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Warner Bros reportedly poised to reject Paramount’s $108bn hostile takeover bid

about 20 hours ago
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Warner Bros Discovery is poised to tell shareholders to reject Paramount’s $108bn (£81bn) hostile bid, according to reports, clearing the way for Netflix to proceed with its buyout of the Hollywood film and TV group.The board could announce a decision as early as Wednesday after Paramount Skydance – run by David Ellison and bankrolled by his billionaire father, Larry, who founded Oracle – went directly to shareholders with its rival offer almost two weeks ago.Netflix had won the auction for the studio and streaming company with an $82.7bn bid a few days earlier – taking control of prize assets including the Harry Potter and DC Comics superhero film franchises, as well as HBO, home to hit shows including Game of Thrones, The White Lotus and Succession.The streaming company’s deal does not cover WBD’s cable channels, which include CNN, TBS and TNT, which are set to be spun off into a separate company next year.

Despite Paramount tabling a higher all-cash offer to take over all of WBD’s assets, the Financial Times said the board had less confidence in it because it is backed by the Ellison family trust, which is worth close to $250bn in Oracle stock, rather than personally by Larry Ellison.WBD is expected to focus on four central criticisms of Paramount’s offer, arguing that its value, financing and terms are deficient compared with Netflix’s cash and shares offer, according to reports.On Tuesday, Affinity Partners, the investment company run by Jared Kushner, Donald Trump’s son-in-law and adviser, pulled out of backing Paramount’s bid.Paramount has accused WBD’s board of not engaging properly with its offer, prompting the company to go hostile, and has said that it is not its “best and final” deal.The company has argued that Netflix’s bid is likely to face more regulatory scrutiny, as buying HBO Max will give it dominance in the North American streaming market in particular, while Netflix has argued that if big players such as YouTube are included this is not the case.

Netflix has offered a $5.8bn termination fee, a high amount for a takeover transaction, indicating the streaming company’s confidence it can get the deal through the regulatory process.There have also been questions raised about whether regulators would object to the high level of funding that Paramount has sourced from sovereign wealth funds in Qatar, Saudi Arabia and Abu Dhabi.Filings to the US Securities and Exchange Commission show that the three sovereign wealth funds will contribute $24bn, almost 60% of the $40.7bn in equity, twice what the Ellisons are contributing.

Federal Communications Commission ownership rules prevent foreign investors from owning 20% of broadcast or telecoms licensees such as CBS and CNN.Paramount has said that these rules do not apply in the case of its offer as the wealth funds have agreed to forgo governance rights, including board representation.WBD and Paramount declined to comment.
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UK government plays down reports of plan to bring EV sales target review forward

The government has played down reports that it is planning to bring forward the publication of a review of electric vehicle sales targets from 2027 to next year amid concerns from the car industry.The government had said in April it would weaken its zero-emission vehicle (ZEV) mandate – which was brought in to force carmakers to sell more electric cars every year or face the prospect of steep fines – after lobbying from the car industry, and planned to review the targets.“The ZEV mandate review starts next year … and of course we’d want to complete that review as quickly as we can,” the industry minister, Chris McDonald, told the Financial Times.However, a government spokesperson later said that only “preparatory work” would begin next year, with the review itself due to be published in 2027.Carmakers had argued the rules were economically unsustainable, leading the UK to introduce “flexibilities”, which allowed them to earn “credits” by selling hybrid cars, which combine a smaller battery with a petrol engine

about 13 hours ago
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Ineos chemicals plant is saved – but what is the strategy for the rest of heavy industry? | Nils Pratley

“Our commitment is clear: to back British industry, to stand by hardworking families, and to ensure places like Grangemouth can thrive for years to come,” said Keir Starmer as the Ineos ethylene plant on the Firth of Forth was saved for the nation with the help of £120m of public money.Is the commitment clear, though? What, precisely, does the prime minister mean by “places like Grangemouth”? Which heavy industries and plants is the government pledging to shield from the forces of sky-high energy prices and carbon taxes? Is there a strategy here? Or does intervention happen only at the 11th hour when an important plant is threatened with imminent closure and ministers panic about knock-on consequences?The ethylene plant at Grangemouth, we now know, falls within the protected camp. The government is willing to suffer any embarrassment that comes with handing a financial support package to a company controlled by a foreign-based billionaire, Sir Jim Ratcliffe.On the other hand, the oil refinery on the site was allowed to close this year and be switched to an import terminal. Meanwhile, the ethylene plant up the road at Mossmorran – a place quite like Grangemouth, one might think – is due to be shut by its owner, ExxonMobil, in February after talks with ministers came to nothing

about 13 hours ago
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From Nvidia to OpenAI, Silicon Valley woos Westminster as ex-politicians take tech firm roles

When the billionaire chief executive of AI chipmaker Nvidia threw a party in central London for Donald Trump’s state visit in September, the power imbalance between Silicon Valley and British politicians was vividly exposed.Jensen Huang hastened to the stage after meetings at Chequers and rallied his hundreds of guests to cheer on the power of AI. In front of a huge Nvidia logo, he urged the venture capitalists before him to herald “a new industrial revolution”, announced billions of pounds in AI investments and, like Willy Wonka handing out golden tickets, singled out some lucky recipients in the room.“If you want to get rich, this is where you want to be,” he declared.But his biggest party trick was a surprise guest waiting in the wings

about 14 hours ago
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Hackers access Pornhub’s premium users’ viewing habits and search history

Hackers have accessed the search history and viewing habits of premium users of Pornhub, one of the world’s most popular pornography websites.A gang has reportedly accessed more than 200m data records, including premium members’ email addresses, search and viewing activities and locations. Pornhub is a heavily used site and says it has more than 100m daily visits globally.The hack was reportedly carried out by a western-based group called ShinyHunters, according to the website BleepingComputer, which first reported the incident. The site reported that the data included premium members’ email addresses, search and viewing activity and location

about 19 hours ago
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Australia v England: Ashes third Test, day two – live

89th over: Australia 365-9 (Lyon 4, Boland 14) Carse rams in a bouncer that forces Boland to take evasive action. Just one run from the over.88th over: Australia 364-9 (Lyon 3, Boland 14) Boland edges Archer over the slips for four to move into double figures. Archer is chasing his fourth Test five-for: he took two against Australia in 2019 and a slightly weird 5 for 102 from 17 overs at Centurion in 2019.Boland ends the over with a sweetly timed back cut for four

about 8 hours ago
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England lodge complaint with match referee after Snicko error costs Carey’s wicket

Brendon McCullum lodged a ­complaint with the ICC match ­referee Jeff Crowe overnight following the Snicko ­malfunction that saw Alex Carey handed a lifeline during day one century in the third Ashes Test.Carey, who made 106 in Australia’s 326 for eight by stumps, was on 72 when Josh Tongue believed the left-hander had edged behind. He was given not out on the field and the third umpire, Chris Gaffaney, felt he did not have enough evidence to overturn the decision despite a spike showing up on the review.The issue in this instance was that the spike came before any possible contact on the replay, whereas ­similar occurrences earlier in the series have seen it come afterwards and are ­factored into the umpiring protocols.With Carey later admitting he thought he had hit the ball – he said he would have reviewed in hope had it been given out on the field – BBG, the company that owns Snicko, owned up to the mistake, which came with Australia on 245 for six

about 9 hours ago
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BMA accused of hypocrisy as its own staff threaten to strike over pay

about 20 hours ago
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Ex-Labour metro mayor and Your Party organiser Jamie Driscoll joins Greens

about 21 hours ago
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Nigel Farage told to apologise by 26 of his school contemporaries

1 day ago
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George Osborne joins OpenAI: ex-chancellor adds tech post to his CV

1 day ago
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Deals put UK-US trade relationship in the spotlight | Letters

1 day ago
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Ministers ‘break word’ on protecting nature after weakening biodiversity planning rule

1 day ago