Connect with us

Lifestyle

Paramount and Skydance are merging — here are 3 questions we have about the deal

Published

on

Paramount and Skydance are merging — here are 3 questions we have about the deal

The Paramount logo is displayed at Columbia Square along Sunset Boulevard in Hollywood, Calif. on March 9, 2023.

Patrick T. Fallon/AFP via Getty Images


hide caption

toggle caption

Advertisement

Patrick T. Fallon/AFP via Getty Images

There may be no more giddily optimistic time in media than the moment after a big deal is announced.

In the case of the $8.4 billion agreement that would bring in new owners to run Paramount Global, there are a lot of hopes and dreams riding on incoming CEO David Ellison and how he might reshape a media company which includes everything from Paramount Studios and the CBS broadcast network, to cable channels like MTV and BET and the Paramount+ streaming service.

Film lovers dream that if the new company goes forward, it will maintain Paramount as an independent brand, combining Ellison’s Skydance Media with a venerated film studio over 112 years old that’s based in the middle of Los Angeles (they also hope this means the company won’t largely be sold off for parts or swallowed by another huge business, like Sony).

Advertisement

Media insiders wonder if Ellison – backed by $6 billion from his family, including father and Oracle co-founder Larry Ellison – can leverage new technologies and Silicon Valley sensibilities to make the company more successful.

And keen observers of power in America hope that nepo baby-turned-mogul David Ellison will serve his family and the company better than previous owner (and fellow nepo baby) Shari Redstone, who inherited Paramount’s parent company National Amusements after the 2020 death of her father, Sumner Redstone. She proceeded to see it lose billions of dollars in value amid a changing media landscape, uncertain leadership and fitful sale negotiations.

Yeah, this may sound like a lot of media nerd nonsense – navel-gazing from an industry notorious for its self-obsession and myopic focus. But a successful rescue of Paramount can also point the way toward a shiny future for an increasingly uncertain media industry, where profits, product and audience are harder to come by. And failure could mean the company that is home to NCIS, Star Trek, MTV and Yellowstone might vanish into media history.

To succeed, Ellison and his backers must answer a load of pressing questions. Here are the ones which loom largest in my mind:

Can new owners really turn around a company that’s grounded in media businesses currently in serious decline?

One of Paramount Global’s biggest challenges is that it’s a media company packed with several businesses that are all struggling at once. Cable channels hobbled by cord cutting. A streaming service which isn’t expected to turn a profit until sometime next year. A broadcast network with an aging audience. A regional theater chain facing declines in moviegoing. And, as the global financial services company Moody’s noted in a recent statement, Paramount is merging with a smaller media company that doesn’t own or control much of its own intellectual property: Skydance Media.

Advertisement

Ellison and Jeff Shell, the former NBCUniversal CEO who would be president of the new company when the deal closes, told Wall Street analysts some of their ideas in a call Monday morning, saying Paramount+ would likely succeed as a part of an “ultimate bundle” of streaming services, with plans to completely rebuild the platform’s technology. When it came to their more traditional businesses, like cable TV channels, they talked of managing the decline while implementing $2 billion in cost savings.

But I think mid-level streaming services struggle because they have a tough time offering enough content to convince customers they should be prioritized above or alongside big players like Netflix and Disney+. Will redesigning the platform and getting wedged into a bundle next to bigger players really help distinguish their company?

How will the company be run until the deal closes … in 2025?

The purchase isn’t expected to close until sometime next year. Until then, Paramount Global will likely still be run by the group of three co-CEOs who currently guide the company. Which means a plan could still go forward that the CEOs announced last month, cutting $500 million in costs while exploring the sale of some assets. Black culture-focused cable channel BET has long been the subject of speculation that it might be sold to a mogul like Tyler Perry or Weather Channel owner Byron Allen, for instance.

Producer David Ellison attends the Royal Film Performance and UK Premiere of

Producer David Ellison attends the Royal Film Performance and UK Premiere of “Top Gun: Maverick” at Leicester Square on May 19, 2022 in London, England.

Eamonn M. McCormack/Getty Images for Paramount Pictures


hide caption

Advertisement

toggle caption

Eamonn M. McCormack/Getty Images for Paramount Pictures

Last month, online archives for MTV News, CMT news and Comedy Central, which were filled with decades of journalism on pop and country music, were pulled down without warning or explanation by the company. Will more surprise cutbacks surface over the next few months that limit or eliminate content?

Advertisement

In an odd way, it might make sense for Paramount to make more painful reductions now, before the new owners are officially in charge, so Ellison, Shell and their teams can take over outside the shadow of layoffs or serious cutbacks.

When Ellison and Co. take over, it will mean that yet another Hollywood studio will be dominated by Silicon Valley money, including MGM’s purchase by Amazon and the rise of major players like Apple TV+ and Netflix. Which leads to another big question: Will Paramount Global leverage the resources and innovation of the tech world to reinvent a major studio for the modern media moment, or have the forces which are hobbling the company progressed too far?

Will something else happen that could overturn the deal?

Federal regulators must weigh in. And there’s a 45 day window where Paramount’s board of directors could field another offer (though they would have to pay the Skydance group $400 million). Also, stockholders outside the Redstone family who feel shortchanged could file a lawsuit.

But in the rosy glow of a just-announced deal, all these challenges seem like rapidly shrinking images in the rearview mirror. A new brain trust has emerged, aimed at proving that a mid-level media company can survive in today’s times, as the daughter of one business titan hands the reins of her complicated company to the son of another.

Whether any of this adds up to a solution which can save Paramount while also helping cure what ails modern media on a larger scale, may be the biggest question of all.

Advertisement

Lifestyle

In Beauty, Private Equity Is Hot Again

Published

on

In Beauty, Private Equity Is Hot Again
As strategic firms slow down their shopping sprees and venture capital dollars dry up, PE firms’ reputation for asset stripping is a thing of the past. Founders are now often hoping for private equity buyouts, but want to be sure there can be a true partnership.
Continue Reading

Lifestyle

10 books we’re looking forward to in early 2026

Published

on

10 books we’re looking forward to in early 2026

Two fiction books about good friends coming from different circumstances. Two biographies of people whose influence on American culture is, arguably, still underrated. One Liza Minnelli memoir. These are just a handful of books coming out in the first few months of 2026 that we’ve got our eye on.

Fiction

Autobiography of Cotton, by Cristina Rivera Garza

Autobiography of Cotton, by Cristina Rivera Garza, Feb. 3

Garza, who won a Pulitzer in 2024 for memoir/autobiography, actually first published Autobiography of Cotton back in 2020, but it’s only now getting an English translation. The book blends fiction with the author’s own familial history to tell the story of cotton cultivation along the U.S.-Mexico border.

Advertisement

Crux, by Gabriel Tallent

Crux, by Gabriel Tallent, Jan. 20

Tallent’s last novel, My Absolute Darling, was a harrowing coming of age story about a teenage girl surviving her abusive survivalist father. But it did find pockets of beauty in the outdoors. Tallent’s follow up looks to be similarly awestruck by nature. It’s about two young friends, separated by class and opportunity, but bound together by a love of rock climbing.

Advertisement
Half His Age, by Jennette McCurdy

Half His Age, by Jennette McCurdy, Jan. 20

The former iCarly actress’ bracing and brutally honest memoir, I’m Glad My Mom Died, was a huge hit. It spent weeks on bestseller’s lists, and is being adapted into a series for Apple TV+. Now McCurdy’s set to come out with her fiction debut, about a teenage girl who falls for her high school creative writing teacher.

Kin, by Tayari Jones

Kin, by Tayari Jones, Feb. 24

Advertisement

Similarly to Crux, Kin also follows two friends across the years as options and opportunities pull them apart. The friends at the center of this book are two women who grew up without moms. Jones’ last novel, 2018’s An American Marriage, was a huge hit with critics.

Seasons of Glass & Iron, by Amal El-Mohtar

Seasons of Glass & Iron: Stories, by Amal El-Mohtar, March 24

El-Mohtar is an acclaimed science-fiction writer, and this book is a collection of previously published short stories and poetry. Many of the works here have been honored by the big science-fiction/fantasy awards, including the titular story, which is a feminist re-telling of two fairy tales.

Advertisement

Nonfiction

A Hymn to Life: Shame Has to Change Sides, by Gisèle Pelicot

A Hymn to Life: Shame Has to Change Sides, by Gisèle Pelicot, Feb. 17

Pelicot’s story of rape and sexual assault – and her decision to wave anonymity in the trial – turned her into a galvanizing figure for women across the world. Her writing her own story of everything that happened is also a call to action for others to do the same.

Advertisement

Cosmic Music: The Life, Art, and Transcendence of Alice Coltrane, by Andy Beta

Cosmic Music: The Life, Art, and Transcendence of Alice Coltrane, by Andy Beta, March 3

For decades, the life and work of Alice Coltrane has lived in the shadow of her husband, John Coltrane. This deeply researched biography hopes to properly contextualize her as one of the most visionary and influential musicians of her time.

Advertisement
Football, by Chuck Klosterman

Football, by Chuck Klosterman, Jan. 20

One of our great essaysists and (over?) thinkers turns his sights onto one of the last bits of monoculture we’ve got. But in one of the pieces in this collection, Klosterman wonders, how long until football is no longer the summation of American culture? But until that time comes, there’s plenty to dig into from gambling to debates over the true goat.

Kids, Wait Till You Hear This! by Liza Minnelli

Kids, Wait Till You Hear This! by Liza Minnelli, with Michael Feinstein, March 20

Advertisement

Minnelli told People that previous attempts at telling her story “didn’t get it right,” so she’s doing it herself. This new memoir promises to get into her childhood, her marriages, and her struggles with substance abuse.

Tom Paine’s War: The Words that Rallied a Nation and the Founder of Our Time, by Jack Kelly

Tom Paine’s War: The Words that Rallied a Nation and the Founder of Our Time, by Jack Kelly, Jan. 6

If you haven’t heard, it’s a big birthday year for America. And it’s a birthday that might not have happened if not for the words of Thomas Paine. This new book from historian Jack Kelly makes the argument that Paine’s words are just as important and relevant to us today.

Advertisement

Continue Reading

Lifestyle

At 70, she embraced her Chumash roots and helped revive a dying skill

Published

on

At 70, she embraced her Chumash roots and helped revive a dying skill

Around 1915, the last known Chumash basket maker, Candelaria Valenzuela, died in Ventura County, and with her went a skill that had been fundamental to the Indigenous people who lived for thousands of years in the coastal regions between Malibu and San Luis Obispo.

A century and two years later, 70-year-old Santa Barbara native Susanne Hammel-Sawyer took a class out of curiosity to learn something about her ancestors’ basket-making skills.

Hammel-Sawyer is 1/16 Chumash, the great-great-great-granddaughter of Maria Ysidora del Refugio Solares, one of the most revered ancestors of the Santa Ynez Band of Chumash Indians for her work in preserving its nearly lost Samala language.

But Hammel-Sawyer knew nearly nothing about Chumash customs when she was a child. As a young mother, she often took her four children to the Santa Barbara Museum of Natural History, where she said she loved to admire the museum’s extensive collection of Chumash baskets, “but I had no inkling I would ever make them.”

Nonetheless, today, at age 78, Hammel-Sawyer is considered one of the Santa Ynez Band’s premier basket makers, with samples of her work on display at three California museums.

Advertisement

Short, reddish brown sticks of dried basket rush sit in a small basket in Susanne Hammel-Sawyer’s kitchen, waiting to be woven into one of her baskets. The reddish color only appears at the bottom ends of the reeds, after they dry, so she saves every inch to create designs in her baskets. “These are my gold,” she says.

(Sara Prince / For The Times)

She grows the basket rush (Juncus textilis) reeds that make up the weaving threads of her baskets in a huge galvanized steel water trough outside her Goleta home and searches in the nearby hills for other reeds: primarily Baltic rush (Juncus balticus) to form the bones or foundation of the basket and skunk bush (Rhus aromatica var. trilobata) to add white accents to her designs.

All her basket materials are gathered from nature, and her tools are simple household objects: a large plastic food storage container for soaking her threads and the rusting lid of an old can with different-sized nail holes to strip her reeds to a uniform size. Her baskets are mostly the yellowish brown color of her main thread, strips of basket rush made pliant after soaking in water.

Advertisement

The basket reeds often develop a reddish tint at the bottom part of the plant when they’re drying. “Those are my gold,” she said, because she uses those short ends to add reddish designs. Or sometimes she just weaves them into the main basket for added flair.

The only other colors for the baskets come from skunk bush reeds, which she has to split and peel to reveal the white stems underneath, and some of the basket reeds that she dyes black in a big bucket in her backyard.

“This is my witches’ brew,” she said laughing as she stirred the viscous inky liquid inside the bucket. “We have to make our own from anything with tannin — oak galls, acorns or black walnuts — and let it sit to dye it black.”

Hammel-Sawyer is remarkable not just for her skill as a weaver, but her determination to master techniques that went out of practice for nearly 100 years, said anthropologist and ethnobotanist Jan Timbrook, curator emeritus of ethnography at the Santa Barbara Museum of Natural History, which claims to have the world’s largest museum collection of Chumash baskets.

“Susanne is one of the very few contemporary Chumash people who have truly devoted themselves to becoming skilled weavers,” said Timbrook, author of “Chumash Ethnobotany: Plant Knowledge Among the Chumash People of Southern California.” “Many have said they’d like to learn, but once they try it and realize how much time, patience and practice it requires … they just can’t keep it up.”

Advertisement
A woman with glasses and long, curly silver hair focuses intently on weaving a circular basket.

Susanne Hammel-Sawyer adds another row to her 35th basket, working from a straight back chair in her small living room, next to a sunny window and the tiny table where she keeps all her supplies.

(Sara Prince / For The Times)

In her eight years, Hammel-Sawyer has made just 34 baskets of various sizes (she’s close to finishing her 35th), but she’s in no hurry.

“People always ask how long it takes to make a basket, and I tell them what Jan Timbrook likes to say, ‘It takes as long as it takes,’” Hammel-Sawyer said. “But for me, it’s a way of slowing down. I really object to how fast we’re all moving now, and it’s only going to get faster.”

She and her husband, Ben Sawyer, have a blended family of five children and nine grandchildren, most of whom live near their cozy home in Goleta. Family activities keep them busy, but Hammel-Sawyer thinks it’s important for her family to know she has other interests too.

Advertisement

“When you’re older, you have to be able to find a passion, something your children and grandchildren can see you do, not just playing golf or going on cruises, but doing something that matters,” she said. “I wish my grandmother and my father knew I was doing this because it’s a connection with our ancestors, but it’s also looking ahead, because these baskets I’m making will last a very long time. It’s something that comes from my past that I’m giving to family members to take into the future, so it’s worth my time.”

Also, this isn’t a business for Hammel-Sawyer. Her baskets are generally not for sale because she only makes them for family and friends, she said. The baskets at the Santa Barbara Museum of Natural History and the Santa Ynez Chumash Museum and Cultural Center belong to family members who were willing to loan them out for display. The Chumash museum does have some of Hammel-Sawyer’s baskets for sale in its gift shop, which she said she reluctantly agreed to provide after much urging, so the store could offer more items made by members of the Band.

An old rusting can lid punched with holes of various sizes, used to strip basketmaking reeds to a consistent size.

For the last eight years, Susanne Hammel-Sawyer has used the same old can lid, punched with nail holes of various sizes, to strip her moistened basket threads to a consistent size.

(Sara Prince / For The Times)

The only other basket she’s sold, she said, was to the Autry Museum of the American West, because she was so impressed by its exhibits involving Indigenous people. “I just believe so strongly in the message the Autry is giving the world about what really happened to Indigenous people, I thought I would be proud to have something there,” she said.

Advertisement

Making a basket takes so long, Hammel-Sawyer said, that it’s important for her to focus on the recipient, “so while I’m making it, I can think about them and pray about them. When you know you’re making a basket for someone, it has so much more meaning. And I’m so utilitarian, I always hope someone will use them.”

For instance, she said, she made three small baskets for the children of a friend and was delighted when one used her basket to carry flower petals to toss during a wedding. Almost any use is fine with her, she said, except storing fruit, because if the fruit molds, the basket will be ruined.

Baskets were a ubiquitous part of Chumash life before the colonists came. They used them for just about everything, from covering their heads and holding their babies to eating and even cooking, Timbrook said. They put hot rocks into their tightly woven baskets, along with food like acorn mush, to bring the contents to boil.

“People think pottery is a higher form of intellectual achievement, but the thing is, baskets are better than pottery,” Timbrook said. “They’ll do anything pottery will do; you can cook in them and store things in them, and when you drop them, they don’t break.”

1

Advertisement
Tule reeds that grows in the yard in preparation of basket weaving.

2 Susanne Hammel-Sawyer weaves a basket.

3 A basket sits during break in weaving with tools.

1. Tule reeds that grows in the yard in preparation of basket weaving. 2. Susanne Hammel-Sawyer weaves a basket. 3. A basket sits during a break in weaving with tools on a table. (Sara Prince / For The Times)

After Hammel-Sawyer’s first marriage ended, she worked as an assistant children’s librarian in Santa Barbara and met a reference librarian named Ben Sawyer. After their friendship turned romantic, they married in 1997 and moved, first to Ashland, Ore., then Portland, and then the foothills of the Sierras in Meadow Valley, Calif., where they took up organic farming for a dozen years.

Meadow Valley’s population was 500, and the big town was nearby Quincy, the county seat, with about 5,000 residents, but it still had an orchestra and she and her husband were both members. She played cello and he viola, not because they were extraordinary musicians, she said, but because “we played well enough, and if we wanted an orchestra, we would have to take part. I loved how strong people were there. We were all more self-sufficient than when we lived in the city.”

The Sawyers moved back to Santa Barbara in 2013, the year after her father died, to help care for her mother, who had developed Alzheimer’s disease. And for the next four years, between caring for her mother, who died in 2016, and the birth of her grandchildren, family became her focus.

Advertisement

But in 2017, the year she turned 70, Hammel-Sawyer finally had the space to begin looking at other activities. Being she’s 1/16 Chumash, she was eligible for classes taught by the Santa Ynez Band. She had seen several class offerings come through over the years, but nothing really captured her interest until she saw a basket-weaving class offered by master basket maker Abe Sanchez, as part of the tribe’s ongoing effort to revive the skill among its members.

Most Chumash baskets have some kind of pattern, although today people have to guess at the meaning of the symbols, Timbrook said. Some look like squiggles, zigzaggy lightning bolts or sun rays, but the wonder, marveled Hammel-Sawyer, is how the makers were able to do the mental math to keep the patterns even and consistent, even for baskets that were basically everyday tools.

Hammel-Sawyer is careful to follow the basics of Chumash weaving, using the same native plants for her materials and weaving techniques that include little ticks of contrasting color stitches on the rim, something visible in most Chumash baskets. She keeps a good supply of bandages for her fingers because the reeds have sharp edges when they’re split, and it’s easy to get the equivalent of paper cuts.

She keeps just two baskets at her house — her first effort, which “wasn’t good enough to give anybody,” she said, laughing — and a basket hat started by her late sister, Sally Hammel.

Two hands hold a Chumash basket hat with irregular stitches in the middle.

This basket hat was started by Susanne Hammel-Sawyer’s sister, Sally Hammel, but the stitches became ragged and uneven after Sally began treatment for cancer. She was so distressed by her work, she hid the unfinished basket, but after she died, Hammel-Sawyer found it and brought it home to complete it. It’s one of only two baskets she’s made that she keeps in her home.

(Sara Prince / For The Times)

Advertisement

“Sally was an artist in pottery, singing, acting and living life to the fullest,” Hammel-Sawyer said, and she was very excited to learn basketry. Her basket hat started well, but about a third of the way in, she got cancer “and her stitches became more and more ragged. She had trouble concentrating, trouble preparing materials,” Hammel-Sawyer said. “Everything became so difficult that she hid the basket away. I know she didn’t even want to look at it, let alone have anyone else see it.”

After her sister died in 2020, Hammel-Sawyer had a hard time finding the basket, “but I did, and I asked my teacher what to do, and he said, ‘Just try to make sense of her last row’ … So that’s what I did.” She added a thick black-and-white band above the ragged stitches and finished the blond rim with the traditional contrasting ticking.

The hat rests now above the window in Hammel-Sawyer’s living room, except when she wears it to tribal events.

“Sally and I were very close, and I think she’d just be happy to know it was finished and appreciated,” Hammel-Sawyer said. “Even the hard parts … deeply appreciated.”

Advertisement
Continue Reading

Trending