Day: July 8, 2024

NEW YORK — The entertainment giant Paramount will merge with Skydance, closing out a decades-long run by the Redstone family in Hollywood and injecting desperately needed cash into a legacy studio that has struggled to adapt to a shifting entertainment landscape. 

It also signals the rise of a new power player, David Ellison, the founder of Skydance and son of billionaire Larry Ellison, the founder of the software company Oracle. 

Shari Redstone’s National Amusements has owned more than three-quarters of Paramount’s Class A voting shares through the estate of her late father, Sumner Redstone. She had battled to maintain control of the company that owns CBS, which is behind blockbuster films such as “Top Gun” and “The Godfather.” 

Just weeks after turning down a similar agreement with Skydance, however, Redstone agreed to a deal on terms that had not changed much. 

“Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king,” said Redstone, who is chair of Paramount Global.

The new combined company is valued at around $28 billion. In connection with the proposed transaction, which is expected to close in September 2025 pending regulatory approval, a consortium led by the Ellison family and RedBird Capital will be investing $8 billion. 

Skydance, based in Santa Monica, California, has helped produce some major  

Paramount hits in recent years, including Tom Cruise films like “Top Gun: Maverick” and installments of the “Mission Impossible” series. 

Skydance was founded in 2010 by David Ellison and it quickly formed a production partnership with Paramount that same year. If the deal is approved, Ellison will become chairman and chief executive officer of what’s being called New Paramount. 

Ellison outlined the vision for New Paramount on a conference call about the transaction Monday. In addition to doubling down on core competencies, notably with a “creative first” approach, he stressed that the company needs to transition into a “tech hybrid” to stay competitive in today’s evolving media landscape. 

“You’ve watched some incredibly powerful technology companies move into the … media space and do so very successfully,” Ellison said. He added that it was “essential” for New Paramount to chart a similar course going forward. 

That includes plans to “rebuild” the Paramount+ streaming service, Ellison noted — pointing to wider goals to expand direct-to-consumer business, such as increasing engagement time on the platform and reducing user churn. He also said that the company aims to transition to more cloud-based production and continue the use of generative artificial intelligence to boost efficiency. 

Executives also outlined further restructuring plans for New Paramount on Monday’s conference call, with chairman of RedBird Sports and Media Jeff Shell noting that they had identified some $2 billion in cost efficiencies and synergies that they’ll “attempt to deliver pretty rapidly.” 

Shell and others addressed the declining growth of linear TV. Flagship linear brands will continue to represent a big chunk of the company’s operations, but learning how to run this portion of business differently will be key, he said. 

Paramount’s struggles

The on-again, off-again merger arrives at a tumultuous time for Paramount, which has struggled to find its footing for years and its cable business has been hemorrhaging. In an annual shareholder meeting in early June, the company also laid out a restructuring plan that included major cost cuts. 

Leadership at Paramount was also volatile earlier this year after its CEO Bob Bakish, following several disputes with Redstone, was replaced with an “office of the C.E.O,” run by three executives. Four company directors were also replaced. 

Paramount is one of Hollywood’s oldest studios, dating back its founding in 1914 as a  distributor. Throughout its rich history, Paramount has had a hand in releasing films — from “Sunset Boulevard” and “The Godfather,” to “Raiders of the Lost Ark” and “Titanic.” 

The studio also distributed several early Marvel Cinematic Universe films, including “Iron Man” and “Thor,” before the Disney acquisition. In addition to “Mission: Impossible” and “Top Gun,” Paramount’s current franchises include “Transformers,” “Star Trek” and “Jackass.” 

While Paramount has not topped the annual domestic box office charts for over a decade, the wild box office success of “Top Gun: Maverick” in 2022 (nearly $1.5 billion worldwide) was an important boon to both movie theaters and the industry’s pandemic recovery. 

Still, its theatrical output has declined somewhat in recent years. Last year it released only eight new movies and came in fifth place for overall box office at around $2 billion — behind Universal (24 films), Disney (17 films), Warner Bros. and Sony. 

Movie plans

This year the release calendar is similarly modest, especially with the absence of “Mission: Impossible 8,” which was pushed to 2025 amid the strikes. The studio has had some successes, with “Bob Marley: One Love” and “A Quiet Place: Day One,” and still to come is Ridley Scott’s “Gladiator” sequel. 

The National Association of Theatre Owners, a trade organization that represents over 35,000 screens in the U.S., said in a statement Monday that it plans to look closely at the details of the merger with an eye toward whether it will produce more or less theatrical releases. 

“We are encouraged by the commitment that David Ellison and the Skydance Media team have shown to theatrical exhibition in the past,” said Michael O’Leary, president and CEO of the National Association of Theatre Owners. “A merger that results in fewer movies being produced will not only hurt consumers and result in less revenue, but negatively impact people who work in all sectors of this great industry — creative, distribution and exhibition.” 
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JOANETES, Spain — Xavier Pallàs plants his feet on the belfry floor, grips the rope, and with one tug fills the lush Spanish valley below with the reverberating peal of a church bell. 

Clang-clong! Clang-clong! Clang-CLONG! The swinging bronze bell resonates with each strike of the clapper, filling the small stone tower with an undulating hum. Once Pallàs finishes his peals, the metallic melody fades to stillness. Silence returns to the tower, giving the valley’s soundscape back to the birdsongs and rooster crows. 

For most, church bells are just a quaint bit of automated background noise. But Pallàs and his 18 students at the Vall d’en Bas School of Bell Ringers are trying to change that by resuscitating the dwindling art of tolling — and communicating — by hand. 

The shift to mechanical tolling devices over the past century has flattened the bells’ dynamic songs and muted their messaging powers, said Pallàs, the school’s founder and director. If played with the know-how, the sounding of church bells in various sequences, tones and rhythms can signal the time for rejoicing or mourning and when to run to the aid of a neighbor in need. 

“For centuries, the tolling of church bells was our most important communication method,” said Pallàs, standing inside the belfry which doubles as his classroom. 

“Machines cannot reproduce the richness of the sounds that we used to hear, so there has been a simplification and unification of bell ringing. The language has been lost little by little until now, when we are finally recognizing its worth.” 

Before newspapers, radio, telephones, television and the internet, it was bellringing that transmitted important information. A physically demanding job that required long hours and complete dedication, to be a bellringer was to be a human clock and the public loudspeaker. 

While manual church bell ringing has persisted in Eastern Orthodox countries, it has largely been replaced by bell ringing systems in Catholic and Protestant churches in Western Europe. 

Many of Spain’s church bell towers that were automized in the 1970s and ’80s are in a dire state, said Pallàs, who witnessed widespread problems while researching the belfries of Garrotxa, a county in northeast Catalonia. The rural area is known for its verdant hills, dormant volcanoes and picturesque villages where most people speak Catalan before Spanish. 

His research included the 12th century Sant Romà church in Joanetes, a tiny village about two hours north of Barcelona, where Pallàs has spent the past 10 months teaching the inaugural class one Saturday a month. 

“Since the last generation of bellringers had died off, the only thing to do was to train new ones in how to toll the bells. And that’s where the idea of the school was born,” Pallàs said. 

Intangible heritage 

The initiative comes two years after UNESCO added manual bellringing in Spain to its compendium of humanity’s intangible cultural heritage. UNESCO described how the bells had knitted together communities even before they were functioning modern states. 

“The first thing we have to do is rediscover the bells. That is why this school is so important,” said Roman Gené Capdevila, president of Catalonia’s Bell Ringers brotherhood. “There are so many ways to ring a bell, what we need are bellringers.” 

The bellringing course, officially recognized by the ISCREB theology school in Barcelona, finished last week with a demonstration by the class. All drawn to the allure of the banging bells, the students were men and women with diverse professional backgrounds ranging from engineering to teaching. One was in his 20s; several were retirees. 

They spent the past few months researching old chiming sequences, documenting their origins and learning to play them. That ethnographic task meant students had to search out old bellringers, or their family members, to record what they knew. 

Roser Sauri jumped at the chance to reconnect with her childhood by recovering and playing the chiming sequence that had sounded in her grandfather’s village when he was baptized. 

“The bells formed a part of my life,” said Sauri, who now works in artificial intelligence. She missed their constancy while studying for her computing doctorate in Boston, where she heard none. 

“When I visited my family, I began to associate the sound of church bells with being back home.” 

The human touch 

The students took turns tolling sequences for everything from calls to Easter Mass, bad weather warnings, help for fighting a fire to orders for the village militia. They also could tell workers to get back to reaping wheat, or housewives when the fresh fish was coming to market and even how much it cost. Many of the ringers wore earplugs or headphones to muffle the deafening peals. 

The students tolled a gamut of death announcements that could specify gender and social class. Juan Carles Osuna and two others tolled for the death of a woman. That meant swinging the largest bell at 429 kilos (945 pounds). It still had a clapper secured in the traditional method of using a dried skin of an ox penis. 

Osuna, who paints church murals, also performed a complex sequence with all four of belfry’s bells that required him to sit in a chair with ropes looped around his hands and feet. 

“Whew! It’s an emotional experience. You feel your blood pumping. You feel the strength, and how you are communicating with everyone in earshot,” he said. “For me it is an honor, it’s a way to honor both humans and God.”

The hesitation, the variation in the strength of each toll: in these details, and sometimes mistakes, the listener can hear the creator of the sound. 

“The (automated) hammer will always be mathematically precise,” Osuna said. “There is emotion in the human touch. There is a human element.” 

Utopian, quixotic? Maybe not 

What might seem like a quixotic mission has so far had a promising start. 

While admitting that his dream of having a bell ringer for every bell tower is “utopian,” Pallàs said he has a full class lined up for the fall and some 60 more people on a waiting list. Many of his graduating pupils, including Sauri and Osuna, hope to continue playing at their local parishes or help convert their belfries into systems that allow manual ringing. 

Pallàs believes that a recovery of bell ringing in a neighborhood or town’s life could help strengthen communities in this dizzying age of technological, economic and political change. 

“This is a means of communication that reaches everyone inside a local community and can help it come together at concrete moments,” Pallàs said. “That can include a death in the community or the celebration of a holiday. It can help mark the rituals that we need.” 
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