Hollywood Week: Paramount Deal Implodes, Charles Barkley to Retire, Jerry West, LA Lakers Legend, Dies

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Category: Entertainment News
Published on Saturday, 15 June 2024 09:42
Written by Janet Walker

Shari Redstone's National Amusements nixed the Skydance deal this week sending CEO David Ellison home empty handed after the company adjusted the deal for shareholders and devalued the overall valuation of National Amusements.

Paramount Deal Implodes

Shari Redstone, the daughter of media tycoon, Sumner Redstone, who inherited controlling interest in the company her father built, has been seeking to sell National Amusements, which owns 77% of Class A Paramount stock.

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The two main suitors which have pursued Paramount were David Ellison, CEO of Skydance, and son of tech entrepreneur Oracle founder Larry Ellison, as well as SONY pictures partnering with investment firms. Ellison, who had been endorsed by Hollywood heavyweights like Director James Cameron, and Director Taylor Sheridan and "Mission Impossible" actor Tom Cruise, seemed to have the edge.

"Under Skydance's most recent proposal, the production company would have bought National Amusements for roughly $1.7 billion in cash and provided $4.5 billion to buy out a certain number of Paramount's nonvoting shares and non-Redstone voting shares. Skydance also would have injected $1.5 billion onto Paramount's balance sheet, which it could use to pay down debt," reported The Wall Street Journal.

Ultimately, the real question became did Ms. Redstone want to sell, the company her family had controlled for four decades? And the answer was apparently "no."

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Charles Barkley to Retire at the end of the 2025 Season

Charles Barkley, who spent 16 seasons in the NBA, will retire next year after spending the last 25 years as a basketball analyst for TNT's award-winning show "Inside the NBA."

"I ain't going nowhere other than TNT. But I have made the decision that no matter what happens, next year is going to be my last year on television," Barkley said on NBATV, after the Dallas Mavericks' Game 4 victory over the Boston Celtics. "And I just want to say thank you to my NBA family. You guys have been great to me. My heart is full with joy and gratitude," ESPN reported.

With the media rights up for renewal, and ESPN, Amazon, and NBC Universal all prepared to pay up to $2billion each for national broadcasting and streaming rights to all regular season and playoff games. That deal could potentially dethrone TNT's 40-year relationship with the NBA. However, as deals fall apart fast in the world of media empires, the possibility that TNT could partner with any or all the media giants to create another option is very real. It should make for a very active off season.

Jerry West, Former NBA Player, LA Lakers Exec Dies

Jerry West, a former LA Lakers player and executive known for ushering in the "Showtime" Dynasty of the LA Lakers, died this week. He was 86.

"West was "the personification of basketball excellence and a friend to all who knew him," the Clippers said. West's wife, Karen, was by his side when he died, the team noted. West worked for the Clippers as a consultant for the past seven years," reported The Hollywood Reporter.

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Jerry West, like many found a niche early on in his life that he could excel at, and he became determined to use it to escape, which he explained, a "childhood devoid of love." In his book, West by West: My Charmed and Tormented Life, West reveled personal insights into his adolescent years in West Virginia, some of which had been known, as he developed himself into a champion, from college to the NBA, his humble beginnings had been known. The insights, and personal stories, which left him, as he described, "fighting a lifelong battle of depression."

Those beginnings instilled in him a drive, and his outlet was basketball. Still holder of the highest scorer at West Virginia University, sine 1959, West led the West Virginia University to the NCAA finals. Losing the championship by 1 point. Drafted in 1960, by Minneapolis Lakers who moved to Los Angeles in the same year.

West spent his entire professional career with the LA Lakers. He became known as "Mr. Clutch," for his ability to take the final minutes of any game and deliver a from behind win, most famously the buzzer-beating sixty foot shot in the final seconds of the 1970 NBA finals against The New York Knicks that tied Game 3. His stat list is the envy of players everywhere, Selected for the NBA All-Star team 14 times.

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West understood the stakes, and when he moved to the front office, basketball in Los Angeles was lacking the razzle dazzle of Hollywood. And then West took over and created the legendary "showtime" dynasty. "West helped to build the great 1980s Lakers dynasty, also known as Showtime, which brought five championship rings (1980, 1982, 1985, 1987, and 1988) to Los Angeles," Wikipedia reported.

Showtime, was more than LA slang, and razzle dazzle, Showtime was playing the game by a new set of rules, a "run-and-gun" style, which meant upbeat, high tempo, electrifying, which included adding professional choreographers, the LA Laker girls, and drafting big names, like Magic Johnson, Kareem Abdul Jabbar, and James Worthy, keeping the eye on the prize, and making the game the show. West's move delivered big for the franchise. He followed up by drafting Kobe Bryant, and Shaqille O'Neal.

NBA commissioner Adam Silver issues this statement, regarding the passing of Jerry West:

"Jerry West was a basketball genius and a defining figure in our league for more than 60 years.  He distinguished himself not only as an NBA champion and an All-Star in all 14 of his playing seasons, but also as a consummate competitor who embraced the biggest moments.  He was the league's first Finals MVP and made rising to the occasion his signature quality, earning him the nickname 'Mr. Clutch'.

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"Jerry's four decades with the Lakers also included a successful stint as a head coach and a remarkable run in the front office that cemented his reputation as one of the greatest executives in sports history.  He helped build eight championship teams during his tenure in the NBA – a legacy of achievement that mirrors his on-court excellence.  And he will be enshrined this October into the Naismith Basketball Hall of Fame as a contributor, becoming the first person ever inducted as both a player and a contributor.

"I valued my friendship with Jerry and the knowledge he shared with me over many years about basketball and life.  On behalf of the NBA, we send our deepest condolences to Jerry's wife, Karen, his family and his many friends in the NBA community."

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