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Former Treasury Secretary Steven Mnuchin is assembling an investor group to buy TikTok

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Former Treasury Secretary Steven Mnuchin is assembling an investor group to buy TikTok

As Congress weighs a bill that would lead to a nationwide ban of the popular video app TikTok, former Treasury Secretary Steven T. Mnuchin said Thursday he is assembling an investor group that will try to purchase the China-based company.

“This should be owned by U.S. businesses,” Mnuchin said in a television interview Thursday morning. “There’s no way that the Chinese would ever let a U.S. company own something like this in China.”

Mnuchin, who has worked as an investment banker and Hollywood film producer and has long-standing ties to Los Angeles, said he had spoken to a “bunch of people” about forming a group to buy the app that is used by roughly 150 million Americans.

“It would be a combination of investors, so there would be no one investor that controls this,” he told CNBC’s “Squawk Box.” “The issue is all about the technology. This needs to be controlled by U.S. businesses.”

The Chinese government has previously said it would oppose any sale of TikTok.

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In 2020, leaders in Beijing tightened export control rules to necessitate government approval for any sale of TikTok to a U.S. owner.

With concern growing among U.S. leaders about TikTok’s effect on national security — and influence on millions of young people — the U.S. House passed a bipartisan bill Wednesday that would lead to a nationwide ban if owner ByteDance Ltd. does not sell its stake. President Biden has pledged to sign the bill, which passed in the House by a vote of 352-65 with 50 Democrats and 15 Republicans casting a vote against.

But its fate is uncertain in the Senate after former President Trump came out this week against a TikTok ban, even though he worked during his presidency to block the app.

In a rambling interview on CNBC, Trump said that he continued to believe TikTok posed a threat to national security. But banning it, he said, would upset young people. According to Pew, 63% of 13- to 17-year-olds use TikTok.

“Frankly, there are a lot of people on TikTok that love it,” Trump said. “There are a lot of young kids on TikTok who will go crazy without it.”

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Trump also expressed concern that any move to block TikTok would benefit Facebook, a platform that in 2021 kicked Trump off its platform for his role in the Jan. 6. storming of the U.S. Capitol.

“The thing I don’t like is that without TikTok, you can make Facebook bigger,” Trump said. “And I consider Facebook to be an enemy of the people, along with a lot of the media.”

Mnuchin, a Republican who served as Treasury secretary under Trump and worked to force a TikTok ban in 2020, said he supported the bill passed by Congress..

“I think the legislation should pass, and I think it should be sold,” he said.

Lawmakers who support the bill have argued TikTok poses a national security threat because the Chinese government could force the company’s owner to hand over data that would compromise U.S. users of the app.

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Even if the Senate passes legislation, ByteDance will likely challenge it in court on free speech grounds. Last year, a federal judge blocked Montana’s attempt to ban the app, arguing that the ban deprives TikTok users “of communicating by their preferred means of speech.”

Supporters of a ban say the bill does not violate the 1st Amendment because it targets ByteDance’s conduct, not the app’s content.

“TikTok’s own conduct makes clear that it is beholden to the [Chinese Communist Party] and presents an unacceptable threat to U.S. national security,” Federal Communications Commissioner Brendan Carr said earlier this month in a statement.

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David Ellison hits CinemaCon, vowing to make more movies with Paramount-Warner Bros.

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David Ellison hits CinemaCon, vowing to make more movies with Paramount-Warner Bros.

Paramount Skydance Chief Executive David Ellison made his case directly to theater owners Thursday, pledging to release a minimum of 30 films a year from the combined Paramount and Warner Bros. Discovery company during a speech at the CinemaCon trade convention in Las Vegas.

“I wanted to look every single one of you in the eye and give you my word,” Ellison said in a brief on-stage speech, adding that Paramount has already nearly doubled its film lineup for this year with 15 planned releases, up from eight in 2025.

He also said all films will remain in theaters exclusively for 45 days, starting Thursday. Films will then go to streaming platforms in 90 days. The amount of time that films stay in theaters — known as windowing — has been a controversial topic for theater owners, as some studios reduced that period during the pandemic. Theater operators have said the shortened window has trained audiences to wait to watch films at home and cuts into theater revenues.

“I have dedicated the last 20 years of my life to elevating and preserving film,” said Ellison, clad in a dark jacket and shirt with blue jeans. “And at Paramount, we want to tell even more great stories on the big screen — stories that make people think, laugh, dream, wonder and feel — and we want to share them with as broad an audience as possible.”

Ellison’s CinemaCon appearance comes as more than 1,000 Hollywood actors and creatives have signed a letter opposing Paramount’s proposed acquisition of Warner Bros. Supporters of the letter have said the deal would reduce competition in the industry and “further consolidate an already concentrated media landscape.”

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Some theater operators have also questioned whether the combined company could achieve its goal of releasing 30 films a year, particularly after the cost cuts that are expected after the merger closes.

“People can speculate all they want — but I am standing here today telling you personally that you can count on our complete commitment,” Ellison said. “And we’ll show you we mean it.”

The speech came after a star-studded video directed by “Wicked: For Good” director Jon M. Chu that was shot on the Paramount lot on Melrose Avenue and showcased directors and actors including Issa Rae, Will Smith, Chris Pratt, James Cameron and Timothée Chalamet that are working with the company.

The video closed with “Top Gun” actor Tom Cruise perched atop the Paramount water tower.

“As you saw, the Paramount lot is alive again,” Ellison said after the video. “And we could not be more excited.”

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Video: Why Your Paycheck Feels Smaller

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Video: Why Your Paycheck Feels Smaller

new video loaded: Why Your Paycheck Feels Smaller

Ben Casselman, our chief economics correspondent, explains why wages are not keeping up with inflation and what that means for American workers and the economy.

By Ben Casselman, Nour Idriss, Sutton Raphael and Stephanie Swart

April 18, 2026

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Civil case against Alec Baldwin, ‘Rust’ movie producers advances toward a trial

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Civil case against Alec Baldwin, ‘Rust’ movie producers advances toward a trial

Nearly two years after actor Alec Baldwin was cleared of criminal charges in the “Rust” movie shooting death, a long simmering civil negligence case is inching toward a trial this fall.

On Friday, a Los Angeles Superior Court judge denied a summary judgment motion requested by the film producers Rust Movie Productions LLC, as well as actor-producer Baldwin and his firm El Dorado Pictures to dismiss the case.

During a hearing, Superior Court Judge Maurice Leiter set an Oct. 12 trial date.

The negligence suit was brought more than four years ago by Serge Svetnoy, who served as the chief lighting technician on the problem-plagued western film. Svetnoy was close friends with cinematographer Halyna Hutchins and held her in his arms as she lay dying on the floor of the New Mexico movie set. Baldwin’s firearm had discharged, launching a .45 caliber bullet, which struck and killed her.

The Bonanza Creek Ranch in Santa Fe, N.M. in 2021.

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(Jae C. Hong / Associated Press)

Svetnoy was the first crew member of the ill-fated western to bring a lawsuit against the producers, alleging they were negligent in Hutchins’ October 2021 death. He maintains he has suffered trauma in the years since. In addition to negligence, his lawsuit also accuses the producers of intentional infliction of emotional distress.

Prosecutors dropped criminal charges against Baldwin, who has long maintained he was not responsible for Hutchins’ death.

“We are pleased with the Court’s decision denying the motions for summary judgment filed by Rust Movie Productions and Mr. Baldwin,” lawyers Gary Dordick and John Upton, who represent Svetnoy, said in a statement following the hearing. “He looks forward to finally having his day in court on this long-pending matter.”

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The judge denied the defendants’ request to dismiss the negligence, emotional distress and punitive damages claims. One count directed at Baldwin, alleging assault, was dropped.

Svetnoy has said the bullet whizzed past his head and “narrowly missed him,” according to the gaffer’s suit.

Attorneys representing Baldwin and the producers were not immediately available for comment.

Svetnoy and Hutchins had been friends for more than five years and worked together on nine film productions. Both were immigrants from Ukraine, and they spent holidays together with their families.

On Oct. 21, 2021, he was helping prepare for an afternoon of filming in a wooden church on Bonanza Creek Ranch. Hutchins was conversing with Baldwin to set up a camera angle that Hutchins wanted to depict: a close-up image of the barrel of Baldwin’s revolver.

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The day had been chaotic because Hutchins’ union camera crew had walked off the set to protest the lack of nearby housing and previous alleged safety violations with the firearms on the set.

Instead of postponing filming to resolve the labor dispute, producers pushed forward, crew members alleged.

New Mexico prosecutors prevailed in a criminal case against the armorer, Hannah Gutierrez, in March 2024. She served more than a year in a state women’s prison for her involuntary manslaughter conviction before being released last year.

Baldwin faced a similar charge, but the case against him unraveled spectacularly.

On the second day of his July 2024 trial, his criminal defense attorneys — Luke Nikas and Alex Spiro — presented evidence that prosecutors and sheriff’s deputies withheld evidence that may have helped his defense . The judge was furious, setting Baldwin free.

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Variety first reported on Friday’s court action.

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