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Paramount Global executives revealed a plan to slash costs and find a partner for its streaming service — but shares fell nearly 5% Tuesday as hopes of a merger with Skydance Media dimmed.

Shari Redstone, Paramount’s controlling shareholder, rallied investors Tuesday morning at the company’s annual meeting around an aggressive $500 million cost-cutting plan under the firms trio of CEOs that would drive value for all our shareholders and allow the company to invest in best-in-class content.

The move would include focusing on finding a strategic partner for its money-losing streaming service Paramount+, as well as divesting some assets, which could include putting BET Networks back on the block, the CEOs said at the meeting.

A leading Paramount analyst said the detailed presentation cast doubts on the likelihood of a deal with Skydance, which submitted a revised bid to merge with Paramount that was approved by the company’s special committee last week.

Redstone, however, hasn’t indicated whether she would accept the offer.

“The question is are they putting out a credible alternative to gain last-minute leverage with Skydance or is it because they are pulling out of the deal?” the analyst said.

“I’m going to guess the three people running Paramount want to go it alone.”

Reps for Skydance, Redstone and Paramount’s special committee declined to comment.

The analyst added that Redstone appears to be “waffling” based on the strength of the presentation, adding that the company had been trying to build up Paramount+ to compete with rivals like Netflix and Disney, but that it has been bleeding cash in order to build up its content library.

The annual meeting took place amid reports that Redstone is unhappy with the updated merger deal from Skydance and is considering rival bids and options.

Last week, Skydance CEO David Ellison, son of billionaire Oracle founder Larry Ellison, reduced his initial $2.5 billion offer for National Amusements, which holds the Redstone family’s Paramount stake, to provide additional cash for the company’s nonvoting shareholders, according to Reuters.

In a later bid submitted last week, Ellison created more cash for shareholders by reducing Skydance’s valuation of the merger to $4.75 billion from $5 billion, to the dismay of Redstone, Reuters reported.

As a result, Redstone is now reportedly considering an offer from Hollywood producer Steven Paul. Sources said Redstone is obliged to consider all offers for National Amusements.

The troika occupying the “Office of CEO” CBS President and CEO George Cheeks; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios; and Paramount Pictures President and CEO Brian Robbins — have led the company since the exit of former boss Bob Bakish in April, who left amid growing tensions with Redstone.

The analyst noted that the fact that the company announced it would look for a strategic partnership or a joint-venture partner for Paramount+ indicated that the media giant’s top brass — including Redstone — is serious about the turnaround plan if they are to go it alone.

Its direct-to-consumer business, which includes Paramount+, is expected to lose $1.3 billion in 2024, and that finding a strategic partner could accelerate the company’s path to streaming profitability.

Our plan looks forward to build back the best of Paramount by delivering higher revenue with lower costs, which translates to higher earnings and better returns, Robbins told shareholders. 

McCarthy emphasized that streaming is key to the company as audiences migrate from linear to streaming, while Cheeks added that Paramount would be transforming streaming, to get closer to profitability, reduce non-content costs, by eyeing around $500 million in annual cost cutting. He said that Paramount was in talks to divest some of our assets to unlock value, which could include negotiations to sell BET Networks.

Like other media companies, Paramount has struggled financially as the traditional television business has declined due to customers opting to stream content rather than pay for cable. Meanwhile, the streaming service it launched, Paramount+, has yet to recover lost revenue. 

Paramount has shed about $18 billion in market value since December 2019, when Redstone reunited two halves of the familys media empire, CBS and Viacom.

In April, Paramount entered into exclusive merger talks with Skydance Media, but allowed that period of exclusivity to lapse as it evaluated a rival nonbinding offer letter from Sony Pictures Entertainment and Apollo Global Management.

Under the terms of the latest offer from Skydance, Paramount would acquire the independent studio in an all-stock transaction valued at $4.75 billion, according to reports.

Skydance and its deal partners, RedBird Capital and KKR, would infuse Paramount with at least $1.5 billion in fresh capital to be used to pay down debt, and offer to purchase 40% of Paramounts nonvoting class B stock at $15 a share.

As a result, Skydance would acquire National Amusements, which owns movie theaters in the US, the UK and Latin America, and holds 77% of Paramounts class A voting stock, representing the Redstone familys controlling interest in the company.

The deal would give Ellison voting control over the larger media company, setting the stage for the merger.

Meanwhile back at Paramount Global, concerns over a potential merger have hit a fever pitch at the media giant.

On Tuesday, Paramount– which owns CBS, MTV, Paramount Pictures and Showtime — said it rescheduled Wednesday’s planned employee town hall for June 25, citing ongoing speculation about a potential deal.

“We want to be able to speak to you with as much candor and transparency as possible,” the company’s co-CEOs told employees in a note seen by Reuters. “By moving the date, our hope is to do just that.

With Post wires

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Tesla can’t buy land in Australia because CEO Elon Musk is so ‘[redacted]’ 

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Tesla can't buy land in Australia because CEO Elon Musk is so '[redacted]' 

Tesla is trying to use a piece of property in Australia, near Adelaide, in order to build a battery factory and Tesla showroom. But it’s facing steep opposition from locals, most of whom cite dissatisfaction with Tesla CEO Elon Musk as their reason to oppose the project.

The plans center on Marion, a small city of population 4,101, a suburb of Adelaide, the capital of South Australia.

Last month, a developer submitted plans to use a piece of land referred to as Chestnut Court Reserve, which has been inaccessible to the public since 2016 due to contamination concerns. Plans to develop the location would involve a requirement to clean up the contamination on the site.

They would also involve the cutting of several trees on the site, some of which have been deemed as “dead or ill health,” with a plan to plant trees at another site to make up for any removals.

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The developer said it would use this land to build a new fit-for-purpose factory facility that would be used by Tesla both as a showroom and service center for Tesla vehicles, and also a facility that could be used for “repurposing of Tesla batteries.”

The plan doesn’t go too deep into the specifics of how said repurposing would happen, but it could involve using Tesla vehicle batteries in Powerwalls, or in Tesla’s Powerpack grid storage projects, which are quite popular in South Australia, where they have helped to solve some of the region’s significant power stability problems.

The developer makes the case that Tesla already has a presence in the area in neighboring Tonsley, that Tesla’s mission (and the specific mission of a battery recycling center) supports the environmental goals of the community, and that the facility would create around 100 full-time jobs in the local community, including highly skilled jobs like battery researchers.

All in all, the developer thinks it would inject $56 million into the local community, quite a nice chunk of change for the small town.

And the city council also supports the plan, thinking that the job and economic benefits are worth it, particularly given that the land is not being used for anything else.

The plans were submitted, the residents were consulted, and now that all the chips are on the table… the residents aren’t having it.

Residents respond with a lot of language we shouldn’t say here

The local community gave significant pushback to this idea, with some ~95% of residents disapproving the plan. The city received 948 comments on the plan, which sounds like quite a lot for a city of 4,101 people. However, half of those comments came from outside the city’s area.

But among those comments from the immediate area of the development, only 11 comments favored the plans, with 121 opposing them (that’s 92% opposition).

Among the comments (quoted by The Guardian) come these gems, which wonderfully showcase the stereotypical Australian predilection for colorful language:

  • “Because Elon Musk is a [redacted] human being and a [redacted]!”
  • “Elon Musk and Tesla are a [redacted] on humanity”
  • “Elon Musk is a full blown [redacted]”
  • “Destroying trees to build a factory for a company owned by a [redacted] would be a vile choice”
  • “We should not support and put money in the pockets of a [redacted] who openly [redacted] salutes, is [redacted] human”

We’ll let you try to fill in some of those words, though we’re pretty sure what some of them are (and, honestly, while I somewhat understand the point of redacting profanity in public records, I’d say it is a little absurd to redact “nazi”).

The plans haven’t received their final vote yet, and the council still seems like it wants to convince the local community to go forward with them. But some residents suggest that the site could be better used by other companies, and that alternate uses could help to preserve that land and also avoid potential image concerns for the area as protests against Tesla continue globally.

Some other comments, perhaps wrongly, called the possible building “a noisy, ugly, planet-destroying temple to billionaires.”

While it’s disappointing to see a proposed recycling facility referred to thusly (although Tesla does have a questionable history when it comes to following local environmental rules), it’s just another sign of how Tesla CEO Elon Musk is drastically affecting the brand, and holding it back from its stated mission to advance sustainable transport.

Response shows once again that Musk is harming Tesla

The responses show just how damaging Tesla CEO Elon Musk has been to the company with his recent public advocacy, which has included performing back-to-back unambiguous Nazi salutes in front of a large crowd, agreeing with a defense of Hitler’s actions in the Holocaust, and many other white supremacist statements.

His advocacy hasn’t been limited just to the United States, where he is currently working to balloon the US deficit and is the largest funder of the republican party who are trying to tax EVs and send US jobs to China. He’s also meddled in other countries’ politics, including support for German neo-Nazis.

These actions have driven protests against the companyembarrassed owners and pushed many customers away, and even resulted in a hack that doxxed many Tesla owners.

The backlash, like Musk’s advocacy, has been global. Tesla sales are dropping in most regions, even as EV sales rise as a whole. Specifically in Australia, Tesla sales saw a big drop year-over-year. And this has applied to corporate customers too, with Tesla losing corporate sales as multiple companies have cited their distaste with the CEO.

While Musk has tried to brush these falling sales numbers off, it’s clear that he personally is doing incredible brand damage to the company.


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Nasdaq files for 21Shares Sui ETF, kicking off SEC review

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Nasdaq files for 21Shares Sui ETF, kicking off SEC review

Nasdaq has filed for crypto asset manager 21Shares to list a spot Sui exchange-traded fund (ETF) in the US, initiating the Securities and Exchange Commission’s review process.

The stock market’s May 23 19b-4 filing, which asks the SEC to list the 21Shares SUI ETF, follows 21Shares’ April 30 submission of its S-1 registration statement to the SEC, which asked the regulator to approve trading of the proposed fund.

Both regulatory filings are needed for the Sui (SUI) tracking fund to gi live, with the 19b-4 filing kicking off the SEC’s review process. The agency must decide whether to accept, reject or delay the application within 45 days and it can delay its decision multiple times, for a maximum review period of 240 days.

The SEC must decide on 21Shares’ application by Jan. 18, 2026, at the latest.

Nasdaq files for 21Shares Sui ETF, kicking off SEC review
Source: Cointelegraph

21Shares proposed BitGo and Coinbase Custody as the custodians to hold SUI on behalf of the trust, however, the filing did not include details on a management fee or ticker.

Canary Capital is the only other asset manager that has submitted 19b-4 and S-1 filings to list a spot Sui ETF, filing the forms on April 8.

21Shares said in its 19b-4 filing that the SUI token powers the Sui network and serves four main purposes: it can be staked to earn rewards, used to pay gas fees, function as a liquid asset for Sui applications and serve as a governance token.

Related: SharpLink launches Ethereum treasury, taps Joe Lubin as board chair

The Sui ecosystem is largely focused on decentralized applications and has been dubbed a potential Solana killer.

SUI is the 13th-largest cryptocurrency, but its $12.3 billion market cap remains a fraction of Solana (SOL)’s $92 billion market cap, according to CoinGecko.

21Shares aims to add to SUI offerings

21Shares already lists a Sui exchange-traded product in Europe, on the Euronext Paris and Euronext Amsterdam stock exchanges.

Those listings have contributed to SUI-based exchange-traded products having $317.2 million in assets under management (AUM), according to a May 26 report from CoinShares.

Flows into SUI ETPs increased by $2.9 million between May 16 and May 24, and only trails Bitcoin (BTC), Ether (ETH), Solana and XRP (XRP) in terms of net assets.

Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story

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Plenty of Tesla alternatives and a new Ford Pro team to help pay for them

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Plenty of Tesla alternatives and a new Ford Pro team to help pay for them

For years, Tesla has been the go-to EV recommendation for “normals” looking for a painless, low-effort experience from their first electric cars, but Elon Musk’s political antics are causing people to shop elsewhere. On today’s episode of Quick Charge, we’ll discuss some options … and how you might be able to pay for them!

Speaking of Tesla alternatives, the Ford F-150 Lightning is the electric truck sales king once again, while the E-Transit van is now selling for the same (or less) than the gas version and Ford Pro launches a new incentive consulting service to help you pay for them.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

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Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.


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