FAA Resolves Air Traffic Outage, Paramount Settles Lawsuits, More

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What caused the recent air traffic control outage in the Northeast?

Caroline Hepker 0:00

AI is entering its most consequential phase where scale, safety, and sovereignty will determine who leads and who lags. Join Bloomberg Tech in London on November 2nd and 3rd as global leaders across business, finance and policy examine the defining trade-offs shaping the future of AI. Thank you to our presenting sponsor Salesforce and supporting sponsors IDA Island and Schneider Electric. Learn more at BloombergLive.com slash. Slash Tech London.

Doug Krisner 0:31

News When You Want It, with Bloomberg News Now, I'm Doug Chrisner. There were flight disruptions today at major airports serving New York City after an air traffic control facility in Philadelphia suffered a technical problem. This stemmed from a circuit failure in a part of an old telecommunication system. Transportation Secretary Sean Duffy said an Amtrak construction crew accidentally cut a backup fiber line at a side In New Jersey. And later in a post on social media, Duffy said telecom lines have been repaired and all airport operations in the Northeast are resuming. He went on to say it will take some time to clear all existing flight delays. Paramount Skydance's deal to acquire Warner Brothers Discovery can now close.

Doug Krisner 1:16

Paramount settled lawsuits with California, along with twelve other states, and the Writers Guild. This will allow the company to wrap up its $110 billion acquisition of Warner Brothers Discovery. Now this deal includes protections designed to limit market power and to ensure editorial independence. Paramount has also promised to release 30 movies a year at the combined studios. Here is California Attorney General Rob Bonta.

Rob Bonta 1:43

We have an an array of guardrails and um accountability uh requirements that help ensure that there is delivery on uh the all the commitments here in this uh consent decree that we just filed uh with the court. And we are confident that uh the commitments made in

Doug Krisner 2:02

The consent degree will be carried out. That is California Attorney General Rob Bonta. Now Paramount has also agreed to keep its operations in Los Angeles, and the company will invest one and a half billion dollars in domestic film and TV production. The expanded Paramount will control two of Hollywood's largest studios as well as two major streaming services and dozens of TV channels. The equity market rallied today and the Nasdaq Composite. Closed at a record high. The advance was led by AI related shares. Meta platforms jumped more than twelve percent. The company's new AI agent, Muse, is ranked as the number one free app in app stores for both Google and Apple as of Monday. This news on Meta sparked a rally in semiconductor stocks.

How did Paramount settle lawsuits to clear its Warner Brothers Discovery acquisition?

Doug Krisner 2:46

We had shares in advanced micro devices jumping 10%, boosting the company's market cap to above a trillion. trillion dollars for the very first time, and Intel shares were up today by more than twelve percent. OpenAI is urging the U.S. to lead a global effort to set standards for cutting-edge artificial intelligence. The company said international technical standards are necessary to develop AI safely. That would include defining what kinds of incidents involving AI models should be reported and to determine how other countries Can work together on the advancement of AI. OpenAI statement comes ahead of CEO Sam Altman's address to the U.N. Security Council later this week. CNN, MS Now, and Politico have filed a lawsuit seeking to allow journalists to enter the White House grounds.

Doug Krisner 3:33

This comes after President Trump revoked their access. According to the complaint filed in federal court, the news outlets claim the ban is a direct. Direct assault on the First Amendment. We got reaction from Katie Fallow. She is Deputy Litigation Director at the Knight First Amendment Institute at Columbia University.

Unknown 3:52

What's really important about this, it's not just the right of the press, but it's the right of the American people to have the press from a variety of different perspectives and to independently report on the White House so that the public can understand what the president is doing and hold their elected representatives to account.