James Cameron and Ari Emanuel Offer Support of Skydance-Paramount Bid

James Cameron and Ari Emanuel

Josel Saget/AFP via Getty Images; Amy Sussman/Getty Images

James Cameron and Ari Emanuel both offered their support this weekend for Skydance’s bid to acquire Paramount.

Although reports earlier this week suggested that Paramount’s special board committee was opposed to accepting Skydance’s offer, Cameron and Emanuel said The Financial Times On Sunday, they endorsed the potential leadership of Skydance founder David Ellison.

The deal, first proposed during an exclusive 30-day trading window in early April, would see Skydance, joined by financial partners RedBird Capital and KKIR, acquire majority shareholder Shari Redstone’s stake in the company , then merged Skydance into Paramount, keeping it as a publicly traded company, with new management at the helm.

“I love Ellison’s idea,” said Cameron, whose 1997 film Titanic remains one of Paramount’s most successful films, said. “If he gets it. . . To lead Paramount creatively, this could be a huge boon for this company during these difficult times. David has proven himself.

Emanuel, Endeavor’s CEO, also saw promise in Ellison’s vision, calling him a “natural buyer” of the company. “David has a real movie business (with) big franchises,” he said. “Everyone does business with him: Amazon, Netflix, Apple, Paramount and Disney all have good relationships with David.”

Skydance’s trading window ended this week just after it offered a revised offer last weekend. Although the window has not been extended (nor a deal reached), a source close to the deal said The Hollywood Reporter that talks between the parties would continue.

At the same time, Paramount is also reportedly considering a $26 billion all-cash offer from Apollo and Sony Pictures. While the status of this deal is unclear, it would raise more regulatory concerns, due to Apollo’s current ownership of the TV channels and Sony’s status as a Japanese company.

The negotiations were just part of a very eventful week for Paramount: The company on Monday parted ways with CEO Bob Bakish, replacing him with Chris McCarthy, George Cheeks and Brian Robbins working in a “CEO’s office.”

“Looking ahead, we are finalizing a new long-term plan to best position this legendary company to reach new heights in our rapidly changing world,” the trio wrote to employees Monday.

A source said executives were ready to lead the business for the long term, confirming a formal strategic plan would be communicated to staff in the coming weeks.