Headlines
Paramount Sold as Skydance Buys National Amusements From Redstones
In a landmark deal that will shake up the entertainment landscape, Shari Redstone has agreed to sell control of Paramount Global to a consortium led by Skydance, the production company led by David Ellison, and Gerry Cardinale’s RedBird Capital.
CBS’s New Daddy: David Ellison and Skydance
It had been discussed by multiple news organizations across the U.S. Independence Day holiday weekend, citing sources close to the matter. By Monday morning, it was official.
Mergers & Acquisitions
Deal Digest: VRE To Exit Radio Ownership With Hawaiian Sale.
Yasmin Orozco and Artee Murguia’s Orozco Broadcasting has filed a $2.4 million deal to buy “Oldies 96.5” KIKO-FM, Claypool, AZ from John Low’s1TV.com.
Paramount Global Will Pay Skydance $400 Million Breakup Fee If It Accepts a Stronger Offer
The company has 45 days to potentially find a more attractive deal
Television
CBS News and Stations Goes With Centralized Coverage Team
In an internal e-mail distributed to all employees Monday morning, Ross Dagan, Executive VP and head of news operations and transformation at CBS News and Stations, and CBS Newspath General Manager and CBS Stations SVP of Operations Joel Goldberg shared that the editorial and logistics teams are being “strengthened” through the creation of “a centralized coverage team to coordinate how we gather the news and best utilize our resources.”
Radio
Radio In The Mix For Biden Campaign Ad Blitz.
A $50 million ad campaign for the Biden-Harris Presidential ticket during July will include radio, as well as TV and digital media, as it takes aim at seven key states that could decide the election.
Effective Date Set For FM Radio Duplication Rule Return
Following its publication in the Federal Register on July 3, the reinstated rule will officially take effect on August 2. From that day, FM licensees will have a six-month grace period — ending February 3, 2025 — to align their operations with the rule’s requirements.
FCC
Broadcasters To FCC: First Step In Modernizing EAS Is Switch To Software
The future for the Emergency Broadcast System is software, not hardware. That’s the message from the radio industry to the Federal Communications Commission.
This Week in Regulation for Broadcasters: July 1, 2024 to July 5, 2024
Here are some of the regulatory developments of significance to broadcasters from this past week, with links to where you can go to find more information as to how these actions may affect your operations.