In Friday’s newsletter, I asked whether your opinion of former President Donald Trump had changed in light of his recent felony conviction. More than 78% said it hadn’t.

In today’s big story, we’re examining Skydance’s acquisition of Paramount and what it means for the streaming race.

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The media giant, which owns Paramount Pictures and CBS, has been in the news as an acquisition target since late last year. And just like its movies and television shows, Paramount’s sale included twists, turns, and a slew of characters.

In the end, media company Skydance, with help from RedBird Capital Partners and KKR, secured the goods. The deal is expected to be announced in the coming days and values Paramount at $8 billion.

Paramount had no shortage of high-profile suitors. Warner Bros. Discovery chief David Zaslav, media entrepreneur Byron Allen, and private-equity giant Apollo, in collaboration with Sony, were among those who considered buying the company.

Skydance might not be as recognizable a name, but the company’s owner and CEO David Ellison is. As the son of billionaire Oracle founder Larry Ellison, he’s basically tech royalty.

But all the interest in Paramount this year didn’t equate to smooth sailing. The day after broadcasting the Super Bowl it announced companywide layoffs. A few months later its CEO was shown the door. At least one high-profile investor headed for the exits as well.

All the while, Paramount’s stock suffered. Even with a nice bump from reports of the deal, shares in Paramount are still down more than 11% on the year.

Talks of Paramount’s sale have been brewing for a while. What are your initial thoughts on Skydance being the one to seal the deal?

Well, it’s not sealed yet. This thing may still get derailed by a lawsuit from cranky investors. But if it does go through: It’s the least-bad version for Hollywood, since owner-to-be David Ellison wants to keep Paramount making movies and TV shows, and that isn’t a foregone conclusion with any other buyer.

Paramount has fallen pretty far behind its peers in streaming. What is its biggest pain point that Skydance will look to address?

Paramount loses money on streaming, like many of its peers. That’s fixable. It has a subscale audience, and I don’t know how a new owner fixes that.

The deal means one of the richest people in the world is tangentially connected to Paramount. How could that play a factor? 

As I’ve written, the most important thing about David Ellison being Larry Ellison’s son is that his dad is helping to finance the deal (what a dad!). But suggestions that Larry Ellison’s tech background will help his son run a Hollywood studio make no sense.

As for other streamers, are any happy, or upset, by the outcome of this deal?

The most important question for Paramount isn’t “who owns Paramount?” It’s “is Paramount big enough to survive on its own?” And that question remains unanswered and unchanged by this deal.

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🔔 Before the opening bell: India stocks plummet in early-morning trading as Prime Minister Narendra Modi appears unlikely to win India’s election by a landslide.

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3. “Promised land” jobs are falling apart. Big Tech, finance, and consulting jobs are becoming harder to come by, upending the job search for young people. One survey found 21% of companies at large expect to decrease hiring this academic year, up from 6% in 2023 — and that’s just the tip of the iceberg.

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Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. George Glover, reporter, in London. Annie Smith, associate producer, in London.

Get in touch. Email us at insidertoday@insider.com

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