a May Day parade, organised by some of Britain’s biggest trade unions.

The sun is shining and there’s a festival atmosphere, as his fellow marchers hold aloft placards about workers’ rights and fair pay.

Among the marchers is Jason Wyatt, a steelworker from South Wales. He is here to shine a spotlight on what’s happening in his hometown of Port Talbot, where several thousand of his colleagues are facing redundancy.

There’s applause as Jason takes to the stage.

Jason speech at protest march
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Jason Wyatt speaks during the May Day parade

“They are trying to destroy the livelihoods of 2,800 people,” he says. “Port Talbot is the last bastion of heavy industry in South Wales. We have to fight.”

There has been a steelworks in Port Talbot, which sits on the south coast of Wales, for 125 years.

These days the large, sprawling site is owned by Tata Steel, an Indian company which employs around half of its 8,000 workforce in Port Talbot.

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The local economy is heavily reliant on the manufacturing sector, which provides approximately a fifth of jobs in the area, according to Welsh government figures.

tata steel drone

But the British steel industry has struggled to remain competitive in a fierce global market, and that means uncertain futures for communities like Port Talbot.

In 2019, the UK produced seven million tonnes of steel, behind seven EU nations – including Germany’s 40 million tonnes. Meanwhile, China produced 996 million tonnes.

Steelworks also cost huge amounts to run because they use massive amounts of energy.

The Port Talbot plant has, by far, the biggest bill and uses as much electricity, for example, as the whole of the city of Swansea a few miles along the motorway.

The sums do not add up, says Tata Steel. It claims its UK business loses £1m a day.

Tata steel new electric arc furnace site

The other huge issue facing the company, and its Port Talbot plant, is how polluting it is. The steelworks is the single biggest emitter of greenhouse gases in Britain.

And Tata thinks that by moving away from its existing coal-powered blast furnace to a greener way of making steel – using scrap metal as fuel – it could reduce the UK’s entire carbon emissions by around 1.5 per cent.

The UK government has agreed to pay Tata £500m towards the building of a new electric arc furnace.

But to do that, Tata says it needs to shut down the two remaining blast furnaces, resulting in the loss of 2,800 jobs.

The drive to go green is costing jobs in Port Talbot. And that’s a dilemma that companies across the UK – and around the world – are facing.

Tata steel hot furnace sparks

“Tata are asking people to save the business with a forfeit in their jobs. It’s awful,” says Jason, who has worked at the Port Talbot plant for 25 years.

It is estimated that around 1.3 million workers in carbon-intensive so-called “brown” jobs will need to adapt to cleaner technologies and processes, according to the Resolution Foundation think tank.

But the numbers on the cost of going green are disputed.

The TUC estimates that 800,000 manufacturing and supply chain jobs could be axed without support from the government.

While the Climate Change Committee, an independent body set up by the government in 2008, says anywhere between 8,000 and 75,000 jobs could go in the transition.

The government says the UK is the first major economy to halve its emissions – and is leading the way in the transformation of the energy industry, with over 80,000 green jobs currently supported or in the pipeline since 2020.

“Much of the transferable expertise from industries such as steelworks and oil and gas will be crucial for the transition to net zero,” a government spokesperson said.

“And our Green Jobs Plan will ensure we have the sufficient skills to tackle emerging and future workforce demands across the economy.”

Inside the plant, it’s hot and the smell of sulphur hangs in the air, a by-product of the manufacturing process. Peter Quinn is leading Tata’s move to green steel.

He says the idea that its arc furnace could be up and running in four years is still “approximate” and that consultations with stakeholders, including the workers, would need to be completed first.

Tata steel worker

The unions and local politicians have called on Tata to keep one blast furnace operational while the new one is built. But Tata says that is not cost-effective.

Quinn says the only other option is abandoning steelmaking in Port Talbot altogether.

Jason thinks Tata should opt for a more gradual transition that would avoid the need to make redundancies.

“We’re not opposing the green steel agenda,” he says. “What we’re opposing is the way in which we’re transitioning.”

This shift is already impacting his family. His son, Tyler, is 19 and had hoped to apply for an apprenticeship at Tata.

“I’m at a point in my life where I need to start securing my future, buy a house and settle somewhere,” says Tyler. “But it’s too risky now to think that there are opportunities [at Tata] for me.”

Jason with family
Image:
Jason Wyatt on the beach with his family

As Jason and his family take a windswept walk on the town’s beach with their dogs, their gaze is drawn towards the harbour where the cranes used to unload iron ore from around the world, dominate the view.

But out to sea, hope could be on the horizon. There are plans for a huge wind farm in the Celtic Sea with enough wind turbines to power four million homes.

And Tata hopes it can make the football pitch-sized platforms that the turbines will sit on.

But this potential new chapter in the story of Britain’s journey to a greener economy still seems too far away for the steelworkers.

Swansea bay boat drone

Ashley Curnow, a divisional manager for Associated British Ports in Wales, hopes the towns along the shore like Port Talbot will benefit from the new development.

“I understand there’s an immense amount of worry at the moment throughout the community, and I think our role in this project is to deliver the project, as soon as we can and bring those job opportunities forward.”

At home, Jason and his family reflect on what the future might hold.

His wife, Stacey, thinks Tata is treating its workers unfairly.

“I think it’s wrong what Tata Steel are doing to their workers. They don’t really care about how it’s going to affect people and their families.”

“It’s a hard time for all of us,” Jason adds. “We’ve got to fight to protect our livelihoods”.

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UK

Government to reveal infected blood compensation scheme after ‘decades of refusal’

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Government to reveal infected blood compensation scheme after 'decades of refusal'

The government will outline how it plans to compensate the victims and families of the infected blood scandal when it makes a statement in the Commons later today.

Prime Minister Rishi Sunak apologised in parliament on Monday after the Infected Blood Inquiry published its final report into the scandal, blaming failures on “successive governments, the NHS, and blood services”.

It will fall to Paymaster General John Glen to reveal what compensation package those impacted will now be entitled to.

But Mr Sunak told MPs there would be “comprehensive compensation to those infected and those affected”, adding: “Whatever it costs to deliver this scheme, we will pay it.”

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Since the 1970s, 30,000 people were infected with either HIV or Hepatitis through contaminated blood products and transfusions. Around 3,000 have since died.

Inquiry chair Sir Brian Langstaff said “those in authority did not put patient safety first” and the response of the government and NHS “compounded” victims’ suffering, with a “pervasive cover-up” and the “downright deception” of those impacted.

Read more:
Who is criticised in this new report?
100 faces of the infected blood scandal

More on Infected Blood Inquiry

One of the main recommendations of his report was for an immediate compensation scheme after “a refusal for decades”, saying: “Now is the time for national recognition of this disaster and for proper compensation to all who have been wronged.”

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Infected blood victims ‘betrayed’ by NHS and government, says Sir Brian Langstaff

Successive governments have been blamed for failing to take responsibility for the scandal, and the current government has been accused of trying to delay compensation to victims after an inquiry was first set up by Theresa May in 2017.

But ministers accepted the need for payments ahead of the final report being published.

It is now estimated that the compensation bill could exceed £10bn.

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