Ariel Investments Founder Blasts Skydance-Paramount Fallout, Sony Acquires Alamo Drafthouse and Paramount Faces an Uncertain Future

Plus: ‘Inside Out 2’ has a shot at $100M, NYT union urges management to reconsider art staff cuts and Marvel’s ‘Blade’ loses director [ATLANTA, GEORGIA - JANUARY 14: Honoree John W. Rogers, Jr., Chairman and Co-CEO of Ariel Investments, speaks onstage during the 2023 Beloved Community Awards at Hyatt Regency Atlanta on January 14, 2023 in Atlanta, Georgia. Formerly known as the Salute Greatness Gala, the Beloved Community Awards is a part of the weeklong celebration of the 2023 King Holiday Observance. The event recognizes community leaders, businesses, and organizations that exemplify excellence in leadership, philanthropy and social justice in the spirit of Dr. Martin Luther King, Jr. and Coretta Scott King. (Photo by Paras Griffin/Getty Images)]( [Ariel Investments Founder Blasts Failed Skydance-Paramount Sale Process: ‘A Once in a Generation Kind of Screw Up’]( By Lucas Manfredi Ariel Investments co-founder John Rogers Jr. isn’t mincing words about the months-long drama surrounding Paramount Global, calling the scrapped deal between Shari Redstone’s National Amusements and David Ellison’s Skydance Media the “most screwed up sale and governance I’ve ever seen.” “It’s just a once in a generation kind of screw up,” the executive, whose firm owns a 1.8% stake in Paramount, told TheWrap in an interview on Wednesday. “It just doesn’t make any sense. You have all these great assets, great IP, great history and they’ve found a way to destroy value. It’s just pretty extraordinary.” [Read More]( --------------------------------------------------------------- [alamo-drafthouse-sony-pictures]( [Sony Pictures Acquires Alamo Drafthouse Cinema]( By Jeremy Fuster Sony Pictures is getting into the movie theater business, as it has acquired Alamo Drafthouse and its 35 dine-in cinemas. As part of the sale, Alamo Drafthouse will continue to operate all of its existing locations as well as the annual Fantastic Fest genre film festival in Austin. Michael Kustermann will remain CEO of the company and will report to Sony Pictures president/COO Ravi Ahuja. [Read More]( --------------------------------------------------------------- [Shari Redstone]( [Chaos at Paramount: An Uncertain Future Looms After Shari Redstone Pulls the Plug on Skydance | Analysis]( By Alexei Barrionuevo, Emily Smith, and Lucas Manfredi The future of Paramount was thrown into chaos on Tuesday after Shari Redstone scuttled a long-planned sale of the struggling entertainment company to Skydance Media, leaving a major Hollywood studio bobbing in uncertain waters. Why did she do it? An individual close to the deal said Redstone communicated her decision to cancel the pending sale to Skydance on Tuesday morning — even before Paramount’s special committee was meant to meet on the matter. [Read More]( --------------------------------------------------------------- [Inside Out 2]( [‘Inside Out 2’ Has a Shot at the First $100 Million Box Office Opening in 11 Months]( [New York Times]( [New York Times Union Urges Management to Reconsider 9 Art Department Cuts as Paper Ramps Up AI Tools | Exclusive]( [Yann Demange Steps In As Director On Marvel's Blade]( [ Marvel's 'Blade' Loses Director Yann Demange | Exclusive]( [Jerry West]( [Jerry West, Lakers Legend and Literal Icon of the NBA, Dies at 86]( --------------------------------------------------------------- [WrapPRO 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](