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American Express wants even more credit card high spenders

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American Express wants even more credit card high spenders

American Express announces the new platinum business card.

Courtesy: American Express

American Express is finding that even for a provider of credit cards to the affluent, it pays to focus on the highest of high rollers.

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The company recently shifted marketing dollars to its refreshed Platinum card, which carries an $895 annual fee, and away from no-fee cash back cards, CEO Stephen Squeri told analysts Friday after the company reported fourth-quarter results.

Doing that helps to boost overall spending levels as high-end consumers continue to thrive, a tactic that leads to both rising fee revenue from premium cards and lower loan defaults, executives said.

“We have the ability … to be really flexible with our marketing investments, and we saw a tremendous demand for premium products, particularly the Platinum card,” Squeri said.

“The overall portfolio is slowly getting more premium [as] the Platinum portfolio is growing at a very fast pace,” he added.

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AmEx’s strategy shift is the latest example of the so-called “K-shaped” U.S. economy playing out, in which wealthy consumers continue to spend freely while others rein in their expenses. Data from the card company shows that demand for high-end products and luxury experiences is accelerating, while purchases in more basic categories rises at a slower pace.

Spending at luxury retailers surged 15% in the quarter, business and first-class airfare purchases rose 9%, and luxury hotel spending was up 12%, CFO Christophe Le Caillec told CNBC in an interview.

Meanwhile, spending at airlines and lodging more generally was up 3% and 5%, respectively, during the quarter, showing that the richest cardmembers are driving results.

Card growth slowing

The commentary helped allay fears from analysts that the relaunch of the pricey Platinum card last fall hadn’t gone well.

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AmEx said Friday that new card accounts hit 2.9 million at year-end, a decline from the third quarter and the lowest figure in the past five quarters, as the company focused on its more profitable card products.

“We are incrementally worried that the Platinum Card refresh isn’t generating much traction,” said BTIG analysts led by Vincent Caintic, citing new competition from other card issuers and consumer weariness over high fees and cumbersome perks.

While the company doesn’t disclose its total number of cardmembers, including for the Platinum card, Squeri told analysts Friday that “all of the metrics that we look at speaks to the fact that this was a wildly successful product launch.”

Still, shares of AmEx were down about 3.5% in midday trading after the company’s results and guidance disappointed some.

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Earnings per share of $3.53 were a penny below the consensus estimate, according to LSEG.

That was due in part to higher-than-expected expenses, at $14.5 billion, driven by the costs of the Platinum refresh, the company said.

“If there is a rub, perhaps it is that 4Q clearly shows the cost of the Platinum refresh, but doesn’t show a corresponding bump on new accounts,” wrote Truist analyst Brian Foran in a research note.

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Wagner recalls 700,000 power steamers after dozens of burn injuries reported

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Wagner recalls 700,000 power steamers after dozens of burn injuries reported

Wagner Spray Tech is recalling about 700,000 power steamers in the U.S., plus roughly 8,000 sold in Canada, after reports the products can overheat and cause burn injuries, according to federal safety regulators.

The recall affects the company’s 905e Auto Steamer, 915e On-Demand Power Steamer and 925e Steam Machine Elite Steamer, which share the same base unit but come with different accessories, and were sold at major retailers including Home Depot, Lowe’s, Walmart, Target, HSN, QVC, Amazon and through Wagner’s website.

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The steamers, manufactured in China and imported by Plymouth, Minnesota-based Wagner Spray Tech Corp., pose a burn hazard because the hose can become excessively hot and the nozzle or gun can expel hot water during use and after the trigger is engaged, the Consumer Product Safety Commission said in a March 19 recall notice.

Wagner 900 Series power steamers

The recalled Wagner power steamers were sold nationwide between 2018 and 2026, according to regulators. (CPSC)

TOYOTA RECALLS MORE THAN 144,000 LEXUS VEHICLES OVER REARVIEW CAMERA FAILURE RISK

The products feature a yellow-and-black boiler base labeled “Wagner,” along with a black steam hose and trigger-operated nozzle. Model numbers may appear on the side of the unit.

Wagner has received at least 156 reports of incidents involving hoses overheating or nozzles expelling hot water, including more than 50 burn injuries to consumers’ arms, hands, feet and face, some classified as first- or second-degree burns, according to the CPSC.

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Steamer in use.

Wagner has received at least 156 reports of incidents involving hoses overheating or nozzles expelling hot water. (Getty Images)

The affected steamers were sold between November 2018 and March 2026 for between $130 and $200, regulators said.

Person using a steamer.

Wagner has received reports of more than 50 burn injuries to consumers’ arms, hands, feet and face. (Getty Images)

Consumers are being urged to stop using the recalled steamers immediately and contact Wagner for a free repair kit, which includes a hose sleeve, nozzle cover and funnel designed to reduce the risk of burns.

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Consumers can contact Wagner toll-free at 800-962-6118 or visit the company’s website for instructions on how to obtain the repair kit.

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Stocks Pop at the Open as Oil Slides. Wall Street Is Hoping for Peace Talks.

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Stocks Little Changed After Fed Decision

The stock market was back in rally mode on Wednesday as Wall Street held out hope the U.S. and Iran could hash out a ceasefire.

The Dow Jones Industrial Average rose 581 points, or 1.3%. The S&P 500 was up 1%. The Nasdaq Composite was up 1.2%.

Brent crude oil futures were down 5% to $99.32 a barrel. WTI crude oil futures were down 4.9% to $87.81.

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Lemonis calls out Florida Democrat’s ‘disingenuous’ Trump claim

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Lemonis calls out Florida Democrat’s ‘disingenuous’ Trump claim

Businessman Marcus Lemonis cast doubt on Florida Democrat Emily Gregory’s claim that President Donald Trump played no role in her recent election upset, saying it was unrealistic to suggest voters weren’t talking about the president.

“I didn’t appreciate the disingenuous nature of it,” Lemonis said during an appearance on “Varney & Co.,” reacting to remarks Gregory made on MS Now’s “Ana Cabrera Reports.”

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Cabrera had asked the Florida Democrat, who flipped the deep-red Florida district that houses President Trump’s Mar-a-Lago estate, how much voters have talked to her about the president, prompting her to suggest the issue had been absent from conversations.

LIZ PEEK: TRUMP’S ECONOMIC WINS ARE REAL — NOW HE NEEDS TO CONVINCE THE COUNTRY

Businessman Marcus Lemonis and Democrat Emily Gregory in a split image

Marcus Lemonis and Emily Gregory (Noam Galai/Getty Images; Joe Raedle/Getty Images)

“I would say roughly zero… it really was not a factor for any of my voters, any of my now constituents,” Gregory replied, adding that affordability was her winning issue instead.

“They’re focused on their lives, they’re focused on the absolute crushing cost of goods, the squeeze they are feeling. That’s what I heard every single day at the door, not the most famous constituent down the road,” she said.

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Lemonis reacted in disbelief, telling Stuart Varney that, while affordability is a major concern for many voters, it strains credibility to suggest Trump has not been part of her discussions.

FED’S POWELL SAYS IT’S ‘TOO SOON TO KNOW’ IRAN WAR’S IMPACT ON ECONOMY

President Donald Trump

President Donald Trump speaks during a press conference at Trump National Doral in Miami, Fla., on March 9. (Saul Loeb/AFP via Getty Images / Getty Images)

“Affordability is an issue… but to create this idea that nobody’s talking about the president of the United States, regardless of whose party, it just feels like she’s almost trying to make him a non-event,” he said.

At the same time, Lemonis warned Republicans will need a “very clear message” on the issue ahead of November’s midterms, saying his message to Trump would be to acknowledge that the issue is real.

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“I would say to him, ‘Listen, we need to stop exaggerating that this is the greatest economy we’ve ever seen and that there [are] no problems out there.’ And we need to say to people. ‘Listen, there’s a lot of things that we’re doing right, and there are a number of things that are not happening as well as they should be, and here’s what I’m gonna do about it,’” he said.

“When you talk to Americans and tell them that everything is fine, they don’t like it, regardless of what side they’re on.”

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San Diego International Airport TSA Wait Time Improve After Long Lines at San Diego Airport

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Ronald Reagan Washington National Airport

SAN DIEGO — Security wait times at San Diego International Airport have eased after chaotic scenes earlier this week, but travelers should still plan for variability as staffing shortages linked to the ongoing partial federal government shutdown continue to affect operations.

San Diego International Airport
San Diego International Airport

The airport issued a travel advisory urging passengers to arrive at least 2.5 hours before domestic flight departures to account for possible longer checkpoint waits. Officials noted that checkpoint times and flight schedules depend on federal partners, including the Transportation Security Administration, amid the shutdown.

On Monday, March 23, 2026, lines at Terminal 1 stretched outside the building to the curb, with some travelers reporting waits of up to 90 minutes or more during peak morning hours. Regular security lines extended significantly, and TSA PreCheck lanes faced delays or closures at times. Even expedited options like CLEAR experienced backups.

By Tuesday, March 24, conditions improved noticeably. A reporter timed a mid-morning passage through Terminal 1 security at about 23 minutes around 10:30 a.m. Terminal 2 also saw shorter lines, with some passengers clearing security with minimal or no wait after early morning rushes subsided. Airport staff had added rope lines as a precaution, but queues remained contained inside the terminals.

Historical and average data show typical TSA wait times at San Diego International (SAN) range from 15 to 30 minutes under normal conditions. Peak periods — early mornings from 5 a.m. to 9 a.m., midday around noon, and evenings from 5 p.m. to 7 p.m. — often see longer delays. Recent hourly averages included higher waits in the 5-8 a.m. window, sometimes exceeding 20-26 minutes, while mid-morning slots dropped to under 10-15 minutes.

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### Current Conditions and Traveler Reports
As of late March 2026, real-time trackers reported fluctuating waits, with some midday periods showing averages as low as 7-11 minutes and others climbing higher during rushes. Live monitors at checkpoints have displayed short waits of 5 minutes or less at quieter times, but staffing issues have made predictions difficult.

Travelers shared mixed experiences on social media and in reports. Some described Monday morning chaos with lines snaking across bridges and sidewalks, while others noted that lines moved steadily despite their length. Wheelchair assistance or expedited lanes helped reduce times for certain passengers. By mid-week, many reported manageable experiences if arriving early.

The airport operates two main terminals. Terminal 1 serves several airlines with multiple checkpoints, while Terminal 2 handles others, including international flights. Some checkpoints may open or close based on volume and staffing. Passengers should check specific gate areas upon arrival.

### Factors Contributing to Delays
The partial government shutdown has led to TSA agents calling in sick or being absent due to lack of pay, creating nationwide ripple effects. San Diego, while not the worst hit, experienced noticeable impacts during peak travel periods. No ICE agents were reported at the airport in recent days, but broader federal operational constraints played a role.

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Additional pressures include typical spring travel volume, business commuters, and leisure travelers heading to or from Southern California destinations. Enhanced security measures can also add time, particularly for those without expedited screening.

San Diego International Airport, one of the busiest in California, handles millions of passengers annually. Its single-runway layout and terminal design can amplify congestion when security backs up, affecting bag drop, ticketing and gate access.

### Tips for Smoother Travel Through SAN Security
Airport officials and TSA recommend several strategies to minimize delays:

– Arrive early: Plan for at least 2.5 hours before departure, especially for morning flights or during reported high-volume periods.
– Use the MyTSA app: Download the official app for real-time wait time reports from fellow travelers and historical data for your specific travel day and time.
– Enroll in TSA PreCheck or CLEAR+: Eligible travelers can keep shoes, belts and light jackets on, and leave laptops and liquids in bags. Add your Known Traveler Number to reservations. CLEAR+ offers biometric fast-track screening.
– Prepare your bag: Follow the 3-1-1 liquids rule and pack efficiently to speed screening.
– Check flight status and airport alerts: Visit flySAN.com or the SAN app before heading to the airport.
– Consider off-peak times: Mid-morning or later afternoon slots often see shorter lines compared with early mornings or evenings.

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TSA PreCheck is available in both terminals, though lane availability can vary. CLEAR is offered at select checkpoints.

### Broader Context for San Diego Travelers
San Diego International Airport continues major terminal redevelopment projects aimed at improving passenger flow long-term, but current construction can influence movement through certain areas. The airport serves as a key gateway for tourism, business and military-related travel in the region.

Nationwide, TSA operations face challenges during the shutdown, with some airports reporting more severe delays. San Diego officials have emphasized appreciation for TSA and FAA staff working to maintain safety and reliability.

Travelers with disabilities, families or those needing assistance should contact their airline or the airport in advance for support services that can expedite parts of the process.

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### Outlook and Recommendations
Wait times are expected to remain unpredictable in the near term until staffing stabilizes. The airport continues to monitor conditions and may adjust advisories as needed.

Frequent flyers and those with tight connections should build in extra buffer time. For international departures, arriving 3 hours early is often prudent.

Experts advise checking multiple sources for the latest information, including the official SAN website, MyTSA app and third-party trackers like AirlineAirport.com. Conditions can change rapidly based on flight schedules, weather or sudden staffing shifts.

While recent improvements provide some relief after Monday’s disruptions, caution remains the best approach. San Diego travelers who plan ahead and use available expedited options are more likely to navigate security smoothly and enjoy a stress-free start to their journey.

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*Information reflects reports and data as of March 26, 2026. Wait times fluctuate; always verify current conditions via official sources before traveling. This article is for informational purposes only.*

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BlackRock CEO Larry Fink warns AI could worsen wealth inequality

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BlackRock CEO Larry Fink warns AI could worsen wealth inequality

BlackRock CEO Larry Fink warned in his annual chairman’s letter that wealth inequality could worsen if more people don’t participate in financial markets to reap the benefits of investing.

Fink said that the vast majority of wealth has flowed to people who own assets, as opposed to those who earned most of their income from working, and warned that artificial intelligence (AI) could exacerbate that trend.

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“Since 1989, a dollar in the U.S. stock market has grown more than 15 times the value of a dollar tied to median wages. Now AI threatens to repeat that pattern at an even larger scale – concentrating wealth among the companies and investors positioned to capture it,” Fink wrote.

He said that at the corporate level, the companies that have the “data, infrastructure, and capital to deploy AI at scale are positioned to benefit disproportionately.”

BLACKROCK CEO SAYS TRUMP ACCOUNTS COULD BE A ‘VERY SIGNIFICANT STEP’ FOR YOUNG AMERICANS

BlackRock CEO Larry Fink

BlackRock CEO Larry Fink. (Victor J. Blue/Bloomberg via Getty Images)

“That is not unusual, and none of this is inherently problematic. Market leadership has always shifted with technological change,” Fink said. “The broader question is who participates in the gains. When market capitalization rises but ownership remains narrow, prosperity can feel increasingly distant to those on the outside.”

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He noted that it’s unclear how the deployment of AI will impact the labor force, particularly for entry-level white-collar workers.

BLACKROCK: AS AMERICANS STRUGGLE TO SAVE FOR RETIREMENT, 71% BACK THIS TRUMP PROPOSAL

Ticker Security Last Change Change %
BLK BLACKROCK INC. 968.14 -13.21 -1.35%

Fink added that, historically, automation has boosted productivity and, over time, broadened the range of work available even as certain roles were displaced – though he cautioned that “new roles take time to emerge, and workers don’t always move seamlessly from old ones to new ones.”

“One thing is clear: AI will create significant economic value. Ensuring that participation in that growth expands alongside it is both the challenge and the opportunity,” he wrote.

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Fink went on to discuss ways to broaden participation in financial markets to expand access to the market to a larger segment of Americans.

BLACKROCK’S LARRY FINK SAYS US STILL TOP DESTINATION FOR GLOBAL INVESTORS TO PARK MONEY

BlackRock office sign

BlackRock CEO Larry Fink said expanding market participation is key to addressing inequality. (Angus Mordant/Bloomberg via Getty Images)

He said that the newly created Trump Accounts could be a “very significant step” in encouraging young people to put their money in the market.

Trump Accounts are savings accounts given to newborns and seeded with money from the government and philanthropic benefactors as well as parental contributions that are invested in a broad index of U.S. stocks. They may also be created for people under the age of 18, and are held in custody by a parent or guardian until the child turns 18.

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Fink said market-based approaches like that could also be used for programs like Social Security to stabilize the safety net program, which is approaching insolvency in under a decade.

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Judge rejects Pentagon’s attempt to ‘cripple’ Anthropic

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Judge rejects Pentagon's attempt to 'cripple' Anthropic

“If this were merely a contracting impasse, DoW would presumably have just stopped using Claude,” Judge Lin wrote, referencing the Department of War, a secondary name for the Department of Defense. “The challenged actions, however, far exceed the scope of what could reasonably address such a national security interest.”

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RM Williams aims for more international growth

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RM Williams aims for more international growth

Andrew and Nicola Forrest’s bootmaker RM Williams has signalled its desire to grow into western Europe and Japan after opening a flagship store in London to support its UK expansion.

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US Stock Market: An 800-year-old math principle to spot bottom of S&P 500’s rout

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US Stock Market: An 800-year-old math principle to spot bottom of S&P 500's rout
The S&P 500 Index has clocked four consecutive weeks of declines and it’s on track for the worst month in a year.

To get a sense of where the pain may end, many equity traders look to a type of technical analysis credited with identifying the bottoms of big market declines, including two major routs since 2020. The bad news for bulls: It signals a long way down before the index finds major support.

It’s known as the 50% Fibonacci retracement level, a tool that chart watchers use to find potential entry points based on an 800-year-old mathematical principle. In this case, it represents a decline that would erase half of the S&P 500’s gains from last April’s low to its most recent record in January. It sits at 5,980 – or some 9% below Wednesday’s close.

“When you get a clear change in trend, there’s just certain levels that investors look at to kind of come back in, especially shorter-term traders,” said Matt Maley, chief market strategist at Miller Tabak + Co. “And that 50% retracement is one that people follow very closely.”

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Technical analysis is just one tool to gauge stock-market trends and potential inflection points, and it’s far from a magic crystal ball. The S&P 500 briefly fell below 6,500 last week and it’s trading below its 200-day moving average, a trend line many hoped would act as support to halt the decline. Its failure to do so has pushed technical analysts to search for other potential levels where the bottom may be.


“It’s easy to see from a technical perspective that the worst isn’t over yet,” said Doug Peta, US investment strategist at BCA Research. “Until the Strait of Hormuz is open and crude oil, LNG, refined products and derivatives are moving through it at a normalised rate, there’s likely to be upward pressure on inflation and downward pressure on global growth.”
Should the S&P 500 extend losses this week, it would likely move toward 6,200, Maley said in a recent note to clients. The next potential support after that would come in at 5,980, which marks not only the 50% Fibonacci retracement but also the gauge’s mid-June low. The Fibonacci sequence, which was named after Italian mathematician Leonardo Pisano, known as Fibonacci, came in handy during the market turmoil trigged by President Donald Trump’s so-called Liberation Day tariff announcements last year. The S&P 500 found support at 4,982.77, a level that corresponded with the midpoint of a rally spanning three years from 2022.

Similarly, the 2022 bear market found its trough near the 50% retracement of the rally between March 2020 and early January 2022.

To Jonathan Krinsky, chief market technician at BTIG LLC, signs of stock-market weakness were present well before the conflict in the Middle East erupted. Issues with software and private credit had already taken their toll. In terms of how effective the 50% retracement level is when calling a bottom, Krinsky explains that it’s just “one piece of the puzzle.” Maley agrees, noting that there needs to be other influences on the market in order for it to be effective.

A resolution to the war in Iran and an end to the ensuing spike in energy prices would be one obvious catalyst to help the market rebound. Stocks rallied on Wednesday as traders weighed the viability of US-Iran ceasefire talks, with the S&P 500 closing up 0.5%. Still, uncertainty about the longer-term trajectory of US stocks remains.

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“The war and what’s happening in it is a specific issue,” said Kim Forrest, chief investment officer at Bokeh Capital Partners. “What is the Fed going to do about interest rates given all the extremely changeable views people have on markets? And then there’s the price of oil, which fluctuates wildly. Pick your topic and you can own it.”

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Los Angeles County orders economic study on Paramount, Warner Bros. merger

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Los Angeles County orders economic study on Paramount, Warner Bros. merger

Los Angeles County voted in favor of an analysis into the proposed merger between Paramount Skydance and Warner Bros. Discovery and its impact on the entertainment industry.

The Los Angeles County Board of Supervisors approved the motion Tuesday to have the Department of Economic Opportunity (DEO) conduct a “comprehensive economic impact analysis” on the direct and indirect impact the merger could have on employment in the county.

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Entertainment is more than what we watch on a screen—it’s part of who we are as Angelenos and a cornerstone of our economy. Thousands of families rely on this industry for their livelihoods, and we must protect their jobs and our signature industry,” Supervisor Lindsey P. Horvath said in a statement.

PARAMOUNT LAUNCHES HOSTILE TAKEOVER BID OF WARNER BROS DISCOVERY, SAYS OFFER IS ‘SUPERIOR’ TO NETFLIX DEAL

hollywood sign in california

The Los Angeles County Board of Supervisors released a motion to analyze a potential merger on Tuesday. (Mario Tama/Getty Images)

She continued, “As the proposed merger moves forward, we need a clear understanding of its impacts on jobs, competition, and the future of storytelling. Today, we took action to support workers, strengthen our local economy, and keep Los Angeles at the center of the global entertainment industry.”

According to Horvath, who proposed the motion, the DEO will “develop workforce strategies, including job training and placement programs, to support and retain entertainment industry workers” and report back to the Los Angeles board in 60 days with a final report due in 120 days.

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Los Angeles County Counsel will then submit a final report to the Department of Justice regarding potential antitrust issues.

CBS NEWS UNION MEMBERS HOLD 24-HOUR WALKOUT OVER FAILED CONTRACT NEGOTIATIONS WITH MANAGEMENT

Paramount Warner Bros.

Paramount successfully launched a bid against Netflix to acquire Warner Bros. Discovery in February. (AaronP/Bauer-Griffin/GC Images)

Actress Jane Fonda, who heads the Committee for the First Amendment, supported the motion for “fighting” for the entertainment industry.

“Los Angeles runs on the creativity and hard work of the people behind our entertainment industry. As this acquisition moves forward, we need to make sure workers and storytellers aren’t left behind. I’m grateful to Supervisor Lindsey Horvath for fighting for our industry and for the people who power it every day,” Fonda said.

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Fox News Digital reached out to Paramount for a comment.

WHY NETFLIX’S CEO DROPPED HIS BID TO BUY WARNER BROS DISCOVERY AND TRUMP ‘DIDN’T CARE’

New Paramount CEO David Ellison

Critics have expressed concerns regarding Paramount CEO David Ellison potentially taking over Warner Bros. Discovery. (Alberto E. Rodriguez/Getty Images for CinemaCon)

Paramount won the ongoing bidding war to purchase Warner Bros. Discovery in February, though the merger has not yet been finalized.

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Critics of the bid have expressed concerns that the consolidation of two legacy studios under one company could lead to mass layoffs in the entertainment industry. Others have expressed fears over Paramount CEO David Ellison, who has a friendly relationship with President Donald Trump, having control over CNN.

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The spiky cactus fruit giving Indian farmers a cash boost

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The spiky cactus fruit giving Indian farmers a cash boost

Indian farmers are turning to dragon fruit as a profitable alternative to mangoes and coffee.

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