James Cameron and Ari Emanuel have thrown their weight behind Skydance’s bid to acquire Paramount, offering their support over the weekend. Earlier reports hinted at Paramount’s special board committee being hesitant about Skydance’s offer, but Cameron and Emanuel expressed their backing for Skydance founder David Ellison’s potential leadership to The Financial Times on Sunday.
The proposed deal, which emerged during a 30-day exclusive negotiating period in April, involves Skydance teaming up with financial backers RedBird Capital and KKIR to take over controlling shareholder Shari Redstone’s stake in Paramount. The plan is to then merge Skydance into Paramount, maintaining its status as a publicly traded entity but with new leadership.
Cameron, whose blockbuster film Titanic remains one of Paramount’s most successful ventures, voiced his enthusiasm for Ellison’s leadership prospects, stating, “I love the Ellison idea. If he gets to run Paramount creatively, it could be a huge boon for this business in these ailing times. David’s proven himself.”
Emanuel, CEO of Endeavor, echoed Cameron’s sentiment, describing Ellison as “a natural acquirer” for the company due to his track record in the industry. “David has a real movie business with big franchises,” Emanuel remarked. “Everybody is in business with him — Amazon, Netflix, Apple, Paramount, and Disney all have a good relationship with David.”
Although Skydance’s exclusive negotiating period has concluded without a deal, discussions between the parties are set to continue. Meanwhile, Paramount is reportedly mulling over a $26 billion all-cash offer from Apollo and Sony Pictures. However, this potential deal presents regulatory hurdles given Apollo’s ownership of broadcast TV stations and Sony’s status as a Japanese company.
Amidst these developments, Paramount saw a leadership shakeup as CEO Bob Bakish departed on Monday, replaced by a trio consisting of Chris McCarthy, George Cheeks, and Brian Robbins, who will form an “office of the CEO.” The new leadership team aims to finalize a long-term plan to steer the company towards future success in a rapidly evolving landscape.
