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Paramount and Warner Bros sued to block $110bn mega merger

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In an aerial view, the Warner Bros. logo is displayed on the water tower at Warner Bros. Studio in Burbank, California.

A dozen US states have joined together to block the $110bn (£85bn) merger between Warner Bros. and Paramount, claiming the largest media consolidation in Hollywood history would stifle competition and raise consumer prices.

A group of states, led by California, have filed a lawsuit to halt the deal.

California Attorney General Rob Bonta claimed the merger would end up harming “audiences on every sofa and movie theater seat in the US”.

If it goes ahead, the new company would account for over a quarter of major film releases. Together with Disney, Universal, and Sony, just four conglomerates would control 86% percent of that market.

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Combining Paramount and Warner Bros would end a century of fierce rivalry between two of Hollywood’s biggest hitmakers.

Between them, they own legendary franchises like Harry Potter, Batman, Mission: Impossible, and Top Gun, alongside TV giants like CNN, MTV, and Nickelodeon.

The regulatory challenge marks a significant hurdle for the entertainment giants as they attempt to merge operations.

In June, the US Department of Justice had approved the merger.

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But the coalition of attorney generals has requested that the companies halt the transaction pending judicial review, threatening a temporary restraining order if they do not comply.

If approved, the combined titan would control nearly a third of the US theatrical motion picture market and basic cable programming.

Bonta claimed it “would lead to higher prices, lower quality, and less content for film and television, harming movie theaters, basic cable distributors, and ultimately, audiences on every sofa and movie theater seat in the US”.

The legal challenge focuses on three main areas: major cinema releases, massive blockbusters, and cable TV channels.

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The states argue that losing this competition strips movie theaters and television networks of vital bargaining power. At present, if one studio demands unfair prices, a distributor can walk away and deal with the rival.

Without that option, the lawsuit argues that theaters and TV networks will face higher fees – costs that will eventually hit consumers through pricier tickets, high cable bills, and fewer choices.

“Nothing justifies these substantial harms to competition,” the lawsuit states.

However, supporters of the deal point out that the traditional media world is in crisis.

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Cable TV audiences are shrinking rapidly, and cinema attendance faces intense, ongoing pressure from tech giants and streaming platforms, making scale an economic necessity.

In a statement, Paramount described the lawsuit as “fundamentally flawed” and “wrong,” adding that it would “vigorously defend the transaction”.

It added: “Delaying this transaction will only harm entertainment workers who have already suffered over recent years as technology has disrupted their livelihood and cost California tens of thousands of entertainment jobs.”

The BBC has contacted Warner Bros for comment.

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Just 13% of U.S. large-cap stock-picking funds beat benchmarks over decade

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Just 13% of U.S. large-cap stock-picking funds beat benchmarks over decade

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Chart-topping game No 10: Full Confidence puts you in prime minister’s shoes

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A screenshot from the game No 10: Full Confidence. It shows five silhouettes with one in the centre with their hand to their head, underneath a light and in front of a table with a red box. Two silhouettes are either side, one with a microphone, another filming them.

No 10: Full Confidence is not the only game based around Westminster’s wheeling and dealing.

Fantasy Parliament, external is a browser-based game designed by another UK-based developer, Evan Roberts, which lets players draft their own fantasy league of real-world MPs, scoring points based on their real-life media coverage.

With the strategy game’s Policy Tester, players can even type in proposals to a ChatGPT-style AI model, which then replies in the style of how it believes different groups of voters – such as Coastal Keith or Graduate Gemma – would react.

Meanwhile, UK Politics Simulator, “built on real UK data down to ward level”, is reportedly due out later this year for PC, made by the Scarborough-based company Black Cannon Games.

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Despite the success of his own venture, currently ranking 5th in Apple’s UK paid games charts – above Monopoly Go – Brewis said he does not know if any politicians have actually played his game.

However, he has received some feedback on how accurately the game depicts UK political life, from his friends who work in the civil service.

“It’s exactly like this,” they told him, “but worse.”

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Amalgamated Financial director Mark Finser sells $39,880 in shares

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Amalgamated Financial director Mark Finser sells $39,880 in shares

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How can Disney get back its narrative momentum?

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How can Disney get back its narrative momentum?

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Arlo technologies director Amy Rothstein sells $149,218 in stock

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Arlo technologies director Amy Rothstein sells $149,218 in stock

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UFP Technologies executive chairman Bailly sells $4.1m in shares

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UFP Technologies executive chairman Bailly sells $4.1m in shares

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Harvard reveals $2.2B SpaceX stake after Elon Musk company IPO

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Harvard reveals $2.2B SpaceX stake after Elon Musk company IPO

Harvard University’s investment arm disclosed a $2.2 billion stake in SpaceX, revealing a massive payoff from an early investment in Elon Musk’s rocket company following its blockbuster public debut.

Harvard Management Company reported the position in a regulatory filing Friday, making SpaceX the largest individual stock holding disclosed in its $4.3 billion portfolio of U.S. equities.

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The investment highlights how SpaceX’s record-setting June initial public offering delivered significant gains for university endowments that gained exposure to the company through venture capital investments, in some cases more than a decade ago.

SPACEX AND TESLA CHOOSE TEXAS FOR AI CHIP MANUFACTURING PLANT THAT WILL BE WORLD’S LARGEST BUILDING

SpaceX launches Starship on May 27, 2025

SpaceX’s next-generation Starship spacecraft atop its Super Heavy booster is launched on its ninth test at the company’s launch pad in Starbase, Texas, May 27, 2025.  (Joe Skipper/Reuters, File / Reuters)

Harvard Management oversaw about $57 billion as of June 2025, according to the latest publicly available figure.

Harvard is not the only university investor benefiting from SpaceX’s move into the public markets.

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The University of California’s investment arm disclosed a position worth roughly $1 billion in a filing this week, while the University of North Carolina and Washington University in St. Louis also held investments in the company.

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Harvard’s position could include both shares owned directly and stock distributed to the university through private investment funds. 

Harvard Management Company and SpaceX did not immediately respond to FOX Business’ requests for comment.

CATHIE WOOD SAYS BATTERED SPACEX COULD BECOME ‘MOST IMPORTANT COMPANY IN GLOBAL HISTORY’

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Gates entering Harvard Yard

Harvard University’s investment arm disclosed a $2.2 billion stake in SpaceX. (Scott Eisen/Getty Images, File / Getty Images)

SpaceX currently carries a valuation of more than $1.8 trillion. The gains arrive as university finances face pressure from uncertainty over federal research funding, demographic changes that are reducing the pool of college-age students and weaker returns from private equity.

Large university endowments have nevertheless delivered strong recent performance. 

Endowment funds managing more than $500 million returned a median 18.9% before fees in the year ended in June, according to the Wilshire Trust Universe Comparison Service.

SpaceX building

SpaceX currently carries a valuation of more than $1.8 trillion. (Getty Images, File / Getty Images)

SpaceX shares have fluctuated since the company debuted at $135 per share. The stock fell 0.9% Friday to close at $140.

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Investment managers overseeing more than $100 million in U.S. equities generally must submit Form 13F within 45 days after the end of each quarter, providing a snapshot of their holdings in securities traded on U.S. exchanges.

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Iran war commander visits USS Abraham Lincoln as carrier prepares to return home

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Iran war commander visits USS Abraham Lincoln as carrier prepares to return home

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Stocks to Watch: Reddit, Applied Materials, Innventure

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Stocks to Watch: Reddit, Applied Materials, Innventure

↗️ Reddit (RDDT): The social-media platform was selected to join the S&P 500 index. Shares were up 11% in midday trading.

↘️ Applied Materials (AMAT): The semiconductor-equipment maker reported higher third-quarter net income and increased revenue, but failed to impress investors. Shares ticked down nearly 6% in afternoon trading.

↘️ Innventure (INV): Innventure withdrew guidance for its Accelsius data-center liquid-cooling business, citing dynamics in the artificial intelligence infrastructure market. The stock plunged 57%.

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SMA Solar Technology AG 2026 Q2 – Results – Earnings Call Presentation (OTCMKTS:SMTGY) 2026-08-15

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

This article was written by

Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team

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