Edgar Bronfman, Jr. Cameron Costa | CNBC Edgar Bronfman Jr. walked away from his bid for Paramount after the company’s special committee demanded his consortium submit a final offer Monday, according to people familiar with the matter. Initially, Bronfman thought he would have until end of day Tuesday to round up financing, but the deadline … Read more
Traders work on the floor of the New York Stock Exchange during afternoon trading on April 09, 2024 in New York City. Michael M. Santiago | Getty Images This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no … Read more
Edgar Bronfman, Jr. Cameron Costa | CNBC Edgar Bronfman Jr.’s offer for a controlling stake in Paramount Global could keep Shari Redstone close to the company, if his bid is successful. Bronfman is open to having Redstone, currently non-executive chairman at Paramount, remain involved with the company if the Paramount special committee accepts his consortium’s … Read more
A Burger King Whopper hamburger is displayed in San Anselmo, California. Justin Sullivan | Getty Images Walmart members are in for a whopper of a deal. The retailer on Thursday announced a new partnership with fast food chain Burger King that will offer members of its Walmart+ subscription program 25% off any Burger King order … Read more
Here are the most important news items that investors need to start their trading day: 1. Rate rally After a selloff prompted by fears about the economy earlier this month, markets have largely been steady. The three major U.S. averages rose again Wednesday as investors anticipated an interest rate cut at the Federal Reserve’s September … Read more
Edgar Bronfman, Jr. Cameron Costa | CNBC The future of Paramount Global is still uncertain. Paramount’s special committee on Wednesday said it would extend by 15 days an agreed-upon “go shop” period of its merger agreement with Skydance as it reviews a competing offer from Edgar Bronfman Jr. Bronfman initially offered $4.3 billion for Shari … Read more
Byron Allen, founder, chairman, and CEO of Entertainment Studios and Allen Media Group, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2022. Patrick T. Fallon | Afp | Getty Images Broadcast stations owned by Byron Allen — the media mogul who has expressed public interest in buying various media … Read more
Jaque Silva | SOPA Images | Lightrocket | Getty Images Streaming is finally starting to pay off for media companies, but there’s a catch — to get there, consumers are facing higher subscription costs and increasingly frequent price hikes. Legacy media companies entered the streaming market with a focus on gaining subscribers and competing with … Read more
The NBA logo is seen outside an NBA fan store in New York on July 8, 2024. Angela Weiss | AFP | Getty Images Executives at Comcast‘s NBC Sports targeted the NBA’s media rights renewal on their calendars for years. They wanted the NBA back after losing the games to Disney in 2002. But it … Read more
The Paramount Studios in Los Angeles on April 29, 2024. Eric Thayer | Bloomberg | Getty Images Paramount Global‘s second-quarter revenue dropped 11% and missed analyst estimates as licensing, TV advertising and cable subscription sales dropped. Still, earnings surged as the company’s streaming division swung to an unexpected profit — the first time Paramount has … Read more
