Time is running out for Paramount Global and Skydance Media to reach a deal combining their entertainment empires within the 30-day exclusive negotiating window that closes Friday, and it appears likely that the week will pass without an agreement on a transaction.

Paramount, controlled by Shari Redstone , and Skydance, helmed by film producer David Ellison, have been trying to hammer out a complicated deal that would leave Ellison in control of the storied media giant. And so far, no agreement has been struck.

What has long looked like Paramount Global’s most viable buyout option has been the subject of weeks of palace intrigue, plagued by an investor rebellion and corporate shakeups. Paramount’s stock fell roughly 7% on Friday amid reports that the company was getting cold feet about Skydance’s offer.

New York-based research firm LightShed Partners said Friday that it expects the bargaining deadline to arrive sans agreement, with another bid from Sony Pictures Entertainment and Apollo Global Management on deck. The negotiation period is not likely to be extended, leaving the door open to other options.

The Times has contacted Paramount Global for comment. A spokesperson for Paramount’s mergers and acquisitions committee declined to comment.

The Skydance scenario

Since reports surfaced in January that Ellison’s Skydance was exploring an all-cash deal to acquire National Amusements Inc. — the company that holds 77% of Paramount Global’s voting stock — things have gotten messy.

Over the past month, Paramount has been negotiating with Skydance, which has linked up with investment firms RedBird Capital and KKR to take over National Amusements, which would give it control of Paramount, owner of the Paramount Pictures movie studio on Melrose Avenue, broadcast network CBS and cable channels MTV and Nickelodeon.

The talks spurred a revolt led by Paramount Global investors who expressed concerns that the deal on the table would largely benefit Paramount’s nonexecutive chairwoman, Redstone, at the expense of regular shareholders.

The investor uprising caused Paramount shares to plummet and prompted several of the company’s directors to step down. In an effort to quell the backlash, Skydance recently upped its offer with a cash infusion for Paramount and by setting aside funds specifically for Paramount’s nonvoting shareholders, which would probably reduce Redstone’s take.

All of this corporate turmoil culminated Monday in the termination of Paramount Global Chief Executive Bob Bakish, whose opposition to the Skydance deal did not sit well with Redstone.

Bakish preferred another Paramount Global suitor, private equity firm Apollo Global Management, which joined forces this week with Sony Pictures Entertainment to submit a $26-billion all-cash bid for the entertainment empire.

Sony-Apollo hover around the hoop

While this Paramount-Skydance saga has been unfolding, Apollo and Sony have officially entered the ring as a team.

Culver City-based Sony has offered to become a majority shareholder in the entertainment company, with Apollo as a minority owner.

Because Sony Corp. is based in Tokyo, Apollo would probably have to assume control of Paramount’s CBS network in order to abide by Federal Communications Commission rules that restrict foreign ownership of broadcast TV stations — a technicality that could make the offer less attractive to a company reluctant to divvy up its assets, according to analysts at LightShed.

Such a deal, while cleaner from a financial perspective, would cause upheaval in Hollywood. It would probably result in mass layoffs, reducing the number of major movie studios from five to four.

What if none of the above?

After Bakish was ousted, Paramount Global appointed three of its top entertainment executives — Paramount Pictures CEO Brian Robbins, CBS CEO George Cheeks and Showtime/MTV Entertainment Studios head Chris McCarthy — to lead the company in an “office of the CEO” capacity.

If a Paramount-Skydance merger fails to pass, analysts at LightShed Partners predict Paramount will move forward with its leadership trifecta, focus on restructuring its business and eventually revisit mergers and acquisitions discourse later this year or in 2025. The regulatory landscape is expected to become clearer after the 2024 presidential election.

The LightShed analysts said they doubt that Paramount will immediately pivot to a Sony-Apollo deal in the event that talks with Skydance fall apart.

“We’re only four days in so there’s not a lot I can say,” Cheeks wrote in a memo to Paramount Global staff. “But … Brian, Chris and I are in the process of finalizing our strategic plan that we’re going to roll out as soon as possible.”

Times staff writers Samantha Masunaga and Meg James contributed to this report.

New Life, 2024.

Written and Directed by John Rosman.
Starring Sonya Walger, Hayley Erin, Tony Amendola, Ayanna Berkshire, Nick George, Jeb Berrier, and Blaine Palmer.

SYNOPSIS:

A mysterious woman on the run, and the resourceful fixer assigned to bring her in. Their two unique stories inextricably link, as the stakes of the pursuit rise to apocalyptic proportions.

The first half of writer/director John Rosman’s New Life is intentionally confounding, and the payoff is more than worth it. Centered on Hayley Erin’s on-the-run Jessica and Sonya Walger’s fixer Elsa, the latter has been contacted by an organization to find and bring in the former. What’s especially odd is that while Elsa is portrayed as the hardened, no-nonsense villain in this scenario, with Jessica aware that someone is after her for some reason and means business, the film is also taking time to incorporate more grounded and human elements such as this agent going to the early stages of ALS.

Jessica is, or possibly was, a fiancé, as evidenced by the wedding ring and blood on her face. Or perhaps she murdered him. Naturally, she also doesn’t say much to the few friends she meets up with, which is logical considering she wants to stay hidden. She is trying to protect a small circle of friends at a farmhouse, but from what danger? There are also flashbacks to Jessica’s life with her partner Ian (Nick George), camping in the woods, which is sure to inevitably explain part of what’s happening here.

Choosing to withhold clear motives for each character feels like it could have easily been a recipe for disaster or a sign to mentally check out early, but the lived-in performances and sensitive treatment of the material, especially something as serious as ALS for a character still committed to the job, ensure intrigue. 

At that halfway mark, New Life shifts from cat-and-mouse thriller to horror, although I will leave the subgenre unspecified. That’s not to say the reveals are the only reason to watch this gutsy balancing act of genre because the characterization is also effective. There is also an element of conspiracy that could have been explored more deeply, although it’s also understandable why it’s not considering everything else being juggled.

What can be said is that the practical effects are detailed, and the horror sequences themselves are intense. The meticulously handled slow build to something that could have easily been written off as generic also allows something familiar to feel suspenseful and exciting. It’s worth stressing that the film isn’t necessarily doing anything new within that subgenre but gets away with trafficking in some of the more popular tropes because of its unorthodox structure and strong character work.

While New Life does lead to a riveting finale that makes the most of its transition into horror and major stakes for the world’s fate, it doesn’t quite reach the profound statement that it seems to be ambitiously aiming for. Still, as an exercise in unpredictability and connecting with characters despite the bare minimum information, it succeeds and announces John Rosman as a cleverly twisted filmmaker to keep an eye on. 

Flickering Myth Rating – Film: ★ ★ ★ / Movie: ★ ★ ★ ★

Robert Kojder is a member of the Chicago Film Critics Association and the Critics Choice Association. He is also the Flickering Myth Reviews Editor. Check here for new reviews, follow my Twitter or Letterboxd, or email me at MetalGearSolid719@gmail.com

https://www.youtube.com/watch?v=embed/playlist

Jeff Landry is between a rocker and a hard place.

Rolling Stones frontman Mick Jagger took a jab at the conservative Louisiana governor during the rock band’s sold-out performance Thursday at the New Orleans Jazz & Heritage Festival.

“We’re a welcoming crowd, aren’t we?,” Jagger said to the thousands of festival attendees, per NBC affiliate WDSU. “I hope Mr. Landry is enjoying the show. He’s real inclusive, you know. He’s trying to take us back to the Stone Age.”

Landry, who won Louisiana’s gubernatorial race with former President Trump’s backing last October, replaced former Democratic Gov. John Bel Edwards to become the first Republican in the state’s top office since 2016. He has supported conservative legislation including strict abortion bans, harsher prison sentences and restrictions on gender-affirming care for minors.

On Thursday night, he delivered a lighthearted clap-back at Jagger, even quoting a Rolling Stones’ song. “You can’t always get what you want,” Landry wrote on X. “The only person who might remember the Stone Age is @MickJagger.”

Jagger, 80, has been performing with the Rolling Stones for more than 60 years.

Landry, 53, finished his dig on a seemingly friendly note, writing, “Love you buddy, you’re always welcome in Louisiana!” and capping off the post with the hashtag #LoveMyCountryMusic.

Jagger has yet to respond, but several of the rock legend’s fans were coming to his defense in responses to the X post.

“That’s Sir Mick Jagger to you Jeffy,” one user replied. “Landry is a national disgrace and everyone knows it,” another wrote.

But another person had the governor’s back, posting, “I was at Jazzfest and it fell flat on the track. Keep up the good work Jeff. Results will prove your [sic] on the right track.

Jazz Fest performances continue throughout the weekend, ending Sunday. A schedule is available on the festival’s website.