Paramount circles its' wagons, Champion gets sold, & the 11th hour for Elon.

📽️ ENTERTAINMENT NEWS 📽️

• Paramount is circling its’ wagons as its’ new trio of co-CEOs laid out their vision for the company at it’s annual meeting whikle. Chairwoman Shari Redstone has also received the lowest votes of any director during the company’s board election, as she also mulls over a potential sale of National Amusements and Paramount to Skydance.

• The CW has announced that All American has been renewed for a season 7 leaving it as the only series left from pre-Nexstar era of the CW, following cancellations of Jared Padalecki’s Walker (ending his nearly 20 year run on the network), All American: Homecoming, and DC’s Superman & Lois.

• Disney and the state of Florida are working on a new development agreement that would provide assurances and guardrails for Walt Disney World, which sources say the state will see up to $17 billion in investment from Disney over “the next ten to twenty years.”, and also sets the stage for a fifth park at the resort.

🏈 SPORTS BUSINESS 🏈

• The Hanes Brands group has sold sports apparel brand Champion to Authentic Brands Group in a transaction valued at $1.2 billion. This adds Champion to a roster of brands such as Aéropostale. Billabong, DC Shoes, Quiksilver, Reebok, Sports Illustrated, and Volcom (to name a few).

• The NCAA’s Playing Rules Oversight Panel has passed a guideline allowing college football programs at every level of the sport to sell sponsor advertisements on football fields for regular season games, with the new guideline will go into effect in time for the 2024 season.

• NFL is facing class-action lawsuit over 'Sunday Ticket' that could cost league more than $21 billion. It is being alleged that the NFL worked together with its network partners to inflate the price of "Sunday Ticket." The attorney for the plaintiffs, Amanda Bonn, said that the price for "Sunday Ticket" is unaffordable for most people.

🏢 STARTUP NEWS 🏢

• According to Forbes, AI startup Perplexity operates a chatbot that has been “directly ripping off” articles written by news outlets such as CNBC and Forbes without giving proper credit or attribution. Perplexity AI CEO Aravind Srinivas acknowledged the issue in an X post, but asserted that the chatbot cites third-party outlets more prominently than rival services such as Google Gemini, OpenAI’s ChatGPT and Microsoft’s Copilot.

• Carta, a once-high-flying Silicon Valley startup that loudly backed away from one of its businesses earlier this year, is working on a secondary sale that would value the company at $2 billion, which is down from its’ $8.5 billion valuation. Earlier this year, Carta was exposed for using information about a founder’s investor base to try to sell its shares to outside buyers without the company’s knowledge or consent.

• Elon Musk is reportedly considering leaving Tesla if shareholders reject his $56 billion pay package, according to the company's board chair Robyn Denholm. The shareholders of the electric car maker will decide on Elon’s compensation package on June 13 as part of its’ its annual shareholders meeting. Elon has also threatened to ban Apple devices from his companies on Monday after the iPhone maker announced a partnership with OpenAI.

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