Paramount Settles Merger Lawsuit, AMD on Track to Top $1T, More
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What is the settlement between Paramount‑Skydance and states suing the Warner Bros. Discovery merger?
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News when you want it with Bloomberg News Now, I'm Amy Morris. Paramount Skydance has reached a settlement with California and other states suing to block its proposed acquisition of Warner Brothers Discovery. The settlement includes terms like an independent editorial board for CBS and CNN. But there are more concessions. Bloomberg media analyst Geetha Raghunathan says investors were worried Paramount would have to divest its cable networks.
Which would have been really problematic because it would directly have affected their synergy target. And they have a really ambitious synergy target of $6 billion.
How will the Paramount‑Skydance settlement affect its cable‑network divestiture and $6 billion synergy target?
So it looks like they don't have to do anything on that front. They do, however, have to theatrically release 30 films from both studios every year, failing which there will be a penalty.
Bloomberg media analyst Geetha Raghunathan says this settlement would spare Paramount from having to pay late fees to Warner Bros., and it paves the way for one of the largest mergers in Hollywood history. Shares of Paramount's Skydance have jumped 11 percent, and Warner Bros. Discovery shares are 10 percent higher. Advanced Micro Devices shares are gaining, putting that company on track to close above a trillion dollars in market value for the first time. Shares of other semiconductor firms also climbed on renewed optimism for chipmakers necessary to power artificial intelligence. AMD shares are 9 percent higher. The Philadelphia Semiconductor Index is more than 3.5 percent higher, led by Intel, which has now jumped more than 14 percent.
Why is AMD on track to become the first semiconductor company valued at $1 trillion?
CNN, MSNOW and Politico have filed a lawsuit over being denied White House access. This morning, CNN was removed from its pool duties. So now the White House television press pool, including NBC, ABC, CBS and Fox, which all cover President Trump on a rotating basis, will stop covering his events. Bloomberg's Megan Crane. CNN was supposed to be the
broadcaster in the pool, the small group of reporters that travels with the president. That was supposed to be CNN today, and they are not on the list, and they do not have access to the president as of this morning.
Bloomberg's Megan Crane reports this all comes as President Trump is headed to New York for the U.N. General Assembly this week. This morning, the president posted on social media that he's not waging an assault on the free press, but on what he calls fake news. Vladimir Putin is likely to skip the G20 with Trump, according to people close to the Kremlin, but is expected to travel to China for the Asia-Pacific Economic Cooperation Summit hosted by President Xi Jinping. Putin plans to take part personally in the APEC meeting for the first time since 2017. Investors are focused on this week's summit between the presidents, Trump and Xi Jinping. Ahead of it, top U.S. and Chinese officials are hailing high-level talks over the weekend.
We talked about that with U.S. Trade Representative Jameson Greer.
What is the impact of the CNN lawsuit and removal from the White House press pool?
Part of this is we want to have balance in our trade with the Chinese. We want to protect our market and our workers from unfair trading practice. And so we have a lot of controls on Chinese imports. We have controls on exports to China and elsewhere. So we're just going to have managed trade with China. That's the focus.
Greer also said nothing is off the table in terms of Iran-related sanctions, and he says he prefers the U.S. trade model compared to that of Canada and the rest of the G7, which he says aims to double down on globalization. U.S. Trade Representative Jameson Greer was on Bloomberg surveillance.
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Chapters
5 chapters
1
What is the settlement between Paramount‑Skydance and states suing the Warner Bros. Discovery merger?
0:01–1:05
2
How will the Paramount‑Skydance settlement affect its cable‑network divestiture and $6 billion synergy target?
1:05–1:58
3
Why is AMD on track to become the first semiconductor company valued at $1 trillion?
1:58–3:17
4
What is the impact of the CNN lawsuit and removal from the White House press pool?
3:17–4:18
5
How are U.S.–China trade talks and new sanctions shaping market expectations?
4:18–6:14
Speakers
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