Paramount Shares Jump 13% on Sony-Apollo $26B Bid, Inside Universal’s Potent Success and Byron Allen Starts Layoffs

Plus: Fubo, Dish, DirecTV urge Congress to hold pay TV hearing, Apple revenues slip 4% on weaker device sales and 'The Fall Guy' tries to become an old style Hollywood hit [paramount-sony-apollo-bid]( [Paramount Shares Climb Over 13% as Sony, Apollo Make $26 Billion Offer]( By Lucas Manfredi Shares of Paramount Global surged over 13% during Thursday’s trading session after Sony Pictures Entertainment and Apollo Global Management expressed interest in buying the media conglomerate. The joint $26 billion all-cash offer, which was sent in a letter signed by Sony Pictures CEO Tony Vinciquerra and Apollo private equity partner Aaron Sobel, is a starting point and non-binding, an individual familiar with the matter told TheWrap. Under the new terms, Sony would be the significant majority shareholder with operational control, while Apollo would take a minority stake. [Read More]( --------------------------------------------------------------- [Donna Langley]( [Inside Universal's Potent Recipe for Success in a Struggling Movie Business]( By Jeremy Fuster At the upscale sushi spot Nobu, Donna Langley sat at a corner table away from the crowd at Universal Pictures’ CinemaCon party in Las Vegas last month. On the opposite side of the room, filmmaker Jon M. Chu enjoyed salmon nigiri with Ariana Grande and Cynthia Erivo, the stars of his upcoming film “Wicked” — just minutes after they wowed theater owners with a preview of a movie that could become a massive Thanksgiving box office hit. If it does, it will continue a huge hot streak for Universal, one that hit its peak for Langley when Christopher Nolan’s “Oppenheimer” became the 10th film in the studio’s history to win the Oscar for Best Picture. The film was the studio’s first since 1993 to win seven Oscars overall, and the highest grossing Best Picture winner from any studio in the last two decades. [Read More]( --------------------------------------------------------------- [Byron-Allen]( [Byron Allen’s Media Company Starts Layoffs ‘Across All Divisions’]( By Sharon Knolle Byron Allen’s Allen Media Group has begun layoffs across every division of the company, which includes The Weather Channel, The Grio and Freestyle Digital Media, a rep for the company told TheWrap on Thursday. “Allen Media Group is making strategic changes to better position the company for growth that will result in expense and workforce reductions across all divisions of the company,” read the statement, dated Monday. That’s when cuts at TheGrio, a multi-platform media outlet catering to Black Americans, were first reported. [Read More]( --------------------------------------------------------------- [Fubo, Dish, DirecTV Urge Congress to Hold Hearing on Future of Pay TV Competition]( [Apple Earnings]( [Apple Revenues Slip 4% to $90.75 Billion on Weaker Device Sales]( [The Fall Guy]( ['The Fall Guy' Is Trying to Become a Box Office Hit the Way Hollywood Films Used To]( [A photo of an internet speed test from Xfinity, with a hand holding a phone and 1's and 0's in the background.]( [New FCC Rules Will Guard Against Internet Slow Lanes Impacting Streamers]( --------------------------------------------------------------- [Wrap Pro logo] Discover why entertainment executives and professionals rely on the WrapPRO platform daily for exclusive coverage, analysis, deeper reporting, and access to VIP events & screenings throughout the year. [Subscribe Today]( --------------------------------------------------------------- [Facebook]( [Twitter]( [Instagram]( [YouTube]( TheWrap | 2034 Armacost Ave Los Angeles, CA 90025 [Preferences]( | [Unsubscribe]( [LiveIntent Logo]( [AdChoices Logo](