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RSFF Concludes Milestone Participation in Cannes Film Festival

Members of the public walk in front of the Palais des Festival prior to the 74th international film festival, Cannes, southern France, July 5, 2021. (AP Photo/ Brynn Anderson)
Members of the public walk in front of the Palais des Festival prior to the 74th international film festival, Cannes, southern France, July 5, 2021. (AP Photo/ Brynn Anderson)
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RSFF Concludes Milestone Participation in Cannes Film Festival

Members of the public walk in front of the Palais des Festival prior to the 74th international film festival, Cannes, southern France, July 5, 2021. (AP Photo/ Brynn Anderson)
Members of the public walk in front of the Palais des Festival prior to the 74th international film festival, Cannes, southern France, July 5, 2021. (AP Photo/ Brynn Anderson)

The Red Sea Film Foundation (RSFF), which participated in the recently concluded 77th Cannes Film Festival, played an important role in supporting Arab cinema and promoting it globally, an RSFF press release said.
A notable achievement at the festival was the Saudi film "Norah", directed by Tawfik AlZaidi and supported by the Red Sea Fund. "Norah" made history as the first Saudi film to compete in the prestigious "Un Certain Regard" section, receiving a special jury mention and selling out screenings within hours, according to SPA.

The Egyptian film "The Brink of Dreams", also supported by the Red Sea Fund, directed by Nada Riyadh and Ayman El Amir, won the Golden Eye Award for Best Documentary Film, which it shared with the French film "Ernest Cole: Lost and Found".
According to the release, RSFF has supported unique film projects and emerging talent through programs like Red Sea Fund, Red Sea Souk, and Red Sea Labs. These programs have led cinematic works to gain recognition and awards at international festivals.
One notable film is "Four Daughters" directed by Kaouther Ben Hania, which received an Academy Award nomination for Best Documentary.

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Entertainment Giant Paramount Agrees to a Merger with Skydance

FILE PHOTO: The logo of Paramount Pictures studios is pictured in Los Angeles, California, US, September 24, 2023. REUTERS/David Swanson/File Photo
FILE PHOTO: The logo of Paramount Pictures studios is pictured in Los Angeles, California, US, September 24, 2023. REUTERS/David Swanson/File Photo
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Entertainment Giant Paramount Agrees to a Merger with Skydance

FILE PHOTO: The logo of Paramount Pictures studios is pictured in Los Angeles, California, US, September 24, 2023. REUTERS/David Swanson/File Photo
FILE PHOTO: The logo of Paramount Pictures studios is pictured in Los Angeles, California, US, September 24, 2023. REUTERS/David Swanson/File Photo

Entertainment giant Paramount, which owns CBS and was behind blockbuster films such as “Top Gun" and “The Godfather” has agreed to merge with Skydance, the companies said.
The new combined company is valued at around $28 billion, The Associated Press reported.
“Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king,” said Shari Redstone, chair of Paramount Global.
Redstone's National Amusements owns more than three-quarters of Paramount’s Class A voting shares though the estate of her late father, Sumner Redstone, according to data firm FactSet. Shari Redstone had battled to keep control of the company.
Skydance, based in Santa Monica, California, has helped produce some major Paramount hits in recent years. Those include several Tom Cruise films including “Top Gun: Maverick” and installments of the “Mission Impossible” series.
Skydance was founded in 2010 by David Ellison, son of billionaire Larry Ellison, the founder of the software company Oracle. It quickly formed a production partnership with Paramount that same year.
David Ellison will be chairman and chief executive officer of what’s being called New Paramount. The agreement still needs regulatory approval.
The on-again, off-again merger arrives at tumultuous time for Paramount, which in an annual shareholder meeting in early June laid out a restructuring plan that includes major cost cuts. The company also saw a leadership shakeup earlier this year.
Paramount has struggled in an evolving media landscape, particularly as its traditional cable business has declined. To capture today’s growing streaming audience, the company launched Paramount+ back in 2021, but losses and debts have still piled up over time.
Sumner Redstone used National Amusements, his family’s movie theater chain, to build a vast media empire that included CBS and Viacom, which have merged and separated a number of times over the years. Most recently, the companies re-joined forces in 2019, undoing the split consummated in 2006. The company, ViacomCBS, changed its name to Paramount Global in 2022.
Under Sumner Redstone’s leadership, Viacom became one of the nation’s media titans, home to pay TV channels MTV and Comedy Central and movie studio Paramount Pictures.
Skydance wasn’t the only one to make a Paramount bid in recent months — Apollo Global Management and Sony Pictures also made competing offers. Late last year, Warner Bros. Discovery also made headlines for exploring a potential merger with Paramount. But by February, Warner had reportedly halted those talks.