purchase

For more than four decades, the Lakers were a family-run business. The sibling rivalries still remain.

Jeanie Buss is fighting back after her siblings reportedly voted to sell the family’s remaining stake in the Lakers on Monday. The team’s governor, Buss sent a letter through her attorney to her brothers’ attorneys stating any votes to sell the family’s remaining 17.8% stake in the team to new majority owners Bob Iger and Joshua Kushner are void because the sale cannot be completed without approval of the other trustees: Jeanie and her younger siblings, Janie and Joey.

ESPN reported Monday that the six Buss family siblings, who took over team ownership after their father, Jerry Buss, died in 2013, are selling their shares of the Lakers to Iger and Kushner following a family vote. Iger, the longtime Disney chief executive, and Kushner, a venture capitalist and entrepreneur, agreed last week to buy Mark Walter’s controlling stake of the Lakers for a record valuation of $12.5 billion.

The transactions still need to be approved by the NBA board of governors. Jeanie Buss, who was to remain the Lakers governor for at least five years after Walter’s purchase of the team was approved last October, no longer would be eligible to serve on the board if the Buss family sells its shares. Governors are required to own at least a 15% stake.

“The co-trustees are bound to vote the Los Angeles Lakers, Inc. shares to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain controlling owner,” the letter from Buss’ attorney reads, citing a 2017 court ruling outlining Jeanie Buss’ role. “Any attempt by the co-trustees to do otherwise and any attempt to aid or abet the co-trustees as such would constitute a breach of trust, breach of fiduciary duty and be in contempt of court.”

The trust was revised in 2017 after a series of legal battles between Jeanie and her older brothers, Johnny and Jim. It stipulated that co-trustees “would take all actions reasonably available to them, including voting the trust’s shares to ensure that [Jeanie Buss] is elected as the controlling owner of the Lakers on an annual basis during [her] lifetime.”

The statement to ESPN attributed to the Buss family regarding the sale read: “We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction. We love the Lakers, Laker fans and will continue to support Los Angeles; but it is time to use this opportunity to move on and exit gracefully while we still can.” ESPN didn’t report a price for the shares.

The Buss family has owned the team since 1979, when Jerry Buss bought the franchise, the Forum and the Los Angeles Kings for $67.5 million. The family patriarch leveraged Hollywood glamour with entertainment spectacle to elevate the Lakers into an internationally recognized brand. The NBA’s biggest stars shone brightest in L.A.; Jerry West, Kareem Abdul-Jabbar, Magic Johnson, Shaquille O’Neal and Kobe Bryant helped pile up 10 championships under Buss. The Laker Girls became a harbinger of sports dance teams to come. Celebrities flocked to the courtside seats. Books and TV shows told the team’s Hollywood story.

Each of Buss’ six children — Jeanie, Jim, Johnny, Janie, Joey and Jesse — held titles in the organization. Jeanie was her father’s hand-picked successor. She fought to maintain her position against Johnny and Jim, who tried to reorganize the board of directors to push Jeanie out in 2017. She eventually ousted them from team operations. Joey and Jessie, the two youngest, were fired by the new owners last November. Joey was the team’s alternate governor and vice president of research and development, and Jesse was the assistant general manager. Janie held an administrative role directing the team’s charitable services.

The booming sports business quickly caught up to the team that once held the attention of the city with the league’s biggest stars, iconic “Showtime” style and old Hollywood feel. The Lakers slogged through a six-year playoff drought from 2013-19. The team started falling behind in resources and revenue compared to other organizations that controlled their own arenas and could maximize alternative revenue streams. The Buss family voted to relinquish a majority ownership of the team last year, bringing in Walter, who also owns the Dodgers.

Walter then shockingly flipped the NBA’s crown jewel franchise for a profit of $2.5 billion last week. The investment mogul who is under federal investigation for unpaid loans agreed to sell his stake in the Lakers to Kushner and Iger. Kushner is a co-founder of Thrive Capital, which started a permanent holdings company, Thrive Eternal, this year to invest in sports and cultural brands. Iger is the longtime Disney CEO who already owns Southland soccer club Angel City FC and previously flirted with NFL ownership by trying to build a stadium in Carson before the project ultimately went to the Stan Kroenke-led group that built SoFi Stadium in Inglewood.

Before including the Buss shares, the deal for the Lakers’ majority stake already was the largest sum paid for any professional sports franchise, surpassed only by Walter’s $10-billion purchase of the team. It still sits below Sportico’s estimate for the most valuable franchise, with the outlet listing the Dallas Cowboys’ valuation at $15.5 billion.

Minority stakeholders Dr. Patrick Soon-Shiong, who also owns the Los Angeles Times Media Group; real estate billionaire Ed Roski; and Walter business partner Todd Boehly own about 14% of the Lakers, according to Sportico.

How Iger and Kushner will finance the Lakers deal is unclear.

When the duo agreed to buy Walter’s share last week, Kushner and Iger released a statement that in part praised the Buss family’s work with the Lakers.

“We have immense respect for the leadership and vision of Jerry and Jeanie Buss,” the statement read. “Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”

Spectrum owner Charter Communications is nearing the finish line in its long-awaited $34.5-billion purchase of Cox Enterprises to form the nation’s largest internet and cable television company.

California’s Public Utilities Commission is scheduled to vote next week to approve the merger that would bolster Southern California’s dominant provider with more than 5 million customers. Securing the approval of California regulators — the deal’s final hurdle — has been a slog as federal officials gave Charter their consent months ago.

Customers of privately held Cox, the Atlanta-based company that serves Rancho Palos Verdes, Rolling Hills Estates, Las Vegas and large parts of Orange and San Diego counties, would be switched to Spectrum service. Charter is the industry leader, providing Spectrum internet, phone and cable TV packages for Los Angeles, Riverside, San Bernardino and Ventura counties.

It’s been more than a year since the companies unveiled their proposed union, and they hope to combine operations this month. But flaps have flared up in the last lap.

Public interest groups have argued that the PUC’s proposed settlement with Charter doesn’t go far enough to ensure long-term affordable internet for low-income residents or accommodations for customers reeling from natural disasters such as last year’s Eaton and Palisades fires.

In addition, advocates have asked utilities commissioners to demand that Charter commit to fostering workplace diversity, equity and inclusion among its proposed 9,000-member workforce in California. Such programs have been under siege since President Trump returned to the White House.

“State regulators like the CPUC have an important role to play — they have a voice and leverage if they choose to use it,” said Jason Solomon, director of the National Institute for Workers’ Rights, a Bay Area group that is lobbying for Charter to renew its commitment to a diverse workplace.

“It’s important that California stand up for its own laws, policies and values,” Solomon said.

A Spectrum truck in New York City.

(Star Max/IPx)

The five-member commission is set to vote on the Charter-Cox merger Thursday. The panel will consider two competing proposals; both would allow the merger to go through with various conditions.

Charter years ago pledged to create a diverse workplace but scaled back its public statements amid Trump’s vocal demands that companies dump DEI programs. Trump’s Federal Communications Commission chairman, Brendan Carr, also has championed eliminating diversity programs, saying they are discriminatory.

The FCC in February approved Charter’s proposed purchase of Cox’s residential cable, commercial fiber, cloud and information technology businesses. To win Carr’s approval, Charter agreed to “new safeguards to protect against DEI discrimination,” according to the FCC.

Charter is in a bind. It disavowed diversity efforts to win the FCC’s blessing but now is facing calls in California to embrace such commitments.

“In a state as diverse as California we should protect diversity in the workplace,” said Jessica J. González, co-chief executive of advocacy group Free Press. “We have a responsibility to stand up to what’s been going on in the federal government, and in the Trump administration, to force companies to roll back their policies.”

In its public filings, Charters said it would reach out to diverse suppliers and work with business groups, including the Women’s Business Development Council, the California LGBTQ Chamber of Commerce, the African American Chamber, the California Hispanic Chamber and the Cal Asian Chamber.

“This transaction will be good for consumers, community leaders, and businesses across California as it will provide them with lower prices, greater value, better service, and support from Spectrum’s 100% U.S.-based employees,” the Stamford, Conn. company said in a statement.

Concerns heightened among activists after one of the two proposed settlements, hashed out between Charter and Commissioner Matthew Baker, the commission’s Public Advocates Office and the California Emerging Technology Fund, failed to include diversity efforts.

Advocates viewed Baker’s proposal as weaker on broadband access provisions too, including commitments to provide low-cost internet for disadvantaged residents and communities that lack service.

“For us, it’s really about making sure everyone in Cox’s and Charter’s service territory benefits from this transaction,” said Paul Goodman, counsel for the Berkeley-based Center for Accessible Technology.

“We want to make sure that communities that have been historically overlooked get the same benefits from the transaction as everyone else,” Goodman said.

For example, a coalition of advocacy groups is seeking to prevent Spectrum from tacking on equipment charges for customers on low-income plans.

Commissioners will be asked to select from Baker’s draft decision or last month’s proposal from the agency’s administrative law judge, Jamie Ormond. Advocates are urging the panel to adopt Ormond’s version because it contains more compliance conditions, including mechanisms to foster an inclusive workplace.

Commissioners have “a statutory duty” under the state’s utilities code “to deny the transaction outright rather than approve a weaker deal,” the advocates argued in a recent filing.

Solomon’s group is pushing for an “organizational infrastructure for equal opportunity compliance,” including reporting compensation and promotion data for Charter’s California workforce and pay equity audits.

The state has required diversity measures before — despite such initiatives being out of favor in Washington. In January, the commission approved Verizon Communications’ purchase of Frontier Communications.

In that proceeding, Verizon pledged to “further California’s public policy goals of diverse supply chains and workforces, including a $10 million partnership with the California State University system,” the PUC said.

Under both Ormond’s and Baker’s proposals, Charter would be required to offer affordable broadband to low-income residents, including California LifeLine service tiers. It would have to sell stand-alone broadband plans for five years, although advocates would like to see that extended to 10 years.

The company has agreed to spend at least $275 million to upgrade its California network and complete its 1-gigabit service capability across its legacy service areas within three years.

Charter also agreed to invest at least $30 million in customer outreach initiatives, such as digital literacy training and device access for low-income communities. The company also is being asked to provide free broadband and Wi-Fi service for about 50 eligible institutions, including schools, libraries and community centers for several years.

Charter was criticized after the January 2025 fires for charging fees for equipment that burned, said Natalie Gonzalez, director of Digital Equity Los Angeles, one of the advocacy groups that is asking for Charter to “improve disaster response and customer service standards … during life’s most challenging moments.”

Charter pushed back on that contention, saying it helped residents in the burn areas.

“We opened all our wifi hot spots to anyone (non Spectrum customers) and were deeply involved in the restoration efforts,” the company said in its documents.

The advocates, including Digital Equity LA and the California Alliance for Digital Equity, compiled evidence to help commissioners determine whether the merger was in the public interest.

Should the deal go through, Cox subscribers will soon see changes. Charter plans to roll out its Spectrum products and fees to Cox customers next month.

Subscribers can opt for their existing pricing or switch to a Spectrum bundle that includes such apps as Disney+, Hulu, ESPN and Paramount+.

Charter has also said it would offer Cox subscribers a year of free service when they switch their cellphone carrier to Spectrum.

The Charter name will be dropped in one year and the combined company will become Cox, although consumer products will keep the Spectrum brand.

The switch is because the Cox family — descendants of an Ohio press baron who bought his first newspaper in 1898, began acquiring cable systems in 1962 — will become the firm’s largest shareholder group, with about 23% of the stock.

In a recent earnings call, Charter Chief Executive Chris Winfrey told investors the combined company would have nearly 37 million customers nationwide.

It expects to generate $67 billion a year in revenue and about $28 billion in earnings before interest, taxes, depreciation and amortization.

Paramount Skydance has agreed to delay its purchase of Warner Bros. Discovery to as late as next June as David Ellison’s media company mounts its defense to the antitrust challenge brought by California Atty. Gen. Rob Bonta and his coalition of 11 other state attorneys general.

The major concession comes as Paramount was facing an Aug. 3 hearing to try to convince U.S. District Judge Araceli Martínez-Olguín that its proposed $111-billion deal — which would reshape Hollywood with the combination of two historic studios — would not violate U.S. antitrust laws.

The judge appeared to be leaning toward the arguments of the state attorneys general, who have alleged the proposed union of two big film studios and television networks including HBO, CBS, CNN, Comedy Central, Nickelodeon and TBS, runs afoul of the 112-year-old Clayton Antitrust Act.

In a stipulation filed Friday, Paramount agreed to hold off on closing its blockbuster purchase until after the states’ antitrust case can be decided in a trial before the Oakland-based judge or by June 1, 2027, whichever date comes first.

The move came after Martínez-Olguín issued a temporary restraining order earlier in the week — requested by Bonta and the others — which paused the deal until next month’s preliminary injunction hearing when she was set to decide whether a lengthy moratorium should be imposed.

Privately, Paramount officials were worried they might lose that round before Martínez-Olguín, so, during negotiations with the states, Paramount stipulated that it would not close the deal on its preferred timetable.

Paramount had wanted to finalize the takeover this month — or at least have it wrapped up by Sept. 30.

In a statement, Bonta celebrated the delay as “great news for audiences, movie theaters, and the many people who write, build, and create the art, news, and entertainment so many of us enjoy.”

“Our argument against this illegal merger is straightforward: When too few corporations have too much power in markets central to American life, it makes things more expensive, and it makes things worse,” Bonta said.

Now, Paramount will incur added deal costs and significant legal fees as it prepares the case for a full-blown trial. Paramount, in a statement, framed the delay as “a significant win” for the company.

“The result is exactly what we have sought from the outset: a direct path to a trial based on the evidence,” a Paramount spokesperson said in a statement. “This is the fastest and clearest way to prove that this transaction is good for competition, good for consumers, and good for creators, a conclusion dozens of competition authorities around the world have already reached. We look forward to proving our case at trial.”

On Wednesday, the European Commission gave its blessing, allowing the Paramount-Warner merger to move forward in European countries. More than 40 jurisdictions have given their consent. The U.S. Justice Department last month signed off — an approval that had been expected because of President Trump’s desire to see the Ellison family own CNN.

Paramount shares slipped on the news, falling 3.3% to $8.21 — marking the year’s lowest trading day. Warner’s stock gains since Monday’s restraining order ruling were suddenly erased. Warner shares finished at $25.77 — 17% lower than Paramount’s deal offer.

Now Paramount will have to pay Warner Bros. Discovery investors more than the $31 a share it previously promised.

In a show of confidence earlier this year, the company boasted it would quickly secure the necessary regulatory approvals to finalize the Warner purchase by late September. As an added incentive to win over investors, the company said it would pay so-called “ticking fees” should the deal encounter snags.

Those fees of $.25 a share per quarter begin Oct. 1, adding about $650 million to the pricetag each quarter until close. If Paramount is unable to close the deal by June 1, it would owe Warner Bros. Discovery a $7 billion breakup fee.

Larry Ellison, co-founder of software giant Oracle, is bankrolling his son’s ambitions to acquire a second major entertainment company in less than a year. The Ellison family acquired the smaller Paramount in August.

The Democratic state attorneys general, including from New York, New Mexico, Nevada, Colorado, Oregon and Washington, filed their lawsuit nearly two weeks ago.

The state attorneys general have alleged the deal would harm competition in three markets: films released widely (in more than 3,000 theaters); potential blockbuster films; and a concentration of cable TV channels.

Paramount insists that streaming marketshare be included in the market definition because a combined Paramount+ and HBO Max would still trail industry leaders, Netflix, YouTube, Amazon Prime and Disney+.

“Plaintiffs’ market definitions bear no relationship to the realities of today’s marketplace and cannot withstand scrutiny,” Paramount’s spokesperson said.

In her order earlier this week, Martínez-Olguín wrote that the plaintiff states presented “compelling evidence” that the merged company could wield too much control in theatrical distribution.

Friday’s agreement came after Martínez-Olguín on Thursday extended the restraining order for another 14 days — until Aug. 17 — in recognition the two sides needed time to hash out their scheduling requests. In addition, the Writers Guild of America has filed its own antitrust lawsuit, and the judge agreed to allow that case to move forward with the states’ case.

The Aug. 3 preliminary injunction hearing will be canceled as the two sides prepare for a trial.

“We are eager to continue to make our case in court …to ensure this unlawful merger never sees the light of day,” Bonta said.

The months-long delay is expected to affect Warner Bros. Discovery Chief Executive David Zaslav’s proposed $887-million exit package.

As part of a pact earlier this year, Warner board members agreed to cover Zaslav’s expected $335 million in tax obligations tied to his enormous payout, according to regulatory filings. However, Warner is not on the hook to cover Zaslav’s tax bill should the deal extend into 2027.

The merger has faced stiff resistance in Hollywood and beyond. More than 5,000 entertainment industry workers have signed an open letter calling on Bonta to block the merger.

Britain’s culture minister has also signaled that she may open a full inquiry into the proposed media consolidation, which could also bring other delays.

“This victory in putting the merger on hold belongs to the people who refused to treat the merger as inevitable,” Norm Eisen, a former ambassador and Obama White House ethics lawyer who is helping lead the #BlocktheMerger campaign.

“Artists, journalists, filmmakers, and consumer advocates spoke out despite the risk of retaliation, more than 5,500 people signed our open letter,” Eisen said in a statement. “This collective resistance is turning the tide.”

Decades of Hollywood empire-building ended with a quake in 2017 when Australian media mogul Rupert Murdoch decided to sell much of his Fox entertainment holdings amid the rise of Netflix and other tech giants.

This week, another titan who has been instrumental in shaping American media and telecommunications began to unwind his Hollywood holdings.

Brian L. Roberts — who with his father built Comcast into a cable TV and internet colossus — announced his company would spin off its prestigious NBCUniversal unit into a separate publicly traded company sometime next year.

The move reverses Roberts’ purchase of NBCUniversal in 2011 — a bold bet that created a behemoth with popular programming and cable pipes to pump that content into consumer homes.

Comcast’s breakup marks the close of a Hollywood era, one dominated for 40 years by a class of maverick moguls: Murdoch, CNN founder Ted Turner, Viacom’s Sumner Redstone, cable titan John Malone and the Philadelphia-based Roberts family.

Now, a new crop of leaders has emerged, reflecting Silicon Valley’s vast influence over the film and and TV business, which has been upended by streaming and, now, artificial intelligence.

“There was a time that Murdoch, Malone and Brian were really industry leaders who could affect change,” said Bank of America managing director Jessica Reif Ehrlich in an interview. “That’s not true any longer.”

Analysts widely believe Monday’s announcement is a prelude to eventual sales of both Comcast and NBCUniversal, a theory that Comcast rejects.

Roberts, 67, told analysts he will remain involved in both NBCUniversal and Comcast after the separation. Still, he plans to relinquish his chief executive role after 25 years and a half century at Comcast. Roberts has picked trusted associates to run each firm, and his family will continue to hold controlling shares of both companies.

But the shift underscores a dramatic loss of clout by Comcast and other traditional media enterprises. Netflix, Apple, Amazon and Google’s YouTube have diminished the industry’s financial pillars — box office receipts and cable programming fees — and given consumers control over when and how they watch programming.

Murdoch was the first to flee. In 2014, he was rebuffed in his $80-billion bid to beef up his 21st Century Fox by buying HBO, CNN and other Time Warner assets. Murdoch’s defeat led to the Fox asset sale to Walt Disney Co.

Last fall, Comcast made a run for the same properties with a plan to unite NBCUniversal with Warner Bros.

Instead, 43-year-old tech scion David Ellison — with help from his billionaire father, Oracle software co-founder Larry Ellison — scooped up the prize for a staggering $111 billion.

The pending blockbuster merger of Ellison’s Paramount Skydance and Warner Bros. Discovery is expected to reshape the industry and leave NBCUniversal increasingly vulnerable to a takeover.

“It looks like Comcast’s NBCUniversal was left standing on the dance floor without a partner,” MoffettNathanson media analyst Robert Fishman wrote in a Tuesday note to investors.

Paramount’s play for Warner Bros. came a month after Ellison finalized his family’s purchase of cash-strapped Paramount from Shari Redstone. The one-two acquisition punch would propel the Ellison family to top-tier moguls with influence over CNN, CBS News, HBO, Turner Classic Movies and two historic Hollywood studios.

“It’s a flagging industry. … The industry will have to consolidate to survive,” said C. Kerry Fields, a USC Marshall School of Business economics professor. “Those who have content plus [streaming] distribution are going to be the winners.”

Roberts knows distribution. His father in 1963 bought his first cable TV system in Tupelo, Miss. It was a quirky bet for Ralph Roberts, who figured his belts and suspenders business would soon be toast as beltless polyester pants became the rage.

Brian Roberts joined Comcast as a high school intern, setting up supermarket promotions. In 1975, he became a trainee cable installer, climbing poles and stringing cables. He joined Comcast full time in 1981 after graduating the Wharton School at the University of Pennsylvania.

For more than 30 years, he worked in tandem with his dad. With key associates, they built the nation’s foremost cable TV service — then the entertainment gateway — and grew stronger by offering internet, phone and then wireless service.

Analysts credit the 2011 purchase of NBCUniversal as a huge success; Comcast rescued a company that was on the ropes due to General Electric’s under-investment.

Over the years, Comcast rebuilt NBC and Spanish-language Telemundo, writing big checks for the best sports rights, including the FIFA World Cup, NFL, NBA and Major League Baseball.

Comcast also recognized value in theme parks and invested heavily, building Universal Studios as a formidable rival to Disney. NBC finished the season in first-place among traditional TV broadcasters and its L.A. film studio is an industry leader.

But the world has changed.

“One of the defining characteristics of this company has always been our willingness to look ahead, embrace change, and position ourselves for the future,” Roberts told analysts during a Monday call.

Reif Ehrlich, the Bank of America analyst, said Comcast needed to do something — or watch its stagnant stock sink farther.

Wall Street has punished the company amid steep losses in its cable TV and broadband internet units, and because NBCUniversal has historically generated its biggest profits from its cable channels.

In January, Comcast spun off those networks, including CNBC, MS NOW, USA Network and Golf Channel, to create a new entity called Versant.

But the move failed to boost Comcast’s battered stock, which dropped 3.3% on Wednesday to $23.73.

Five years ago, Comcast stock topped $50 a share.

“It was just a very challenged market on both sides, and it’s getting worse, not better,” Reif Ehrlich said.

Comcast faces competitors beyond traditional telecommunications firms, including AT&T and T-Mobile. SpaceX’s Starlink provides satellite internet service.

NBCUniversal must jockey alongside other well-capitalized players, including Amazon, Netflix and Disney. NBC’s streaming service, Peacock, has struggled to get traction. It counted 46 million paying subscribers as of the first quarter, a fraction of Netflix’s 325 million and the nearly 132 million subscribers of Disney+.

“It’s kind of a subscale player,” Reif Ehrlich said. “It’s just a real battle, and NBC has expensive sports rights.”

Roberts conceded the difficult landscape on the analyst call.

“The world is changing faster than ever,” Roberts said. “Technology, consumer behavior, competition, capital requirements are all evolving at an unprecedented pace … When we acquired NBCUniversal, more than 15 years ago, the industry looked very different.”

He will retain control for at least three years. The NBCUniversal spin-off is envisioned as a tax-free transaction for shareholders, providing a short-term buffer from deal-making to preserve that structure.

NBCUniversal could be up for grabs by 2029 — a pivotal year when the NFL is expected to open negotiations for a new round of broadcast rights. That auction is expected to draw heavy interest from Amazon and other streamers — not just veterans Fox, NBC, Disney’s ESPN and Paramount’s CBS.

“Brian Roberts has already proven his willingness to play the long game and with continued control should be the end decision maker,” Fishman said.

Much like Murdoch, who is now 95 and partially retired.

“Rupert was the smartest guy in Hollywood — he got out at the top,” Reif Ehrlich said.

He entrusted power to his 54-year-old son, Lachlan, who has been busy remaking Fox after the 2019 sale to Disney, which included Fox’s film and TV studios, streaming service Hulu and the FX and National Geographic channels. Fox also unloaded its regional cable sports networks — a savvy move before that business cratered.

The Murdochs kept Fox Sports, the Fox broadcast network, TV stations, Fox News Channel and the studio lot.

The company has been expanding. Lachlan Murdoch led Fox’s purchase of Tubi, which provides free TV channels and movies for smart televisions, keeping Fox in the streaming game. The company launched Fox News and weather products, and subscription service Fox One, which streams the company’s sports and news.

Earlier this month, Lachlan Murdoch stunned the industry by agreeing to pay $22 billion for Roku, a leading streaming platform that reaches 100 million viewers worldwide. Murdoch called the proposed purchase “a defining moment for Fox.”

The U.S. Justice Department has cleared the way for Paramount Skydance’s $111-billion purchase of Warner Bros. Discovery — a major milestone that moves David Ellison closer to his goal.

After a months-long review, Justice Department antitrust regulators on Friday concluded the combination would not violate federal anticompetition laws. Approval had been expected because President Trump — who has friendly ties with Ellison and his father, tech billionaire Larry Ellison — favors the deal.

The government stopped short of asking Paramount to make concessions or divestitures.

Buying Warner Bros. would allow Paramount — Hollywood’s smallest major company — to bulk up with such prestigious properties as HBO, CNN, HGTV and Food Network. Those would be combined with properties Paramount already owns, including CBS, Comedy Central, Nickelodeon and MTV.

The deal would put two historic film studios and two prominent news organizations under the same roof. It would give Paramount four streaming services, including HBO Max, and dozens of cable channels.

In its four-page closing statement, the Justice Department emphasized that career antitrust regulators — not political appointees — had performed a rigorous review, sifting through some two million documents the government received from dozens of sources, including third-party organizations.

They conducted meetings and deposed senior-level executives and other witnesses.

“These investigative efforts all led to the same conclusion: the film and television industry is highly dynamic, and the proposed transaction is not likely to harm competition or American consumers,” Justice Department regulators wrote in their summary.

Regulators zeroed in on three potential areas of concern. They looked at whether the merger would give Paramount too much power in the streaming video-on-demand market; the traditional linear television channel space; as well as in “studio development, production, or distribution of films for theatrical release,” the Justice Department said.

Competition in streaming would not be crimped, according to the regulators.

“To the contrary, the combined firm is likely to increase competition by offering consumers a more robust competitive alternative to the larger [streaming] offerings,” they wrote.

The antitrust division also found that theatrical distribution and opportunities for creators, including writers and actors, would not be harmed as long as the combined company maintained current production levels.

Ellison has promised to continue releasing 30 films a year with a combined Warner Bros.-Paramount studio. He also has said he would protect the HBO brand.

The proposed merger is controversial because many in Hollywood fear it will bring thousands of job losses, which was the result of past consolidations, including Walt Disney Co.’s 2019 takeover of Fox entertainment properties. More than 5,000 entertainment industry workers, including Jane Fonda, J.J. Abrams, Javier Bardem and Mark Ruffalo, have signed an open letter calling for the merger to be blocked.

There’s a political dimension as well. Paramount’s standing with the Trump administration (Paramount+ is set to televise Sunday’s UFC fight spectacle at the White House to celebrate Trump’s birthday as part of the company’s relationship with the UFC) has given left-leaning groups pause.

They worry about collapsing CNN and CBS News into one unit, particularly after all the turmoil that has ensued at CBS News since the Ellison family bought Paramount in August and installed Bari Weiss as CBS News editor in chief.

This month witnessed a dramatic shakeup at the iconic “60 Minutes,” with top executives and three well-known correspondents tossed out.

“We’ve already seen how far Paramount and the Ellison family are willing to go to diminish a once-proud network and news organization like CBS,” Craig Aaron, co-chief executive of the progressive group Free Press, said in a statement. His group fears the Ellisons would “do worse if they get their hands on Warner Bros., HBO, CNN and all the rest.”

Paramount, for its part, said it was grateful for “the Department of Justice’s thorough review of this transaction, as well as the work of the other agencies that have completed their reviews and provided clearance to date.”

“This deal is pro-competitive, resulting in a stronger company better positioned to compete against dominant technology platforms in an industry increasingly defined by intense competition for audiences, talent, technology, and investment,” Paramount said. “We remain focused on completing the transaction as soon as possible and delivering its benefits to consumers, creators, and the entertainment industry as a whole.”

Paramount wants to finalize its purchase by September.

With Friday’s victory, Paramount is staying on that timetable, but regulators in Europe and Britain have opened their own regulatory investigations and are expected to make their own determinations in the coming months.

Separately, California Atty. Gen. Rob Bonta and other state attorneys general have been scrutinizing the proposed merger, and are widely expected to file a lawsuit, perhaps as early as this month, to try to block it.

Paramount applied for Justice Department approval in December — more than two months before it edged out Netflix in the Warner sweepstakes.

In its statement, the Justice Department said it began its review last fall when it was clear Warner Bros. was in play. Regulators said they were familiar with Warner’s businesses, because the division had scrutinized four other mergers involving the company, dating back to the disastrous AOL-Time Warner merger in 2001.

Paramount’s deal would mark the third time Warner has changed hands in the last decade. AT&T bought the company in 2018 and then sold it to the smaller Discovery four years later. That deal left Warner Bros. burdened by debt, setting the stage for the Ellison takeover.

Justice Department approval could complicate efforts by Bonta and other state attorneys general to block the deal. Should Bonta or others sue, they would have to convince a judge that the nation’s top antitrust regulators failed to make a proper finding despite their lengthy review.

That may pose a high bar for the state officials, who are facing political pressure to stop the deal.

“State AGs must block this merger,” U.S. Sen. Elizabeth Warren (D-Mass.) said in a statement Friday, adding that the Justice Department’s approval was “terrible news for every American who doesn’t want Trump-aligned billionaires to control what they watch and how much they pay.”

The Justice Department said state attorney general offices had participated in its investigation, which allowed federal and state officials “to share information with each other and for the States to attend and participate in the [antitrust] Division’s depositions.”

Last month, David Ellison appeared before the regulators in a two-hour session.

Paramount’s Chief Legal Officer Makan Delrahim, who previously served as the nation’s top antitrust regulator during the first Trump administration, also was busy quarterbacking Paramount’s outreach with regulators.

Luka Doncic could be involved in two championship bids this upcoming season.

The Lakers superstar and former Dallas Mavericks general manager Donnie Nelson are leading an investor group that acquired a professional basketball team in Italy, it was announced Friday, with hopes that the franchise could become part of the NBA’s new European venture.

The group plans to move Vanoli Cremona, a team that plays in a northern Italian city about 60 miles southeast of Milan, to Rome, and submitted a bid for the club to join NBA Europe, making Doncic the first player to state his ambition to become part of the NBA’s expansion across the pond.

“I have dreamed about owning a team in Europe for a long time, to finally have this happen is amazing,” Doncic said in a statement. “Vanoli has a great history, and we are ready to take it to the next level in Rome. We have an amazing group of partners, and I really believe we can do something special for basketball in Italy and Europe.”

NBA commissioner Adam Silver said this year that the NBA is working with FIBA, the world governing body for basketball, to begin a stand-alone league in Europe. The league could begin as soon as October 2027 with up to 16 teams hosted in major cities in England, France, Spain, Italy, Germany, Greece and Turkey.

Rome and Milan are the top Italian targets to host NBA Europe teams. Rome, the Italian capital, has not had a Serie A team since 2020, when Virtus Roma ceased operations because of financial difficulties. Vanoli will begin playing in Rome for the 2026-27 season.

“Rome deserves world-class basketball, and we are excited to be bringing it back,” Nelson said in a statement. “Vanoli Cremona has a proud history, and we are committed to honoring that legacy as we build toward an exciting future in Rome. This city has been without top-flight basketball for too long. That changes now. We are bringing the resources, the expertise, and the passion to make this club a source of pride for Rome and for all Italy.”

Nelson, who is the lead investor and managing partner, was the general manager when the Mavericks traded for Doncic on draft night in 2018 and was the architect of Dallas’ 2011 NBA championship team led by German star Dirk Nowitzki. The investor group also includes Valerio Bianchini, a celebrated coach in the Italian league, and Rimantas Kaukėnas, a 17-year pro across European leagues.

The 27-year-old Doncic, who was born in Slovenia and started his professional career with Real Madrid in Spain, is part of a recent wave of international stars taking over the NBA. The last eight most valuable players have been born outside of the United States. Doncic finished fourth in MVP voting this year behind two-time winner Shai Gilgeous-Alexander, who is from Canada, three-time MVP Nikola Jokic, who is from Serbia, and Victor Wembanyama, a 22-year-old Frenchman expected to dominate the league for years.

The NBA played two regular-season games in Europe this season, with the Memphis Grizzlies and Orlando Magic facing off in Berlin and London. Next season, Wembanyama and the San Antonio Spurs will play in his home country against the New Orleans Pelicans and in Manchester, England.