Connect with us

World

Netflix Says No to Warner Bros. After Price War, Beltway Concerns

Published

on

Netflix Says No to Warner Bros. After Price War, Beltway Concerns

And just like that, Netflix has bowed out of its pursuit of Warner Bros. Discovery’s streaming and studio assets.

Late Thursday, the streaming colossus announced that it has decided against raising its $82.7 billion bid for a big chunk of the WBD properties, leaving Paramount Skydance with what amounts to the winning offer. Under Paramount’s latest revision to its original proposal, David Ellison’s media conglomerate will fork over some $111 billion for everything under the WBD tent, including the sports-heavy cable networks division.

Among the backers of Paramount’s $31 per share, all-cash bid are Bank of America Merrill Lynch, Citi and Apollo, which are providing a $57.5 billion debt commitment, and Ellison’s father/Oracle co-founder Larry Ellison, who has guaranteed a $45.7 billion equity commitment.

In a statement issued by co-CEOs Ted Sarandos and Greg Peters, Netflix noted that Paramount’s latest escalation made any further attempt to claim the WBD assets a bad bit of business. “The transaction we negotiated would have created shareholder value with a clear path to regulatory approval,” Sarandos and Peters wrote. “However, we’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid.”

Netflix went on to thank the WBD brass for “running a fair and rigorous process” before going on to characterize the assets as “a ‘nice to have’ at the right price, not a ‘must have’ at any price.”

Advertisement

Meanwhile, as part of its sweetened offer, Paramount will foot the bill for the $2.8 billion termination fee WBD now owes Netflix.

Netflix’s announcement arrived just hours after Sarandos met with White House staffers to discuss his company’s bid for the WBD assets. President Donald Trump was not on hand for the meeting.

Paramount’s updated offer all but guarantees that it will walk away with the WBD spoils. While shareholders must vote to approve the deal, the amount of cash in play and the absence of a viable alternative suggest that the transaction will get the green flag.

Upon closing, the Paramount deal will bring CBS Sports and Turner Sports under one roof, thereby creating a massive rights portfolio that includes the NFL, NHL, Major League Baseball, college football, the Masters, the UFC and March Madness.

Uniting the rights to the marquee men’s college hoops tourney would effectively close the circle on the partnership forged in 2010 by former CBS Sports chairman Sean McManus and ex-Turner Sports president David Levy. After McManus determined that CBS could no longer afford to go it alone with its coverage of March Madness, the two execs hashed out a 14-year, $10.8 billion rights deal that would see the Turner networks share the burden—and the spoils—with CBS.

Advertisement

Ten years ago, the two partners extended the deal through 2032, tacking on another eight years of Madness for an additional $8.8 billion.

Having been subjected to a Beltway cross-examination and at least one disapproving social media salvo by the president, Netflix may have come to the conclusion that the regulatory fix was in. Earlier this month, Sarandos was grilled by a Senate committee in an antitrust hearing that often teetered on the edge of the profoundly unserious. In one heated exchange, Sen. Josh Hawley (R-Mo.) asked why “so much of Netflix content for children promotes a transgender ideology?”

Hawley began his line of questioning by inquiring into relevant matters (labor concerns, theatrical windows), before veering into the culture war lane near the end of his allotted time. He concluded by expressing his concern that Sarandos and Netflix “don’t share my values or those of many other American parents,” a vibes-based assessment which the framers of the Sherman Act neglected to consider 136 years ago when they were going about the business of outlawing monopolistic practices.

Later in the hearing, Eric Schmitt, the junior senator from the Show Me State, told Sarandos that Netflix was responsible for creating the “wokest content in the history of the world.” Again, this was an antitrust hearing, not a meeting of a network standards and practices division.

Ellison turned down an invitation to testify at the hearing.

Advertisement

Netflix’s decision to bow out of the running was made shortly after the WBD board determined that Paramount’s latest bid was the “superior” offer. Paramount’s strategy to usurp Netflix as the front runner was reinforced by an aggressive campaign to assure WBD shareholders that it has a far better shot at successfully negotiating any potential regulatory hurdles.

Misgivings about Netflix’s chances were further amplified last weekend when President Donald Trump made a dig at a Netflix board member.

Trump on Saturday took to Truth Social to demand that Netflix bounce Susan Rice from its board of directors “IMMEDIATELY, or pay the consequences.” A former Obama and Biden administration official, Rice poked the bear during a podcast appearance in which she insinuated that “it is not going to end well” for corporations and news organizations that “bent the knee” to Trump.

When asked by the BBC about Trump’s anti-Rice salvo, Sarandos tried to shrug the whole thing off, saying of the president, “He likes to do a lot of things on social media.” Sarandos went on to assert that the executive branch has no say in the matter, and while that may be accurate from a legal standpoint, the Netflix co-CEO may want to take a gander at the big pile of nothing that used to be the East Wing of the White House. Stranger things (sorry) have happened.

“This is a business deal. It’s not a political deal,” Sarandos said. “This deal is run by the Department of Justice in the U.S. and regulators throughout Europe and around the world.”

Advertisement

The day after Sarandos brushed off Trump’s remarks, Paramount upped its offer to WBD to $31 a share, to be paid in all cash. This marked the 10th revision of Paramount’s original bid and included billions in additional financial incentives. Just hours after WBD acknowledged receipt of the beefed-up proposal, Ellison, the chairman and CEO of Paramount, attended the State of the Union Address as a guest of Sen. Lindsey Graham (R-SC).

The Justice Department, which just two weeks ago dismissed Gail Slater, the head of its antitrust division, is said to be looking into Paramount’s proposal. Under federal law, antitrust enforcers are at liberty to scuttle any deal that poses a threat to fair and competitive business practices.

On Wednesday, House Democrats petitioned U.S. Attorney General Pam Bondi to provide a full accounting of why the DOJ ousted Slater, noting that her ejection has left a “leadership vacuum” at a time when “the antitrust division is handling historic cases.” Signed by Jamie Raskin, the top Democrat on the House judiciary committee, and Jerry Nadler, a Democratic congressman from New York, the letter stated that Slater’s departure leaves the DOJ bereft of “any principled antitrust experts left to guard the antitrust division from [a] cascade of corruption.”

Hand-picked by Trump to lead the antitrust division, Slater was confirmed by the Senate last March by a 78-19 vote.

Advertisement

World

Pope Leo says remarks about world being ‘ravaged by a ​handful of tyrants’ were not aimed at Trump: report

Published

on

Pope Leo says remarks about world being ‘ravaged by a ​handful of tyrants’ were not aimed at Trump: report

NEWYou can now listen to Fox News articles!

Pope Leo XIV said Saturday that remarks he made this week in which he said the “world is being ravaged by a handful of tyrants” were not directed at President Donald Trump, a report said. 

The pope, speaking onboard a flight to Angola during his 10-day tour of Africa, said reporting about his comments “has not been ‌accurate in all its aspects” and his speech “was ⁠prepared two weeks ago, well before the president ever commented on myself and on the message of peace that I am promoting,” according to Reuters.

The news outlet cited the pope as saying his comments were not aimed at Trump.

“As it happens, it was looked at as if I was trying to debate the president, which is not in ​my interest at all,” the pope reportedly said.

Advertisement

’60 MINUTES’ ACCUSED OF USING LEFT-LEANING CARDINALS TO BAIT TRUMP INTO FEUD WITH VATICAN

Pope Leo XIV answers journalists’ questions during his flight from Yaoundé, Cameroon, to Luanda, Angola, Saturday, April 18, 2026. (Luca Zennaro/Pool Photo via AP)

Vice President JD Vance later took to X to thank the pope for clearing the record.

“While the media narrative constantly gins up conflict — and yes, real disagreements have happened and will happen — the reality is often much more complicated,” Vance wrote. “Pope Leo preaches the gospel, as he should, and that will inevitably mean he offers his opinions on the moral issues of the day.

“The President — and the entire administration — work to apply those moral principles in a messy world,” he continued. “He will be in our prayers, and I hope that we’ll be in his.”

Advertisement

The vice president’s comments came days after he told Fox News’ Bret Baier on “Special Report” that it would be best for the Vatican to “stick to matters of morality.”

“Let the President of the United States stick to dictating American public policy,” Vance said Tuesday.

Trump last Sunday accused Pope Leo XIV of being “terrible” on foreign policy after the pontiff criticized the U.S.-Israeli war on Iran.

“He talks about ‘fear’ of the Trump Administration, but doesn’t mention the FEAR that the Catholic Church, and all other Christian Organizations, had during COVID when they were arresting priests, ministers, and everybody else, for holding Church Services, even when going outside, and being ten and even twenty feet apart,” Trump wrote in a Truth Social post. 

“I don’t want a Pope who thinks it’s OK for Iran to have a Nuclear Weapon.”

Advertisement

POPE LEO SLAMS THOSE WHO ‘MANIPULATE RELIGION’ FOR MILITARY OR POLITICAL GAIN, TRUMP RESPONDS

Pope Leo XIV and President Donald Trump (Simone Risoluti/Vatican Media via Vatican Pool/Getty Images; Salwan Georges/Bloomberg via Getty Images)

During a speech in Cameroon on Thursday, the pope said, “We must make a decisive change of course — a true conversion — that will lead us in the opposite direction, onto a sustainable path rich in human fraternity.

“The world is being ravaged by a handful of tyrants, yet it is held together by a multitude of supportive brothers and sisters.

Pope Leo XIV speaks as he meets with the community of Bamenda at Saint Joseph’s Cathedral in Bamenda on the fourth day of an 11-day apostolic journey to Africa April 16, 2026. (Alberto Pizzoli/AFP via Getty Images)

Advertisement

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

“Woe to those who manipulate religion and the very name of God for their own military, economic or political gain, dragging that which is sacred into darkness and filth.”

Fox News Digital has reached out to the White House for comment. 

Fox News Digital’s Landon Mion contributed to this report. 

Advertisement
Continue Reading

World

Bulgaria votes in eighth election in five years

Published

on

Bulgaria votes in eighth election in five years

Bulgarians headed to the polls Sunday for the eighth time in five years, with anti-corruption candidate and former president Rumen Radev’s bloc tipped to win.

ADVERTISEMENT


ADVERTISEMENT

The European Union’s poorest member has been through a spate of governments since 2021, when large anti-graft rallies brought an end to the conservative government of long-time leader Boyko Borissov.

Eurostat data shows Bulgaria consistently ranks last in the EU by GDP per capita. In 2025, Bulgaria (along with Greece) was at 68% of the EU average.

Radev, who has advocated for renewing ties with Russia and opposes military aid to Ukraine, was president for nine years in the Balkan nation of 6.5 million people.

Advertisement

He stepped down in January to lead newly formed centre-left grouping Progressive Bulgaria, with opinion polls before Sunday’s vote suggesting the bloc could gain 35% of the vote.

The former air force general has said he wants to rid the country of its “oligarchic governance model”, and backed anti-corruption protests in late 2025 that brought down the latest conservative-backed government.

“I’m voting for change,” Decho Kostadinov, 57, told reporters after casting his ballot at a polling station in the capital, Sofia, adding corrupt politicians “should leave — they should take whatever they’ve stolen and get out of Bulgaria”.

Polls are forecasting a surge in voter participation, with more than 3.3 million Bulgarians expected to cast ballots according to the Bulgarian News Agency.

Voting will close at 1700 GMT, with exit polls expected immediately afterwards. Preliminary results are expected on Monday.

Advertisement

‘Preserve what we have’

Borissov’s pro-European GERB party is likely to come second, according to opinion polls, with around 20%, ahead of the liberal PP-DB.

“I’m voting to preserve what we have. We are a democratic country, we live well,” said Elena, an accountant of about 60, who did not give her full name, after casting her vote in Sofia.

Front-runner Radev has slammed the EU’s green energy policy, which he considers naive “in a world without rules”.

He also opposes any Bulgarian efforts to send arms to help Ukraine fight back Russia’s 2022 invasion, though he has said he would not use his country’s veto to block Brussels’ decisions.

Pushing for renewed ties with Russia, Radev denounced a 10-year defence agreement between Bulgaria and Ukraine signed last month – drawing fresh accusations from opponents of being too soft on Moscow.

Advertisement

The ex-president also stoked outrage online for screening images at his final campaign rally of his meetings with world leaders including Russia’s Vladimir Putin.

“We need to close ranks,” he told around 10,000 cheering supporters at the rally, presenting his party as a non-corrupt “alternative to the perverse cartel of old-style parties”.

Borissov, who headed the country virtually uninterrupted for close to a decade, has dismissed suggestions that Radev brings something “new”.

At a rally of his party earlier this week, he insisted GERB had “fulfilled the dreams of the 1990s” with such achievements as the country joining the eurozone this year.

‘No one to vote for’

Radev is aiming for an absolute majority in the 240-seat parliament.

Advertisement

A lack of trust in politics has affected voter turnout, which slumped to 39% in the last election in 2024.

But with Radev rallying voters, high turnout is expected this time, according to analyst Boryana Dimitrova from the Alpha Research polling institute.

Miglena Boyadjieva, a taxi driver of about 55, said she always votes, but the “problem is that there is no one to vote for”.

“You vote for one person and get others. The system has to change,” she told reporters.

Political parties have called on Bulgarians to show up for the polls, also to curb the impact of vote buying.

Advertisement

In recent weeks, police have seized more than one million euros in raids against vote buying in stepped-up operations.

They have also detained hundreds of people, including local councillors and mayors.

Continue Reading

World

How Cheap Drones Are Changing Wars Like the Ones in Ukraine and Iran

Published

on

How Cheap Drones Are Changing Wars Like the Ones in Ukraine and Iran

Advertisement

A 3-D rendering of an Iranian Shahed-136 drone, a device with two triangle-shaped wings attached to a central fuselage. It has an engine the size of a small motorcycle’s and carries 110 pounds of explosives.

Engine the size of a small motorcycle’s

Advertisement

Carries 110 pounds of explosives

One of the biggest takeaways of the war with Iran is that it has proven itself to be a surprisingly capable adversary against the United States. In addition to its willingness to go on the offensive, Iran has forced the U.S. and its regional allies to confront the rise of cheap drones on the battlefield.

Advertisement

Iranian drones, made with commercial-grade technology, cost roughly $35,000 to produce. That is a fraction of the cost of the high-tech military interceptors sometimes used to shoot them down.

Note: Estimated price of munitions per unit. In practice, multiple interceptors are fired when targeting a drone. For instance, with the $80 bullet fired by the Centurion Counter-Rocket, Artillery, and Mortar (C-RAM), 75 rounds are fired in a second. Sources: Department of Defense, Lockheed Martin, Northrop Grumman, Open Source Munitions Portal, SRC Inc, U.S. Army and U.S. Navy.

Advertisement

Cheap drones changed the war in Ukraine, and they have enabled Iranians to exploit a gap in American defense investments, which have historically prioritized accurate but expensive solutions.

Countering drones has been a major priority for the Pentagon for years, according to Michael C. Horowitz, who was a Pentagon official in the Biden administration. “But there has not been the impetus to scale a solution,” he said.

Advertisement

In just the first six days, the U.S. spent $11.3 billion on the war with Iran. The White House and Pentagon have not provided updated estimates, but the American Enterprise Institute, a conservative-leaning think tank, estimated in early April that the U.S. had spent approximately between $25 and $35 billion on the war, with interceptors driving much of the cost. Many missile defense experts also fear interceptor stockpiles are now running dangerously low.

Here is a breakdown of some of the ways the U.S. and its allies have countered Iran’s drones, and why it can be so costly.

Air-based strikes

Advertisement

In an ideal scenario, an early warning aircraft spots a drone when it is still several hundred miles out from a target, and a fighter jet, like an F-16, is dispatched from a military base. The F-16 can then use Advanced Precision Kill Weapon System (APKWS) II rockets to shoot a drone from about six miles away.

Advertisement

A 3-D rendering of an F-16 fighter jet firing an APKWS II rocket from under one wing. Two to three rockets are fired per drone, as per air defense protocol. Two APKWS II rockets and an hour of F-16 flight cost approximately $65,000, a little less than twice that of the Iranian Shahed-136.

Advertisement

Two to three interceptors fired per drone

Advertisement

Source: U.S. Navy, Department of Defense

Advertisement

These types of defensive air patrols are cost-efficient, but haven’t always been available because of the vast scope of the conflict. Iran has also targeted early warning aircraft that the U.S. needs to detect a drone from that distance, according to NBC News.

The other option for detecting and shooting down drones is a variety of different ground-based detection systems, but these systems are all at a disadvantage, as their ability to spot low-flying drones is limited by the curvature of the earth.

Advertisement

Anti-drone defense systems

One ground-based defense system the U.S. and its allies have built specifically to counter drones at a shorter range is the Coyote. It can intercept drones up to around nine miles away.

Advertisement

A 3-D rendering of a Coyote Block 2 interceptor, which looks like a three-foot tube with small rockets at one end. Two Coyotes cost approximately $253,000 or about seven times that of the Iranian Shahed-136.

Advertisement

Advertisement

The Coyote is significantly cheaper than many of the other ground-based defense systems available to the U.S. and its allies and historically effective at defending important assets. But despite being both effective and cost-efficient, relatively few Coyotes have been procured by the U.S. military in recent years.

When Iran-backed militias launched attacks on U.S. ground troops in the region in 2023 and 2024, there were so few Coyotes available that troops had to shuffle the systems between eight different bases in the region almost daily, according to a report from the Center for a New American Security, a Washington think tank.

Advertisement

Ship-based anti-missile defenses

Many of the longer-range ground-based defense systems the U.S. and its allies can use to combat drones are more expensive, as they are designed to shoot down aircraft and ballistic missiles, not drones. A Navy destroyer’s built-in radar system, for instance, can detect drones from 30 miles away and shoot it down with Standard Missile 2 (SM-2) interceptors. As in the air-based strikes, military protocol stipulates that at least two missiles be fired.

Advertisement

A 3-D rendering of the deck of a Navy destroyer firing an SM-2 missile from a built-in launcher, which looks like a 15-foot missile launching from a grid of openings on the ship’s surface. Two SM-2 missiles cost approximately $4.2 million, about 120 times that of the Iranian Shahed-136.

Advertisement

Advertisement

This misalignment between America’s defense systems and current warfighting tactics started after the Cold War, when the anticipated threats were fewer, faster, higher-end projectiles, not mass drone raids.

Iran often launches multiple Shahed-136 drones at a time, given their low price tag. The drones are also programmed with a destination before launch and can travel roughly 1,500 miles, putting targets all across the Middle East within reach.

Advertisement

“This category of lower-cost precision strike just didn’t exist at the time that most American air defenses were developed,” said Mr. Horowitz.

Ground-based anti-missile defenses

The Army’s standard air-defense system is the Patriot. Typically stationed at a military base, it can shoot down a drone from up to around 27 miles away with PAC-3 Missile Segment Enhancement interceptors. Military protocol stipulates that at least two missiles be fired.

Advertisement

Advertisement

A 3-D rendering of a Patriot launcher loaded with 17-foot PAC-3 MSE missiles, which looks like a tilted shipping container with scaffolding. Two PAC-3 MSE missiles cost approximately $8 million, about 220 times that of the Iranian Shahed-136.

Patriot missile defense system

Advertisement

Advertisement

Air defense training teaches service members to prioritize using longer-range defense systems first to “get as many bites at the apple as you can,” but those are the most expensive, said Stacie Pettyjohn, a senior fellow and director of the defense program at the Center for a New American Security.

But a costly defense can still make economic sense to protect a valuable target, especially those that are difficult to repair or replace, such as the nearly $1.1 billion radar at a military base in Qatar and the $500 million air defense sensor at a base in Jordan that were damaged early in the conflict.

Advertisement

Ground-based guns

Finally, there is what one might call a last resort: a ground-based gun. When a drone is about a mile away or less than a minute from hitting its target, something like the Centurion C-RAM can begin rapidly firing to take down the drone.

Advertisement

A 3-D rendering of a Centurion C-RAM, which looks like a gun mounted to a rotating, cylindrical stand. The gun fires 75 rounds of ammunition per second. Five seconds of firing the gun costs $30,000, slightly less than a single Iranian Shahed-136.

Advertisement

Centurion Counter-Rocket, Artillery and Mortar

Fires 375 rounds of ammunition in 5 seconds

Advertisement

Advertisement

Even though it is fairly cost-effective, the Centurion C-RAM is not the best option because it has such a short range.

Interceptor drones

Advertisement

There’s also what one might call the future of fighting drones: A.I.-powered interceptor drones. Interceptor drones like the Merops Surveyor can theoretically hunt and take down enemy projectiles from a short range.

Advertisement

A 3-D rendering of a Surveyor drone, which looks like a three-foot tube with wings and a tail. The Merops drone costs approximately $30,000, a little less than a single Iranian Shahed-136.

Advertisement

Merops system: Surveyor drone

Advertisement

Eric Schmidt, the former Google chief executive, founded a company to develop the Merops counter-drone system in conjunction with Ukrainian fighters, who have already been combatting Iranian drones in the war with Russia for years.

The U.S. sent thousands of Merops units to the Middle East after the conflict began, but it is unclear whether they have been deployed. The military set up training on the system in the middle of the war, as reported by Business Insider.

Advertisement

Other attempts to lower the cost-per-shot ratio of taking out a drone have failed.

The Pentagon invested over a billion dollars in fiscal year 2024 researching directed energy weapons, or lasers, that would cost only $3 per shot and have a range of 12 miles. Those systems have yet to be used in the field.

Advertisement

Despite the cost imbalance, the real fear for many in the defense community is the depleted stockpile of munitions.

“What scares me is that we will run out of these things,” said Tom Karako, the director of the Missile Defense Project at the Center for Strategic and International Studies in Washington. “Not that we can’t afford them, but that we’ll run out before we can replace them.”

Advertisement
Continue Reading
Advertisement

Trending