Connect with us

Published

on

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.

Continue Reading

World

Trump calls for Epstein’s ‘ties’ with Bill Clinton and other Democrats to be investigated

Published

on

By

Trump calls for Epstein's 'ties' with Bill Clinton and other Democrats to be investigated

Donald Trump said he will ask the Justice Department to investigate Jeffrey Epstein’s alleged ties to former US president Bill Clinton and other prominent Democrats.

The call from the US president comes as fresh questions about Mr Trump’s own relationship with the paedophile financier were raised as his name came up multiple times when 20,000 pages were released from Epstein’s files earlier this week. Mr Trump has called claims to link him to Epstein as a “hoax”.

Mr Trump said he would ask US Attorney General Pamela Bondi to look into any alleged involvement between former Democrat leader Clinton and paedophile financier Epstein. She later wrote on X that she would assign the investigation to Jay Clayton, the US attorney for the Southern District of New York.

Along with Mr Clinton, Mr Trump said he would also ask the Justice Department to investigate former treasury secretary Larry Summers, and Reid Hoffman, the LinkedIn founder, who is also a prominent Democratic donor.

Former US president Bill Clinton. File Pic: Reuters
Image:
Former US president Bill Clinton. File Pic: Reuters

Read more:
Who appears in the new Epstein files?
Why this is dangerous terrain for Trump

What do Epstein documents say about Trump and Andrew?

All three men were mentioned in the 20,000 Epstein-related documents released by the House Oversight Committee on Wednesday. None of them, however, have been accused of wrongdoing in the Epstein case.

In a lengthy post on his social media platform Truth Social, Mr Trump said: “Now that the Democrats are using the Epstein Hoax, involving Democrats, not Republicans, to try and deflect from their disastrous SHUTDOWN, and all of their other failures, I will be asking A.G. Pam Bondi, and the Department of Justice, together with our great patriots at the FBI, to investigate Jeffrey Epstein’s involvement and relationship with Bill Clinton, Larry Summers, Reid Hoffman, J.P. Morgan, Chase, and many other people and institutions, to determine what was going on with them, and him.”

More on Donald Trump

Mr Trump also said: “Epstein was a Democrat, and he is the Democrat’s problem, not the Republican’s problem!

“They all know about him, don’t waste your time with Trump. I have a Country to run!”

What do the named parties say about alleged links to Epstein?

Angel Urena, deputy chief of staff for Mr Clinton, said in 2019: “President Clinton knows nothing about the terrible crimes Jeffrey Epstein pleaded guilty to in Florida some time ago, or those with which he has been recently charged in New York…has never been to Little St James Island, Epstein’s ranch in New Mexico, or his residence in Florida.”

Epstein had been a JPMorgan client from 1998 until 2013.

“The firm deeply regrets any association with this man, and would never have continued doing business with him if it believed he was using the bank in any way to commit his heinous crimes,” JPMorgan said in a statement in September 2023.

Summers, former Harvard University president, recently issued a statement saying he has “great regrets in my life.”

“As I have said before, my association with Jeffrey Epstein was a major error of judgement,” the statement said.

Similarly, Mr Hoffman told Axios in 2019 he regretted his relationship with Epstein.

“My few interactions with Jeffrey Epstein came at the request of Joi Ito, for the purposes of fundraising for the MIT Media Lab.

“Prior to these interactions, I was told by Joi that Epstein had cleared the MIT vetting process, which was the basis for my participation.

“My last interaction with Epstein was in 2015. Still, by agreeing to participate in any fundraising activity where Epstein was present, I helped to repair his reputation and perpetuate injustice. For this, I am deeply regretful.”

Continue Reading

World

A US man is believed to be the first to have died from a meat allergy linked to tick bites

Published

on

By

A US man is believed to be the first to have died from a meat allergy linked to tick bites

A 47-year-old New Jersey man died last year from alpha-gal syndrome, a red meat allergy caused by a tick bite.

His death is believed to be the first documented death from a meat allergy triggered by tick bites.

Symptoms for alpha-gal syndrome – which in 2011 was first linked to bites from the Lone Star tick – can include hives, nausea, vomiting, diarrhoea, severe stomach pain, difficulty breathing, dizziness and swelling of the lips, throat, tongue or eyelids.

The reaction to the foods that cause the symptoms can be delayed, and usually present themselves a few hours later, unlike some other food allergies, which occur soon after eating.

The new research follows the case of a healthy airline pilot who went camping in 2024 with his wife and children. They had steak for supper. This was unusual, as he rarely ate meat.

He woke at 2am with violent pain in his abdomen, vomiting and diarrhoea.

The next day he ate breakfast and went on a five-mile walk.

More from World

A fortnight later, back in New Jersey, he went to a barbecue, where he ate a hamburger. About four hours later, he grew ill. Shortly afterwards, his son found him on the bathroom floor unconscious.

Am operating theatre. File pic by iStock
Image:
Am operating theatre. File pic by iStock

His son called paramedics, and he was admitted to hospital, but the man was announced dead later that night.

Blood tests conducted by researchers revealed evidence of the alpha-gal syndrome. Proof that it came from a Lone Star tick is inconclusive.

The researchers made the link after a statement from the man’s wife, who had said he had 12 or 13 “chigger” bites near his ankles earlier in the summer.

But the conclusion makes sense, as people in eastern America sometimes mistake the bites from mites with those from larval ticks.

More than 100,000 people in the U.S. have become allergic to red meat since 2010 because of the syndrome, according to one estimate.

Read more:
Spending on special needs provision could push councils to breaking point

King cuts birthday cake with a little help from the Queen

Dr Scott Commins, a leading alpha-gal syndrome researcher at the University of North Carolina, called his death an “unmitigated tragedy”.

“Totally unnecessary and with increased awareness, this won’t happen again,” he said in an email.

Continue Reading

UK

Banksy art theft lands burglar with 13-month prison sentence

Published

on

By

Banksy art theft lands burglar with 13-month prison sentence

A man has been given a 13-month prison sentence for stealing Banksy’s famous Girl With Balloon print from a London gallery.

Larry Fraser, 49, of Beckton, east London, was sentenced on Friday after pleading guilty to one count of non-residential burglary at Kingston Crown Court on 9 October.

The print, one of the street artist‘s most famous, was stolen from a gallery in New Cavendish Street in London at around 11pm on 8 September last year.

The recovered artwork back in the gallery. Pic: Metropolitan Police
Image:
The recovered artwork back in the gallery. Pic: Metropolitan Police

Fraser used a hammer to smash his way through a glass entrance door at the Grove Gallery before stealing the artwork, which was valued at £270,000.

He concealed his identity with a mask, hooded jacket and gloves, but the Metropolitan Police’s Flying Squad was able to identify him and track him to a location streets away.

He was also caught on CCTV loading the artwork into a van before fleeing the scene.

A second man, 54-year-old James Love, was accused of being the getaway driver in the burglary, but cleared of stealing the print.

Larry Fraser. Pic: Metropolitan Police
Image:
Larry Fraser. Pic: Metropolitan Police

Damage to the Grove Gallery after the theft. Pic: Metropolitan Police
Image:
Damage to the Grove Gallery after the theft. Pic: Metropolitan Police

Fraser was arrested at his home address on 10 September, within 48 hours of the burglary, and charged the next day.

Officers were able to recover the artwork after executing a warrant on the Isle of Dogs. It has now been returned to the gallery.

Fraser pleaded to the court that he was struggling with a historic drug debt and agreed to steal the work “under a degree of pressure and fear”.

He said he did not know what he would be stealing, nor its value, until the day of the offence.

Fraser was caught on CCTV taking the artwork away from the gallery. Pic: Metropolitan Police
Image:
Fraser was caught on CCTV taking the artwork away from the gallery. Pic: Metropolitan Police

Jeffrey Israel, defending, said Fraser lived with his mother as her principal carer, and had only managed to “break his cycle of drug addiction” after his last prison sentence.

He added that it “would take a bold advocate” to suggest that the value of the print had increased by the burglary, but insisted “that is probably the reality”.

Read more:
Banksy artwork ‘worth millions’ scrubbed off wall outside court
Blink-182 star to auction rare Banksy worth millions

Judge Anne Brown was unmoved, however, and said the offence was “simply too serious” for a suspended sentence.

“This is a brazen and serious non-domestic burglary,” she said.

“Whilst you did not know the precise value of the print, you obviously understood it to be very valuable.”

She added: “Whilst I am sure there was a high degree of planning, this was not your plan.”

However, Fraser may be eligible for immediate release due to time spent on electronic curfew.

Detective Chief Inspector Scott Mather, who led the Met’s investigation, said: “Banksy’s Girl With Balloon is known across the world – and we reacted immediately to not just bring Fraser to justice but also reunite the artwork with the gallery.

“The speed at which this took place is a testament to the tireless work of the flying squad officers – in total it took just four days for normality to be restored.”

The 2004 artwork was part of a £1.5m collection of 13 Banksy pieces at the gallery.

Gallery manager, Lindor Mehmetaj, said it was “remarkable” for the piece to have been recovered after the theft.

The 29-year-old said: “I was completely, completely shocked, but in a very, very positive way when the Flying Squad showed me the actual artwork.

“It’s very hard to put into words, the weight that comes off your shoulders.”

Continue Reading

Trending