Hollywood monarchs cling to a fading empire

Endeavor group

05/04/2024 16:37

(The author is a Reuters Breakingviews columnist. The opinions
expressed are her own.)
    By Jennifer Saba
       NEW YORK, April 5 (Reuters Breakingviews) - Paramount
owner Shari Redstone and Endeavor CEO Ari Emanuel are involved
in complex bids designed in part to suit their needs. Disney
boss Bob Iger won a bitter fight to keep a friendly board.
Tinseltown is losing its luster. Moguls’ resistance to giving up
crowns slows progress.    
    Full view will be published shortly.
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    CONTEXT NEWS 
Paramount Global received an offer from private equity firm
Apollo Global Management to buy the company behind the MTV cable
network and eponymous movie studio for $26 billion, a source
familiar told Breakingviews on April 3. Members of Paramount’s
board entered into exclusive merger talks with competing bidder
Skydance Media, Reuters reported on the same day.
    Walt Disney said on April 3 that shareholders voted by a
“substantial margin” to elect 12 of the company’s board of
directors, warding off two dissident campaigns, one by Trian
Fund Management and another one by Blackwells Capital.
    Endeavor said on April 2 it agreed to be acquired by private
equity firm Silver Lake in a deal valuing its equity at $13
billion.

 (Editing by Lauren Silva Laughlin and Aditya Sriwatsav)
 ((For previous columns by the author, Reuters customers can
click on  SABA/ 
jennifer.saba@thomsonreuters.com; Reuters Messaging:
jennifer.saba.thomsonreuters.com@reuters.net))