Business
Paramount Global and Skydance Media Announce $28 Billion Merger Deal
Paramount Global, one of Hollywood’s most storied companies, has agreed to merge with independent film studio Skydance Media. This merger, valued at approximately $28 billion (£21.9 billion), involves Shari Redstone, Paramount’s non-executive chair, selling her family’s controlling stake in the company.
The End of an Era for the Redstone Family
This deal signifies the end of an era for the Redstone family, with the late Sumner Redstone having transformed a chain of drive-in cinemas into a vast media empire. Paramount’s assets include iconic television networks such as CBS, Comedy Central, Nickelodeon, and MTV.
“Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment,” said Shari Redstone.
Merging Historic and Modern Cinematic Powerhouses
Paramount, known for classics like “Chinatown” and “Breakfast at Tiffany’s,” will merge with Skydance, its financial partner on recent blockbusters such as “Top Gun: Maverick” and “Star Trek Into Darkness.” Skydance plans to invest $8 billion in Paramount, including $2.4 billion to acquire National Amusements, which controls the group. While National Amusements owns only 10% of Paramount’s shares, it holds nearly 80% of the voting rights.
Strategic Timing and Future Plans
The deal, expected to close by next summer, comes after eight months of negotiations, including talks with other potential partners like Sony and Apollo. Paramount Global’s shares have struggled, falling over 75% in the past five years, underscoring the challenges faced by the entertainment giant in the evolving media landscape.
David Ellison, owner of Skydance and son of Oracle founder Larry Ellison, leads Skydance in this strategic merger. The transaction marks a significant shift in the global entertainment industry, driven by the rise of video streaming and new content consumption trends.
Business
Iceland Demands Supermarket Rivals Stop Selling Prawn Rings
Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.
In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”
Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”
Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”
The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.
Business
Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says
The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”
This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.
However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.
Business
China Unveils Bold Measures to Revive Economy Amid Growth Concerns
China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.
With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.
The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.
Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.
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