On today’s news digest: Skydance and Paramount Global Sign Definitive Agreement; Cineworld Considers Closing Quarter of UK Cinemas; Apple Approves Epic Games Marketplace App
Following months of talks, a definitive agreement has finally been reached between Skydance Media and Paramount Global. Both parties will merge to form New Paramount. The process will involve the acquisition of National Amusements Inc (which holds the controlling share stake in Paramount), then subsequently the merger of Skydance and Paramount. The merger combines Skydance Investor Group’s financial resources and tech with Paramount’s platforms (both linear and streaming), and its film and television library.
Panning to the cinema sector, the future is not looking bright for Cineworld. As part of a wide-ranging restructure, the cinema chain is considering closing a quarter of its 100 UK cinemas. It’s also planning to renegotiate rent agreements at 50 or more of its UK sites. The cinema industry took a big hit during Covid, and was further impacted last year by the widespread strikes from Hollywood writers and actors which halted film productions.
In the gaming landscape, Apple has approved Epic Games’ third-party marketplace app for launch in the EU. Under legislation from the Digital Markets Act, Apple is now obligated to allow third-party app stories on its products. On Friday, Epic Games said it had shared the matter with the European Commission, after Apple rejected its submission twice over concerns that its Games Store was too similar to Apple’s App Store. Later that same day, Apple granted the app’s approval – under the condition, however, that Epic would make changes to certain buttons and labels on its design. Epic maintains that it has utilised a standard design for its app.
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