Paramount guarantees equity financing backed by Larry Ellison in its quest for Warner Bros. Discovery; the USC-Notre Dame rivalry is going on hiatus; and Jon “Stugotz” Weiner will host a new daily show on FOX Sports Radio. Plus news on ESPN, Discovery Global, NBC Sports and WFAN.
Paramount guarantees backing of equity financing from Larry Ellison in hostile bid for WBD
Paramount on Monday amended its hostile bid for Warner Bros. Discovery to backstop its proposed equity financing with “an irrevocable personal guarantee” from Larry Ellison, father of Skydance Media founder and Paramount chairman/CEO David Ellison. The guarantee would also cover any damage claims coming against Paramount. The elder Ellison has pledged that he will not revoke his family’s trust “or adversely transfer its assets” should the transaction move forward. WBD confirmed receipt of the offer Monday evening, and its board of directors is going to review the proposal.
Notably, Paramount did not up its all-cash bid of $30/share to acquire the entirety of the Warner Bros. Discovery media conglomerate. WBD’s board suggested shareholders reject the previous Paramount offer, instead urging the Netflix cash-and-stock agreement for $27.75/share that would relinquish the streaming and studio assets. With its amended bid, Paramount has also raised its proposed reverse breakup fee to $5.8 billion, up by $800 million, and aligning with the terms offered by Netflix.
RedBird Capital founder/managing director Gerry Cardinale said on CNBC Monday that Paramount was not aware of WBD’s concern until its SEC filing last week. “Like we’ve done through the six bids that we’ve made, we are being responsive to what their concerns are. The big concern was that Larry Ellison and his family [are] not money good for this transaction, and so we’ve come in and said that, ‘Okay, Larry will give a personal guarantee on the equity financing for this transaction.'”
Cardinale said that Paramount was still waiting for a response from its offer earlier in December and that it went to shareholders because they own the company. He billed the Paramount bid as something that would have “a clear path through regulatory,” whereas he claimed people need “3D glasses to understand” the Netflix offer.
USC, Notre Dame rivalry series going on hiatus
The USC-Notre Dame rivalry game is going on hiatus starting next year after the two sides could not reach a new agreement, as reported by Ross Dellenger of Yahoo Sports. The universities were said to be exploring replacement opponents for next season, with Notre Dame announcing a two-year pact to face BYU. Dellenger added that USC athletic director Jen Cohen and Notre Dame athletic director Pete Bevacqua will attempt “to restart the series as soon as 2030.”
USC and Notre Dame not facing off on the gridiron breaks a streak of 78 consecutive meetings, the 2020 pandemic-impacted season excluded. Dellenger reported that both schools were finalizing a two-year extension of the series in late November that would have placed the game after Thanksgiving Day. USC, however, reportedly felt that this timing “was not ideal considering past decisions from the CFP selection committee in punishing schools for losses, especially those late in the season.”
“USC and Notre Dame recognize how special our rivalry is to our fans, our teams, and college football, and our institutions will continue working towards bringing back The Battle for the Jeweled Shillelagh,” both universities said in a joint statement Monday. “The rivalry between our two schools is one of the best in all of sport, and we look forward to meeting again in the future.”
This past season’s iteration of the rivalry matchup, which ended in a 34-24 Notre Dame win, averaged 4.64 million viewers on NBC. Notre Dame fell short of a CFP berth this past season, but the program is said to be guaranteed a spot in the playoff if it ranks in the top 12 beginning next year. Dan Wolken of Yahoo Sports reported that athletic directors from other leagues have threatened to “freeze out” Notre Dame from their future schedules.
Stugotz joining Fox Sports Radio lineup
Jon “Stugotz” Weiner is joining iHeart-owned FOX Sports Radio where he will host a two-hour radio program in afternoon drive starting next month, it was announced Monday. As part of the deal, Weiner will also bring his “Stugotz Podcast Network” to iHeartPodcasts with shows such as “Stugotz and Company,” “God Bless Football” and more projects to be launched. Weiner has not been on daily live radio since “The Dan Le Batard Show with Stugotz” departed ESPN Radio in early January 2021.
Weiner has been on Le Batard’s program less frequently in recent months as he has launched his own business, including a partnership with FanDuel. But he has agreed to return to the Meadowlark Media program for nine dates in January under one condition that has not been revealed publicly. Weiner said last year that he turned down the WFAN program director job, opting to instead remain with Le Batard and Meadowlark.
The radio program will be an extension of the “Stugotz and Company” show, Weiner said, and will broadcast from iHeart studios in South Florida. It will air from 3 to 5 PM ET, the daypart previously featuring Doug Gottlieb, who is taking a break from his radio program to focus on his head coaching duties at UW-Green Bay.
FOX Sports Radio has not revealed any additional changes to its weekday lineup syndicated to over 270 stations in the United States, with Weiner’s show set to be preceded by those hosted by Dan Patrick and Colin Cowherd.
Plus: ESPN, Discovery Global, NBC Sports, WFAN
- Talaya Gaines is returning to ESPN where she will serve as the VP of talent relations and development, taking on a role that focuses on recruiting, developing and managing talent at the network starting on Monday, Jan. 5. Gaines, who previously worked for ESPN for 14 years ending in 2021, arrives from MSG Networks. Along with VP of talent negotiations and policy Rosetta Ellis-Pilie, she will report to Freddy Rolón, ESPN’s head of global sports and the talent office.
- Discovery Global has named Adrienne O’Hara its EVP and chief communications and public affairs officer, effective Wednesday, Jan. 7, as the company prepares to be spun out from Warner Bros. Discovery. The news was announced Monday. O’Hara joins Discovery after a five-year stint with Gap Inc., and she will report to company president/CEO and current WBD CFO Gunnar Wiedenfels.
- Award-winning musician Snoop Dogg is joining the “Peacock NBA Monday” broadcast of Warriors-Clippers on Monday, Jan. 5 as a color commentator for second-half action alongside Terry Gannon and Reggie Miller, it was revealed Monday. Snoop Dogg will be attending production meetings, watching team shootarounds and viewing game film ahead of the contest.
- Longtime WFAN update anchors Erica Herskowitz and Rick Ackerman have exited the sports talk radio station, marking further changes to the roster ahead of the return of Craig Carton to afternoon drive. In addition, former midday host Brandon Tierney launched his own venture on Monday via YouTube, titled “BT Unleashed,” and expounded on his departure from the outlet.
