ViacomCBS Next Steps; ‘Fleabag’ Creator’s Secret Movie; A$AP Guilty; Beverly Hills Shopping Slump; New THR Cover

What's news: CBS and Viacom will merge to create ViacomCBS. Where will the synergies and opportunities be? Will the company go on a buying spree? A guide to the deal and what comes next. Plus: A$AP Rocky was found guilty of assault in Sweden, Beverly Hills sees a shopping slump, and in this week's cover story, Phoebe Waller-Bridge talks about her next project. --Alex Weprin [The Hollywood Reporter]( [The Hollywood Reporter]( Today In Entertainment AUGUST 14, 2019 What's news: CBS and Viacom will merge to create ViacomCBS. Where will the synergies and opportunities be? Will the company go on a buying spree? A guide to the deal and what comes next. Plus: A$AP Rocky was found guilty of assault in Sweden, Beverly Hills sees a shopping slump, and in this week's cover story, Phoebe Waller-Bridge talks about her next project. --Alex Weprin What's news: CBS and Viacom will merge to create ViacomCBS. Where will the synergies and opportunities be? Will the company go on a buying spree? A guide to the deal and what comes next. Plus: A$AP Rocky was found guilty of assault in Sweden, Beverly Hills sees a shopping slump, and in this week's cover story, Phoebe Waller-Bridge talks about her next project. --Alex Weprin [Introducing ViacomCBS] Introducing ViacomCBS After months of speculation, weeks of negotiations, and days of haggling over the fine print, CBS and Viacom officially announced plans to recombine on Tuesday. Here's the complete guide to what happened, and what comes next. ►The deal: By now, you probably know the basics. The company will be called ViacomCBS, Bob Bakish will be CEO, Shari Redstone will be chair of the company, Joe Ianniello will be CEO of the CBS businesses, and Christina Spade will be CFO. The deal is expected to close by yeas-end, but those deadlines frequently change. The strategy? Lean into direct-to-consumer offerings while expanding internationally and bulking up their content portfolios. [More](. +The memos: Ianniello and Bakish sent emails to their respective employees after the deal was announced, touting the potential of the combined companies, while acknowledging that the move will result in staff changes. [Read them here](. +The numbers: The combined company will have a market cap of $31 billion. The companies expect $500 million in cost synergies. Where will those savings [come from](? "One banker... suggested such corporate functions as legal, finance, human resources, government relations, communications and technology operations as among those that can be combined to provide savings." The combined company will spend more than $13 billion on content. A big benefit of the deal? Reuniting the Mission Impossible and Star Trek franchises, which had seen their film and TV rights split between the companies. [The story](. +About that content: Combining Paramount Pictures with CBS TV Studios will create a major content player, one that could not only feed the TV channels and streaming services owned by ViacomCBS, but other streaming platforms and TV channels as well. Indeed on the call with analysts Tuesday to explain the virtues of the deal, Bakish said the company would "feed escalating demand for third-party content" from digital streamers and legacy networks. [More](. +Will this be a repeat of 1999? At the turn of the millennium, Viacom and CBS agreed to merge for the first time. They subsequently separated in 2005. Will this merger be a repeat of the last one? It's unlikely, as the combined company seeks to fend off tech giants and legacy competitors. [More.]( +Something to keep an eye on: Mario Gabelli, the largest independent shareholder in both companies, was not happy with the deal after it was announced, tweeting "Breach of Fiduciary duties.........lawyers at work." At issue seems to be appraisal rights for voting shares. Will he file suit? [Stay tuned](. ^What's next? Analysts say that in order to effectively compete with giants like Disney, NBCUniversal, and Netflix, the company will need to go on a buying spree, Paul Bond and Georg Szalai write. +Some possible targets: Lionsgate is a possibility, as is MGM, Discovery Inc. or AMC Networks. CBS already made a bid for Starz only to be rebuffed. Quote: "The new company will not have the financial and management capability to make a big acquisition any time soon," says Hal Vogel, CEO of Vogel Capital Management and a former entertainment industry analyst. But, conversely, argues CFRA Research analyst Tuna Amobi, "I would expect the combined company to have ample scale to be a potentially formidable competitor while also likely to be an active player in future opportunities for further industry consolidation." [The story](. +Starting "Strategic." On the call with analysts Tuesday, Bakish and Spade downplayed any major M&A, with Spade saying "We are not really missing any assets at this point." However, the executives acknowledged that they "continue to look at opportunities in the marketplace," particularly "strategic transactions that enhance our content portfolio, accelerate our direct-to-consumer growth and strengthen our international footprint." [More](. +Elsewhere in ViacomCBS news: The Wall Street Journal [has a tick-tock]( on how the deal came about... Bloomberg [writes that]( with the deal, Shari Redstone "cements her status as most powerful woman in U.S. media"... Bakish [appeared on CNBC this morning](, talking M&A plans, content, and why he thinks the merger makes sense now... Revolving door: Lionsgate [has promoted]( Scott Herbst to head of scripted development for the Lionsgate Television Group, while Jocelyn Sabo has been promoted to senior vp television... Three months after exiting her role atop Netflix India, Simran Sethi is [heading back]( to Disney. The former Freeform exec will reunite with ABC Entertainment president Karey Burke and serve as exec vp development and content strategy... ►Emmys odds: THR's awards columnist Scott Feinberg handicaps the field in the lead actor comedy and drama races, explaining why each nominee could earn top honors, and what could hold them back.[More](. +The showrunners speak: The creative minds behind Better Call Saul, Bodyguard, Game of Thrones, Killing Eve, Ozark, Pose, Succession and This Is Us talk to THR about their nominated shows, what went on in the writer's rooms, and their favorite storylines. [The story](. Elsewhere in TV... --Author Ernest Hemingway's A Moveable Feast [is in development]( as a TV series. Village Roadshow Entertainment Group, along with the author's granddaughter, actress Mariel Hemingway, are behind the project. --Netflix is adding to its roster of young-adult series with a [coming-of-age drama]( called Ginny & Georgia, from a first-time creator and first-time showrunner. --Netflix has [set a premiere date]( and released the first photos from The Spy, a limited series starring Sacha Baron Cohen as a legendary Mossad agent. --The NFL and Jay-Z's entertainment and sports representation company [are teaming up]( for events and social activism. Introducing ViacomCBS After months of speculation, weeks of negotiations, and days of haggling over the fine print, CBS and Viacom officially announced plans to recombine on Tuesday. Here's the complete guide to what happened, and what comes next. ►The deal: By now, you probably know the basics. The company will be called ViacomCBS, Bob Bakish will be CEO, Shari Redstone will be chair of the company, Joe Ianniello will be CEO of the CBS businesses, and Christina Spade will be CFO. The deal is expected to close by yeas-end, but those deadlines frequently change. The strategy? Lean into direct-to-consumer offerings while expanding internationally and bulking up their content portfolios. [More](. +The memos: Ianniello and Bakish sent emails to their respective employees after the deal was announced, touting the potential of the combined companies, while acknowledging that the move will result in staff changes. [Read them here](. +The numbers: The combined company will have a market cap of $31 billion. The companies expect $500 million in cost synergies. Where will those savings [come from](? "One banker... suggested such corporate functions as legal, finance, human resources, government relations, communications and technology operations as among those that can be combined to provide savings." The combined company will spend more than $13 billion on content. A big benefit of the deal? Reuniting the Mission Impossible and Star Trek franchises, which had seen their film and TV rights split between the companies. [The story](. +About that content: Combining Paramount Pictures with CBS TV Studios will create a major content player, one that could not only feed the TV channels and streaming services owned by ViacomCBS, but other streaming platforms and TV channels as well. Indeed on the call with analysts Tuesday to explain the virtues of the deal, Bakish said the company would "feed escalating demand for third-party content" from digital streamers and legacy networks. [More](. +Will this be a repeat of 1999? At the turn of the millennium, Viacom and CBS agreed to merge for the first time. They subsequently separated in 2005. Will this merger be a repeat of the last one? It's unlikely, as the combined company seeks to fend off tech giants and legacy competitors. [More.]( +Something to keep an eye on: Mario Gabelli, the largest independent shareholder in both companies, was not happy with the deal after it was announced, tweeting "Breach of Fiduciary duties.........lawyers at work." At issue seems to be appraisal rights for voting shares. Will he file suit? [Stay tuned](. ^What's next? Analysts say that in order to effectively compete with giants like Disney, NBCUniversal, and Netflix, the company will need to go on a buying spree, Paul Bond and Georg Szalai write. +Some possible targets: Lionsgate is a possibility, as is MGM, Discovery Inc. or AMC Networks. CBS already made a bid for Starz only to be rebuffed. Quote: "The new company will not have the financial and management capability to make a big acquisition any time soon," says Hal Vogel, CEO of Vogel Capital Management and a former entertainment industry analyst. But, conversely, argues CFRA Research analyst Tuna Amobi, "I would expect the combined company to have ample scale to be a potentially formidable competitor while also likely to be an active player in future opportunities for further industry consolidation." [The story](. +Starting "Strategic." On the call with analysts Tuesday, Bakish and Spade downplayed any major M&A, with Spade saying "We are not really missing any assets at this point." However, the executives acknowledged that they "continue to look at opportunities in the marketplace," particularly "strategic transactions that enhance our content portfolio, accelerate our direct-to-consumer growth and strengthen our international footprint." [More](. +Elsewhere in ViacomCBS news: The Wall Street Journal [has a tick-tock]( on how the deal came about... Bloomberg [writes that]( with the deal, Shari Redstone "cements her status as most powerful woman in U.S. media"... Bakish [appeared on CNBC this morning](, talking M&A plans, content, and why he thinks the merger makes sense now... Revolving door: Lionsgate [has promoted]( Scott Herbst to head of scripted development for the Lionsgate Television Group, while Jocelyn Sabo has been promoted to senior vp television... Three months after exiting her role atop Netflix India, Simran Sethi is [heading back]( to Disney. The former Freeform exec will reunite with ABC Entertainment president Karey Burke and serve as exec vp development and content strategy... ►Emmys odds: THR's awards columnist Scott Feinberg handicaps the field in the lead actor comedy and drama races, explaining why each nominee could earn top honors, and what could hold them back.[More](. +The showrunners speak: The creative minds behind Better Call Saul, Bodyguard, Game of Thrones, Killing Eve, Ozark, Pose, Succession and This Is Us talk to THR about their nominated shows, what went on in the writer's rooms, and their favorite storylines. [The story](. Elsewhere in TV... --Author Ernest Hemingway's A Moveable Feast [is in development]( as a TV series. Village Roadshow Entertainment Group, along with the author's granddaughter, actress Mariel Hemingway, are behind the project. --Netflix is adding to its roster of young-adult series with a [coming-of-age drama]( called Ginny & Georgia, from a first-time creator and first-time showrunner. --Netflix has [set a premiere date]( and released the first photos from The Spy, a limited series starring Sacha Baron Cohen as a legendary Mossad agent. --The NFL and Jay-Z's entertainment and sports representation company [are teaming up]( for events and social activism. From 'Fleabag' To James Bond [On the cover](: With two Emmy-nominated series and Hollywood at her feet, Phoebe Waller-Bridge, the star-creator behind the Amazon comedy "Fleabag" and BBC America's "Killing Eve" speaks to Michael O'Connell about her future plans t (hint: It’s probably not a Netflix deal) and the allure of writing for 007: "It’s a kind of fantasy nightmare." Quote: "I'm just trying to sniff out where the freedom is... Freedom and that feeling of not having any grown-ups to answer to." +What's next for Waller-Bridge? She is ep and will appear on-camera for HBO's Run, though she won't be writing for the series. However... "Waller-Bridge's real Fleabag follow-up, she insists, is a feature she's writing with the intent to direct: 'The day I wrapped Fleabag, I went to bed thinking, 'I'm never going to have another idea again. Oh shit.' I woke up with the vision of this film,'" O'Connell writes. "Of three things she appears to be certain: She won't take the project to market until it's finished, she needs a meaningful theatrical release (sorry, Netflix) and she will not be cajoled into appearing on camera — though the third requirement could prove unrealistic. 'I blatantly will end up in it,' she cops after wincing her way into a laugh." [The cover story](. +The video: Waller-Bridge discusses her favorite James Bond film, the "Hot Priest" phenomenon from season two of Fleabag, and more in this Fishing For Answers video. [Watch](. ►The vanishing $200 million blockbuster: Stephen Galloway writes that as movie studios bet on big-budget movies seeking big-money returns, the risks rise accordingly. Studios are abandoning the middle ground to focus their efforts on the blockbusters, "allowing great chunks of box office real-estate to fall into the sea, as surely as the cliffs where the moguls love to build their homes." +Quote: "That all-or-nothing strategy is dangerous. It’s only a matter of time before one too many tentpoles falls short — and not only falls short but with a thudding, thwacking, bone-cracking cacophony. And when that happens several times over, the consequences will be brutal. Studios will collapse, entire fleets of employees will lose their jobs." [The column](. ►Harry Styles passes on Little Mermaid role. The former One Direction star had been in talks to play Prince Eric in the live-action reimagining of the animated classic, but he opted against pursuing the role. The cast for the film currently includes Halle Bailey as Ariel, Melissa McCarthy playing Ursula, Jacob Tremblay voicing Flounder and Awkwafina voicing Scuttle. [More](. +Casting roundup: Piper Perabo [has joined]( Showtime's Penny Dreadful: City of Angels in a recurring part... Awkwafina [will star]( in an adaptation of the fantasy adventure The Last Adventure of Constance Verity... HBO Max's Anna Kendrick-led comedy Love Life [has added]( four actors to the rom-com anthology... Denis Leary [has landed]( the lead role in Fox's limited series A Moody Christmas... Elsewhere in film... --The first trailer for Greta Gerwig's feature adaptation of Little Women [dropped online](Tuesday. --Also: The first trailer for Paul Feig's holiday-themed romantic comedy Last Christmas [has dropped](. --John DeFore [reviews]( 47 Meters Down: Uncaged. From 'Fleabag' To James Bond [On the cover](: With two Emmy-nominated series and Hollywood at her feet, Phoebe Waller-Bridge, the star-creator behind the Amazon comedy "Fleabag" and BBC America's "Killing Eve" speaks to Michael O'Connell about her future plans t (hint: It’s probably not a Netflix deal) and the allure of writing for 007: "It’s a kind of fantasy nightmare." Quote: "I'm just trying to sniff out where the freedom is... Freedom and that feeling of not having any grown-ups to answer to." +What's next for Waller-Bridge? She is ep and will appear on-camera for HBO's Run, though she won't be writing for the series. However... "Waller-Bridge's real Fleabag follow-up, she insists, is a feature she's writing with the intent to direct: 'The day I wrapped Fleabag, I went to bed thinking, 'I'm never going to have another idea again. Oh shit.' I woke up with the vision of this film,'" O'Connell writes. "Of three things she appears to be certain: She won't take the project to market until it's finished, she needs a meaningful theatrical release (sorry, Netflix) and she will not be cajoled into appearing on camera — though the third requirement could prove unrealistic. 'I blatantly will end up in it,' she cops after wincing her way into a laugh." [The cover story](. +The video: Waller-Bridge discusses her favorite James Bond film, the "Hot Priest" phenomenon from season two of Fleabag, and more in this Fishing For Answers video. [Watch](. ►The vanishing $200 million blockbuster: Stephen Galloway writes that as movie studios bet on big-budget movies seeking big-money returns, the risks rise accordingly. Studios are abandoning the middle ground to focus their efforts on the blockbusters, "allowing great chunks of box office real-estate to fall into the sea, as surely as the cliffs where the moguls love to build their homes." +Quote: "That all-or-nothing strategy is dangerous. It’s only a matter of time before one too many tentpoles falls short — and not only falls short but with a thudding, thwacking, bone-cracking cacophony. And when that happens several times over, the consequences will be brutal. Studios will collapse, entire fleets of employees will lose their jobs." [The column](. ►Harry Styles passes on Little Mermaid role. The former One Direction star had been in talks to play Prince Eric in the live-action reimagining of the animated classic, but he opted against pursuing the role. The cast for the film currently includes Halle Bailey as Ariel, Melissa McCarthy playing Ursula, Jacob Tremblay voicing Flounder and Awkwafina voicing Scuttle. [More](. +Casting roundup: Piper Perabo [has joined]( Showtime's Penny Dreadful: City of Angels in a recurring part... Awkwafina [will star]( in an adaptation of the fantasy adventure The Last Adventure of Constance Verity... HBO Max's Anna Kendrick-led comedy Love Life [has added]( four actors to the rom-com anthology... Denis Leary [has landed]( the lead role in Fox's limited series A Moody Christmas... Elsewhere in film... --The first trailer for Greta Gerwig's feature adaptation of Little Women [dropped online](Tuesday. --Also: The first trailer for Paul Feig's holiday-themed romantic comedy Last Christmas [has dropped](. --John DeFore [reviews]( 47 Meters Down: Uncaged. [A$AP Guilty] A$AP Guilty American rapper A$AP Rocky was convicted of assault on Wednesday by a court in Sweden. "Swedish prosecutors ruled that the Grammy-nominated rapper and the two other suspects 'deliberately, together and in agreement' attacked 19-year-old Mustafa Jafari in a fight in central Stockholm on June 30." He won't face additional jail time, but will have to pay damages. [More](. +The NFL "Sunday Ticket" lawsuit has been revived. The league and DirecTV will need to contend with the revived antitrust suit, which was filed over telecasts of out-of-market games. "The action was dismissed by a federal judge two years ago who rejected the proposition that restraining broadcasts of out-of-market games resulted in less output and higher prices," Eriq Gardner writes. "[On Tuesday] 9th Circuit Judge Sandra Ikuta leads a majority decision reversing the dismissal." [The story](. +In other legal news: Bill Cosby's lawyers [ask appeals court]( to toss sexual assault conviction... A judge has [ruled that](The National Academy of Recording Arts & Sciences, the organization behind the Grammy Awards, made an ex-employee sign an unconscionable deal... Malibu Media, a litigious porn studio, [has been sued]( for allegedly cheating its financiers... +Also: The stars of USA Network's Chrisley Knows Best [were charged]( with federal tax evasion... A Broadway producer whose first big-budget show was derailed by a con man’s false financial promises [was arrested]( Tuesday on child porn charges.... ►Univision earnings drop. The Spanish-language broadcaster, which recently put itself up for sale, saw its quarterly earnings and revenues decline, and its expenses rise due to sports rights increases. [More](. From the magazine: The president's battle with Beijing and visa policies on Gulf nations are taking a brutal toll on the Beverly Hills retail district, with sales down double digits and no relief in sight, Ingrid Schmidt reports. [The story](. What else we're reading... --YouTube discriminates against LGTB by unfairly culling it, suit alleges" [[Washington Post](] --"Comedy in the ’90s, part 1: Wayne’s World Starts the party" [[The Ringer](] --"The sports streaming landscape, mapped" [[Axios](] --"FTC chief says willing to break up companies amid Big Tech probe" [[Bloomberg](] --"Man sues CNN’s Don Lemon for alleged assault at Sag Harbor bar" [[Mediaite](] Today's birthdays: Brianna Hildebrand, 23, Danielle Steel, 72, David Crosby, 78, Halle Berry, 53, Magic Johnson, 60, Marcia Gay Harden, 60, Mila Kunis, 36, Spencer Pratt, 36, Steve Martin, 74. A$AP Guilty American rapper A$AP Rocky was convicted of assault on Wednesday by a court in Sweden. "Swedish prosecutors ruled that the Grammy-nominated rapper and the two other suspects 'deliberately, together and in agreement' attacked 19-year-old Mustafa Jafari in a fight in central Stockholm on June 30." He won't face additional jail time, but will have to pay damages. [More](. +The NFL "Sunday Ticket" lawsuit has been revived. The league and DirecTV will need to contend with the revived antitrust suit, which was filed over telecasts of out-of-market games. "The action was dismissed by a federal judge two years ago who rejected the proposition that restraining broadcasts of out-of-market games resulted in less output and higher prices," Eriq Gardner writes. "[On Tuesday] 9th Circuit Judge Sandra Ikuta leads a majority decision reversing the dismissal." [The story](. +In other legal news: Bill Cosby's lawyers [ask appeals court]( to toss sexual assault conviction... A judge has [ruled that](The National Academy of Recording Arts & Sciences, the organization behind the Grammy Awards, made an ex-employee sign an unconscionable deal... Malibu Media, a litigious porn studio, [has been sued]( for allegedly cheating its financiers... +Also: The stars of USA Network's Chrisley Knows Best [were charged]( with federal tax evasion... A Broadway producer whose first big-budget show was derailed by a con man’s false financial promises [was arrested]( Tuesday on child porn charges.... ►Univision earnings drop. The Spanish-language broadcaster, which recently put itself up for sale, saw its quarterly earnings and revenues decline, and its expenses rise due to sports rights increases. [More](. From the magazine: The president's battle with Beijing and visa policies on Gulf nations are taking a brutal toll on the Beverly Hills retail district, with sales down double digits and no relief in sight, Ingrid Schmidt reports. [The story](. What else we're reading... --YouTube discriminates against LGTB by unfairly culling it, suit alleges" [[Washington Post](] --"Comedy in the ’90s, part 1: Wayne’s World Starts the party" [[The Ringer](] --"The sports streaming landscape, mapped" [[Axios](] --"FTC chief says willing to break up companies amid Big Tech probe" [[Bloomberg](] --"Man sues CNN’s Don Lemon for alleged assault at Sag Harbor bar" [[Mediaite](] Today's birthdays: Brianna Hildebrand, 23, Danielle Steel, 72, David Crosby, 78, Halle Berry, 53, Magic Johnson, 60, Marcia Gay Harden, 60, Mila Kunis, 36, Spencer Pratt, 36, Steve Martin, 74. [Image] [Facebook]( [Twitter]( [Instagram]( [LinkedIn]( Is this e-mail not displaying correctly? [View it in your browser.]( ©2019 The Hollywood Reporter. 5700 Wilshire Blvd., Los Angeles, CA 90036 All rights reserved. AUGUST 14, 2019 [UNSUBSCRIBE]( [MANAGE PREFERENCES]( [PRIVACY POLICY]( [TERMS OF USE](