Business
Paramount CEO David Ellison’s WBD acquisition can’t clear final hurdle
David Ellison — the founder of a film production company and son of billionaire Larry Ellison — has been at the helm of Paramount Skydance for just over a year. He’s been fighting to acquire Warner Bros. Discovery for nearly as long.
The latest roadblock in his path, a group of state attorneys general seeking to stop the deal, may be his toughest yet. The antitrust hurdle and related delay have left the CEO hunting for avenues to get the deal done.
The delay in closing Paramount’s acquisition of WBD could add hefty costs on top of the $110 billion proposed price tag at a time when media companies across the landscape are under intense pressure.
Yet, with a trial in the antitrust case set for March, Ellison has never felt more confident that the deal not only makes sense, but will get completed, according to a person familiar with his thinking, who asked to remain unnamed to speak candidly.
“The company believes strongly in this,” Paramount’s lead trial attorney Jeffrey Kessler said on CNBC in July, adding the company was prepared to bring the matter to the Supreme Court if necessary.
Still, Ellison appears to be making little ground with California Attorney General Rob Bonta, who is leading the states’ charge in court. Both sides have said they are eager to make amends outside of the courtroom.
“I think the whole issue there is, will the state AGs be interested in settling, and I’m not quite sure there’s any real incentive for them to settle given the fact the California home constituency here is overwhelmingly against the transaction,” said Tom Rogers, a media veteran who’s currently senior advisor to Versant Media Group and executive chairman of AI film and TV production company Fountain 0.
A Paramount spokesperson declined to comment for this article.
The final threat
Ellison’s pursuit of WBD began last September with three unsolicited bids to take over the storied entertainment company, which includes the legendary film studio, a portfolio of pay TV networks and the HBO Max streaming business.
Ellison’s interest ultimately spurred a formal sale process that superseded a plan by WBD to split in two. When Warner Bros. Discovery crowned Netflix the bidding war winner, Ellison went hostile and promised WBD shareholders a premium.
In February, Netflix abandoned its pending transaction and Paramount entered into an agreement to buy the entirety of WBD. The deal has won approval from all global regulators, including the Antitrust Division of the U.S. Department of Justice.
That leaves Bonta and the other 11 suing states as the final threat to Ellison’s long-sought-after acquisition.
Bonta has said his aim is in part to take up the baton where he feels President Donald Trump’s administration has fallen short on regulation. He has said Trump has gotten “involved improperly” in other merger situations.
Meanwhile, the Ellison family’s ties to Trump have drawn criticism. Larry Ellison is a longtime supporter of Trump, and the president has said publicly he’d like to see Warner Bros. Discovery’s CNN land in Paramount’s hands.
When speculation began in the spring that a group of states would seek to challenge the merger — putting particular focus on two segments of the combination: their extensive portfolios of pay TV networks and powerhouse film studios — Ellison’s Paramount immediately began its outreach to Bonta’s office, according to the person familiar with the matter. By mid-May the company had sent a list of potential concessions to Bonta, added the person.
Following a preliminary injunction granted by the California district court, which paused any movement on the deal for 14 days, Paramount said it was willing to officially delay the deal and move to a trial to fight its case for the merger.
However, the March trial date was later than company executives had hoped for, according to two people familiar with the matter.
In the ensuing weeks, Paramount went on the offensive.
Paramount’s playbook
Shortly after the lawsuit hit in mid-July, Ellison took his argument for the deal public, writing a New York Times op-ed. That piece followed others from industry leaders arguing both for and against the merger, expanding the debate beyond legal filings.
Ellison has also sought to win over Hollywood exhibitors with contracts guaranteeing that a combined Paramount-WBD would release a a minimum 30 films a year with 45-day theatrical windows for a period of at least three years, according to a person familiar with the contracts, who spoke on the condition of anonymity because they were not authorized to speak publicly.
And, reports surfaced that Paramount was considering relocating its studio and headquarters outside of California in response to Bonta’s challenge. One of the people familiar with the matter told CNBC a move to Tennessee was on the table.
That suggestion largely backfired, with Bonta calling the threat to relocate “blackmail.”
Last Thursday, the California AG said in a CNBC interview that he would be willing to hold talks outside of the courtroom, but that a settlement would require “robust structural remedies.”
The following day a meeting was held at Bonta’s office, according to a statement from the government official’s spokesperson. While another meeting was slated for Monday, media reports of the meeting and what an eventual settlement could entrail — such as divesting some pay TV networks — led Bonta to call off the discussions, his office said.
On Monday, a Bonta spokesperson alleged that Paramount was behind the “leak” of the parties’ discussions, which it further said were misrepresented, and said it demonstrated a “lack of good faith.”
“As soon as Paramount stops playing games and engages sincerely, my office is happy to meet again,” Bonta said.
Paramount responded later Monday denying it was the source of the leak.
“We remain hopeful and stand ready to continue good faith discussions to resolve the Attorneys General suit and move forward with our plans for increased competition and increased output to the benefit of the talent and entertainment workers,” the company said in a statement.
Coming to the negotiating table
While the contents of Paramount’s list of concessions — as sent to Bonta’s office back in May — remain unclear, they appear to be in contrast to what Bonta and his peers have raised red flags about.
″[Paramount] wanted to talk about everything except for what this case is about. They want to talk about the streaming market, which we don’t allege in our complaint. They want to talk about CNN, which is not a focus of our complaint. They want to talk about the foreign regulators. We want to talk about the three markets that we set forth in our complaint, where we think there’s antitrust violation,” Bonta said in an interview with David Faber on CNBC last week.
Paramount has declined to discuss what possible remedies it set forth, with the exception of the commitments it’s made to the film industry.
In a July interview on CNBC, Paramount attorney Kessler said the company had been willing to put in writing that it would commit to 30 films per year, legitimatizing an earlier promise made by Ellison that struck some as unrealistic given Hollywood track records.
If Paramount were to fall short of that promise, it’d be opening itself up to litigation, Kessler said. That commitment became the underpinning for Paramount’s offer to sign contracts with Hollywood exhibitors, at least one of which took the offer, according to the person familiar.
In recent days, the Wall Street Journal reported the state AGs were seeking a divestiture of some of the pay TV networks included in the merger. The combination of Paramount and WBD would create the biggest portfolio of networks in the industry, and the states have argued that no matter the state of the business, that scale creates outsized power.
“Whether the market is shrinking or growing is really irrelevant,” Bonta said on CNBC last week, adding a combined Paramount-WBD would create a “presumptively illegal market concentration” in film and TV.
But the ongoing industry challenges — particularly for these two companies — has been the basis for Ellison’s push to merge. And it may be a better argument than Bonta would admit.
Better together
Industry analysts, experts and insiders have consistently poked holes in the states’ argument that the combination of TV networks would create antitrust issues.
“The merger does create a larger competitor, but size alone is not evidence of market position. Neither company has possessed the scale necessary to compete effectively against much larger global streaming platforms and well-funded technology companies,” Bernstein analysts said in a recent note.
Media companies’ most recent earnings reports — including those from WBD and Paramount — once again put on display the ongoing losses for pay TV advertising and distribution revenue streams.
Paramount’s chosen remedy is scale.
Both companies’ portfolios are made up of dozens of TV networks, with Paramount’s offering including channels like Nickelodeon, MTV and BET, and WBD owning channels like TNT, CNN, TBS and the Discovery Channel. Paramount also owns the broadcast network CBS.
“The economics of Pay-TV are being dictated by consumer behavior rather than consolidation. The merger may change the scale of a participant, but it does not change the direction of the industry’s secular trajectory,” the Bernstein analysts said.
It’s a similar story in streaming and films, where Paramount would similarly combined the two companies portfolios.
Ellison has said upon completion of the merger, Paramount+ and HBO Max would become one service. And the combined entity would encompass two major film studios. And yet neither company is dominating in either category.
“The states also argue that the combined company would control approximately 27% of US theatrical releases and roughly 30% of blockbuster film distribution. Those figures are certainly meaningful, but they fall well short of establishing a dominant market position. More importantly, theatrical market share is dependent on annual content slates,” the Bernstein analysts wrote.
Pay TV profits
Executives at the company believe the rate of pay TV decline is beginning to stabilize.
“The rate of decline of subscribers is starting to ebb, meaning we’re not quite there yet, but an ascent to where we’re going to steadily see a base of subscribers, I would say, probably in the mid-30 million range in the country,” said Andy Gordon, chief strategy officer and chief operating officer at Paramount, in a recent interview.
Still, a recent report from S&P Global Ratings notes that while the rate of cord cutting has improved in the U.S., it doesn’t see much improvement to leverage for these companies over the next couple of years, meaning media companies won’t have as much power in distribution discussions with pay TV operators.
And in general, despite subscriber losses, these channels are still profitable and often used to fund other parts of media businesses, such as building out streaming services or paying down heavy debt loads.
Since Warner Bros. and Discovery combined in 2022, the company has been aggressively repaying the debt that largely stemmed from that merger.
If Paramount’s acquisition of WBD were to close, the combined company would have nearly $80 billion in debt.
Delays past Sept. 30 would only increase the amount of expenses on Paramount’s plate as the company becomes responsible for a “ticking fee” due to WBD shareholders. Paramount has requested that the court force the suing states to post a bond of $1.88 billion to cover the fees and costs associated with the delay.
— CNBC’s Sarah Whitten contributed to this report.
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The U.S. Open is back in Queens this week, as the final Grand Slam of the year brings millions of fans together at the USTA Billie Jean King National Tennis Center to witness some of the best men’s and women’s players in the world competing for glory.
As fans gear up to soak in hundreds of matches over the next couple of weeks, IBM and the United States Tennis Association announced new and enhanced AI-powered fan features within the popular U.S. Open app and USOpen.org for this year’s tournament.
For decades now, IBM has been working with the U.S. Open to truly evolve the fan experience, especially in recent years with AI-powered innovations that are designed to cut through all the noise and allow fans to personalize their tennis experience at their fingertips.
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The U.S. Open app powered by IBM has fan-favorite features, as well as new ones, for the 2026 Grand Slam tournament. (IBM / Fox News)
That experience has evolved into one in which the fans demand AI-powered features because accuracy, not speed, has been shaping the digital sports realm for those consumers. According to new global research commissioned by IBM and conducted by Morning Consult, sports fans’ digital expectations are evolving as platform choices multiply, with 46% of more than 20,000 sports fans across 12 countries saying their expectations for digital sports experiences have increased in just the past one to two years. Also, 72% of surveyed fans say they use sports apps as their central hub for fandom, while 40% said having their information in one place is their leading motivation to follow along.
As a result, IBM continues to transform that experience in a way fans can enjoy one of the best tournaments in all of sports this week.
“I think we have such an incredible reputation in tennis through our two [Grand] Slam partnerships, as well as The Masters, where there’s this anticipation for the event, but also to see how we’re going to keep them connected,” Kameryn Stanhouse, vice president of sports and entertainment partnerships at IBM, told Fox Business in a recent interview.
“That’s one of the things that I love about what we do in sports is that we actually leverage technology as a way to foster conversations and connection. You can talk to people whether they’re able to go to tennis matches [or not]. We’ve got 1 million people that are going to go to the [UTSA] Billie Jean Tennis Center across the two weeks, and then 14 million people are going to be engaged at home on their couch, but able to feel like they’re courtside and engage on that second-screen experience.”
TOP-RANKED JANNIK SINNER WITHDRAWS FROM US OPEN WITH RIGHT KNEE INJURY: ‘SAD AND DISAPPOINTED’
What will that second-screen experience look like for the 2026 U.S. Open? First, an all-new Live Updates homepage will provide fans with a smarter and more personalized way to follow the action they care about the most. Stanhouse emphasized fans being able to choose their favorite players and quickly zero in on those matches, while getting insight and stories they care about in the process.
Another new feature Stanhouse is very excited to see in real time is the Serve Quality metric, which is a “first-to-market feature” that provides a whole new context to one of the most important aspects of tennis.
Last year, American women’s star Coco Gauff came into the U.S. Open with a new coach specifically to help with her serves. Service can be the difference between winning and losing, and those generally with superior serves win matches.
Atmosphere during the IBM US Open Event at Madison Square Park on Sept. 4, 2025 in New York City. (John Lamparski/Getty Images / Getty Images)
This new feature from IBM will be available across all 254 singles matches, where the AI-powered tool will use advanced limb-tracking technology developed with IBM Bob to help analyze the precise mechanics of every serve. And the continuous stream of this live data will be managed by IBM Confluent.
“We basically trained this model to look at all the historic white papers, all the research about serves. Then, we’re looking at 21 specific joint points on the body – everything from the elbow to the big toe that looks at momentum,” Stanhouse explained. “The position of a serve on the court, where it lands. We have six different coordinates we’re looking at all the way to the racket positioning. Synthesizing all of that, it’s doing snapshots 50 times per second – lots of data points in this one. But overall, 1.2 billion data points that’s going to be analyzed over the tournament to give you a Serve Quality number.”
Also, the new “Key Moments” feature within the app takes the popular “Likelihood to Win” feature to the next level to help fans understand why someone is winning – not just who is up in the match. The “Likelihood to Win” feature became a hit as it calculated each player’s probability of victory using an AI-powered analysis of current and historical statistics, expert opinion and match momentum.
General view of the 2026 U.S. Open app powered by IBM. (IBM / Fox News)
Now, “Key Moments” will provide additional, more rich information, to summarize those momentum shifts in matches.
“We’re looking at that structured and unstructured data, taking AI to make an analysis, and then make a pre-match projection that takes into consideration not only how they’ve been playing, but what’s the media saying? What’s been said on social media? What are the broadcasters saying? Did someone get a new tennis coach? Do they have a lingering injury? So, we take all that into consideration and provide a pre-match projection,” Stanhouse added.
Finally, as fans have become more accustomed to an AI experience over the years, IBM’s enhanced “Match Chat” will act as an interactive companion to help provide whatever insight is needed to help guide the user through the tournament. Everything from analysis to finding out Serve Quality, to simply figuring out how to pronounce someone’s name properly, Match Chat, powered by watsonx Orchestrate, is a collection of AI agents and fit-for-purpose models trained to give fast, accurate responses that keeps fans informed whenever they need it.
The Likelihood to Win feature on the U.S. Open app is a fan-favorite in recent years, providing insight on which player has the upper hand throughout the match. (IBM / Fox News)
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For Stanhouse and her team, the U.S. Open is simply another opportunity to showcase what IBM can do for not just the sports world, but drive the conversation for other companies to utilize the fun, engaging technology they’ve developed for themselves.
“Everybody says my team has the best job at IBM. There’s many, many great jobs, but I think what we do is so exciting because there’s a tangible output that people actually see and people are waiting for. Each tournament that we go to is not only a learning opportunity because we’re constantly thinking about how we’re going to evolve things for the next year, but it’s such a pay-off to see everything come to life. Because what we do is not just serve the fan experience, but we’re so creating unique conversation pieces for our clients. They see how IBM technology makes all of this possible and inspire what you could do with us.”
Business
InCred hires Avendus wealth experts to launch new platform for ultra-high-net-worth individuals
Alok Agrawal, Harmeet Sahney and Zarksis Gotla joined InCred as cofounders of InCred Black, a new business targeting UHNIs, entrepreneurs and business families, the company said Monday.
The trio spent more than 15 years building the wealth business at Avendus and advised some of the most prominent UHNI clients. Agrawal, Sahney and Gotla will help shape InCred Black, deepen client relationships and expand the team as the business scales, it said.
The move comes as the country’s pool of wealthy individuals expands and family offices increasingly seek access to private markets, alternative investments and global assets. According to InCred, its wealth franchise has crossed ₹1 lakh crore in assets under management and serves a large UHNI client base.
InCred Black will offer personalised wealth management and access to asset allocation, alternative investments, public and private markets, credit, liquidity solutions and global investing, leveraging capabilities across InCred Capital and the wider InCred group, it said.
Read more: Govt to sell up to 6% stake in Hindustan Copper via OFS; floor price at 10% discount
InCred Black plans to add more senior bankers and specialist talent as it scales, InCred founder and group chief executive Bhupinder Singh said.The hiring comes against the backdrop of rapid growth in the UHNI population. India has more than 19,000 UHNIs with assets above $30 million, a figure expected to exceed 25,000 by 2031, according to a Julius Baer-EY report.
India also has around 200 billionaires holding about $1 trillion in wealth. The growth in the UHNI population has been driven by IPOs, private equity exits and founder liquidity events.
This is in line with the department of expenditure’s note saying disruptions directly or consequentially affecting contractual obligations could qualify as force majeure. For contracts where obligations were due for completion on or after February 28, 2026, the agencies such as NTPC, NHPC, SJVN, and Solar Energy Corporation may allow extensions by up to four months without imposing costs or penalties on contractors.
However, the relief will apply only where the contractor was not already in default as of February 27, 2026.
The force majeure provision will cover only delays directly attributable to disruptions caused by the West Asia situation and will not absolve parties of other contractual non-performance.
The move comes as renewable energy projects face potential disruptions to the execution of contracts for goods, services and construction.
The renewable energy ministry has asked implementing agencies and state authorities to take the finance ministry’s April 29 order into account while deciding requests for extensions.
Disability support services provider 4lifeskills has emerged from administration with industry peer St Jude’s Health Care Services reaching a deal to acquire the organisation.
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Gilde Healthcare holding B.V. sells $567k in Shoulder Innovations stock
CEO Michael Montagano and CMO James Field explain why they’re betting on Dog Haus and outline the California-based restaurant chain’s ambitious expansion strategy.
Several former Jersey Mike’s executives and franchisees are reuniting at Dog Haus, betting the lessons they learned helping build the submarine sandwich giant can turn the fast-casual restaurant chain into a national powerhouse.
Dog Haus recently named former Jersey Mike’s chief innovation officer James Field as chief marketing officer. He joins President and Chief Development Officer Chris Rigassio and Chief Operating Officer Garen Khodaverdian, both former Jersey Mike’s franchisees.
The reunion follows Blackstone’s January 2025 acquisition of a majority stake in Jersey Mike’s in a deal valued at roughly $8 billion, according to SEC filings.
Field told FOX Business that the group could have pursued separate opportunities following the sale, but saw a chance to stay together and help scale Dog Haus, which currently operates roughly 60 locations.
POPULAR BEER BRAND TO CUT 220 JOBS AS PRODUCTION SHIFTS
Dog Haus CEO Michael Montagano, left, and Chief Marketing Officer James Field discussed the fast-casual chain’s ambitious expansion plans with FOX Business. (FOX Business / Leonard Ortiz/Digital First Media/Orange County Register via Getty Images)
“We all could have gone off and done different things individually after the sale of Jersey Mike’s,” Field said. “… I think we just thought if we stay together, it’s a one plus one equals three scenarios.”
Field added: “When you’ve been in the trenches with people through that type of brand growth that you saw at Jersey Mike’s, you say, ‘My gosh, let’s run it back.’”
Dog Haus CEO Michael Montagano said the company is “laser focused” on growing from roughly 60 restaurants to 300, with a $1 billion valuation serving as its “North Star.”
“One major step in that success is building a team that is capable of executing to this level of scale,” Montagano told FOX Business.
He said Jersey Mike’s grew systematically while maintaining strong relationships with franchisees and delivering a consistent customer experience — a model Dog Haus hopes to follow as it enters new markets.
“Ultimately, that was done very responsibly and yielded a fantastic result,” Montagano said.
PIZZA HUT MAKES SURPRISING CHANGE TO ICONIC NAME AHEAD OF NFL SEASON
The Cowboy Haus Dog is pictured at Dog Haus in Clifton Park, N.Y. Dog Haus serves hot dogs, sausages, burgers, chicken and breakfast burritos. (Lori Van Buren/Albany Times Union via Getty Images, File)
Founded in Pasadena, California, in 2010, Dog Haus serves hot dogs, sausages, burgers, chicken and breakfast burritos. The chain opened its first permanent international restaurant in Mérida, Mexico, in June.
Field said Dog Haus’ founders, food and early investments in delivery and digital ordering helped convince the former Jersey Mike’s leaders that the brand was ready for a larger growth push.
“When you look at the assets that it has, it’s primed for success,” Field said. “… When you look at what Dog Haus has been through over the last 15 years — different economic cycles, different crazes and fads and trends in the industry — not only has it survived, but it’s thrived.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BX | BLACKSTONE INC. | 143.64 | +0.26 | +0.18% |
| JMKE | JERSEY MIKES SUBS INC | 23.53 | -0.33 | -1.38% |
The company is now building the infrastructure it believes it will need before accelerating expansion.
Dog Haus plans to divide the country into 15 regions overseen by area directors responsible for maintaining quality and guiding local growth. The company is also building its corporate infrastructure before accelerating expansion.
PIZZA HUT MAKES SURPRISING CHANGE TO ICONIC NAME AHEAD OF NFL SEASON
A sign is posted in front of a Jersey Mike’s shop in Petaluma, Calif. The moves followed Blackstone’s acquisition of Jersey Mike’s in a deal valued at around $8 billion. (Justin Sullivan/Getty Images)
“We’re thinking ahead and making sure that we have the right pieces in place in order to meet that demand that we’re already seeing at scale,” he said.
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Montagano said having executives who understand both the corporate and franchisee sides of the business gives Dog Haus an advantage as it pursues its expansion target.
“We believe that going 60 to 300 over the next few years is really a layup,” Montagano said. “It’s really about what we can do beyond that.”
Earnings call transcript: Australian Ethical posts strong FY 2026 growth, shares jump 13%
The number of unique mutual fund investors rose from 2.3 crore in March 2021 to 6.14 crore in March 2026, according to the AMFI-Crisil Intelligence report. Over the same period, SIP assets under management (AUM) more than tripled to ₹14.83 lakh crore from ₹4.5 lakh crore. SIPs now account for 20.1% of the mutual fund industry’s total AUM, up from 13.5% five years ago.
ET BureauInside the Mix Equity funds retain their dominance in SIP assets, accounting for 87% of total AUM; Hybrid and passive fund categories also draw good investment flows
Equity funds continue to dominate SIP investments, accounting for 87% of total SIP AUM, a share that has remained broadly stable over the past five years. Equity SIP AUM increased to ₹12.85 lakh crore from ₹3.46 lakh crore during this period.
Read more: Portfolios need better solutions to existing problems, not more products says Radhika Gupta
Other categories have also seen an increase. Hybrid SIP AUM rose to ₹1.11 lakh crore from ₹0.33 lakh crore, while passive SIP AUM increased to ₹0.46 lakh crore from just ₹0.03 lakh crore.
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