Core Viewpoint - Trump Media & Technology Group is merging with TAE Technologies, a fusion energy company, in a $6 billion deal aimed at developing the world's first utility-scale fusion power plant by next year [1][3]. Company Overview - Trump Media, which owns the social media platform Truth Social, is diversifying its business interests beyond social media, which has struggled to compete with larger platforms [2][5]. - The merger will result in a new company where shareholders from both firms will own approximately 50% each, with a nine-member board including Donald Trump [3]. Financial Aspects - Trump Media has committed to providing TAE with $300 million in cash to support the development of fusion energy technology [4]. - The company reported a loss of $54.8 million in the three months ending September 30, which is more than double the losses from the same period in 2024 [6]. Industry Context - The merger aligns with increasing demand for new energy sources, particularly in light of the AI revolution, which has heightened pressure on the energy grid [4][10]. - TAE Technologies is among a few companies working on fusion energy, which differs from traditional nuclear energy by creating energy through the fusion of atoms rather than fission [8][9]. Regulatory Environment - The Trump administration has been supportive of nuclear energy technology, with initiatives aimed at deregulating the industry and accelerating development [11]. - TAE plans to begin construction on a fusion power plant that aims to be operational by 2031, with expectations of receiving political support from the Trump administration [12][13].

Core Viewpoint - Visa and Mastercard have agreed to a $167.5 million settlement to resolve a class-action lawsuit alleging they conspired to maintain high ATM access fees [1][2]. Group 1: Settlement Details - The settlement will compensate ATM users who incurred unreimbursed access fees for cash withdrawals from independent, non-bank ATMs, with Visa contributing approximately $88.8 million and Mastercard about $78.7 million to the fund [2]. - The funds will be distributed to eligible customers who made qualifying ATM transactions since October 2007 [2]. Group 2: Legal Background - The lawsuit, filed in 2011, is one of three related cases in the DC federal court, challenging Visa and Mastercard's industry rules that allegedly prevented independent ATM operators from offering lower fees [3]. - Visa and Mastercard have denied any wrongdoing in this case [4]. Group 3: Previous Settlements and Ongoing Litigation - Last year, Visa and Mastercard agreed to pay $197.5 million to resolve claims from another group of ATM users who alleged overcharging at bank-operated ATMs [4]. - A third lawsuit involving independent ATM owners and operators is still pending in the same court [5]. - Visa is also facing other antitrust lawsuits, including one from the US Justice Department regarding alleged monopolization of the US debit card market [5].

US prices rose 2.7% in the year to November, according to federal data released a day after Donald Trump claimed they were falling “very fast” on his watch.The latest consumer price index, released on Wednesday morning, was down from 3% in September, and short of economists’ expectations of about 3.1% for last month.It comes amid questions over the strength of the US economy. The longest US federal government shutdown in history halted collection of key data. There was no inflation report for October, and d ...

Donald Trump’s loss-making social media business has announced plans to merge with a fusion power company.Trump Media and Technology Group, owner of the US president’s minnow Truth Social platform, unveiled an extraordinary merger worth more than $6bn with TAE Technologies, combining its social media operation with a vast bet on the AI boom driving a surge in energy demand.TMTG intends to start building “the world’s first utility-scale fusion power plant” next year, it said, in an effort to use the experime ...

The Oscars will be moving from broadcast to online as part of a multi-year new deal with YouTube.From 2019, the video platform will have exclusive global rights to Hollywood’s biggest night, including the ceremony but also red carpet coverage, behind-the-scenes content and Governors Ball access. The deal will run until 2033.“We are thrilled to enter into a multifaceted global partnership with YouTube to be the future home of the Oscars and our year-round Academy programming,” said the Academy CEO, Bill Kram ...

Core Viewpoint - Warner Bros Discovery (WBD) has urged shareholders to reject a $108.4 billion hostile takeover offer from Paramount Skydance, labeling it as "inadequate" amidst a significant corporate battle for control of the media conglomerate [1]. Group 1: Takeover Offer and Corporate Strategy - WBD has agreed to sell its movie studios, HBO cable network, and streaming service to Netflix in a deal valued at $82.7 billion, indicating a major shift in Hollywood's landscape [1]. - Paramount, which had previously made a private bid for WBD, countered with an all-cash offer and intends to take the proposal directly to shareholders [2]. - WBD's board concluded that Paramount's offer is inadequate and poses significant risks and costs to shareholders, failing to address key concerns raised in previous proposals [4]. Group 2: Funding and Regulatory Concerns - Questions arose regarding how the Ellison family is funding their proposal, with a regulatory filing revealing backing from outside funders, including Affinity Partners, Saudi Arabia's Public Investment Fund, and the Qatar Investment Authority [5]. - WBD accused Paramount of relying on an "unknown and opaque revocable trust" to support its bid, describing the proposal as "illusory" and not to be trusted by WBD shareholders [6]. - WBD firmly denied that regulators would be more likely to approve Paramount's bid compared to its deal with Netflix, warning of significant additional costs, including a $2.8 billion termination fee to Netflix if the Paramount offer is accepted [7].

Investment and Valuation - Amazon is in discussions to invest over $10 billion in OpenAI, potentially raising OpenAI's market valuation above $500 billion [1] - OpenAI's spending commitment on compute resources is projected to be $1.4 trillion over the next eight years, significantly exceeding its reported annual revenues of $13 billion [4] - OpenAI is considering an initial public offering that could value the company at up to $1 trillion [5] Strategic Partnerships - Amazon's investment would assist OpenAI in fulfilling its commitments to rent cloud capacity, particularly from Amazon Web Services [2] - OpenAI plans to utilize Amazon's Trainium chips, which compete with offerings from Nvidia and Google [3] - OpenAI has also engaged in transactions with Nvidia, where it will pay for chips while Nvidia invests in non-controlling shares of OpenAI [6] Competitive Landscape - OpenAI's CEO has issued a "code red" alert to address competition from Google, particularly following updates to Google's Gemini AI tool [7] - Discussions between Amazon and OpenAI reportedly include exploring commercial opportunities, such as selling a corporate version of ChatGPT to Amazon [7] Additional Funding and Developments - OpenAI's main backer, Microsoft, holds a stake of approximately 27% in the company, which was part of a deal valuing OpenAI at $500 billion [4] - OpenAI has secured a deal with Oracle for $300 billion to build data centers across several states, with OpenAI expected to repay a similar amount for usage [5]

Group 1 - Warner Bros Discovery (WBD) is expected to advise shareholders to reject Paramount's $108 billion hostile bid, allowing Netflix to proceed with its $82.7 billion acquisition of WBD [1][2] - Netflix's bid includes control of significant assets such as the Harry Potter and DC Comics franchises, as well as HBO, but does not cover WBD's cable channels, which will be spun off next year [2] - WBD's board is reportedly less confident in Paramount's all-cash offer due to its backing by the Ellison family trust, which is valued at nearly $250 billion in Oracle stock, compared to Netflix's cash and shares offer [3] Group 2 - Affinity Partners, led by Jared Kushner, has withdrawn support for Paramount's bid, which has led to accusations from Paramount that WBD's board is not engaging properly with its offer [4] - Netflix's acquisition is likely to face regulatory scrutiny due to its potential dominance in the North American streaming market, although Netflix argues that including major players like YouTube mitigates this concern [5] - Paramount's funding sources from sovereign wealth funds in Qatar, Saudi Arabia, and Abu Dhabi, which will contribute $24 billion (almost 60% of the $40.7 billion in equity), have raised questions regarding regulatory approval [6] Group 3 - Federal Communications Commission rules restrict foreign investors from owning more than 20% of broadcast or telecom licensees, but Paramount claims these rules do not apply to its offer as the wealth funds have agreed to forgo governance rights [7]

Group 1 - Jared Kushner's private equity firm, Affinity Partners, has withdrawn from efforts to take over Warner Bros Discovery (WBD) amid scrutiny of Kushner's involvement [1][4] - Affinity Partners was a key backer of a $108.4 billion hostile bid by Paramount Skydance for control of WBD, which includes significant assets like Warner Bros movie studios and HBO Max [1][2] - WBD is currently reviewing an unsolicited $82.7 billion offer from Paramount to sell its assets, with a public response expected soon [2][4] Group 2 - The hostile bid from Paramount is supported by the Ellison family and RedBird Capital, with additional funding from Affinity, Saudi Arabia's Public Investment Fund, and the Qatar Investment Authority [3] - Affinity stated that despite stepping back, they believe there is a strong strategic rationale for Paramount's offer [4] - The involvement of Kushner has raised concerns, particularly as former President Trump has indicated he expects to be involved in regulatory scrutiny of any deal for WBD [4]

Labor Market Overview - The US labor market showed unexpected growth in November, adding 64,000 jobs after a loss of 105,000 jobs in October, surpassing the consensus forecast of 40,000 jobs added [1] - The unemployment rate rose to 4.6%, marking a four-year high, amidst concerns regarding the strength of the US economy [2] Job Data Accuracy and Delays - The release of full October jobs data was canceled, and November's data was delayed due to a 43-day federal government shutdown, raising questions about the accuracy of the reported figures [3] - Federal government jobs decreased by 162,000 in October and by 6,000 in November [2] Federal Reserve Insights - Federal Reserve Chair Jerome Powell advised treating the Bureau of Labor Statistics (BLS) data with skepticism due to the impact of the government shutdown on data collection [4][7] - Powell indicated that the job market may be weaker than reported, suggesting an overcount in payroll job numbers, estimating a potential correction of about 60,000 jobs per month [7] Political Context and BLS Challenges - The BLS has faced scrutiny from the Trump administration, including the firing of its commissioner shortly after a jobs report was published, with claims of the report being "rigged" [8] - The agency's staffing has decreased by 20% under the Trump administration, with a total of 2,058 employees proposed for fiscal year 2024 compared to 1,851 for fiscal year 2026 [10]