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Could Paramount's flirtation with Bronfman strain the Skydance deal?

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Could Paramount's flirtation with Bronfman strain the Skydance deal?

Just when the $8.4-billion deal for David Ellison’s Skydance Media to buy Paramount Global was gliding toward the finish line, Shari Redstone’s roller-coaster sale took another sharp turn.

Seagram liquor company heir Edgar Bronfman Jr. this week persuaded Paramount’s independent board members to consider his rival bid for the Redstone family’s investment firm, National Amusements Inc., and a minority stake in Paramount. After spending weeks rounding up investors, Bronfman submitted his proposal late Monday — two days before the bidding window closed — and then sweetened the offer to $6 billion.

Now the stage is set for more jockeying until Paramount’s Sept. 5 deadline to decide who will win the beleaguered media company that owns CBS, Comedy Central, Nickelodeon, MTV and the historic Melrose Avenue film studio.

“This has been a very strange process,” Charles Elson, founding director of the Weinberg Center for Corporate Governance at University of Delaware, said Friday. “This company has provided more ‘theater’ than any other company I can think of. … It’s just remarkable that here we are.”

Paramount’s decision to extend the deadline for Bronfman did not sit well with the Skydance team.

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Skydance’s lawyers sent a terse letter to Paramount’s special committee of independent directors Thursday, accusing them of violating the terms of Skydance’s agreement to buy National Amusements and Paramount, according to three people familiar with the letter who were not authorized to discuss it.

Bronfman’s bid isn’t expected to derail the Skydance deal, according to the knowledgeable people.

But there are risks to Paramount’s late-in-the-game flirtation with another suitor.

“It’s not cost-less to do this,” said Melissa A. Schilling, a management professor at New York University’s Stern School of Business. “It is creating conflict with Skydance and, should they prevail, they are going to come in angry. That’s not a great way to start a marriage.”

Edgar Bronfman Jr. in 2019.

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(Michael Kovac / Getty Images)

Representatives of Redstone, Paramount, Bronfman and Skydance declined to comment.

Bronfman is trying to thread a needle created by a provision in the Skydance agreement, approved in July. The deal established a 45-day “go shop” window for Paramount’s board to solicit offers “superior” to that of Skydance.

Several sources speculated that Paramount’s board’s willingness to entertain Bronfman’s proposal stems from Redstone’s desire to protect her family from costly shareholder lawsuits. The sales process already has sparked litigation, and the Paramount directors’ efforts to beat the bushes could help demonstrate that there weren’t viable bidders beyond Skydance, helping them defend against shareholder actions.

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“This process could be designed to put a check mark in the due diligence box for shareholders, saying: ‘We looked out for you,’ ” Schilling said.

There could be other motivations.

The Skydance group has deep pockets, including tech titan Larry Ellison, co-founder of Oracle Corp., and RedBird Capital Media, a decade-old firm founded by former Goldman Sachs partner Gerry Cardinale.

Paramount may also be angling for additional concessions from the Skydance group, the knowledgeable people said.

But Skydance already has sweetened its offer for Paramount and NAI — twice.

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There could be continued heartburn over the terms of the Skydance deal. The major issue, according to shareholders, is the all-stock nature of the transaction and the plan to fold David Ellison’s smaller Santa Monica Skydance studio into Paramount.

Skydance Media founder and CEO David Ellison.

Skydance Media founder and CEO David Ellison.

(Evan Agostini/Invision/AP)

Some shareholders have grumbled over the $4.75-billion valuation of Skydance, alleging the entertainment firm isn’t worth nearly that much.

Skydance co-owns some of the Paramount studio’s biggest blockbusters, including “Mission: Impossible,” “Top Gun: Maverick” and “Star Trek.” Ellison’s company also has been building an animation studio under John Lasseter, former Pixar creative executive.

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Some investors complain that the deal undervalues the holdings of Paramount shareholders while overvaluing Skydance, further diluting the value of Paramount’s stock.

That’s a scenario that played out with the disastrous AOL-Time Warner merger a quarter of a century ago, Schilling said.

“One of the things the AOL-Time Warner deal taught us is that the company that is initiating the transaction may be overvalued,” Schilling said. “AOL’s stock was valued super high because that was at the peak of the internet bubble. And AOL was able to turn a bunch of unrealized capital gains into cold hard assets.”

Skydance won support of Paramount’s board, in large part, by carving out $4.5 billion to buy shares from Paramount investors, including nonvoting Class B shares at $15 a share.

Bronfman scrambled to identify funds — a proposed $1.7-billion set-aside — to offer Class B investors $16 a share.

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Both bids would inject $1.5 billion into Paramount’s battered balance sheet, allowing the firm to pay down debt, when the deal closes. Federal regulators must weigh in, a process that’s expected to take about a year.

In addition, Bronfman said he would match Skydance’s proposal to buy out National Amusements for $2.4 billion. Once the firm’s debts of about $650 million are paid, the Redstone family would come away with $1.75 billion.

The late Sumner Redstone made sure the company, formerly known as Viacom, had two classes of stock, allowing his family to keep a tight grip. The Redstones, through National Amusements, own 77% of Paramount’s voting Class A shares.

But the bulk of the equity is held by nonvoting Class B shareholders — and that’s the problem, Elson said.

“The controlling shareholder can move on their own whim as opposed to doing what other shareholders would agree to,” Elson said.

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Shari Redstone

Shari Redstone.

(Martina Albertazzi / Bloomberg via Getty Images)

“Go shop” provisions are infrequent during competitive auctions but are fairly common for the sale of financial firms or privately held companies, Schilling said.

Skydance has the ability to match the terms of Bronfman’s deal.

Most observers believe Bronfman has an uphill battle to wrest the deal away from the Ellisons.

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“We simply cannot fathom why Bronfman (and components of his investor group) would be pursuing Paramount this aggressively unless the Redstones and members of the Paramount Special Committee wanted him to,” media analyst Richard Greenfield of Lightshed Partners wrote in a report earlier this week.

“Maybe the Redstones have had second thoughts about selling to Skydance/Ellison?” Greenfield wrote.

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Soho House sued after bartender alleges she was ‘drugged and raped’ by her supervisor

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Soho House sued after bartender alleges she was ‘drugged and raped’ by her supervisor

A bartender who worked at Soho House’s exclusive Soho Warehouse in downtown Los Angeles is alleging a supervisor at the posh membership club and hotel drugged and raped her, according to a lawsuit filed in Los Angeles Superior Court on Wednesday.

The woman, who filed as Jane Doe, said in her complaint that she was “subjected to repeated sexual advances and unwelcomed physical touching” by one of her supervisors, Leonard Marcelo Vichique Maya, immediately after she began working as a bartender at Berenjak, the club’s restaurant, in September 2025.

Doe is suing Vichique Maya, Soho House, Soho House Los Angeles and Soho Warehouse for sexual harassment, retaliation and other claims..

“This is as egregious an instance of callous corporate indifference to workplace sexual violence that anyone can experience,” said her attorney Nick Yasman of Los Angeles-based West Coast Trial Lawyers in a statement.

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Representatives for Soho House and Vichique Maya were not immediately available for comment.

Doe has further alleged that Vichique Maya made “numerous comments” about her appearance, propositioned her to be his “hook-up buddy” and told her that she “would be pregnant by now” had they met earlier, all within earshot of her supervisors and colleagues.

After two weeks on the job, Doe said that she reported Vichique Maya’s conduct to two male supervisors, including Soho House’s floor manager and food and beverage director, states the complaint, but “neither took any semblance of corrective or investigatory action.”

According to the suit, Doe claims that despite “his pattern of harassing behavior and complaints,” the company, did not address his alleged misconduct. ”

She claims his behavior escalated after a “team-bonding” work event on Sept. 13, where Doe said she became disoriented after drinking with supervisors and co-workers, eventually losing consciousness, and woke up naked in Vichique Maya’s apartment.

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“Paralyzed and speechless despite her consciousness slowly returning, Plaintiff was condemned to simply watch in horror as [sic] MARCELO repeatedly raped her inanimate body,” states the suit.

The next day, Doe said that she reported to her floor manager that Vichique Maya had “sexually assaulted her.”

She said her general manager “confirmed” that he “appeared to be preying” on her during the work event, telling her that “These things happen between coworkers.”

When she proclaimed that she could no longer work with Vichique Maya,” she said the general manager dismissed her concerns telling her: “I have a restaurant to run; I can’t have it blow up on me.”

Despite informing three managers that she was “raped,” Doe said she was continuously scheduled to work shifts with Vichique Maya during which he repeatedly sexually harassed her.

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In December, Doe filed a complaint with Soho House human resources, and she was assured that an investigation would be opened and “immediate corrective action” taken.

However, during the investigation, Doe said that she was placed on indefinite leave while Vichique Maya continued working. A month later, she was informed the company had completed its investigation and found her report of rape “was uncorroborated” and he “would not be disciplined.”

In February, the plaintiff said that she was forced to quit her job.

One of the first, exclusive members-only social clubs, Soho House debuted in London in 1995 and quickly became the bolt-hole of choice for celebrities and the deep-pocketed. It expanded globally with 48 houses in 19 countries.

It drew high-profile investors, including Ron Burkle through his investment fund Yucaipa.

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In 2021, the company filed for an initial public offering on the New York Stock Exchange, but it has faced financial challenges. .

Last year, Soho House went private, selling itself to a group of investors including Apollo Global Management and actor Ashton Kutcher, who also joined its board of directors, at a $2.7-billion valuation.

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MOVIE REVIEWS: “Mercy,” “Return to Silent Hill,” “Sentimental Value” & “In Cold Light” – Valdosta Daily Times

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MOVIE REVIEWS: “Mercy,” “Return to Silent Hill,” “Sentimental Value” & “In Cold Light” – Valdosta Daily Times

“Mercy”

(Thriller/Crime: 1 hour, 39 minutes)

Starring: Chris Pratt, Rebecca Ferguson, Kali Reis

Director: Timur Bekmambetov

Rated: PG-13 (Violence, bloody images, strong language, drug content and teen smoking)

Movie Review:

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“Mercy” is a science fiction movie based on one of the more common themes of moviedom lately, artificial intelligence (AI). This crime thriller cleverly creates an intriguing story using technology and the justice system, yet it fails to be consistently interesting and intelligent throughout. The conclusion is less significant than the initial setup, as the concluding scenes become typical action sequences.

Detective Chris Raven (Pratt) of the LA Police Department is a huge supporter of the city’s new judicial courtroom. Crimes are now judged by an AI program (Ferguson) in the Mercy Court. The court is run by an artificial program that makes decisions based on all of the evidence before it without any prejudice. Detective Raven is all for this system until he is convicted of killing his wife. Now he must use all of the data, including the AI‘s ability to tap into everyone’s electronic devices, security cameras, and even into government files, within reason, to prove he did not murder his wife.

Mercy is an interesting movie. It entertains throughout, even when the story gets sloppy and characters’ actions are irrational. This mainly occurs during the final scenes. The movie tries too hard to insert unneeded narrative twists. This is disappointing because the story is interesting. What makes it fascinating is that it happens in real time. This is the most brilliant facet.

All the other theatrics are unnecessary. Director Timur Bekmambetov (“Profile,” 2018; “Wanted,” 2008) and “Mercy’s” producers should have just kept the ending simple, no plot twists or superfluous action sequences.
Grade: C (This flick needs some mercy. Let the trial begin.)

“Return to Silent Hill”

(Horror: 1 hour, 46 minutes)

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Starring: Jeremy Irvine, Hannah Emily Anderson and Robert Strange

Director: Christophe Gans

Rated: R (Bloody violent content, strong language and brief drug use.)

Movie Review:

“Return to Silent Hill” is about one man’s quest to return to the love of his life. The problem is she has moved on to the afterlife. Meanwhile, audiences lose part of their life watching this movie, which is unlike any of the two prequels in this series. This one is a psychological horror that bores.

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Artist James Sunderland (Irvine) decides to return to Silent Hill, a place where many people died during a devastating illness that nearly enveloped the entirety of the city’s population. What is left there is a horror show of freakish creatures, all with violent intent. Still, Sunderland searches for the love of his life, Mary Crane (Anderson).

Think of this movie as a slow suicide, where a guy goes back to retrieve his dead girlfriend. To do so, he must travel to the modern land of the dead that Silent Hill has become. This one is a type of swan song by the main character, and the movie becomes less scary while lackluster romantic notions wander aimlessly.

Grade: D (Do not return to see this.)

“Sentimental Value”

(Drama: 2 hours, 13 minutes)

Starring: Renate Reinsve, Stellan Skarsgård, Inga Ibsdotter Lilleaas and Elle Fanning

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Director: Joachim Trier

Rated: R (Language, sexual reference, nudity and thematic elements)

Movie Review:

“Sentimental Value” is a Norwegian film that won the Grand Prix in France’s Cannes Film Festival and was nominated for nine Academy Awards, including Best Motion Picture. It is a solid drama filled with symbolism and family connections. It is brilliant performances by a talented cast under the direction of Joachim Trier (“The Worst Person in the World,” 2021).

This screenplay is about Gustav Borg (Skarsgård). He is a father, grandfather and a famed film director. He stayed away from his two daughters, actress Nora Borgwhile (Reinsve) and historian Agnes Borg Pettersen (Lilleaas), while he was creating works as a filmmaker. The director comes back into the lives of his daughters after the death of their mother. Their reunion leads to a rediscovery of their bond at their family home in Oslo.

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Stellan Skarsgård is always a solid actor. He takes his roles and makes them tangible characters that seem like you know them, even when they’re speaking a foreign language. That is the quality of his act and why he gets nominated for multiple awards each season.

“Sentimental Value” is a valuable movie filled with enriching sentiment. It is an enjoyable film for those who value a good drama. The acting and original writing alone make the movie worth it. “Sentimental Value” starts in a very simple way, but everything in between, even when low-key, remains potent. Joachim Trier and writer Eskil Vogt have worked together on multiple projects such as “The Worst Person in the World” (2021). Their pairing is once again worthy.

Grade: A- (Any motive valuable movie.)

“In Cold Light ”

(Crime: 1 hour , 36 minutes)

Starring: Maika Monroe, Allan Hawco and Troy Kotsur

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Director: Maxime Giroux

Rated: R (Violence, bloody images, strong language and drug material)

Movie Review:

“In Cold Light” sticks to a very straightforward story, primarily taking place over a short period. The problem is the story leaves one in the cold. Audiences have to guess what is being communicated because this movie uses American Sign Language (ASL) without subtitles. For those moviegoers who do not know ASL, they are left deciphering characters’ actions and facial expressions during some pivotal scenes.

Ava Bly (Monroe) attempts to start a legit life after prison. Her life changes when Ava’s twin, Tom Bly (Jesse Irving) is murdered while seated next to her. As her brother’s killers pursue her, Ava must evade law enforcement, which contains some crooked cops led by Bob Whyte (Hawco).

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For a brief moment, this movie hits its exceptional moment when Oscar-recipient Helen Hunt enters the picture as a motherly Claire, a crime boss who seems more like a social worker/psychologist. Her long scene is wasted as it arrives too late.

French Canadian director Maxime Giroux’s style has potential in his first English-language film, but it does not fit a wayward narrative. A rarity, this crime drama has characters commit many dumb actions at once.

Moreover, Giroux (“Félix et Meira,” 2014) and writer Patrick Whistler forget to let their audiences in on their story. They allow much to get lost in translation, especially during heated conversations between Monroe’s Ava and her father, Will Bly, played by Academy Award-winning actor Troy Kotsur (“CODA,” 2021).

Grade: C- (Just cold and dark.)

More movie reviews online at www.valdostadailytimes.com.

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Paramount-Warner Bros. deal stirs fears about what it means for CNN

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Paramount-Warner Bros. deal stirs fears about what it means for CNN

As the media industry took stock of Paramount Skydance’s startling acquisition of Warner Bros. Discovery, one question lingered on the minds of many in the news business and beyond: What will this mean for CNN?

The iconic 24-hour cable news network is among the various Warner Bros. assets that would be scooped up by Paramount in a deal announced Thursday that could transform the media landscape.

Paramount has undergone a swift transformation under Chief Executive David Ellison following his family’s acquisition of the company last summer. These changes reached CBS News almost immediately with the appointment of Bari Weiss, the controversial Free Press co-founder, as its new editor in chief.

Bari Weiss moderated a town hall with Erika Kirk, widow of slain conservative activist Charlie Kirk.

(CBS via Getty Images)

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Weiss’ tenure so far has been rocky.

Her decision to pull a “60 Minutes” story about conditions inside an El Salvador prison that housed undocumented Venezuelan migrants from the U.S. received widespread criticism and accusations of political motivation. The network said the story was held for more reporting, and the segment eventually aired.

There was more upheaval last week at the news magazine, when “60 Minutes” correspondent and CNN news anchor Anderson Cooper announced that he’d be leaving to spend more time with his family.

And earlier this year, a veteran producer at “CBS Evening News With Tony Dokoupil” was fired after he expressed disagreement about the editorial direction of the newscast.

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Now, the concern is that similar changes could be in store for CNN, which has long been a target of President Trump’s ire. He has personally called for the ouster of hosts at the network who have questioned his policies.

CNN Worldwide Chief Executive Mark Thompson tried to quell some of those fears, particularly inside his own newsroom.

In an internal memo dated Thursday and obtained by The Times, Thompson urged employees not to “jump to conclusions about the future” and try to concentrate on their work.

“We’re still near the start of what is already an incredibly newsy year at home and abroad,” he wrote in the note. “Let’s continue to focus on delivering the best possible journalism to the millions of people who rely on us all around the world.”

Chairman and CEO of CNN Worldwide Mark Thompson and media editor for Semafor, Maxwell Tani, speak onstage.

Chairman and CEO of CNN Worldwide Mark Thompson and media editor for Semafor, Maxwell Tani, speak onstage.

(Shannon Finney / Getty Images for Semafor)

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CNN declined to comment beyond Thompson’s memo.

Ellison has said his vision for a news business is one that is ideologically down the middle.

“We want to build a scaled news service that is basically, fundamentally in the trust business, that is in the truth business, and that speaks to the 70% of Americans that are in the middle,” he said during a Dec. 8 interview on CNBC, shortly after Warner said it had chosen Netflix as the winning bidder for its studios, HBO and HBO Max. “And we believe that by doing so that is for us, kind of doing well, while doing good.”

Ellison demurred when asked whether Trump would embrace him as CNN’s owner, given the president’s past criticisms of the network.

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“We’ve had great conversations with the president about this, but … I don’t want to speak for him in any way, shape or form,” he said.

First Amendment scholars have raised concerns about press freedom and free speech rights under the Trump administration, particularly after last month’s arrest of former CNN journalist Don Lemon and the Federal Communications Commission’s pressure on late-night hosts like Jimmy Kimmel and Stephen Colbert.

Press freedom groups have long asked questions in other countries about how authoritarian regimes use their power and “oligarchical alliances to belittle, silence, and punish independent journalistic voices, or to steer media ownership toward … a preferred version of the truth,” said RonNell Andersen Jones, a 1st Amendment scholar and distinguished professor in the college of law at the University of Utah, in an email.

“We see them asking at least some of these questions about the U.S. today,” she wrote.

Apprehension about the merger also extends beyond its implications for CNN and the media business.

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Lawmakers such as Rep. Laura Friedman (D-Glendale), Sen. Adam Schiff (D-Calif.) and Sen. Cory Booker (D-N.J.) have raised concerns about how the consolidation of two major Hollywood studios could affect industry jobs and film and television production — which has significantly slowed since the pandemic, the dual writers’ and actors’ strikes in 2023 and corporate cutbacks in spending.

Sen. Elizabeth Warren (D-Mass.) called the deal an “antitrust disaster” that she feared could raise prices and limit choices for consumers.

“With the cloud of corruption looming over Trump’s Department of Justice, it’ll be up to the American people to speak up and state attorneys general to enforce the law,” she said in a statement.

Already, California Atty. Gen. Rob Bonta has said the merger isn’t a “done deal,” adding that he is in communication with other states attorneys general about the issue.

“As the epicenter of the entertainment industry, California has a special interest in protecting competition,” he posted Friday on X.

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The deal is subject to approval by the U.S. Justice Department. Bonta and other state attorneys general are expected to file a legal challenge to the mega-merger on antitrust grounds.

Ellison addressed some of these concerns in a statement Friday.

“By bringing together these world-class studios, our complementary streaming platforms, and the extraordinary talent behind them, we will create even greater value for audiences, partners and shareholders,” he said. “We couldn’t be more excited for what’s ahead.”

Times staff writer Meg James contributed to this report.

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