Skydance Media is in early talks over an all-cash offer for National Amusements, the parent of media giant Paramount Global, in an effort that would eventually merge both Skydance and Paramount, the Wall Street Journal reported on Wednesday.
Citing sources familiar with the matter, the Journal said that under the current offer being discussed, Skydance Chief Executive David Ellison and investors — including Larry Ellison, his father — would buy “at least a majority stake” in National Amusements from the Redstone family. From there, they would try to combine Skydance with Paramount PARA, -0.77%, the Journal said.
Skydance is one of Hollywood’s top independent studios, and has produced Paramount blockbusters such as “Mission: Impossible — Dead Reckoning” and “Top Gun: Maverick.”
The entertainment industry is bracing for more consolidation, more investor pressure for streaming profits, a migration away from cable TV and changes in the movie-theater business. The Journal’s report follows reports last month of Skydance’s interest, as well as reports that Warner Bros. Discovery Inc. WBD, -0.54% was in talks to combine with Paramount.
The Journal on Wednesday said that WBD “has continued to express interest” but that the discussions “haven’t advanced.”
Shares of Paramount were up 0.9% after hours. The stock is down about 30% over the past 12 months, compared to the S&P 500’s SPX roughly 20% gain.
Warner Bros Discovery CEO David Zaslav and the Motion Picture Group’s co-chairs and CEOs Michael De Luca and Pam Abdy have hammered out a new strategic partnership deal with Tom Cruise that takes effect this year.
The $13 billion-grossing star and producer will develop and produce original and franchise theatrical titles which he’ll star in. Cruise and his production company will have an office on the Burbank, CA lot. The last time Cruise starred in a Warner Bros movie was the 2014 sci-fi action title Edge of Tomorrow ($370.5 million global gross), one of eight titles he made with the studio including Rock of Ages, The Last Samurai, Magnolia, Eyes Wide Shut, Interview with the Vampire, Risky Business and The Outsiders.
Note, this isn’t an exclusive deal, as Cruise will continue to work with Paramount, where he’s shooting Mission: Impossible 8, and Universal, where he’s making the $200M shot-in-space movie directed by Doug Liman. Overall, Cruise doesn’t have exclusive deals at any studio. No projects at this point in time are in the works or greenlit, as it’s still early.
“We are thrilled to be working with Tom, an absolute legend in the film industry,” De Luca and Abdy said Tuesday. “Our vision, from day one, has been to rebuild this iconic studio to the heights of its glory days, and, in fact, when we first sat down with David Zaslav to talk about joining the Warner Bros Discovery team, he said to us, ‘We are on a mission to bring Warner Bros back – we have the best resources, storytelling IP, and talent in the business – and we need to bring Tom Cruise back to Warner Bros!’ Today, that becomes a reality and we are one step closer to achieving our ambition. We couldn’t be more excited to welcome Tom back to Warner Bros and look forward to bringing more of his genius to life on screen in the years ahead.”
Said Cruise: “I have great respect and admiration for David, Pam, Mike, and the entire team at Warner Bros. Discovery and their commitment to movies, movie fans, and the theatrical experience. I look forward to making great movies together!”
The three-time Oscar-nominated Cruise saw the biggest-grossing film of his career with 2022’s Top Gun: Maverick, which made $1.49 billion worldwide and was nominated for six Oscars including Best Picture. Last year, his Mission: Impossible – Dead Reckoning made $567.5M worldwide, the sixth highest-grossing movie of his career.
Tyler Perry‘s catalog of BET series, including “Tyler Perry’s Sistas,” “Tyler Perry’s The Oval” and “Tyler Perry’s House of Payne,” is hitting the off-net market. BET was set to announce on Wednesday at the CES convention in Las Vegas that its library of Tyler Perry original series will soon be available for licensing and syndication by third-party platforms, including SVOD, AVOD, FAST and broadcast. According to BET, the offering includes eight different original series encompassing more than 750 episodes and nearly 600 hours of content.
Most of those series have not been available for platforms outside of BET and its streamer BET+ until now. Besides “Sistas,” “The Oval” and “House of Pain,” the catalog includes BET+ originals “Tyler Perry’s Zatima” and “All the Queen’s Men.”
According to BET, “Sistas” was the No. 1 show among Black viewers 18-49 this past fall, while the three top shows among Black viewers are “Sistas,” “Zatima” and “The Oval.”
“There’s this ownership of me from my audience, and it’s been that way since I’ve been on stage,” Perry told Variety last month. “I’m brother, cousin, uncle, husband, friend, to my audience, and we share this kindred relationship. The way that I’m speaking to my audience is the way that I want shows to speak to me. I want to be entertained this kind of way.”
Mills first orchestrated sealed a rich and wide-ranging production pact for Perry with BET (and its parent, then known as Viacom) in July 2017. Perry immediately got going on new series such as “Sistas” and “The Oval.” Both became tremendous hits for BET, and have spawned multiple spinoffs.
Tyler Perry's hit BET catalog,including "Sistas" and "The Oval," will be made available for the first time to be licensed by FAST, SVOD and broadcast.“In 2017, we began our historic partnership with Tyler Perry, and every year since his content arrived, BET has driven growth across our ecosystem. To date, the Tyler Perry portfolio of content is among the highest-rated programming among Black Americans on television,” said Scott Mills, President & CEO, BET Media Group. “Our offering of Tyler Perry’s expansive library of hit series will offer third-party platforms a unique opportunity that will increase retention and super-serve viewers like never before.”
BET is coordinating with Paramount Global Content Distribution in bringing its Tyler Perry catalog to market.
As Variety recently reported, BET’s Tyler Perry series rep the top 3 series on cable among Black viewers and five of the Top 10 shows on cable with this audience. Of the list of top cable series among Black audiences, BET titles make up seven of the Top 10 shows — five of which come from its partnership with Perry.