Firefighters are continuing an uphill battle in Santa Barbara County, where the Lake Fire swelled to more than 16,000 acres over the weekend. 

The blaze was first reported on Friday at around 3:45 p.m. near Zaca Lake and Saint Lucia Road, according to Cal Fire. 

After more than 48 hours, the fire has consumed 16,452 acres and remains just 8% contained with more than 600 firefighters currently engaged in the firefight. On top of ground units, 10 helicopters and numerous other water-dropping aircraft are assisting with the ongoing suppression efforts. 

Not only are they dealing with exceedingly dry conditions, crews are also forced to work with the sweltering heat wave that has swathed most of Southern California in triple degree temperatures over the weekend. 

So far one structure has been damaged and one injury has been reported, Cal Fire said. Among the homes threatened by the rapidly spreading flames is Michael Jackson’s former residence, the famed Neverland Ranch, located in the 5000 block of Figueroa Mountain Road. He owned the 2,700-acre property from 1988 until his death in 2009.

An evacuation order was issued late Saturday evening for Figueroa Mountain Road to Sawmill Basin, including Tunnel Road and the Figueroa Campground. 

Additionally, evacuation warnings have also been issued for Figueroa Mountain Road to Chamberlin Ranch and Zaca Lake Road, Foxen Canyon Road and the area south of the Sisquoc River, firefighters said. 

It remains unclear what sparked the massive fire, which is now the second largest reported in California since the start of 2024.  

The Lake Fire is one of several large wildfires currently burning in California. The Thompson Fire, currently raging in Butte County near Chico, has torched more than a dozen homes, while the Basin Fire near Fresno has engulfed more than 14,000 acres. 

The turbulent courtship between Paramount Global-parent National Amusements and Skydance Media is back on less than a month after the sides abruptly ended merger talks.

Paramount, owner of Paramount Pictures movie and television studios, the CBS television network and CBS News, announced in a news release that it is merging with Skydance, an entertainment business founded by David Ellison, son of Oracle founder Larry Ellison. Paramount also owns the Paramount+ streaming service, Nickelodeon, BET, MTV, Comedy Central and other media brands.

The transaction resolves months of speculation around the future of Paramount, which also reportedly attracted a $26 billion bid from a consortium including Sony Pictures and private equity firm Apollo Global Management. A range of prominent media and entertainment industry executives were also said to have expressed interest in a possible deal for Paramount.

Under the terms of the latest deal, Skydance would pay $2.4 billion for National Amusements, which controls 77% of the voting shares for Paramount, while shareholders with non-voting stock will receive $15 per share or one share of non-voting stock in the new company.

The deal also gives other potential bidders for Paramount 45 days to submit a competing offer, an apparent effort to appease shareholders who felt Skydance’s initial bid undervalued their stake in the media company.

Uniting old and new Hollywood

The deal unites Paramount — a storied movie studio dating back to 1912 that is known for film classics such as “Titanic,” “The Godfather” and “Raiders of the Lost Ark,” as well as franchises including “Star Trek” and “Mission Impossible” — with a relative newcomer to the entertainment industry. Since David Ellison launched Skydance in 2010, the company has produced or co-produced hit films and TV shows including “Top Gun: Maverick” and the “Reacher” streaming series. 

For Shari Redstone, controlling shareholder of National Amusements, the deal brings to a close her family’s long stewardship of Paramount, which was built on the foundation laid by her late father, entertainment mogul Sumner Redstone. In recent years, that effort has focused on growing Paramount’s streaming footprint, along with the continued expansion of its core network TV, cable and movie businesses. 

In its most recent quarter, Paramount reported an operating loss of $417 million on revenue of $7.6 billion, compared with a loss of $1.2 billion on revenue of $7.2 billion in the year-ago period. Skydance, which is privately held, expects its annual revenue to reach $1 billion in 2024, according to the Wall Street Journal. 

The merger with Skydance follows what has been a delicate negotiation in which Paramount executives sought to balance the interests of investors who own the company’s voting shares — which are primarily controlled by Redstone — and investors with non-voting stock. The latter are represented by large institutional investors such as Berkshire Hathaway and Vanguard, according to financial data firm FactSet.

The merger also follows the April 29 departure of former Paramount Global CEO Bob Bakish, who was replaced by an Office of the CEO led by three division chiefs: George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO of Showtime and MTV Entertainment Studios; and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon.

After the initial deal to combine National Amusements and Skydance collapsed on June 11, Paramount’s new leadership disclosed plans to cut costs by $500 million, explore a joint venture or other possible partnerships for Paramount+, and sell non-core assets. It is uncertain how that blueprint could change under Skydance’s watch. 

The sale of Paramount also highlights ongoing consolidation within the media space as industry stalwarts like Paramount and CBS seek to compete with much larger competitors, including technology and entertainment companies.