Warner Bros Discovery has urged shareholders to reject a $108.4bn hostile takeover offer from Paramount Skydance, branding it “inadequate” amid an extraordinary corporate battle to control the legacy media conglomerate.WBD agreed to sell its storied movie studios, HBO cable network and streaming service to Netflix in a $82.7bn deal earlier this month, setting the stage for a seismic shift in Hollywood’s industrial landscape.But Paramount, which had privately bid for WBD before the Netflix deal was unveiled, ...

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All right, welcome back to Worldwide Exchange. As we close on the 6 a. m.hour, a check on a few big stories that we're following this morning. Sources tell CNBC Open AI is in talks to raise at least $10 billion from Amazon and use its [music] chips. Open AAI has so far declined to comment.A deal could value OpenAI [music] at more than $500 billion and see it adopt Amazon's Tranium chip, a story that we're continue to follow [music] throughout the morning. All right, Whimo is in talks to raise $15 billion in ...

Warner Bros Discovery's board rejected Paramount Skydance's $108.4 billion hostile bid, saying it failed to provide adequate financing assurances, in a blow to the David Ellison-run company's ambitions to grow its media empire. ...

Core Viewpoint - Warner Bros. Discovery (WBD) board unanimously recommends shareholders reject Paramount Skydance's takeover offer in favor of a superior proposal from Netflix [1][3] Group 1: Takeover Offer - Paramount launched a hostile bid for WBD with a $30-per-share all-cash offer, valuing the equity at $108.4 billion [2] - Paramount Skydance CEO David Ellison claims the deal is better than Netflix's and would have a higher chance of regulatory approval [2] Group 2: Board's Evaluation - WBD board concluded that Paramount's offer is inadequate and poses significant risks and costs to shareholders [3] - The board emphasized that Paramount's offer fails to address key concerns previously communicated during extensive engagements [3] - WBD is confident that its merger with Netflix represents superior and more certain value for shareholders [3]

Group 1 - Warner Bros. Discovery's board plans to reject Paramount Skydance's hostile takeover bid, while Jared Kushner's Affinity Partners has backed out of the deal [2] - The EU has reversed its post-2035 combustion-engine ban and is easing regulatory burdens on European automakers [3] - Oil futures have increased by more than 2% following President Trump's blockade of sanctioned oil tankers entering and leaving Venezuela, marking a significant escalation in U.S.-Venezuela tensions [3][4] Group 2 - Approximately 30% of Venezuela's oil shipments are at risk due to U.S. sanctions, with tankers exporting nearly 590,000 barrels per day last month [5] - Chevron remains the only company exporting crude from Venezuela without delays, with its operations representing about one-third of Venezuela's total oil production [6] - Venezuela's oil customers are demanding deeper discounts and revised contracts due to rising costs associated with U.S. military actions in the Caribbean [5]

Core Viewpoint - Warner Bros. Discovery (WBD) has rejected Paramount Skydance's cash offer of $30 per share, citing it as inadequate and risky compared to Netflix's cash-and-stock proposal of $27.75 per share, which is deemed to provide superior value for shareholders [1][2]. Summary by Sections Offer Comparison - Paramount's bid aims to acquire all of WBD, including its cable channels, while Netflix's offer focuses on WBD's studio, HBO, and HBO Max [2]. - WBD's board has unanimously recommended that shareholders reject Paramount's offer in favor of the Netflix merger [12][13]. Concerns with Paramount's Offer - WBD's board highlighted that Paramount's proposal does not adequately address key concerns, particularly regarding its financing structure, which relies on an "unknown and opaque revocable trust" rather than a solid commitment from the Ellison family [3][16]. - The board emphasized that the financing commitment from Paramount is not as secure as that from Netflix, which is backed by a public company with a market cap exceeding $400 billion [19][20]. Financial Implications - The Netflix merger agreement offers WBD shareholders $23.25 in cash and $4.50 in Netflix stock, along with potential future upside from Discovery Global's separation from WBD [15]. - Accepting Paramount's offer could incur significant costs for WBD, including a $2.8 billion termination fee to Netflix and approximately $1.5 billion in financing costs, totaling around $4.3 billion, or $1.66 per share for WBD shareholders [27]. Regulatory Considerations - WBD's board does not believe there is a material difference in regulatory risk between the two proposals, despite Paramount's claims of easier regulatory approval [7][24]. - Netflix has agreed to a record-setting regulatory termination cash fee of $5.8 billion, which is higher than Paramount's $5 billion break fee [24]. Strategic Review Process - The board conducted a thorough review of strategic alternatives, engaging extensively with all parties, including Paramount, over nearly three months [22]. - Despite multiple opportunities for Paramount to present a superior proposal, it failed to do so, leading to the board's continued support for the Netflix merger [23].

Group 1 - Wall Street is experiencing a lack of the traditional Santa rally due to inflation concerns and geopolitical tensions [1][5] - U.S. President Donald Trump has ordered a blockade of sanctioned oil tankers entering and leaving Venezuela, increasing geopolitical tensions [3] - Warner Bros Discovery's board is expected to advise shareholders against Paramount Skydance's $108.4 billion takeover bid [3] Group 2 - British consumer price inflation unexpectedly fell to 3.2% in November from 3.6% in October, potentially influencing the Bank of England's interest rate decisions [4] - The Labour government in Britain is considering options to boost the economy, including AI-driven productivity or closer trading ties with the EU [4] - China's steel production in November was the weakest in nearly two years, leading to the lowest annual output since 2018 [5]

Jared Kushner is walking away from Paramount's bid for Warner Bros. Discovery. Affinity Partners, a Florida-based private equity firm founded by President Donald Trump's son-in-law, will not participate in financing Paramount's $108 billion bid for WBD, a person close to the matter told Business Insider. The person said Affinity was expected to invest $200 million, a relatively small amount of the total bid.In a statement to various news outlets, an Affinity spokesperson confirmed the end of the firm's par ...

Core Viewpoint - The collaboration between Disney and OpenAI marks a new paradigm in the entertainment industry, transitioning from passive defense against AI-generated content to an active model of IP licensing and revenue sharing [1][2]. Group 1: Related Events - Disney and OpenAI announced a three-year strategic partnership on December 11, 2025, focusing on content licensing [1]. - This partnership establishes a new "IP+AI" paradigm, indicating Hollywood's embrace of AI technology [2]. Group 2: Core Content of the Collaboration - IP Licensing: Disney has authorized OpenAI to use over 200 classic characters, costumes, props, and iconic environments from Disney, Marvel, Pixar, and Star Wars in its video generation model Sora and image generation tools [2]. - Equity Investment: Disney will invest $1 billion in OpenAI and gain additional equity subscription warrants, creating a deep alignment of interests between the two companies [2]. - Technology Application: Disney plans to utilize OpenAI's technology to optimize its internal creative processes and develop new products and experiences for its streaming platform, Disney+ [2]. Group 3: Impact on the Company - Fubo Group, a core service provider in digital rights management, is expected to benefit directly from the Disney-OpenAI collaboration, particularly with the influx of AI-generated content on Disney+ [3]. - The company reported managing 4.29 million active assets on social media platforms, with a steady increase in top client assets due to ongoing film releases and content licensing [3]. - The partnership is anticipated to set a benchmark in the industry, encouraging other global and domestic IP holders to establish similar AI licensing and content management systems [3].