ellison

Warner Bros. shareholders approve controversial $111-billion Paramount takeover

Paramount Skydance’s proposed takeover of Warner Bros. Discovery cleared a major hurdle Thursday as Warner stockholders overwhelmingly embraced the $111-billion deal.

Approval was expected. Paramount Chairman David Ellison’s proposal would pay Warner investors $31 a share — four times the price of the company’s stock a year ago. Warner Bros. officials did not disclose the precise vote count during the nine-minute special shareholder meeting beyond saying the merger “received sufficient votes and has overwhelmingly passed.”

Paramount offered the generous premium to compete with, and ultimately triumph over, Netflix, which withdrew from the auction in late February after Ellison’s father, Oracle billionaire Larry Ellison, agreed to guarantee the financing of his son’s deal.

The merger would create a new Hollywood behemoth by giving Paramount, which owns CBS and the Melrose Avenue film studio, such valuable assets as HBO, HBO Max, CNN, TBS, Food Network and Warner Bros.’ film and television studios in Burbank. Warner controls beloved TV shows, franchises and movies, including “Casablanca,” Harry Potter, D.C. Comics, “Game of Thrones,” “Euphoria,” “The Pitt,” and “Rooster.”

“Shareholder approval marks another important milestone towards completing our acquisition of Warner Bros. Discovery, building on our successful equity and debt syndications and progress across regulatory approvals,” Paramount said Thursday in a statement. “We look forward to closing the transaction in the coming months and realizing the creation of a next-generation media and entertainment company that better serves both the creative community and consumers.”

Paramount now must secure regulatory approvals in the U.S. and abroad. Ellison, who is poised to honor President Trump with a dinner Thursday evening in Washington, hopes to complete the deal by late summer.

Shareholders, however, made known their disdain for Warner Chief Executive David Zaslav’s proposed golden parachute, which could swell to $887 million, depending on when the transaction closes. His cash, stock and options would be valued at more than $550 million. Warner board members also agreed to pay his tax bill, which could approach $330 million, should the merger be completed by year’s end.

Shareholders, in a non-binding vote, voted against Zaslav’s package.

Paramount’s deal has encountered significant opposition in Hollywood and beyond.

More than 4,000 filmmakers, actors and industry workers, including Ben Stiller, Bryan Cranston, Ted Danson, J.J. Abrams and Kristen Stewart have signed an open letter asking California Atty. Gen. Rob Bonta and other regulators to block the deal.

Opponents fear the consolidation would be lead to massive layoffs and diminish the quality of programming that Warner Bros., CNN and HBO are known for. Hollywood has sustained thousands of layoffs over the last six years; the film production economy hasn’t recovered from shutdowns during the 2023 labor strikes.

“This is already an incredibly consolidated industry where writers have seen merger after merger leave fewer and fewer companies in control of what our members can get paid to write,” Michele Mulroney, president of the Writers Guild of America West, said Wednesday during a press briefing organized by Free Press and other progressive groups that oppose the merger.

“A combined Warner Bros. and Paramount would create a media behemoth with tremendous leverage to reduce content, to raise prices, to increase control of production, to suppress member compensation, worsen working conditions and silence the voices of our members,” Mulroney said.

Trump has long agitated for changes at CNN, and few expect his Justice Department to block the transaction. Defense Department Secretary Pete Hegseth echoed the sentiment. “The sooner David Ellison takes over that network the better,” Hegseth told reporters in March.

It’s unclear whether Bonta or other state attorney generals will file a lawsuit to try to stop the deal. Bonta previously told The Times that his office is reviewing the consolidation.

“This deal can get blocked. I personally think it will get blocked — or undone,” Alvaro Bedoya, former Federal Trade Commission member who now serves as a senior adviser to the American Economic Liberties Project, told reporters Wednesday. He pointed to other proposed mergers that unraveled due to fierce opposition, including the proposed combinations of grocery giants Kroger and Albertson’s.

David Ellison has promised to keep HBO entact and the Paramount and Warner Bros. movie studios humming. He promised cinema owners last week that a combined Paramount-Warner Bros. would release 30 movies into theaters each year.

“This transaction uniquely brings together complementary strengths to create a company that can greenlight more projects, back bold ideas, support talent across multiple stages of their careers,” Paramount said in a statement to push back on the opposition. The company would have the power to “bring stories to audiences at a truly global scale — while strengthening competition by ensuring multiple scaled players are investing in creative talent.”

To finance the Warner takeover, Ellison’s billionaire father, Larry Ellison, has agreed to guarantee the $45.7 billion in equity needed. Bank of America, Citibank and Apollo Global have agreed to provide Paramount with more than $54 billion in debt financing.

Paramount has enlisted a former Trump administration official, lawyer Makan Delrahim, who served as Trump’s antitrust chief during the president’s first term.

In a confident move, Delrahim filed to win the Justice Department’s blessing in December — even though Paramount didn’t have an agreement with Warner Bros. Discovery’s board at the time. In February, a key deadline for the Justice Department to raise issues with Paramount’s proposed Warner takeover passed without comment from the Trump regulators.

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David Ellison faces plenty of Hollywood skeptics. Did he win over movie theater owners?

Amid the bustle and glitz of last week’s CinemaCon in Las Vegas, one question loomed over the annual trade convention — how will the proposed Paramount Skydance-Warner Bros. Discovery deal affect the movie theater business?

That anxiety showed up in a state of the industry speech from Cinema United trade group President Michael O’Leary, who reiterated his organization’s opposition to further industry consolidation.

It showed up in a trailer for Amazon MGM Studios’ upcoming film “Spaceballs: The New One,” when a voiceover poked fun at Hollywood studios “merging willy-nilly” as images of the Paramount sign and Warner Bros. water tower flashed across the screen.

And the subject again took center stage — literally — when Paramount Chief Executive David Ellison himself gave a speech during his studio’s presentation at Caesars Palace. He sought to reassure the assembled movie theater operators and exhibition executives that the combined company would indeed release a minimum of 30 films a year.

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“I wanted to look every single one of you in the eye and give you my word,” he said during an onstage speech, in which he also committed to a 45-day theatrical window and 90-day period before films go to streaming services. “People can speculate all they want, but I am standing here today telling you personally that you can count on our complete commitment. And we’ll show you we mean it.”

It’s true that Paramount has nearly doubled its theatrical releases since Ellison took over. As he noted in his speech, the storied studio is now planning 15 films this year, up from eight in 2025.

But as I’ve written previously, theater owners and other studio executives question how releasing 30 movies a year across the combined Paramount-Warner Bros. would work — not only in terms of giving each film the proper marketing campaign to succeed in theaters but also because of the massive cost cuts that will inevitably occur once the merger is final.

Still, Ellison’s commitment to 30 films a year got a round of enthusiastic applause — and at least one high-profile boost.

A day earlier, AMC Entertainment Holdings Inc. Chief Executive Adam Aron told me in an interview that he backed Ellison’s takeover of Warner, saying he and AMC believed in the tech scion’s talent as a filmmaker and a movie executive, as well as his pledge to release those 30 films a year.

“We’re enthusiastic that David will fulfill his promises,” Aron said. “And that in the end, this will prove to be a good thing for our company and our industry.”

Not everyone shares that enthusiasm.

More than 4,000 people have now signed an open letter opposing the Paramount-Warner deal, arguing that consolidating two studios will lessen consumer choice and job opportunities for creatives, particularly at a time when Hollywood is already struggling. (Notable signatories include “Dune” director Denis Villeneuve, actors Glenn Close and Emma Thompson, as well as director and producer JJ Abrams.)

O’Leary of Cinema United similarly wasn’t convinced.

“While recent pledges attempt to address the threats of consolidation to our industry, they are not yet sufficient in addressing our concerns,” he said in a statement released hours after Ellison’s speech. “We remain open to tangible commitments that will ensure a vibrant global theatrical exhibition industry for years to come.”

Elsewhere at CinemaCon, the mood was upbeat.

Warner Bros. film chiefs Mike De Luca and Pam Abdy struck a triumphant tone after an award-winning year for the studio, capped off by the best picture win for “One Battle After Another.”

They unveiled footage from new films like the upcoming “Digger” from director Alejandro G. Iñárritu and brought out lead actor Tom Cruise to a sustained standing ovation from the audience. And both De Luca and Abdy espoused optimism for the future of the theatrical business. The studio plans to release 14 films this year and as many as 18 for 2027.

“The film business has always required smart betting, and we have 4 billion reasons from last year to think we’re holding the right cards,” De Luca said during the presentation, referring to the studio’s worldwide box office revenue last year.

“We all know they’re not all going to work. That comes with taking swings,” Abdy said of the studios’ films. “There’s no version of this business that’s risk-free. But our job is to step up, make our bets and own it when it doesn’t work.”

But the end of the presentation felt more somber, with the executives asking the heads of Warner Bros.’ labels to come to the stage and be recognized. Shortly after, they asked Warner Bros. employees in the audience to stand for applause. It was hard to escape the feeling that this may be the end of an era.

Stuff We Wrote

Film shoots

Number of the week

1,000

Last week, Walt Disney Co. began a sweeping round of layoffs that’s expected to cull 1,000 jobs across multiple divisions.

As my colleague Meg James reported, the cuts hit Disney’s television and movie studios, sports giant ESPN, its product and technology unit, corporate functions and marketing. Even Marvel Studios’ visual development team was affected.

The layoffs are one of the first major moves under new Disney Chief Executive Josh D’Amaro, who took the reins of the company last month. In a message to employees, he said the company needed to “constantly assess how to foster a more agile and technologically-enabled workforce to meet tomorrow’s needs.”

What I’m watching

Some friends and I watched “Fukushima: A Nuclear Nightmare” this past weekend, a truly eye-opening documentary that explains what happened during the March 11, 2011, nuclear accident and whether the world has learned anything from it.

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David Ellison hits CinemaCon, reiterates pledge to make more movies.

Paramount Skydance Chief Executive David Ellison made his case directly to theater owners Thursday, pledging to release a minimum of 30 films a year from the combined Paramount and Warner Bros. Discovery company during a speech at the CinemaCon trade convention in Las Vegas.

“I wanted to look every single one of you in the eye and give you my word,” Ellison said in a brief on-stage speech, adding that Paramount has already nearly doubled its film lineup for this year with 15 planned releases, up from 8 in 2025.

He also said all films will remain in theaters exclusively for 45 days, starting Thursday. Films will then go to streaming platforms in 90 days. The amount of time that films stay in theaters — known as windowing — has been a controversial topic for theater owners, as some studios reduced that period during the pandemic. Theater operators have said the shortened window has trained audiences to wait to watch films at home and cuts into theater revenues.

“I have dedicated the last 20 years of my life to elevating and preserving film,” said Ellison, clad in a dark jacket and shirt with blue jeans. “And at Paramount, we want to tell even more great stories on the big screen — stories that make people think, laugh, dream, wonder and feel — and we want to share them with as broad an audience as possible.”

Ellison’s CinemaCon appearance comes as more than 1,000 Hollywood actors and creatives have signed a letter opposing Paramount’s proposed acquisition of Warner. Supporters of the letter have said the deal would reduce competition in the industry and “further consolidate an already concentrated media landscape.”

Some theater operators have also questioned whether the combined company could achieve its goal of releasing 30 films a year, particularly after the cost cuts that are expected after the merger closes.

“People can speculate all they want — but I am standing here today telling you personally that you can count on our complete commitment,” Ellison said. “And we’ll show you we mean it.”

The speech came after a star-studded video directed by “Wicked: For Good” director Jon M. Chu that was shot on the Paramount lot on Melrose Avenue and showcased directors and actors including Issa Rae, Will Smith, Chris Pratt, James Cameron and Timothée Chalamet that are working with the company.

The video closed with “Top Gun” actor Tom Cruise perched atop the Paramount water tower.

“As you saw, the Paramount lot is alive again,” Ellison said after the video. “And we could not be more excited.”

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Businessman a Harsh, Blunt Political Force : Ventura: Thrift store magnate Ray Ellison is called by some a man of integrity. To others, he’s the godfather of mudslinging.

Thrift store millionaire Ray Ellison leaned back in his office chair and laughed.

He knows a liar when he sees one, he said. And he knows a liberal. He doesn’t like either.

“I called him a slimeball, scum-sucking liar,” said Ellison, 65, reciting a description of then-Ventura Mayor Dennis Orrock that he painted on a truck parked near a freeway in 1984.

Ellison took on the mayor’s ally the following year, dubbing Councilwoman Pati Longo “The Phony with The Toni” in full-page newspaper ads that declared her a liar, too.

In 1991, Ellison’s large ads depicted Councilman Donald Villeneuve astride a defecating bull, stating: “Screw the Marketplace.” Last fall, two councilmen and a challenger were featured as smiling fish in ads titled: “A Fish Stinks From The Head. Take A Sniff of These.”

Of the forces that have reshaped Ventura’s political landscape in recent years–pushing campaigns to increasingly personal attacks–none has been consistently harsher than Raymond W. Ellison.

Spending tens of thousands of dollars, including at least $14,000 last fall, Ellison has been described by critics as Ventura’s godfather of mudslinging.

“Based on the ads he ran, I would judge him to be venal and mean, coarse and crass,” said former Councilman Todd Collart, defeated Nov. 5 after he was caricatured as a smelly fish. “He continues to set lower and lower standards to be aimed for by others. And that works against good people seeking elective office.”

Councilman Gary Tuttle–also featured in the “fish ads”–said he considered not running for a second term last year because of Ellison.

“I knew he was going to come after me, and I had to think, ‘Do I want to put my family through this?’ ” he said. “My mom, my wife, my sisters, they got very upset. The Tuttle name has always been a positive in this community.”

Even some candidates backed by Ellison distanced themselves from his methods. Newly elected Councilwoman Rosa Lee Measures called a press conference before the election to say she was not associated with Ellison, and asked that he cancel future ads.

Councilman James Monahan, a recipient of Ellison political assistance for 16 years, said recently that he does not condone his friend’s advertisements, because they “can have a negative effect on everyone. You can turn people off.”

But to many of Ellison’s political allies and friends, the Ventura businessman is far more complicated and admirable than his crude public persona might suggest. And his opinions–though presented in a blunt style–air the frustrations of Ventura’s business community, they said.

Supporters say Ellison holds work, family and religion most dear–that he is generous in his donations to church and charity and in his employment of society’s least employable.

A high school dropout turned business whiz, Ellison says he started the nation’s first privately owned thrift store in 1948 with money he earned as a paratrooper in World War II. Now semi-retired, he claims about 1,300 employees in the 28 stores he and his two sons own or operate in seven states.

Officials at organizations for war veterans say Ellison’s thrift stores keep them in business by paying the charities millions of dollars a year for donated goods or by operating charity-owned stores at a healthy profit.

“The United States could use more Ray Ellisons,” said Jim Pechin, business manager for the Vietnam Veterans of America in Washington. “We probably wouldn’t be here today without Ray, because he developed our funding base.”

Locally, Ellison donates to charity golf tournaments and gives time and money to the First Baptist Church of Ventura. In recent days, he helped decorate the church for Christmas dinners–then washed dishes afterward.

“He’s just a very helpful, generous man,” said Nick Bailey, a church associate pastor. “He’s not afraid when he sees needs in the church community and in the ministry here to be a part of the solution.”

*

Ventura attorney William D. Fairfield, who has known Ellison for 20 years, said of his friend:

“I have tremendous respect for this man–for his integrity, for his business acumen, for him as a family man. And I think he’s done more for this community than any single individual by asking public officials to be accountable.”

Banker Bob Alviani, president-elect of the Ventura Chamber of Commerce, said the comments of Ellison–whose philosophy is pro-growth, pro-business and anti-government waste–reflect the sentiments of others.

“I don’t think Ray Ellison is alone in his feelings or alone in how he expresses his opinion,” Alviani said. “If he wants to pay the price to say what he’s saying, fine. If you take it to heart, fine. If you choose to ignore it, fine too.

“The wonderful thing about our politics in this country is that a person has a right to say whatever they want,” Alviani said.

Gruff, lean and balding, Ellison is skittish about public attention. He wants to have his say every so often in political advertisements and letters to the editor, and leave it at that.

But the nature of his business–and his family’s pioneer role in it–have prompted a series of television and newspaper reporters to knock at his door.

“I’ve had lots of stories,” Ellison said in a recent interview. “You name it–NBC, CBS, ’60 Minutes,’ ‘The Today Show.’ . . . It’s a big pain in the ass.”

The theme of those stories, including a 1987 investigation by The Times, has been that private thrift store operators such as Ellison use charities’ names to collect tax-deductible donations of clothes and household goods, then sell them for large profits, most of which go into the pockets of the operators and not the programs of charities.

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The Times’ investigation found that private thrift store operators nationwide typically made $1.50 for each $1 the charities got. Ellison, his extended family and the Ellisons’ former employees dominate the private thrift store industry, The Times found.

But in Ray Ellison’s case, the charities generally have not complained about the revenue they receive from the stores he owns or manages for them. They say their share of profits is higher than industry standards. For instance, charity profits reach about $1.45 million a year–about two-thirds of the total profit–at five stores owned by the Disabled American Veterans organization of Colorado and operated by Ellison.

“Ray runs the Cadillac of the thrift store management,” said Fred Friedrich, president of the DAV’s Colorado thrift store committee. “The guy’s good. He’s got a lot of respect out here.”

Ellison’s Ventura-based M & M Management wrote checks totaling $7 million to veterans’ groups last year, including $4 million in profit from the 28 stores, he said. He won’t say how much his company earned, but he has prospered.

Ellison and his family valued M & M at $5 million in 1985, according to public records. His two sons, Matthew and Mark, and the husbands of his two daughters all work in the family business, Ellison said.

Ellison’s 142-acre ranch just north of Ventura is for sale for $3 million. He has a condominium in Colorado, where he spends summers and holidays. His family owns most of the 28 stores they operate. He’s a real estate developer in Texas, where he recently sold 40 acres to Wal-Mart, and in Washington state, where he’s building a 180-house subdivision and shopping center.

Ellison’s prosperity is surely greater than he could have imagined as a Depression-era son of a Salvation Army officer. As a boy, he said he struggled in school because of frequent family moves along the West Coast, and dropped out in ninth grade.

*

But he began to learn the skills that would make him rich. He remembers watching his parents directing teams of men sorting salvaged goods for the Salvation Army.

Family lore credits his mother, Stella, with coining the term “thrift shop” as the Ellisons helped the Salvation Army transform its bulk salvage operation into a retail one in the 1930s.

Eventually Ellison’s father, Orlo, and four uncles all entered the private thrift store business. But it was young Ray and one uncle who Ellison said started the first private thrift store 46 years ago in Santa Ana with $3,500.

By 1965, Ellison, who lived in Ventura briefly in 1947, had returned to the city with his wife, Sue, a Westmont College graduate, to raise his two sons and two daughters, Ellison said.

Since then, Ellison has left a legacy of hard work and hard feelings.

Even in semi-retirement, the Montana-born Ellison said it is not uncommon for him to arrive at M & M’s national accounting office on Main Street in Ventura by 4 a.m.

“Get your buns out of bed, get your work done before the traffic gets too heavy, then go home and enjoy your family,” Ellison once wrote.

In a recent written statement, Ellison described his children and their spouses, all Ventura residents, as loving and hard working. “Neither they, or my wife and I attend social functions, bridge parties, or have our names associated in any way with playing Santa Claus. Our lives focus around our families, church, friends and business,” he wrote.

Despite such tendencies, Ellison has become well known, first as the Ventura Keys homeowner who led a successful seven-year legal battle against the Ventura Port District to force dredging at the mouth of Ventura Harbor.

The 1968 case cost Ellison $50,000 in fees, but is now cited in law school textbooks as an example of a citizen forcing government to keep its word, he said. More recently, he lost two lawsuits that challenged Ventura County’s General Plan and rezoning policies because of changes he claimed lowered the value of his ranch.

“I have no use for people who lie or abuse their authority to rule over me,” he said in a written explanation of the lawsuits. “I give due respect to every type of authority until that body proves unworthy.”

*

Ellison’s dramatic public entry into Ventura politics came in 1984, when he warned the Ventura City Council not to appoint attorney Dennis Orrock mayor, then attacked Orrock so tenaciously that the new mayor asked the council to appoint an ethics committee to investigate the charges.

On one large sign he placed near a freeway on-ramp, Ellison wrote: “For sale cheap, slightly used mayor. Outstanding qualifications. Unethical. Deceitful. Lies Frequently.”

“I still have the sign,” Ellison said with a laugh.

Ellison claimed Orrock, who years before had represented Ellison and other investors in an ill-fated business deal, knew or should have known that the deal’s promoter had failed elsewhere with similar proposals.

Orrock denied the accusation. And after hours of testimony, all carried on local cable television at Ellison’s expense, the ethics committee cleared Orrock of any wrongdoing.

“That was the first time it got nasty,” remembered John McWherter, a councilman for 18 years ending in 1991. “That was the first time that a personal vendetta had come into City Council politics.”

Orrock said he has not seen or spoken with Ellison since. And despite the “hurtful memories,” he even jokes about the experience.

“In 1984, he elevated me to one of 10 movers and shakers in the area, because I was on the front page of the newspaper for 23 days,” Orrock said. “I don’t know what motivates Mr. Ellison. The guy is kind of an enigma.”

Ellison said his motive was that Orrock was not fit to be mayor. The hearings were a whitewash, Ellison said, but that was OK because Orrock did not seek another council term.

“It was my intention that he never run again for anything,” Ellison said. “I didn’t care about the (lost investment). The money didn’t mean squat. I cared about who would represent the city.”

In 1985, Ellison took on Pati Longo. The councilwoman–whose politics were conservative and pro-business like Orrock’s and Ellison’s–had defended Orrock in his squabble with Ellison.

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Ellison bought a series of newspaper ads attacking her as a phony who had lied to the grand jury. He cited her admissions that she had been evasive when asked if she’d discussed the closed-door proceedings with others.

“I figured the public had a right to know, because she would have been mayor,” Ellison said.

Longo, who lost her bid for reelection, said she thinks Ellison’s reason for challenging both her and Orrock, and in opposing Villeneuve in 1991 and Collart last year, was to improve Monahan’s chances of being mayor.

“Ray Ellison’s motivation was that Jim Monahan had always been his resident politician,” Longo said. So when Monahan had a chance at the mayoralty, Ellison attacked the favorite, she said.

Villeneuve said he also sees a connection between Ellison’s attacks and Monahan’s political fortunes and agenda.

“His interest in politics is in the form of personal vendetta for somebody he disagrees with in ideology or most often in a very personal sense,” Villeneuve said. “He attempts to parallel his protege, Jim Monahan. I’ve had to sit and listen to Jim Monahan extolling the virtues of Ray Ellison. It’s almost hero worship.”

Both Monahan and Ellison said they are friends who generally see eye-to-eye politically. Ellison will occasionally check with Monahan on issues, they said. Ellison said he doesn’t follow politics closely and will ask Monahan about his reelection plans and the voting records of other council members. But he said he doesn’t ask Monahan’s advice.

“I know that Jim can fill me in if I’m wrong on how somebody has voted,” Ellison said. “I don’t even take the (local) newspaper. I don’t go to council meetings any more. I haven’t for many years. I can get behind on my facts. So I call Jim, or somebody else, but normally Jim.”

Monahan said he has never recommended who Ellison should oppose or support in an election.

“Believe me, he knows how to make up his own mind,” the councilman said. “Ray’s the kind of guy who’s a loner. He does everything on his own.”

*

Monahan said Ellison has helped Ventura politics by bringing information to voters, but he said he didn’t care for the recent fish ads, and thought the Orrock hearings were an unnecessary “dog-and-pony show. That was a sad day for everybody.”

If Ellison opposed Orrock and Longo for perceived ethical shortcomings, he said he opposed Villeneuve two years ago and Collart, Tuttle and environmentalist challenger Steve Bennett this year because he did not agree with their politics.

“They’re discouraging almost carte blanche what needs to be done to rejuvenate the city. What it amounts to is no growth,” he said. “They don’t allow anything that will generate money. They spend hundreds of thousands of dollars on stupid studies.”

That was as detailed as Ellison got in critiques of his political opponents during two recent interviews. He had trouble remembering what he had written about them in campaign ads. At one point, he read his Villeneuve ad to refresh his memory about the councilman’s principal flaws.

“Let’s see what I had to say here,” he said. “Well, yeah, I did look up his votes. I ought to keep this crap (advertisements). . . . I don’t remember them. I just make them up and forget about them.”

In the Villeneuve ads–as with his fish ads–Ellison stated his pro-business philosophy and lashed his “liberal” opponents. He said his colorful headlines were only a way to grab voters so they will read his full message.

“You have to get people’s attention,” he said.

He does that. For example, in a Villeneuve ad segment titled “To Wee or Not to Wee,” Ellison repeated a second-hand comment Villeneuve allegedly made at a City Hall urinal during a break in a hearing about dredging the Ventura Keys.

Villeneuve and former Mayor Richard Francis, who had battled Monahan before leaving the council in 1991, said they responded with their own negative campaign this fall.

*

Some of their “Anyone but Monahan” ads were more personal and biting than Ellison’s fish ads, especially a radio spot late in the campaign.

“I knew his ads were coming,” said Francis, a Ventura attorney. “I didn’t want to start slinging mud, but if mud is going to get slung and you’re going to get dirty anyway, you may as well get into the fray.”

Monahan doesn’t accept that explanation. “Richard Francis took a personal attack on me that was far worse than Ray’s comments about these other three,” he said.

Nor does Monahan think it’s fair that Ellison is seen as “the special interest in the black hat,” while Patagonia, an environmentalist clothing company that spent about $15,000 in the last campaign, “is seen as the special interest in the white hat.”

Patagonia owner Yvon Chouinard “doesn’t give a damn about anybody else’s business but his own,” Monahan said. “Ray Ellison cares about everybody’s business, and he’s willing to stick his neck out for it.”

Patagonia spokesman Paul Tebbel said the big difference between the two is that Patagonia endorses candidates positively, while Ellison attacks them personally.

“He’s strongly within his rights to do that,” Tebbel said, “I just hate to see Ventura politics reduced to who can put out the strongest negative ad.”

Ellison did also buy some endorsement ads last fall, backing Measures, Monahan and Clark Owens.

Whether Ellison has had much impact on election results is an open question. Longo, Villeneuve and Collart, who all lost their races after Ellison’s criticisms, think he has. Tuttle, who placed only fourth last fall, does too.

Others, including McWherter and Monahan, said that Longo, Villeneuve and Collart were vulnerable anyway.

As for himself, Ellison thinks his types of ads work. “I think it’s very effective,” he said.

Ellison said he recognizes the personal pain his ads may cause. Public criticism following news stories about his thrift stores has hurt his family too, he said.

“I feel sorry about that,” he said. “They all have kids. Just like our kids went to school and had to put up with having negative things said about their dad. It’s hard on them. But they become accustomed to it over a period of time. . . . It goes with the territory.”

Yet Ellison felt compelled to write a letter of explanation to Collart shortly after the councilman lost in November.

“I imagine you consider me a callous and insensitive disgrace to society,” Ellison wrote.

He said he respected Collart and considered him truthful. “I wish you well, apologize if you took personal offense to my methods, and thank you for your service,” he wrote.

But within the same letter may be an indication of things to come during the campaign of 1995.

While praising Collart for being true to campaign promises, Ellison chastised those “who forgot . . . what they were elected to do.” He pointedly mentioned Mayor Tom Buford and former Mayor Greg Carson as examples of two who have “breached their stated positions.”

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Carson and Buford, both originally backed by the business community, have been criticized by some businessmen for votes over the last two years. And Ellison referred to Carson in his fish ads as a weak conservative enticed by liberals with the promise of the mayor’s job.

Nursery owner Carson, who describes himself as a moderate and insists he’s broken no promises, said he first felt Ellison’s sting after council members chose him mayor two years ago.

Ellison immediately telephoned Carson to tell him he had considered him “a nice young man,” but now believed he was a jerk, Carson said. “He was upset because Jim Monahan didn’t become mayor.”

Carson said he considers Ellison’s ads detrimental to Ventura politics, and he said the specter of Ellison would not deter him in 1995.

“Somebody like Ray Ellison doesn’t scare me,” Carson said. “If anything, people like Ray Ellison would be a reason I would run.”

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Hollywood stars line up against Paramount’s Warner Bros. acquisition

A constellation of stars are lining up against Paramount’s proposed takeover of Warner Bros. Discovery, expressing fears the blockbuster merger would devastate the industry and shrink production jobs.

The letter was signed by nearly 1,000 artists and movie creators, including such big names as Ben Stiller, Bryan Cranston, Noah Wyle, Joaquin Phoenix, Kristen Stewart and Jane Fonda, whose group the Committee for the First Amendment, helped organize the campaign.

“This transaction would further consolidate an already concentrated media landscape, reducing competition at a moment when our industries—and the audiences we serve—can least afford it,” according to the letter. “The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world.”

The Hollywood workforce has shrunk by more than 42,000 jobs between 2022 and 2024, according to a recent study. The economy has not bounced back following shutdowns due to the COVID-19 pandemic, followed by the twin labor strikes three years ago.

Thousands of film workers have been searching for work — but many of the big opportunities have moved abroad.

The strikes prompted studio executives to reset their output after previously spending big to build streaming services to compete with Netflix.

Two other consolidations led to widespread cutbacks: Walt Disney Co.’s acquisition of Fox entertainment assets in 2019, and Discovery’s takeover of AT&T’s WarnerMedia four years ago.

The resulting entity — Warner Bros. Discovery, led by David Zaslav — instituted deep cost cuts and thousands of layoffs to cut expenses because the firm was nearly drowning in deal debt — $43 billion — from the day Zaslav took the helm.

Paramount’s proposed takeover of Warner Bros. would result in a significantly higher debt load, $79 billion in debt, prompting concerns from the group and others about further cuts.

Tech scion David Ellison, son of billionaire Oracle co-founder Larry Ellison, is leading the effort to buy Warner Bros. Discovery to prop up Paramount, which the family acquired in August. Ellison’s Paramount Skydance prevailed in a nearly six month bidding war in late February after Netflix bowed out when the elder Ellison agreed to financially back his son’s $111-billion deal.

Warner shareholders will be asked to approve the merger April 23.

Ellison is pushing to wrap the deal up this summer.

“We are deeply concerned by indications of support for this merger that prioritize the interests of a small group of powerful stakeholders over the broader public good,” the letter said. “The integrity, independence, and diversity of our industry would be grievously compromised. Competition is essential for a healthy economy and a healthy democracy. So is thoughtful regulation and enforcement.”

The group urged California Atty. Gen. Rob Bonta and his fellow state attorneys general to sue to block the transaction.

Bonta has told The Times that his office is reviewing the transaction to see if it violates anti-trust rules. Two historic movie studios, several streaming services and dozens of cable channels would be brought under one roof.

“Media consolidation has already weakened one of America’s most vital global industries,” the group said, “one that has long shaped culture and connected people around the world.”

Bonta’s office is leading the charge against another merger, TV station giant Nexstar Media Group’s $6.2-billion takeover Virginia-based Tegna. Eight state attorneys general, including Bonta, have sued to block that deal. A judge is expected to rule on whether to issue a preliminary injunction later this week.

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Democrats call for review of Paramount’s Middle Eastern financial backers

Democratic lawmakers are demanding scrutiny into Paramount Skydance’s financial backers amid rising concerns about potential foreign influence of U.S. media properties.

In a letter this week to Federal Communications Commission Chairman Brendan Carr, seven U.S. senators criticized Carr’s suggestion that Paramount’s $111-billion bid for Warner Bros. Discovery, backed by billionaire Larry Ellison and his family, was on a fast track to receive FCC approval with scant oversight.

Such complicated mergers typically receive an intense government review. The proposed merger would combine two legendary film studios, dozens of cable channels, HBO, CBS and two major news organizations, CNN and CBS News.

Ellison and his son, David, who chairs Paramount, are friendly with President Trump, who has long agitated for changes at CNN, which is slated to be absorbed by Paramount.

The company has said it expects to complete the deal by the end of September.

The Democrats expressed concerns that the fix may be in. Trump’s Justice Department has been reviewing whether the merger would violate U.S. antitrust laws, but a key deadline passed last month without comment from the department’s antitrust regulators.

Also at issue is the Middle Eastern money the Ellison family has been expecting to pull off Paramount’s leveraged buyout of its larger entertainment company rival. The acquisition would leave the combined company with nearly $80 billion in debt.

Late last year, Paramount disclosed that it had lined up $24 billion from wealth funds representing the royal families of Saudi Arabia, Qatar and Abu Dhabi, who would then become equity partners in the combined company.

Paramount has described the funds as largely passive investors, saying the royal families would not have input into corporate decision-making. They also would not control seats on the Paramount-Warner board.

Congressional Democrats previously have warned about potential national security concerns. The senators, led by Cory Booker (D-N.J.) and Chuck Schumer (D-N.Y.), remain concerned, particularly because the transaction will help shape the future of Hollywood production and the direction of key news outlets, including CNN, which maintains a strong presence around the world.

Members of the party have called on Carr to conduct “a full and independent” analysis of the foreign ownership interests before signing off on the merger. The FCC could play an important role, they said, because the tie-up includes Paramount-owned CBS, which holds FCC broadcast station licenses.

Paramount declined to comment. FCC officials did not respond to a request for comment.

Booker and Schumer pointed to Carr’s comments at an industry conference in Spain earlier this month. During an appearance at the Mobile World Congress, Carr suggested the Paramount-Warner deal could be swiftly approved because the foreign investment would warrant only a “very quick, almost pro forma review,” Carr reportedly said.

The FCC has a duty to examine foreign ownership, the lawmakers said, referencing the U.S. Communications Act, which forbids owners from outside the U.S. from holding more than 25% of the equity or voting interests in an entity that maintains an FCC license.

The lawmakers mentioned the FCC’s move earlier this year to tighten its foreign ownership framework to bolster transparency.

Paramount has not yet disclosed its final list of equity partners.

The company previously disclosed its proposed partners in Securities & Exchange Commission filings. However, last month, the composition of the Paramount-Warner deal changed when Larry Ellison agreed to fully guarantee the $45.7-billion in equity needed to finance the $31-a-share buyout of Warner investors.

Before Ellison stepped up, Warner board members had expressed concerns about Paramount’s financing. The tech billionaire’s increased involvement helped carry the Paramount deal over the finish line. Netflix bowed out Feb. 26, ceding the prize to Paramount.

Still, Paramount is expected to line up billions of dollars from outside investors.

It would be significant if Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co., contributed $24 billion to the deal, the Democrats wrote.

“This is not incidental capital, it represents roughly one-fifth of the total transaction value,” Booker and the others wrote. “And it is not clear that this will be the only foreign investment.”

Initially, Paramount included Chinese technology company Tencent Holdings as a minority investor, but Paramount later removed Tencent from the investor pool due to concerns about its problematic status — it has been blacklisted by the U.S. Department of Defense.

Bloomberg News reported earlier this month that Tencent might return to the fold.

“This constellation of foreign investment from China and from Gulf States, with complex and sometimes competing relationships with the United States, demands rigorous, not perfunctory review,” Booker and the others wrote.

The letter also was signed by Sens. Dick Durbin (D-Ill.), Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.), Sheldon Whitehouse (D-R.I.) and Mazie K. Hirono (D-Hawaii).

They keyed in on the role of Saudi Arabia’s sovereign wealth fund, saying it was controlled by Crown Prince Mohammed bin Salman “whom the U.S. intelligence community concluded ordered the murder of Washington Post journalist Jamal Khashoggi in 2018.”

The proposed $24-billion investment would give “these governments a significant financial stake in the future content, licensing, and strategic decisions of a combined entity that includes some of the most-watched news and entertainment networks in America.”

It is also unclear whether the current tensions in the Middle East over the Iran war will have an impact on Paramount’s investor syndicate.

Trump’s son-in-law Jared Kushner, a proposed Paramount investor, also withdrew late last year.

Paramount shares held steady at $9.17. The company’s stock is down 31% since Feb. 27, when the company prevailed in the Warner auction.

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Paramount deal for CNN and Warner Bros. draws concerns about news independence

Should Paramount Skydance prevail in its $111-billion takeover of Warner Bros. Discovery, the Larry Ellison family would control two historic Hollywood film studios, dozens of cable channels, HBO and two legendary newsrooms, CBS News and CNN.

Concerns about the potential loss of more Hollywood jobs, and questions about newsroom independence dominated a hearing Friday to address Los Angeles’ crisis of shrinking film and TV production jobs.

Paramount wants to wrap up its Warner merger by September — a rapid timetable. The takeover deal, which was struck last month after Netflix bowed out, would put HBO and CNN under the control of Larry Ellison and his son David, the chairman of Paramount, which includes CBS.

Both Ellisons maintain friendly relations with President Trump. Those bonds, along with challenges to legacy media and changes at CBS News in recent months, sparked handwringing during the hearing called by Sen. Adam Schiff (D-Burbank) and Rep. Laura Friedman (D-Glendale).

“The questions surrounding this merger go beyond jobs, contracts and consumers,” Schiff said. “They also go to editorial independence of two of America’s most significant news organizations, CNN and CBS News.”

Trump has long agitated for changes at CNN, and members of his cabinet, including War Secretary Pete Hegseth, have openly cheered for an Ellison takeover of CNN.

To pave the way for the Ellisons’ purchase of Paramount, the company paid $16 million to Trump last summer to settle his lawsuit over edits to a “60 Minutes” interview with Kamala Harris in October 2024. Most 1st Amendment experts had deemed Trump’s suit “frivolous.”

Since the Ellisons took the helm, there has been a change in direction at CBS News and a reduction in its size and scope. Staff members at CNN are bracing for similar changes, including to the tone of its newscasts.

In addition to the long-term health of Los Angeles’ film economy, the merger’s fate could determine “whether we have state sponsored media … or whether we have journalists who can truly follow the story,” Friedman said.

A Paramount spokesperson declined to comment.

The deal is currently before regulators in the U.S. and abroad.

Paramount Chairman David Ellison has vowed to “build a stronger Hollywood,” by increasing the creative output of the two legendary movie studios — Paramount and Warner Bros. — to 30 theatrical releases a year. Warner Bros., which owns such prominent franchises as “The Matrix,” Batman, Harry Potter, “The Big Bang Theory,” and “Friends,” has long been one of Hollywood’s most prolific studios.

But Paramount has suffered from years of under-investment and Ellison and his team have been working to boost the film pipeline.

Ellison has also pledged to keep both studio lots and preserve HBO.

“HBO will continue to operate independently under our ownership, enabling it to create more of the world-class content it is renowened for,” Ellison wrote in the Feb. 28 letter to Schiff and Friedman, responding to their concerns about consolidation.

During Friday’s hearing, the lawmakers turned to former CNN anchor Jim Acosta, who famously jousted with Trump during his first term, for his reflections. He was asked whether any “guardrails” could protect against potential merger harms.

“If this merger goes through, the guard-rails are gone,” Acosta said bluntly. “If we continue to go down this road it will be lights-out for the news industry… We need media options that are not controlled by the wealthiest and most powerful people in the country.”

The hearing occurred the same day that CBS News imposed another sweeping round of layoffs and disbanded its CBS News radio network. It also came the same week as Trump’s Federal Communications Commission approved a massive television station merger, which will allow Texas-based Nexstar Media Group to control more than 250 stations, despite a legal challenge from state attorneys general.

The proposed Paramount-Warner merger would prompt at least $6 billion in cost savings, according to Paramount. Industry veterans warn that billions more in cuts may be necessary to make the deal math work.

A combined Paramount-Warner would carry nearly $80 billion in debt, a legacy of the proposed leveraged buyout and the mergers that came before it.

The hearing at Burbank City Hall —“Lights, Camera, Competition”: Promoting American Film Production,” — was wide-ranging. Award-winning actor Noah Wyle, the star and a producer of Warner Bros.’ “The Pitt,” discussed the need to bring more productions back to Los Angeles where thousands of out-of-work film professionals have been suffering. “The Pitt” is filmed in Burbank.

“Over the last six years, the aggregate effect of projects leaving the state in search of tax credits, the pandemic and last year’s fires has been a near cratering of our once thriving industry,” Wyle said. “We lost 42,000 film and TV jobs between 2022 and 2024.”

The hearing unfolded down the road from the massive Warner Bros. studio complex, and was held to explore ways to boost the Hollywood economy, including the potential for a national tax credit under consideration in Congress. The campaign is intended to keep film jobs in the U.S. amid an increased migration to Britain, where Warner Bros. maintains an expansive studio complex in London, and other countries that offer generous subsidies.

“Work in the entertainment industry is precarious,” said Matthew D. Loeb, International President of the International Alliance of Theatrical Stage Employees (IATSE). “Past studio mergers have meant fewer jobs.”

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Hegseth says he’s eager for Paramount’s Ellison to take over CNN

In remarks that are likely to stoke concerns through the corridors of CNN, Secretary of Defense Pete Hegseth said Friday he is looking forward to Paramount’s ownership of the network.

“The sooner David Ellison takes over that network the better,” Hegseth said during a morning briefing.

Hegseth’s invoking the name of the Paramount Skydance chief executive — whose company will take control of CNN once its deal to merge with Warner Bros. Discovery is finalized — amplified the fear many have that the cable news channel will seek to appease the Trump administration.

The typically combative Hegseth made the remarks after blasting CNN’s reporting on the U.S. military action in Iran. CNN said the Trump administration underestimated the impact its attack would have on the Strait of Hormuz, echoing the claims of other media outlets. Oil tankers have been unable to get through the passage due to attacks by Iranian drones, escalating gas prices as a result.

“CNN doesn’t think we thought of that,” Hegseth said. “It’s a fundamentally unserious report.”

Paramount declined to comment on the remarks by Hegseth, a former Fox News host who has a lot of experience in bashing the mainstream media. A CNN representative said the network stands by its reporting.

Trump has a friendship with Ellison’s father, Larry, and the two have reportedly discussed changes to CNN once Paramount takes ownership. But it’s the rare time such expectations have been offered up publicly by a top member of the administration.

Trump, who has long expressed disdain for CNN, expressed his preference for Paramount to prevail over Netfilx in its pursuit of Warner Bros. Discovery so that CNN would be in the hands of the Ellisons.

In his last public statement about CNN, David Ellison said he wants to be in the “truth business” and insisted there would be no corporate interference in the network’s coverage.

“CNN is an incredible brand with an incredible team, and we absolutely believe in the independence that needs to be maintained, obviously, for those incredible journalists, and we want to support that going forward,” Ellison told CNBC on March 5.

Paramount has been forced to battle the perception of that its news organizations will tilt to the right under its stewardship. One of David Ellison’s first moves after his company Skydance Media took over CBS was installing Bari Weiss as editor in chief of the network’s news division despite having no experience in TV news. Ellison acquired Weiss’s the Free Press, a centrist digital news site that often targets excesses of the political left and is staunchly pro-Israel.

The acquisition and the appointment of Weiss were seen as a way to help smooth the regulatory approval of Skydance’s acquisition of Paramount last year. CBS News has been under intense scrutiny for signs that is shifting its coverage to please the administration.

A number of CBS News journalists unhappy over the division’s direction under Weiss have already departed. Scott MacFarlane, the Justice Department correspondent who announced his exit Monday, was said to be particularly unhappy over the network’s handling of the anniversary of the Jan. 6, 2021, attack on the U.S. Capitol by Trump supporters who wanted to overturn the 2020 election results.

Anderson Cooper also passed on signing a new deal with “60 Minutes,” where he has been a correspondent since 2007. But with the merger, the CNN anchor will still be a part of the company.

Weiss’ has had some early missteps. The Jan. 6 story was among several highly criticized segments during the first week of “CBS Evening News with Tony Dokoupil.” She delayed a “60 Minutes” segment on the government’s use of an El Salvador prison to detain undocumented migrants for more reporting, only to have it air with minor changes. The delay prompted charges that Weiss was trying to placate the White House, which CBS denied.

Notwithstanding the controversy, some insiders contend there has
not been a significant shift in how CBS News is covering most stories.

The network was among the first to report that the severity of injuries to U.S. service members from an Iranian drone attack in Kuwait were far more serious than the government initially said.

CBS News is also moving ahead with the hiring of Jeremy Adler, once a top advisor to former congresswoman and outspoken Trump nemesis Liz Cheney, to handle communications for Weiss, according to people familiar with the plan who were not authorized to speak publicly.

Axios — citing unnamed sources — reported that White House officials are angry about Adler joining the network, as Cheney was vice chairman of the committee that investigated the Jan. 6 insurrection.

Cheney, the daughter of former Vice President Dick Cheney and one of the most conservative members of Congress during her time, supported Trump’s opponent Kamala Harris in the 2020 election.

Adler was Cheney’s deputy chief of staff and senior communications advisor from 2019 to 2023. He also served as a regional press secretary on now-Secretary of State Marco Rubio’s 2016 presidential campaign.

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