Netflix and Paramount are locked in an epic tug-of-war for HBO and Warner Bros. — the historic film factory behind Batman, Harry Potter, Scooby-Doo, “Casablanca” and “The Matrix.”
Warner Bros. Discovery awarded the prize to Netflix, prompting Paramount to mount a hostile takeover bid valued at $108 billion for all of the Warner assets, which also include CNN, TBS, HGTV and TLC. The Larry Ellison-backed media company, run by his son David Ellison, has asked Warner shareholders to sell their shares to Paramount.
Warner Bros.’ sale has become the industry’s game of thrones.
The streaming king, Netflix, hopes to buy a chunk of the company — HBO, HBO Max, Warner Bros. film and TV studios and the 110-acre lot in Burbank — through its $82.7-billion deal. Not included are Warner’s basic cable channels, which are set to be spun off into a separate, publicly-traded company called Discovery Global.
Both deals would fundamentally reorder Hollywood and raise antitrust concerns. Netflix would boast more than 400 million subscribers worldwide, furthering its market dominance. And Paramount’s takeover would combine two major film studios and two leading news organizations, CNN and CBS News, under Ellison family control.
The partnership, which spanned 86.4 overs, is the joint 12th highest opening stand in men’s Test cricket and only the eighth stand of 300 for any wicket for New Zealand.
New Zealand’s record partnership was set by Martin Crowe and Andrew Jones, who added 467 for the third wicket against Sri Lanka in Wellington in 1991.
Conway faced 279 balls and hit 25 fours, compiling his sixth Test century in the process.
Latham, who earlier won the toss, was dropped by wicketkeeper Tevin Imlach on 104 before being caught by a diving Roston Chase at first slip off Kemar Roach.
Latham faced 246 balls, struck 15 fours and a six and now has 15 Test hundreds.
“It’s the best I’ve been part of. It was a good time out there,” said Conway.
“We had a discussion this morning around trying to bat big, bat well and give the bowlers an opportunity to bowl in the fourth innings.
“It was a challenging morning session, particularly for me. I was fighting with myself during the first hour. They bowled really well.
“After lunch, the ball got a little bit softer and the wicket sped up, so it offered up some good scoring opportunities for myself and Tom.”
Conway will resume alongside nightwatchman Jacob Duffy when play resumes on Friday (22:00 GMT, Thursday).
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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.
Yellowstone actress Hassie Harrison will star alongside 1923’s Brandon Sklenar in upcoming Western thriller The Rescue, marking their first time working together despite both appearing in the Yellowstone universe
Yellowstone icons share screen for first time in upcoming Western
Yellowstone stars Hassie Harrison and Brandon Sklenar are set to finally share the screen in the forthcoming Western thriller, The Rescue.
Despite both actors playing key roles in the television sensation crafted by Taylor Sheridan, their characters are a century apart.
Harrison is renowned for her role as rodeo girl Laramie in the main drama, while rising star Sklenar portrays Spencer Dutton in the popular prequel series, 1923.
Both have since secured successful roles in other recent projects, with Harrison leading the critically acclaimed thriller film Dangerous Animals and Sklenar featuring in major films such as Drop and The Housemaid.
Details about their joint project remain hush-hush after Deadline announced last week that Harrison would be joining the Sklenar-led Western thriller The Rescue, reports the Express.
However, it’s been confirmed that the film will centre on a modern-day rodeo cowboy whose skills are challenged outside the arena.
The director of Old Henry, Potsy Ponciroli, is at the helm of the flick, penned by John Fusco.
Reports also confirm that the film is slated to start production this coming summer.
It has reportedly been a top priority title since its initial development by Skydance before merging with Paramount. The Rescue is now one of the first films greenlit by the newly formed studio regime.
Harrison is slated to feature in the forthcoming thriller Raven, which boasts a star-studded cast including Anthony Mackie, Pablo Schreiber, Ben Foster, and Ron Livingston.
As for her return to the Yellowstone universe, it remains a mystery. The franchise is set to grow with several spin-offs and sequel series on the horizon.
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Kelly Reilly and Cole Hauser are confirmed to reprise their roles as Beth Dutton and Rip Wheeler, respectively, in the upcoming sequel tentatively titled The Dutton Ranch.
Additionally, another spin-off currently under development, The Madison, will narrate the tale of a different ranching family and stars Michelle Pfeiffer, Suits’ Patrick J. Adams and Kurt Russell.
On the other hand, actor Sklenar is lined up to star in the Sheridan-scripted military thriller F. A. S. T., where he’ll play a former special forces commando recruited by the DEA to lead a raid on a major drug dealer.
The ensemble cast also features Juliana Canfield, LaKeith Stanfield, Jason Clarke, Sam Claflin, and Trevante Rhodes, with direction by Ben Richardson, who has directed several episodes of Sheridan-created dramas.
Yellowstone is available for streaming on Paramount+.
Tourists from 42 countries may soon need to also disclose email accounts, extensive family history and biometrics to enter US.
Visitors who are eligible to enter the United States without a visa may soon be required to provide the Department of Homeland Security with significantly more personal information, including details about their social media activity, email accounts and family background.
According to a notice published on Wednesday in the Federal Register, US Customs and Border Protection (CBP) is proposing to collect up to five years of social media data from travellers from certain visa-waiver countries.
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The proposed requirement would apply to travellers using the Electronic System for Travel Authorization (ESTA) under the Visa Waiver Program, which allows citizens of 42 countries – including the United Kingdom, Germany, Qatar, Greece, Malta, New Zealand, Australia, Japan, Israel and South Korea – to travel to the US for tourism or business for up to 90 days.
Currently, the ESTA automatically screens applicants and grants travel approval without requiring an in-person interview at a US embassy or consulate, unlike standard visa applications.
At present, ESTA applicants are required to provide a more limited set of information, such as their parents’ names, current email address, and details of any past criminal record.
A question asking travellers to disclose their social media information was first added to the ESTA application in 2016, though it has remained optional.
New rules also target metadata, email history
The new notice also states that the CBP plans to request additional personal information from visitors, including telephone numbers used over the past five years and email addresses used over the last 10 years.
Authorities also said they plan to add what they describe as “high-value data fields” to the ESTA application “when feasible”. These would include metadata from electronically submitted photographs, extensive personal details about applicants’ family members, such as their places of birth and telephone numbers used over the past five years, as well as biometric information, including fingerprints, DNA and iris data.
The announcement did not say what the administration was looking for in the social media accounts of visitors or why it was asking for more information.
But the CBP said it was complying with an executive order that US President Donald Trump signed in January that called for more screening of people coming to the US to prevent the entry of possible national security threats.
Travellers from countries that are not part of the Visa Waiver Program system are already required to submit their social media information, a policy that dates back to the first Trump administration. The policy remained during US President Joe Biden’s administration.
The public has 60 days to submit comments on the proposed changes before they are finalised, the notice in the Federal Register states.
