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Sony Pictures Entertainment and Apollo Global Discuss Possible Joint Bid for Paramount Global

News on MEA

Sony Pictures Entertainment and Apollo Global Management are in discussions regarding a potential joint bid for Paramount Global, according to reports from the New York Times and sources familiar with the matter. While the conversations are ongoing, several challenges must be addressed before a formal offer can be made. Apollo Global Management had previously considered solo bids for Paramount Global, including a $26 billion offer and an $11 billion offer for the Paramount Pictures film studio. However, Paramount Global is currently engaged in exclusive negotiations with Skydance Media, exploring a merger that would integrate Paramount into Skydance under the leadership of Skydance CEO David Ellison. Paramount Global has established a special committee to evaluate offers and options, expressing reservations about Apollo’s bids due to concerns about regulatory approval and the potential impact of a financial buyer on the company’s assets. The proposed joint bid between Sony and Apollo entails Sony Corp. contributing Sony Pictures Entertainment to the joint venture, with both parties providing cash to facilitate the transaction. Sony would emerge as the majority owner of the combined entity, which would also include CBS. However, structuring the deal would require careful consideration, particularly regarding FCC regulations concerning foreign ownership of broadcast TV stations, given CBS’s ownership of 28 TV stations. While a representative for Apollo has yet to comment on the discussions, a Sony spokesman declined to provide further details. If successful, the partnership between Sony and Apollo would mark a significant shift for Sony Corp., which has maintained a Hollywood presence for over three decades. This potential move comes amid ongoing speculation about Sony’s commitment to its Hollywood investment. Meanwhile, the Skydance scenario involves keeping Paramount Global as a publicly traded entity, with Skydance and RedBird Capital Partners injecting capital to alleviate its substantial debt burden. The transaction would also usher in a change in leadership, with David Ellison assuming the role of CEO. However, concerns have been raised by some shareholders regarding the potential enrichment of controlling shareholder Shari Redstone in the Skydance deal. Skydance and RedBird are reportedly planning a roadshow to garner support from common shareholders, although the addition of Sony to the negotiations may complicate matters.

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Zee Entertainment Launches 18 South Asian Channels on YouTube TV for Diverse US Audience

Zee Entertainment has made a significant move in the digital space by launching 18 South Asian channels on YouTube TV, catering to the diverse audience in the United States. This collaboration aims to meet the evolving content preferences of the expanding South Asian population in the US. The ‘Zee Family’ package offers a selection of 18 premium channels on the YouTube TV platform, dedicated to captivating the diverse and vibrant South Asian community across the United States. This partnership between Asia TV USA and YouTube TV marks a milestone in catering to the diverse needs of the South Asian population in the USA, particularly regional language speakers such as Telugu, Tamil, Kannada, Marathi, etc. The lineup includes flagship channels like Zee TV along with 17 additional ZEE channels, covering a variety of languages such as Zee Cinema, &TV, Zee Bangla, Zee Tamil, Zee Telugu, Zee Kannada, Zee Keralam, Zee Marathi, Zee Punjabi, Zee World, and others. Punit Misra, president of content and international markets at Zee Entertainment Enterprises, highlights the significance of the U.S. market within ZEE’s global strategy. He emphasizes the commitment to fulfilling the evolving content preferences of the expanding demographic in the US, providing viewers with a vast repertoire of rich, multi-lingual content from India. Ashok Namboodiri, CBO for International Business at Zee Entertainment Enterprises, underscores the importance of the partnership with YouTube TV in realizing growth objectives in the U.S. market. The collaboration ensures the provision of a diverse range of entertainment options specifically curated for the South Asian audiences subscribing to YouTube TV. Overall, the launch of these 18 South Asian channels on YouTube TV signifies a strategic move by Zee Entertainment to cater to the diverse cultural and linguistic preferences of the South Asian diaspora in the United States, enriching the viewing experience for consumers nationwide.

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Microsoft Enlists Former OpenAI CEO Sam Altman to Lead New Advanced AI Research Team

Microsoft has made a significant move in the field of artificial intelligence (AI) by hiring former OpenAI CEO Sam Altman and co-founder Greg Brockman to lead a newly established advanced AI research team. This development was announced by Microsoft CEO Satya Nadella, and it follows the recent appointment of Emmett Shear as CEO by OpenAI’s board, a decision that went against the wishes of some investors who sought the reinstatement of Sam Altman, a co-founder of OpenAI since its establishment in 2015. Satya Nadella expressed great excitement about the addition of Sam Altman and Greg Brockman to Microsoft, stating, “We’re extremely excited to share the news that Sam Altman and Greg Brockman, together with colleagues, will be joining Microsoft to lead a new advanced AI research team.” Nadella also hinted that the term “colleagues” suggests Microsoft might be planning to bring in other former OpenAI employees who departed over the weekend. Microsoft has invested significant financial resources in OpenAI, and Nadella emphasized the company’s ongoing commitment to its partnership with the startup. He mentioned, “We remain committed to our partnership with OpenAI and have confidence in our product roadmap, our ability to continue to innovate… and in continuing to support our customers and partners.” In response to the move, Sam Altman acknowledged his new role at Microsoft in a post on X, quoting Nadella and indicating continuity with the mission. Nadella responded by hinting at Altman’s role at Microsoft, noting the company’s experience in providing founders and innovators the space to build independent identities and cultures within the larger Microsoft ecosystem. He cited examples such as GitHub, Mojang Studios, and LinkedIn as instances where this approach has been successful. This strategic move by Microsoft not only bolsters its position in the AI research landscape but also reflects the dynamics of the tech industry, with companies actively seeking and securing top talent to drive innovation and advancements in artificial intelligence.

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IIT Kanpur and ICICI Bank Forge Partnership to Boost Startup Innovation in India

In a significant development, the Indian Institute of Technology (IIT) Kanpur has entered into a Memorandum of Understanding (MOU) with ICICI Bank to extend comprehensive support to startups. This strategic collaboration is aimed at fostering collaborative initiatives between IIT Kanpur and ICICI Bank, with the primary goal of empowering startups and innovators at the Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur by equipping them with essential tools and knowledge. The official announcement hails this partnership as a pivotal step forward in advancing India’s entrepreneurial ecosystem, underscoring the critical role of partnerships in driving economic growth and nurturing innovation. Both IIT Kanpur and ICICI Bank are deeply committed to providing comprehensive assistance to early-stage ventures, underscoring their dedication to nurturing India’s vibrant startup community. This collaboration will primarily focus on supporting incubatees by enhancing their understanding of foreign trade policies. It will involve organizing workshops and seminars to enable students to effectively engage in international markets. Additionally, the two institutions will work together to host events for startups, thus creating a more expansive ecosystem for innovation and entrepreneurship that extends beyond financial services. ICICI Bank will also play a pivotal role in simplifying the complexities associated with pre and post-transaction compliance, ensuring that innovators, incubatees, and students at IIT Kanpur have a seamless experience when interacting with Private Equity (PE) and Venture Capital (VC) support. This includes streamlining the verification and submission of regulatory documents through digital channels, making the process more accessible and enhancing access to vital financial resources for emerging entrepreneurs within the IIT Kanpur ecosystem.

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