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Time Is Money

Jun 4, 2024 • 4 min read

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Snowflake Threat Actor
Paramount Skydance Merger

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Snowflake Threat Actor:

A threat actor known as UNC5537 has been targeting organizations using Snowflake databases, leveraging stolen customer credentials to conduct data theft and extortion. According to a blog post by cybersecurity firm Mitiga, the attacker uses a custom tool to exploit Snowflake environments that lack two-factor authentication (2FA). The attacks originated from commercial VPN IP addresses, and UNC5537 has been extorting organizations by publicly posting stolen data for sale on hacker forums.
Snowflake, a leading player in the cloud storage and analytics market with over 9,000 customers, has been significantly affected. Mitiga’s director of research, Or Aspir, stated that the suspicious activity was first noticed after numerous customer inquiries and threat intelligence reports. Their investigation revealed the issue was more widespread than initially thought, involving multiple organizations and attracting the attention of law enforcement agencies.
Despite the severity, Mitiga did not contact Snowflake directly, assuming the company was already aware, as the campaign started in April without compromising Snowflake's internal systems. In a related incident, a hacker named "ShinyHunters" has been selling a 1.3TB cache of data allegedly containing personal information and credit card details of 560 million Ticketmaster customers. Live Nation, Ticketmaster's parent company, acknowledged a data breach involving a third-party Snowflake cloud database and launched an investigation on May 20, 2024.
Initially, the cybersecurity firm Hudson Rock reported that the breach involved Snowflake, but they later deleted the report, making it unclear if these events are linked. By May 27, the stolen data was offered for sale on the dark web. Live Nation is working with law enforcement and forensic investigators to mitigate the risks. Despite the breach, Live Nation believes it will not materially impact their business operations or financial condition.

Paramount Skydance Merger:

Paramount Pictures and Skydance Media have successfully negotiated the terms of their merger. CNBC’s David Faber reported that an official announcement is imminent. The deal involves a buying consortium led by David Ellison’s Skydance, backed by private equity firms RedBird Capital and KKR. A special committee at Paramount has also approved the terms.
However, the merger awaits approval from Shari Redstone, Paramount’s controlling shareholder. Redstone’s company, National Amusements, owns 77% of class A Paramount shares. As part of the agreement, Redstone is set to receive $2 billion for National Amusements. Skydance will acquire nearly 50% of class B Paramount shares at $15 apiece, totaling $4.5 billion. Existing shareholders will retain equity in the newly merged company. To bolster Paramount’s financial position, both Skydance and RedBird Capital will contribute $1.5 billion in cash to reduce debt.
This merger has significant implications for the entertainment industry. The combined entity will need to navigate the evolving media landscape, including streaming services, content production, and distribution. Paramount’s rich history and Skydance’s expertise in film and television production could create synergies and enhance their competitive edge. As the deal progresses, attention will be on how the merged company leverages its assets, talent, and intellectual properties to thrive in an ever-changing entertainment landscape.

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