Paramount's Latest Offer to Warner Bros., Northeast Record Snow, More
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News when you want it with Bloomberg News Now, I'm Doug Krisner. Paramount's Guidance has raised its bid to buy Warner Brothers Discovery. We are told the new offer improves on the $30 a share all-cash proposal made directly to Warner Brothers shareholders back on December 8th. Now, the revised Paramount offer also addresses some of Warner's earlier concerns. Here's the rub. Back in December, Warner agreed to sell its film and TV studios and its HBO Max business to Netflix. So if the Warner Brothers board sees the new Paramount offer as superior, Netflix will have four days to respond. A powerful winter storm buried New York City in one of its 10 snowiest days on record. This storm disrupted transportation across the Northeast.
Bloomberg weather reporter Lauren Rosenthal says we're not out of the woods just yet.
There are chances of some sort of slippery winter mix later in the week, and some forecast models have hinted at the possibility of another nor'easter next week. However, this far out, it's difficult to say with certainty whether we will see another significant snowstorm.
That is Bloomberg's Lauren Rosenthal. Now, in New York City, Mayor Zoran Mamdani lifted the travel ban put in place Sunday night at 9 p.m. That directive closed streets, highways, and bridges. U.K. police have arrested former British Ambassador to the U.S. Peter Mandelson on suspicion of misconduct in public office. This comes after the U.S. Department of Justice released emails allegedly showing Mandelson forwarding government information to Jeffrey Epstein. Police searched two properties linked to Mandelson as part of their criminal probe. His arrest deepens the crisis, engulfing British Prime Minister Keir Starmer over his decision to appoint Mandelson as U.S. envoy despite known links to Epstein.
Mandelson has not been charged, and his lawyer has declined to comment. There is a new wave of uncertainty after the U.S. Supreme Court struck down President Trump's emergency tariffs.
What is Paramount's latest offer to Warner Bros.?
The European Union is freezing final approval of its trade deal with the U.S., and India has called off a trip to the U.S. to put the finishing touches on their trade agreement. Today on Truth Social, President Trump said he'll put much higher tariffs on countries that, quote, "...play games with a high court ruling." Immediately after the Supreme Court invalidated the president's reciprocal tariffs, he enacted a 15 percent tariff under Section 122 of the Trade Act of 1974. However, these tariffs are limited to 150 days. Here is Nathan Dean from Bloomberg Intelligence.
Under 122, President Trump could just say across the entire globe 15%. 301 has to be specifically targeted towards an investigation and towards a country. So I don't think the White House is going to be able to say, look, here's what the 301 tariff is for everybody across the globe. I think there's going to be specific targeted tariffs towards countries. But at the end of the day, I don't think Congress has much of a role here to play because 301, according to our analysis, is pretty firm.
That is Nathan Dean from Bloomberg Intelligence. And now the Trump administration is reportedly considering new national security tariffs. The Wall Street Journal reports these levies would target industries such as large scale batteries, as well as power grid and telecom equipment. These tariffs would be enacted under Section 232 of the Trade Expansion Act of 1962, and they would be issued separately from other levies announced by President Trump after the Supreme Court invalidated his reciprocal tariffs. And at the same time, we are learning that FedEx has filed a lawsuit in the U.S. Court of International Trade seeking a refund of those emergency tariffs invalidated last week by the U.S.
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