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Billionaire Larry Ellison has stepped up, agreeing to personally guarantee part of Paramount’s bid for rival Warner Bros. Discovery.

Ellison’s personal guarantee of $40.4 billion in equity, disclosed Monday, ups the ante in the acrimonious auction for Warner Bros. movie and TV studios, HBO, CNN and Food Network.

Ellison, whose son David Ellison is chief executive of Paramount, agreed not to revoke the Ellison family trust or adversely transfer its assets while the transaction is pending. Paramount’s $30-a-share offer remains unchanged.

Warner Bros. Discovery’s board this month awarded the prize to Netflix. The board rejected Paramount’s $108.4-billion deal, largely over concerns about the perceived shakiness of Paramount’s financing.

Paramount shifted gears and launched a hostile takeover, appealing directly to Warner shareholders, offering them $30 a share.

“We amended this Offer to address Warner Bros. stated concerns regarding the Prior Proposal and the December 8 Offer,” Paramount said in a Monday Securities & Exchange Commission filing. “Mr. Larry Ellison is providing a personal guarantee of the Ellison Trust’s $40.4 billion funding obligation.”

The Ellison family acquired the controlling stake in Paramount in August. The family launched their pursuit of Warner Bros. in September but Warner’s board unanimously rejected six Paramount proposals.

Paramount started with a $19 a share bid for the entire company. Netflix has offered $27.75 a share and only wants the Burbank studios, HBO and the HBO Max streaming service. Paramount executives have held meetings with Warner investors in New York, where they echoed the proposal they’d submitted in the closing hours of last week’s auction.

On Monday, Paramount also agreed to increase the termination fee to $5.8 billion from $5 billion, matching the one that Netflix offered.

Warner Bros. board voted unanimously to accept Netflix’s $72-billion offer, citing Netflix’s stronger financial position, the board has said.

Three Middle Eastern sovereign wealth funds representing royal families in Saudi Arabia, Qatar and Abu Dhabi have agreed to provide $24 billion of the $40.4-billion equity component that Ellison is backing.

The Ellison family has agreed to cover $11.8-billion of that. Initially, Paramount’s bid included the private equity firm of Jared Kushner, Trump’s son-in-law, but Kushner withdrew his firm last week.

Paramount confirmed that the Ellison family trust owns about 1.16 billion shares of Oracle common stock and that all material liabilities are publicly disclosed.

“In an effort to address Warner Bros.’s amorphous need for ‘flexibility’ in interim operations, Paramount’s revised proposed merger agreement offers further improved flexibility to Warner Bros. on debt refinancing transactions, representations and interim operating covenants,” Paramount said in its statement.

Paramount has been aggressively pursuing Warner Bros. for months.

David Ellison was stunned earlier this month when the Warner Bros. board agreed to a deal with Netflix for $82.7 billion for the streaming and studio assets.

Paramount subsequently launched its hostile takeover offer in a direct appeal to shareholders. Warner Bros. board urged shareholders to reject Paramount’s offer, which includes $54 billion in debt commitments, deeming it “inferior” and “inadequate.” The board singled out what it viewed as uncertain financing and the risk implicit in a revocable trust that could cause Paramount to terminate the deal at any time.

Paramount, controlled by the Ellisons, is competing with the most valuable entertainment company in the world to acquire Warner Bros.

Executives from both Paramount and Netflix have argued that they would be the best owners and utilize the Warner Bros. library to boost their streaming operations.

In its letter to shareholders and a detailed 94-page regulatory filing last week, Warner Bros. hammered away at risks in the Paramount offer, including what the company described as the Ellison family’s failure to adequately backstop their equity commitment.

The equity is supported by “an unknown and opaque revocable trust,” the board said. The documents Paramount provided “contain gaps, loopholes and limitations that put you, our shareholders, and our company at risk.”

Netflix also announced Monday that it has refinanced part of a $59 billion bridge loan with cheaper and longer-term debt.

Bloomberg contributed to this report.

Dec. 22 (UPI) — Paramount Skydance amended its hostile bid to take over Warner Bros. Discovery, guaranteeing the backing of Larry Ellison.

“Larry Ellison has agreed to provide an irrevocable personal guarantee of $40.4 billion of the equity financing for the offer and any damages claims against Paramount,” the company said in a press release. Ellison also agreed not to revoke the Ellison family trust or adversely transfer its assets during the pendency of the transaction.

Last week, WBD urged its shareholders not to accept Paramount’s bid, saying it wasn’t backed by billionaire Larry Ellison, father of Paramount’s CEO.

WBD agreed to sell to Netflix but Paramount, which had been in a bidding war with Netflix, mounted a hostile bid.

Paramount didn’t raise its bid of $30 a share, saying it believes the bid is superior. But it did raise its proposed reverse breakup fee to match Netflix’s offer.

“What we’ve done in this amended filing is we’ve cleared the brush of obfuscation around the offer,” said Gerry Cardinale, founder and managing partner of RedBird Capital Partners, on CNBC’s Squawk Box on Monday.

RedBird is an investor in Paramount Skydance and has committed to financing the proposed purchase.

Cardinale said the bid is backed by 1.2 billion Oracle shares in an irrevocable trust.

“Like we’ve done through the six bids that we’ve made, we are being responsive to what their concerns are,” Cardinale said.

Warner Bros. Discovery shares jumped 4% in early trading Monday, while Paramount shares rose almost 6%, CNBC reported. Netflix shares dipped slightly.

“Paramount has repeatedly demonstrated its commitment to acquiring WBD. Our $30 per share, fully financed all-cash offer was on Dec. 4, and continues to be, the superior option to maximize value for WBD shareholders,” David Ellison said in a statement. “Because of our commitment to investment and growth, our acquisition will be superior for all WBD stakeholders, as a catalyst for greater content production, greater theatrical output, and more consumer choice. We expect the board of directors of WBD to take the necessary steps to secure this value-enhancing transaction and preserve and strengthen an iconic Hollywood treasure for the future.”

Dec. 19 (UPI) — enRepublican U.S. House Rep. Elise Stefanik on Friday announced she was ending her run for New York governor after 1 1/2 months and won’t seek another term in Congress.

On Nov. 7, On Nov. 7, Stefanik launched a campaign bid in an effort to challenge Democratic Gov. Kathy Hochul in November 2026.

“While spending precious time with my family this Christmas season, I have made the decision to suspend my campaign for Governor and will not seek re-election to Congress,” Stefanik, 41, wrote on X. “I did not come to this decision lightly for our family.

“I am truly humbled and grateful for the historic and overwhelming support from Republicans, Conservatives, Independents, and Democrats all across the state for our campaign to Save New York.”

Stefanik is married to Matthew Manda, who works in marketing and communication, and they have a 4-year-old son.

“And while many know me as Congresswoman, my most important title is Mom,” she wrote. “I believe that being a parent is life’s greatest gift and greatest responsibility. I have thought deeply about this and I know that as a mother, I will feel profound regret if I don’t further focus on my young son’s safety, growth, and happiness – particularly at his tender age.”

Her main primary opposition was Nassau County Executive Bruce Blakeman, who announced his run 10 days ago.

“However, as we have seen in past elections, while we would have overwhelmingly won this primary, it is not an effective use of our time or your generous resources to spend the first half of next year in an unnecessary and protracted Republican primary, especially in a challenging state like New York,” Stefanik wrote.

The last Republican governor in New York was George Pataki, who served three terms from 1995 to 2006.

The last time a Republican presidential candidate won New York was in 1984, when incumbent Ronald Reagan defeated Democrat Walter Mondale.

Former Vice President Kamala Harris won the state by 13 points, down from former President Joe Biden‘s 23-point victory in 2000.

“Elise Stefanik has finally acknowledged reality: If you run against Governor Kathy Hochul, you are going to lose,” Hochul spokesperson Ryan Radulovacki told Politico. “As Donald Trump raises costs on New Yorkers and targets this state relentlessly, Governor Hochul has cut middle-class taxes, put money back in New Yorkers’ pockets, and fought this administration and won when New York has come under attack.”

Stefanik has represented the rural conservative upstate New York district since 2014, becoming the youngest woman ever elected to Congress at that time.

The 21st Congressional District covers the northernmost part of the state, bordering Canada to the north and Vermont to the east. Major cities include Plattsburgh, Watertown, Glens Falls, Ogdensburg and Rome.

In November 2024, she was overwhelmingly re-elected by 24 percentage points as Trump carried the conservative region by more than 20 points.

When President Trump was elected president last November, he nominated her to serve as U.S. ambassador to the United Nations. But the nomination was pulled because of the narrow Republican edge in the House, with Trump saying it was “essential that we maintain EVERY Republican seat in Congress.”

Hochul would have called for a special election.

Republicans now have a 220-213 advantage with two vacancies in seats by Democrats who have died.

Stefanik rose in House leadership, serving as the fourth-ranking House Republican, a position she first attained in May 2021 by replacing Liz Cheney. She was succeeded in this specific role by Lisa McClain for the 119th Congress.

After her nomination was pulled, Speaker Mike Johnson named her chairwoman of House Republican Leadership.

She originally was a critic of Trump but became one of his most vocal allies.

Stefanik fell a little out of favor with the president after she called New York City Mayor-elect Zohran Mamdani a “jihadist.”

During a meeting with Mamdan in the White House, the president reduced to label the Democratic socialist that description. He is a Muslim and South Asian.

Trump hadn’t endorsed either candidate, including when Stefanik was in the White House’s Oval Office when he signed legislation awarding the 1980 U.S. Olympic ice hockey team the Congressional Gold Medal. The teams won the gold medal in Lake Place, which includes Stefdanik’s district.

Ed Cox, chairman of the New York Republican Party, endorsed Blackman after Stefanik’s decision. In a statement, he also said Stefanik would “remain a leader in our party and a powerful voice for our principles. We respect her decision and thank her for her efforts.”

White House press secretary Karoline Leavitt served as Stefanik’s communications director from 2020-23.

“Elise Stefanik has been an incredible advocate for the people of her district in Upstate New York, and she will always be a true friend to President Trump,” she posted on X. “On a personal note, Elise is my former boss. She is a great leader, and an even better person. We love you, posted.

PHOENIX — Erika Kirk, widow of Turning Point USA founder Charlie Kirk and the organization’s new leader, endorsed a potential presidential bid by Vice President JD Vance on the opening night of the conservative youth group’s annual conference.

After telling the cheering crowd that Turning Point would help keep Congress in Republican hands next year, she said, “We are going to get my husband’s friend JD Vance elected for 48 in the most resounding way possible.”

Vance would be the 48th president if he takes office after President Trump.

Kirk’s statement on Thursday is the most explicit backing of Vance’s possible candidacy by a woman who has been positioned as a steward to her late husband’s legacy. Charlie Kirk had become a powerbroker and bridge builder within the conservative movement before he was assassinated in September.

Vance was close with Charlie Kirk, whose backing helped enable his rapid political rise. After the assassination, Vance and his wife joined Erika Kirk in Utah to fly her husband’s remains home to Arizona aboard Air Force Two.

Vance is set to speak to Turning Point on Sunday, the conference’s last day. The convention has featured the usual spectacle and energy that have characterized the organization’s events, but the proceedings have also been marred by intense infighting among conservative commentators and estranged allies who have turned on each other in the wake of Kirk’s death.

As Trump’s vice president, Vance is well-positioned to inherit the movement that remade the Republican Party and twice sent Trump to the White House. But it would be no small task for him to hold together the Trump coalition, which is built around personal loyalty to him more than shared political goals.

Various wings of the conservative movement already are positioning to steer the party after Trump’s presidency, a skirmish that’s becoming increasingly public and pointed.

Turning Point, with its thousands of young volunteers, would provide a major boost for Vance in a fractious primary. Now 41, Vance would be the first Millennial president if elected, a natural fit for the organization built around mobilizing youth.

Trump has repeatedly mused about running for a third term despite a constitutional prohibition. However, he’s also speculated about a 2028 ticket featuring Vance and Secretary of State Marco Rubio.

Although Rubio previously ran for president in 2016, he has said he would support Vance as Trump’s successor.

Brown and Cooper write for the Associated Press. Brown reported from Washington.

Ousted former President Yoon Suk Yeol on Thursday apologized to key military commanders who are standing trial for their involvement in his failed martial law bid, defending their action as the result of compliance with his orders.

Yoon made the remarks at a martial law trial against the commanders at the military court in central Seoul, which he attended as a witness. Defendants included Kwak Jong-keun, former chief of the Army Special Warfare Command; Yeo In-hyung, former head of the Defense Counterintelligence Command; and Lee Jin-woo, former head of the Capital Defense Command.

“It is pitiful to see senior military and police officials whom I know appear at the court,” Yoon said.

“I feel very sorry as they are people who did what they have to do upon my decision,” he said, adding he prayed late into the night after returning to the detention center following trials.

During Thursday’s trial, Yoon reiterated that he had no intention of maintaining martial law for an extended period and that the declaration was aimed only at exposing the “blatant” behavior of the then main opposition party.

“The martial law was imposed to raise an alarm bell to the public on the country’s perilous situation,” the former president said. “I was thinking that it would last half a day, or a day at the most.”

Yoon said he did not instruct any official, other than former Defense Minister Kim Yong-hyun, to review or prepare for the imposition of martial law.

The then opposition party’s drive to impeach the state auditor chief on the night before the martial law imposition became the “decisive trigger” for him to instruct for preparations for martial law, he claimed.

Speaking on a recent reshuffle of officials dispatched to the Defense Counterintelligence Command, Yoon said institutions pivotal to national security should not be neutralized due to their involvement in the martial law bid.

Yoon’s appearance at the military court, located within the defense ministry compound that also houses the presidential office, marked his first visit to his former office compound in about a year. It also came on his 65th birthday.

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Warner Bros. Discovery has sharply rejected Paramount’s latest offer, alleging the Larry Ellison family has failed to put real money behind Paramount’s $78-billion bid for Warner’s legendary movie studio, HBO and CNN.

Paramount “has consistently misled WBD shareholders that its proposed transaction has a ‘full backstop’ from the Ellison family,” Warner Bros. Discovery’s board wrote in a Wednesday letter to its shareholders filed with the Securities & Exchange Commission.

“It does not, and never has,” the Warner board said.

For Warner, what was missing was a clear declaration from Paramount that the Ellison family had agreed to commit funding for the deal. A Paramount representative was not immediately available for comment Wednesday.

The Warner auction has taken a nasty turn. Last week, Paramount launched a hostile takeover campaign for Warner after losing the bidding war to Netflix. Warner board members unanimously approved Netflix’s $72-billion deal for the Warner Bros. film and television studios, HBO and HBO Max.

In its letter, the Warner board reaffirmed its support for Netflix’s proposal, saying it represented the best deal for shareholders. Warner board members urged investors not to tender their shares to Paramount.

Board members said they were concerned that Paramount’s financing was shaky and the Ellison family’s assurances were far from ironclad. Warner also said Paramount’s proposal contained troubling caveats, such as language in its documents that said Paramount “reserve[d] the right to amend the offer in any respect.”

The Warner board argued that its shareholders could be left holding the bag.

Paramount Chief Executive David Ellison has argued his $78-billion deal is superior to Netflix’s proposal.

(Evan Agostini / Evan Agostini/invision/ap)

Paramount Chairman David Ellison has championed Paramount’s strength in recent weeks saying his company’s bid for all of Warner Bros. Discovery, which includes HBO, CNN and the Warner Bros. film and television studios, was backed by his wealthy family, headed by his father, Oracle co-founder Larry Ellison, one of the world’s richest men.

In its letter last week to shareholders, asking for their support, Ellison wrote that Paramount delivered “an equity commitment from the Ellison family trust, which contains over $250 billion of assets,” including more than 1 billion Oracle shares.

In regulatory filings, Paramount disclosed that, for the equity portion of the deal, it planned to rely on $24 billion from sovereign wealth funds representing the royal families of Saudi Arabia, Qatar and Abu Dhabi as well as $11.8 billion from the Ellison family (which also holds the controlling shares in Paramount). This week, President Trump’s son-in-law Jared Kushner’s Affinity Partners private equity firm pulled out of Paramount’s financing team.

Paramount’s bid would also need more than $60 billion in debt financing.

Paramount has made six offers for Warner Bros., and its “most recent proposal includes a $40.65 billion equity commitment, for which there is no Ellison family commitment of any kind,” the Warner board wrote.

“Instead, they propose that [shareholders] rely on an unknown and opaque revocable trust for the certainty of this crucial deal funding,” the board said.

Throughout the negotiations, Paramount, which trades under the PSKY ticker, failed to present a solid financing commitment from Larry Ellison — despite Warner’s bankers telling them that one was necessary, the board said.

“Despite … their own ample resources, as well as multiple assurances by PSKY during our strategic review process that such a commitment was forthcoming – the Ellison family has chosen not to backstop the PSKY offer,” Warner’s board wrote.

Board members argued that a revocable trust could always be changed. “A revocable trust is no replacement for a secured commitment by a controlling stockholder,” according to the board letter.

David Ellison has insisted Paramount’s Dec. 4 offer of $30 a share was superior to Netflix’s winning bid. Paramount wants to buy all of Warner Bros. Discovery, while Netflix has made a deal to take Warner’s studios, its spacious lot in Burbank, HBO and HBO Max streaming service.

Paramount’s lawyers have argued that Warner tipped the auction to favor Netflix.

Paramount, which until recently enjoyed warm relations with President Trump, has long argued that its deal represents a more certain path to gain regulatory approvals. Trump’s Department of Justice would consider any anti-trust ramifications of the deal, and in the past, Trump has spoken highly of the Ellisons.

However, Warner’s board argued that Paramount might be providing too rosy a view.

“Despite PSKY’s media statements to the contrary, the Board does not believe there is a material difference in regulatory risk between the PSKY offer and the Netflix merger,” the Warner board wrote. “The Board carefully considered the federal, state, and international regulatory risks for both the Netflix merger and the PSKY offer with its regulatory advisors.”

The board noted that Netflix agreed to pay a record $5.8 billion if its deal fails to clear the regulatory hurdles.

Paramount has offered a $5 billion termination fee.

Should Warner abandon the transaction with Netflix, it would owe Netflix a $2.8 billion break-up fee.

Warner also pointed to Paramount’s promises to Wall Street that it would shave $9 billion in costs from the combined companies. Paramount is in the process of making $3 billion in cuts since the Ellison family and RedBird Capital Partners took the helm of the company in August.

Paramount has promised another $6 billion in cuts should it win Warner Bros.

“These targets are both ambitious from an operational perspective and would make Hollywood weaker, not stronger,” the Warner board wrote.

WOKE BBC bosses could thwart a fresh bid to finally get Fairytale of New York to the Christmas number one spot – 38 years after it was released.

The corporation’s radio stations refusing to play a newly released ‘live’ version of The Pogues’ Fairytale of New York because it contains the “cheap, lousy f****t” lyric.

The track by the Irish rockers, originally released in 1987, is one of several vintage festive tracks that only reached number two in the charts, despite becoming classic anthems

Another example is White Christmas by Wham! which was kept off the number one spot by Band Aid’s Do They Know It’s Christmas in 1984.

But fans finally got that to the top spot in 2023.

Fairytale has long been surrounded by controversy because it contains a perceived homophobic slur which has either been removed in some versions or not played at all.

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A music industry insider said: “It feels unfair that this live version which shouldn’t be edited has now been barred from the Beeb’s playlist.

“It’s an authentic performance of a much loved track by a much loved band and this move might be the measure that prevents it from getting to number one at Christmas, which is where it has always deserved to be.”

The original single was only kept from the top spot by Pet shop Boys classic Always On My Mind, which was a high-energy cover version of the Elvis Presley ballad.

Despite always making it into the top ten every Christmas, and featuring in the 2019 festive special of Gavin & Stacey, it’s never made it to number one.

The BBC were approached for comment.

The Ukrainian president says Kyiv could drop its long-held ambition of joining NATO in exchange for Western security guarantees.

Ukraine has indicated it is prepared to drop its long-held ambition of joining NATO in exchange for Western security guarantees, President Volodymyr Zelenskyy has said ahead of meetings with US envoys and European allies in Berlin.

Zelenskyy described the proposal on Sunday as a concession by Kyiv, after years of pressing for NATO membership as the strongest deterrent against future Russian attacks. He said the United States, European partners and other allies could instead provide legally binding security guarantees.

“From the very beginning, Ukraine’s desire was to join NATO; these are real security guarantees. Some partners from the US and Europe did not support this direction,” Zelenskyy said in response to questions from reporters in a WhatsApp chat.

“Thus, today, bilateral security guarantees between Ukraine and the US, Article 5-like guarantees for us from the US, and security guarantees from European colleagues, as well as other countries – Canada, Japan – are an opportunity to prevent another Russian invasion,” he said.

“And it is already a compromise from our part,” Zelenskyy added, stressing that such guarantees must be legally binding.

The shift would mark a significant change for Ukraine, which has long sought NATO membership despite Moscow viewing the alliance’s expansion as a threat.

While the move aligns with one of Russia’s stated war objectives, Kyiv has continued to reject demands to cede territory.

Zelenskyy said he was seeking a “dignified” peace and firm assurances that Russia would not launch another attack, as diplomats gathered to discuss what could become Europe’s deadliest conflict since World War II. He also accused Moscow of prolonging the war through sustained attacks on Ukrainian cities and critical infrastructure.

Pressure to reach a settlement

The talks come amid pressure from US President Donald Trump to reach a settlement. Trump’s envoy Steve Witkoff and his son-in-law Jared Kushner on Sunday arrived in the German capital city of Berlin for discussions involving Ukrainian and European representatives.

The decision to send Witkoff, who has previously led negotiations with both Kyiv and Moscow, suggested Washington saw scope for progress.

Zelenskyy said Ukraine, Europe and the US were reviewing a 20-point plan that could culminate in a ceasefire, though he reiterated that Kyiv was not holding direct talks with Russia. He said a truce along current front lines could be considered fair, while noting that Russia continues to demand a Ukrainian withdrawal from parts of Donetsk and Luhansk still under Kyiv’s control.

Despite diplomatic efforts, Russian attacks have continued, leaving thousands without electricity in recent strikes. Ukrainian officials say Moscow is deliberately targeting the power grid to deprive civilians of heat and water during winter.

Fighting has also intensified in the Black Sea. Russian forces recently struck Ukrainian ports, damaging Turkish-owned vessels, including a ship carrying food supplies. An attack on Odesa set grain silos ablaze, according to Deputy Prime Minister Oleksii Kuleba. Zelenskyy said the strikes “had no … military purpose whatsoever”.

Turkish President Recep Tayyip Erdogan warned against further escalation, saying the Black Sea should not become an “area of confrontation”.

“Everyone needs safe navigation in the Black Sea,” Erdogan said, calling for a “limited ceasefire” covering ports and energy facilities. Turkiye controls the Bosphorus Strait, a vital route for Ukrainian grain and Russian oil exports.

Congressional Democrats are sounding alarms over the deep involvement of Saudi Arabian and other Middle Eastern royal families in Paramount’s proposed bid for Warner Bros. Discovery.

Warner Bros. Discovery owns CNN, HBO and the historic Warner Bros. film and television studios in Burbank, behind such beloved American classics as “Casablanca,” “Citizen Kane,” and Bugs Bunny, and blockbuster hits including “Harry Potter,” “Dirty Harry,” “The Matrix,” and “Friends.”

Late last week, the Larry Ellison controlled Paramount came up short in the bidding for Warner Bros., in part, over the Warner board’s concerns about Paramount’s deal financing. On Monday, Paramount launched a hostile takeover of Warner Bros., appealing directly to Warner shareholders — asking them to sell their Warner stock to Paramount for $30 a share.

Paramount’s gambit has thrown the auction, and Warner board’s selection of Netflix’s $72-billion deal, into doubt.

Paramount has long insisted that it represents the best partner for Warner Bros., in part, because of the Ellison family’s cozy relations with President Trump. The company has trumpeted its ability to gain the blessing of the Trump administration.

Paramount’s bid is heavily backed by Saudi Arabia, Abu Dhabi and Qatar’s sovereign wealth funds. The three royal families have agreed to contribute $24 billion — twice the amount the Larry Ellison family has agreed to provide in financing for Paramount’s proposed $78-billion takeover of Warner Bros. Discovery, according to regulatory filings.

Trump son-in-law Jared Kushner’s private equity firm, Affinity Partners, would also have an ownership stake.

On Wednesday, U.S. Reps. Sam T. Liccardo (D-San Jose) and Ayanna Pressley (D-Boston) called on Warner Bros. board to recognize the consequences of selling the legendary company, which includes news organization CNN, to foreign governments.

“This transaction raises national security concerns because it could transfer substantial influence over one of the largest American media companies to foreign-backed financiers,” Liccardo and Pressley wrote.

“Warner’s platforms reach tens of millions of American households through HBO, Max, CNN, Warner Bros. Pictures, Discovery, and numerous digital and cable properties,” the lawmakers wrote. “They also shape the news, entertainment, and cultural content consumed by the American public.”

Transactions “foreign investors with governance rights, access to non-public data, or indirect influence over content distribution creates vulnerabilities that foreign governments could exploit,” the lawmakers wrote.

Paramount Chairman and Chief Executive David Ellison on the Paramount lot in August.

(Paramount)

Paramount, in its regulatory filings, said the three Middle Eastern families had agreed to give up voting rights and a role in the company’s decision-making — despite contributing more than half the equity needed for the deal.

Representatives of Warner Bros. and Paramount declined to comment.

The Ellison family acquired Paramount in August. David Ellison, the chief executive, attended a White House dinner last month to celebrate Saudi Crown Prince Mohammed bin Salman.

The involvement of bin Salman was concerning to the lawmakers.

“The fund is controlled by Crown Prince Mohammed bin Salman, whom (according to the declassified 2021 report of the U.S. Director of National Intelligence) ordered the murder of U.S. resident and Washington Post journalist Jamal Khashoggi,” the lawmakers wrote.

Over the weekend, Trump said the Netflix deal, which would give the streaming an even more commanding presence in the industry, “could be a problem.”

Former President Jair Bolsonaro has endorsed his eldest son’s campaign to be Brazil’s next president in the 2026 race.

Far-right Senator Flavio Bolsonaro has reaffirmed his commitment to running in Brazil’s 2026 presidential race, despite criticism that he appeared to be openly haggling over whether to remain a candidate.

On Tuesday, Bolsonaro met with reporters outside federal police headquarters in the capital Brasilia, where his father, former President Jair Bolsonaro, is serving a 27-year sentence for attempting to foment a coup.

The younger Bolsonaro said he conveyed to his father that he would not shrink from the 2026 race.

“I told him this candidacy is irreversible,” Flavio said. “And in his own words, ‘We will not turn back.’ Now it is time to talk to people, so we can have the right people on our side.”

The senator also attempted to clear up the comments that sparked the initial controversy.

On Sunday, Flavio raised eyebrows when he told Brazilian media that he could exit the race — for the right “price”.

“There’s a possibility I won’t go all the way,” Flavio said at the time. “I have a price for that. I will negotiate.”

He declined to name what that price would be, but his comments were widely interpreted to be a reference to his father’s imprisonment.

In September, a panel on Brazil’s Supreme Court convicted Jair of five charges related to his attempts to overturn the 2022 presidential election, including one count of seeking the violent abolition of the democratic rule of law.

Jair lost the 2022 race to current Brazilian President Luiz Inacio Lula da Silva, a left-wing leader who has announced he will run for a fourth term in 2026.

In November, the Supreme Court panel ordered Jair to be taken into custody to begin his sentence, after the ex-president admitted to damaging his ankle monitor.

Separately, in 2023, Brazil’s Supreme Electoral Tribunal ruled that Jair should be barred from holding public office for eight years, as a penalty for misusing the presidential office to spread election falsehoods.

Since his detention, Jair has backed his eldest son’s candidacy in the 2026 race. Liberal Party (PL) president Valdemar Costa Neto also confirmed on Friday that Jair’s endorsement meant that Flavio would indeed lead the party’s ticket.

Flavio has since received other right-wing endorsements, including from Sao Paulo Governor Tarcisio de Freitas, who was previously considered a frontrunner to represent the PL.

But Flavio’s comments on Sunday have thrown his nascent candidacy into doubt.

Critics, including from Lula’s Workers Party, have seized upon Flavio’s suggestion of a “price” to question his ethics and commitment.

“No one launches a candidacy one day, and the next day says, ‘Look, I can negotiate,’” Edinho Silva, the president of the Workers Party, told reporters. “It’s not just me. No one would take it seriously.”

But Flavio on Tuesday dismissed the attacks and reaffirmed he would stay in the race, while fighting for his father’s freedom.

“My price is Bolsonaro free and on the ballot,” he said. “In other words, there is no price.”

Paramount is refusing to accept defeat in the Warner Bros. Discovery auction, launching a $78-billion hostile takeover of its rival Monday after being spurned last week in the bidding.

The move comes four days after Warner’s board unanimously selected Netflix as the winner.

Paramount has beefed up its offer with backing from Middle Eastern sovereign wealth funds, including Saudi Arabia, a Chinese firm and President Trump’s son-in-law Jared Kushner’s investment firm Affinity Partners, according to a Monday regulatory filing.

The presence of a member of the president’s family in a proposed corporate takeover, which includes news channel CNN and the historic Warner Bros. properties, immediately complicates an already fraught regulatory picture.

Last week, Netflix had offered $72 billion — or $27.75 a share — for a big chunk of the company: Warner Bros. film and television studios, which hold the rights to Batman, Bugs Bunny and Harry Potter, the expansive lot in Burbank and HBO and HBO Max. Additionally, Netflix would take on more than $10 billion in Warner Bros. debt for a total deal value of $82.7 billion.

Paramount, backed by billionaire Larry Ellison’s family, had entered the final week of the auction with a $25 a share, all-cash offer for all of Warner Bros. Discovery, according to people involved in the auction who were not authorized to comment. In the final hours, Paramount upped its offer to $30 per share — but still came away empty-handed.

Paramount confirmed Monday that it submitted its $30-per-share offer just a few hours before Netflix was announced as the winner.

“We never heard back,” Paramount Chairman and Chief Executive David Ellison told CNBC on Monday morning. “We’re really here to finish what we started.”

Despite the decision by Netflix and Warner Bros. Discovery to pursue a deal, Paramount is directly appealing to shareholders to vote on their offer in what is commonly known as a hostile takeover.

Historically, hostile takeover bids are difficult to pull off, but there have been some notable exceptions, including Elon Musk’s $44-billion acquisition of the company formerly known as Twitter in 2022. Two decades ago, Comcast failed in a hostile takeover bid for Walt Disney Co.

Warner Bros. Discovery said Monday that its board would “carefully review and consider Paramount Skydance’s offer in accordance with the terms of Warner Bros. Discovery’s agreement with Netflix.”

Warner’s board remains supportive of Netflix’s bid, the company said. Shareholders will receive recommendations from the Warner board within 10 business days. The company has long wanted the auction to be wrapped up by Christmas.

“Warner Bros. Discovery stockholders are advised not to take any action at this time with respect to Paramount Skydance’s proposal,” the company said in a statement.

Paramount began its pursuit of Warner in mid-September. It is now bypassing Warner’s board, management and bankers and appealing directly to shareholders in a hostile takeover effort. In a statement, Paramount said its bid was a “superior alternative” to Netflix’s, which will face a rigorous and lengthy antitrust review.

Netflix co-Chief Executive Ted Sarandos said Paramount’s move was “entirely expected.”

“We have a deal done and we are incredibly happy with the deal,” Sarandos said at a UBS conference, adding that he believes Netflix’s takeover of the historic company would be great for shareholders, consumers and Hollywood workers. “We’re superconfident we’re going to get it across the line and finish.”

Already, the biggest weakness in Netflix’s deal was concern that the tech company may not be able to win regulatory approval. The company has more than 300 million streaming subscribers worldwide, and adding HBO Max would more than double the number of subscribers for competing video-on-demand subscription services.

In a statement, Paramount called Netflix’s offer “inferior,” one that would expose Warner shareholders “to a protracted multi-jurisdictional regulatory clearance process with an uncertain outcome.” Paramount has long counted on its warm relationship with President Trump to smooth the regulatory process, at least in the U.S.

Warner Bros. Discovery continues to believe that Netflix submitted the best offer.

Netflix is not buying Warner’s basic cable channels, including CNN, TBS, Food Network and TLC, and Warner figures it can spin off those assets into a separate company, Discovery Global, that would be worth about $3 to $4 a share.

When adding the Discovery Global value with Netflix’s price of $27.75 a share, Warner believes that its shareholders will come away with more than $31 a share for the company — more than what Paramount has offered.

Netflix offered a cash and stock deal. On Friday, the company said it would take a year to 18 months to gain the necessary regulatory approvals. Paramount is banking on investors being concerned about a possible regulatory fallout with the Netflix deal.

“Look, we’re sitting on Wall Street, where cash is still king,” Ellison told CNBC. “We are offering shareholders $17.6 billion more cash than the deal that they currently have signed up on Netflix. We believe when [Warner shareholders] see what is currently in our offer, that that’s what they’ll vote for.”

Since mid-September, Paramount has submitted six bids for all of Warner Bros. Discovery.

Trump said Sunday that Netflix’s deal to buy Warner Bros. Discovery “could be a problem” because of the size of the streaming service’s combined market share. Trump said he “would be involved” in his administration’s decision whether to approve any deal.

Paramount said its $30 per share, all-cash offer represents a 139% premium to Warner’s $12.54 stock price on Sept. 10, the day before Paramount’s pursuit was leaked in the media. With the absorption of Warner’s cable channels and its heavy debt load, the Paramount deal would have an enterprise value of $108.4 billion.

That’s roughly what AT&T paid to buy the company, then called Time Warner Inc., in 2018 after spending nearly two years fighting in court with the first Trump administration.

A federal judge finally cleared the way for AT&T’s takeover, but after three years the phone company wanted to flee Hollywood and made a deal with Discovery’s David Zaslav, allowing his smaller company to take over in 2022.

“The Trump card is the best card Paramount-Skydance has but it could backfire in multiple directions,” New Street Research media analyst Blair Levin said Monday in a note to investors. “As they say in Hollywood, ‘stay tuned.’”

Warner and Netflix could claim that Trump’s Justice Department, if it seeks to intervene, was trying to squash their deal simply because of politics. The inclusion of Kushner in the deal also could open the door to conflict-of-interest arguments.

“Courts, and the public, in the past, have regarded Presidential involvement in antitrust challenges as problematic,” Levin wrote in his note.

Paramount’s 11th-hour offer for Warner contained “opaque” details about its financing, a person involved in the auction who was not authorized to speak publicly told The Times over the weekend. The fuzzy nature of Paramount’s backers gave the Warner board pause in contrast to the Netflix offer, which spelled out its financing, the person said.

In a Securities & Exchange Commission filing Monday, Paramount disclosed that Larry Ellison’s family has provided an $11.8-billion commitment. An additional $24 billion would come from three sovereign wealth funds from Saudi Arabia, Qatar and Abu Dhabi.

The controversial Chinese tech firm Tencent would provide an additional $1 billion, Paramount said. It said RedBird Capital Partners, an investor in Paramount, and Kushner’s Affinity Partners would also provide an undisclosed level of debt financing.

When asked about his son-in-law’s involvement in the Paramount bid, Trump told reporters at the White House: “I don’t know. I’ve never spoken with him about that. He’s really trying to work on Gaza.”

Should Paramount prevail, it would confront a heavy debt load that would bring more layoffs in an industry already reeling from downsizing. “As with Netflix, Paramount’s expected hostile bid for WBD raises significant concerns for our members and the industry,” a spokesperson for the Directors Guild of America said in a statement.

Just like with the AT&T deal for Time Warner, the Trump administration may not have the final say. If the U.S. Justice Department sues to block the Netflix deal, the matter will go before a federal judge.

However, Paramount hired Trump’s former antitrust regulator — Makan Delrahim — in the hope of steering a successful regulatory review. Delrahim joined Paramount in October as its chief legal officer.

“We believe our offer will create a stronger Hollywood. It is in the best interests of the creative community, consumers and the movie theater industry,” David Ellison said in a statement. “We believe they will benefit from the enhanced competition, higher content spend and theatrical release output, and a greater number of movies in theaters as a result of our proposed transaction.”

Paramount’s tender offer is set to expire Jan. 8, 2026, unless it’s extended.

Shares of Warner Bros. jumped 4.4% on Monday to $27.23. Paramount gained 9% to $14.57 a share while Netflix lost 3.4% to $96.79.

Times staff writers Wendy Lee and Stephen Battaglio contributed to this report.

Dec. 8 (UPI) — Rep. Jasmine Crockett, a Democrat and fierce Trump critic, announced Monday she was launching a high-stakes U.S. Senate campaign in Texas, the same day Democratic primary opponent Colin Allred dropped out.

Crockett, who filed just hours before the deadline, will face Democratic Rep. James Talarico of Austin in the March 3rd primary, as she tries to turn incumbent Republican Sen. John Cornyn‘s seat from red to blue.

“For too long, Texas has elected senators who have defended politics as usual and protected the status quo, while Texans have paid the price,” Crockett said on her website. “We’ve had senators who have pushed the American Dream further and further out of reach.”

“I’m running for the U.S. Senate because I believe Texas deserves a senator who will be an independent voice for all 30 million Texans — not a rubber stamp or party line vote for Donald Trump.”

Crockett’s primary opponent Talarico on Monday welcomed her to the race after Allred dropped out.

“We’re building a movement in Texas — fueled by record-breaking grassroots fundraising and 10,000 volunteers who are putting in the work to defeat the billionaire mega-donors and puppet politicians who have taken over our state,” Talarico said. “Our movement is rooted in unity over division — so we welcome Congresswoman Crockett into this race.”

Rep. Allred of Dallas decided Monday not to run in the U.S. Senate primary and opted instead to run for the newly-drawn 33rd Congressional District in Dallas County after the U.S. Supreme Court ruled last week that the redrawn map, which favors Republicans, could be used in the 2026 election.

In a statement, Allred admitted Crockett played a part in his decision to drop out.

“In the past few days, I’ve come to believe that a bruising Senate Democratic primary and runoff would prevent the Democratic party from going into this critical election unified against the danger posed to our communities and our Constitution by Donald Trump and one of his Republican bootlickers Paxton, Cornyn or Hunt,” Allred said earlier Monday.

The winner of the Democratic Senate primary will face one of three Republican primary opponents in the midterm elections, Republican incumbent Sen. John Cornyn, Attorney General Ken Paxton or U.S. Rep. Wesley Hunt.

On Monday, Paxton commented in a post on X saying, “everyone knows Crockett will be soundly defeated,” as he also focused on Cornyn’s campaign spending and lower standing in the polls.

Paxton has been vocal about Texas’ redrawn district map and the order’s appeal to the U.S. Supreme Court. Last month, he predicted the Supreme Court would “uphold Texas’s sovereign right to engage in partisan redistricting,” after he criticized partisan gerrymandering in Democratic-led states, including California, Illinois and New York.

Texas Republicans have not lost a statewide office in more than three decades. Crockett’s decision to run for the Senate also opens up the 30th Congressional District seat she has held since 2023.