James Cameron and Ari Emanuel
Jocel Saget/AFP via Getty Images; Amy Sussman/Getty Images
James Cameron and Ari Emanuel both offered their support this weekend for Skydance’s bid to acquire Paramount.
Although reports earlier this week indicated that a special Paramount board committee was leaning against accepting Skydance’s offer, Cameron and Emanuel said… Financial Times On Sunday they backed the potential leadership of Skydance founder David Ellison.
The deal, which was first presented during an exclusive 30-day negotiating window at the beginning of April, will see Skydance, joined by financial partners RedBird Capital and KKIR, acquire and retain controlling shareholder Shari Redstone’s stake in the company and then merge Skydance into Paramount. As a publicly traded company, with new leadership at its helm.
“I like the idea of Ellison,” Cameron, whose 1997 film Titanic He said it remains one of Paramount’s most successful films. “If he gets…to run Paramount in a creative way, it could be a huge boon to this company in these trying times. David has proven himself.”
Emanuel, Endeavor’s CEO, also saw promise in Ellison’s vision, calling him a “natural acquirer” for the company. “David has a real film career [with] “Big perks,” he said. “Everyone does business with him — Amazon, Netflix, Apple, Paramount, Disney all have a good relationship with David.”
Skydance’s negotiating window ended this week immediately after a revised offer was proposed last weekend. Although the window was not extended (and no deal was reached), a source close to the deal said Hollywood Reporter The talks between the two sides will continue.
Meanwhile, Paramount is also reportedly considering a $26 billion cash offer from Apollo and Sony Pictures. Although the status of this deal is unclear, it will carry additional regulatory concerns, due to Apollo’s existing ownership of the television broadcast stations, and Sony’s status as a Japanese company.
The negotiations were just one part of an eventful week for Paramount — the company parted ways with CEO Bob Bakish on Monday, replacing him with Chris McCarthy, George Cheeks and Brian Robbins who work in the “Office of the CEO.”
“Going forward, we are finalizing a new long-term plan to best position this company to reach new and greater heights in our rapidly changing world,” the trio wrote to employees on Monday.
A source said the executives were prepared to lead the company for the long term, confirming that a formal strategic plan would be sent to employees in the coming weeks.
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