Northeast Flight Delays, Paramount Settles Lawsuits, More

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Bloomberg News Now 6 min 4 speakers 7 chapters transcribed 3 hours ago

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Why did a circuit failure in Philadelphia cause major flight delays in New York?

Leila Fadel 0:00

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Doug Krisner 0:25

News when you want it with Bloomberg News Now, I'm Doug Krisner. There were flight disruptions today at major airports serving New York City after an air traffic control facility in Philadelphia suffered a technical problem that stemmed from a circuit failure in part of an old telecommunication system. Transportation Secretary Sean Duffy said an Amtrak construction crew accidentally cut a backup fiber line at a site in New Jersey. Repairs are expected to take about 13 hours. FAA Administrator Brian Bedford stressed the importance of funding to replace old infrastructure.

Unknown 1:01

This is why we're asking for budget to replace all of this stuff. This is what we refer to as FENT, the Federal Enterprise Network. So today, the data architecture is the same.

What funding and infrastructure changes is the FAA proposing to prevent future outages?

Unknown 1:11

We're pulling copper up and putting fiber down, but it's the same data architecture that we've had for 50 years.

Doug Krisner 1:17

That is FAA Administrator Brian Bedford. Paramount Skydance's deal to acquire Warner Bros. Discovery can now close. Paramount settled lawsuits with California, along with 12 other states, and the Writers Guild. This will allow the company to wrap up its $110 billion acquisition of Warner Bros. 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 1:51

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

How did Paramount settle lawsuits and what does it mean for the Warner Bros. acquisition?

Rob Bonta 2:08

The commitments made in the consent decree will be carried

Doug Krisner 2:12

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 $1.5 billion 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 12%. 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. We had shares in advanced micro devices jumping 10%, boosting the company's market cap to above a trillion dollars for the very first time.

Doug Krisner 3:02

and Intel shares were up today by more than 12%. OpenAI is urging the U.S.

What commitments did California’s Attorney General require from Paramount after the settlement?

Doug Krisner 3:07

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's statement comes ahead of CEO Sam Altman's address to the UN Security Council later this week. CNN, MSNOW, and Politico have filed a lawsuit seeking to allow journalists to enter the White House grounds. 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 assault on the First Amendment.

Doug Krisner 3:53

We got reaction from Katie Follow. She is deputy litigation director at the Knight First Amendment Institute at Columbia University.

Unknown 4:01

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.