Hollywood Top Deals 2024
Skydance Acquires Paramount and the Year’s Other Major Agreements
In 2024, Hollywood experienced a wave of transformative mergers and deals that reshaped the entertainment industry. Recognizing these pivotal moves, The Hollywood Reporter highlighted the standout players and agreements in its annual “Top Dealmakers of 2024” list.
Undoubtedly, the most significant transaction of the year was Skydance’s $8 billion acquisition of Paramount Global. David Ellison’s Skydance struck a deal to absorb Redstone’s National Amusements and plans to merge Skydance with Paramount, forming a new powerhouse that will encompass Paramount film and TV studios, CBS, Paramount+, MTV, Showtime, and more. Pending regulatory approval, this merger is set to close in early 2025 and promises to redefine the entertainment landscape.
In another major development, Cedar Fair and Six Flags announced a merger, creating an entertainment giant with 27 theme parks, 15 water parks, nine hotels, and resorts across North America. This expanded footprint positions the company to better compete with Disney and Universal, both of which are heavily investing in their own parks.
In the production realm, Gerry Cardinale and Jeff Zucker consolidated several film and TV companies, while Lionsgate became the first major studio to embrace AI, entering into a deal to train AI models on its extensive film and television library.
For sports fans, not missing a game from the couch becomes easier. The NBA struck an unprecedented $76 billion, 11-year agreement with Disney, Amazon, and NBCUniversal. This landmark deal will bring more games to broadcast TV and streaming platforms, including Prime Video, Peacock, and ESPN’s forthcoming flagship service. Meanwhile, Netflix secured a $5 billion, 10-year agreement to stream WWE’s Raw franchise, solidifying its foothold in sports entertainment.
Though not a corporate merger, a significant milestone of the year was the new agreements reached between the Hollywood Basic Crafts, IATSE, and the studios. Following six grueling months of industry strikes in 2023, these labor deals brought much-needed stability by addressing critical issues such as wage increases, benefits funding, working conditions, and restrictions on AI. Union members ultimately ratified the contracts, which featured the most substantial general wage hikes in over 15 years.
Before stepping down as Disney’s CEO, Bob Iger made a bold $1.5 billion investment in Epic Games, emphasizing the company’s commitment to engaging younger audiences in gaming and online spaces. Finally, in a nostalgic return to tradition, Sony purchased the Alamo Drafthouse cinema chain.
Source: The Hollywood Reporter
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Skydance Acquires Paramount and the Year’s Other Major Agreements
In 2024, Hollywood experienced a wave of transformative mergers and deals that reshaped the entertainment industry. Recognizing these pivotal moves, The Hollywood Reporter highlighted the standout players and agreements in its annual “Top Dealmakers of 2024” list.
Undoubtedly, the most significant transaction of the year was Skydance’s $8 billion acquisition of Paramount Global. David Ellison’s Skydance struck a deal to absorb Redstone’s National Amusements and plans to merge Skydance with Paramount, forming a new powerhouse that will encompass Paramount film and TV studios, CBS, Paramount+, MTV, Showtime, and more. Pending regulatory approval, this merger is set to close in early 2025 and promises to redefine the entertainment landscape.
In another major development, Cedar Fair and Six Flags announced a merger, creating an entertainment giant with 27 theme parks, 15 water parks, nine hotels, and resorts across North America. This expanded footprint positions the company to better compete with Disney and Universal, both of which are heavily investing in their own parks.
In the production realm, Gerry Cardinale and Jeff Zucker consolidated several film and TV companies, while Lionsgate became the first major studio to embrace AI, entering into a deal to train AI models on its extensive film and television library.
For sports fans, not missing a game from the couch becomes easier. The NBA struck an unprecedented $76 billion, 11-year agreement with Disney, Amazon, and NBCUniversal. This landmark deal will bring more games to broadcast TV and streaming platforms, including Prime Video, Peacock, and ESPN’s forthcoming flagship service. Meanwhile, Netflix secured a $5 billion, 10-year agreement to stream WWE’s Raw franchise, solidifying its foothold in sports entertainment.
Though not a corporate merger, a significant milestone of the year was the new agreements reached between the Hollywood Basic Crafts, IATSE, and the studios. Following six grueling months of industry strikes in 2023, these labor deals brought much-needed stability by addressing critical issues such as wage increases, benefits funding, working conditions, and restrictions on AI. Union members ultimately ratified the contracts, which featured the most substantial general wage hikes in over 15 years.
Before stepping down as Disney’s CEO, Bob Iger made a bold $1.5 billion investment in Epic Games, emphasizing the company’s commitment to engaging younger audiences in gaming and online spaces. Finally, in a nostalgic return to tradition, Sony purchased the Alamo Drafthouse cinema chain.
Source: The Hollywood Reporter
Share:
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