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Shari Redstone ends talks with Skydance Media over deal to control Paramount

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Shari Redstone ends talks with Skydance Media over deal to control Paramount

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Shari Redstone has ended talks with Skydance Media over a deal that would have handed control of entertainment empire Paramount from her family to billionaire scion David Ellison.

The decision closes the books on talks with Ellison’s Skydance that have dragged on for months and left the future of Paramount hanging in the balance.

Skydance had offered about $2bn to acquire Redstone’s National Amusements (NAI), and then planned to merge Paramount into Ellison’s company through a stock deal.

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Skydance had offered to buy out about half of Paramount’s common shareholders at $15 a share, while also injecting about $1.5bn to help pay off the company’s debt.

NAI on Tuesday said the groups “have not been able to reach mutually acceptable terms” and that it “is grateful to Skydance for their months of work in pursuing this potential transaction”.

A Skydance representative did not immediately respond to a request for comment. Shares in Paramount closed down 8 per cent at $11.04 on the news, which was first reported by The Wall Street Journal.

Redstone’s decision came as a shock to Ellison’s camp, which included private equity backers RedBird and KKR, as the two sides appeared close to a deal in recent weeks.

Paramount’s special committee, which was in charge of representing the interests of all of the media company’s shareholders, including those without voting rights, supported the bid in a non-binding endorsement earlier this month, said people briefed about the matter.

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Redstone changed her mind in recent days, in part because Skydance lowered the amount of cash that would have gone to holding company NAI as it increased the payout to other shareholders, said a person close to her.

People close to Redstone added they were baffled by her decision to pull the plug. These people added the Ellison consortium had agreed to “pretty much” everything NAI and Paramount had asked for over multiple months of negotiations.

Redstone is now weighing potential offers from other suitors.

Billionaire Edgar Bronfman Jr, the heir of the Seagram drinks business, has signalled his interest in acquiring NAI for more than $2bn, according to two people familiar with the matter. His bid is backed by private equity group Bain. But that group would require weeks to complete due diligence before making a formal offer, these people cautioned.

Redstone has also received interest from film producer Steven Paul, one person said.

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However, one person involved in the discussions said there was no real alternative to Skydance’s at the moment.

NAI controls about 80 per cent of Paramount’s voting rights despite only owning about 10 per cent of the company’s shares. Whoever buys NAI could technically control Paramount without having to buy the entire company, although non-voting shareholders could challenge such a move in the courts.

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The Supreme Court says the U.S. can turn away asylum seekers at the border

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The Supreme Court says the U.S. can turn away asylum seekers at the border

The U.S. Supreme Court

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Drew Angerer/AFP via Getty Images

The U.S. Supreme Court on Thursday handed the Trump administration a tool that could make it far more difficult for asylum seekers to enter the United States.

Asylum is a form of legal protection available to people fleeing persecution in their home countries if they meet certain criteria. Under U.S. law, an asylum seeker who “arrives in” the U.S. is entitled to apply for asylum and generally cannot be removed from the country until their asylum application is processed. 

By a 6-3 vote, the high court ruled that federal law allows the government to stop asylum seekers from physically setting foot in the country, effectively keeping them from applying for asylum. 

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The Obama administration was the first to try stemming the flow of asylum seekers that way. But the lower courts blocked the policy on grounds that it violated federal law by denying asylum to people who otherwise would have qualified for it, had they been permitted to literally put one foot over the border.

The Trump administration, however, sought to revive the policy, contending that the lower court’s ruling “deprives the Executive Branch of a critical tool for addressing border surges and preventing overcrowding at ports of entry.” And on Thursday, the Supreme Court agreed.

Writing for the majority, Justice Samuel Alito ruled that because asylum seekers are not in the U.S. when they are turned away at the border, they did not “arrive in” the country. Therefore, he continued, the legal protections for asylum seekers have not kicked in.

Writing for the liberal dissenters, Justice Sonia Sotomayor noted that Border Patrol agents speak with all immigrants at legal entry points and speaking with an agent is effectively the first step in “arriving in” the U.S.

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Federal judge halts Trump’s election executive order seeking to create a federal voter list

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Federal judge halts Trump’s election executive order seeking to create a federal voter list

BOSTON (AP) — A federal judge on Thursday halted President Donald Trump’s executive order that sought to create a federal voter list and limit who can receive a mail ballot.

U.S. District Court Judge Indira Talwani, who was nominated by Democratic President Barack Obama, sided with a coalition of nearly two dozen states that challenged the Republican president’s order in granting a summary judgment. Her ruling applies to this year’s midterm election cycle.

Plaintiffs argued in two lawsuits, both filed in federal court in Boston, that Trump’s order should be found unconstitutional because the states and Congress, not the president, have the power to set election rules. The judge agreed, noting in her ruling that the provisions of Trump’s order “unconstitutionally violate the separation of powers.”

It was the second ruling in as many days against executive orders Trump has signed seeking oversight of the nation’s elections. A separate ruling Wednesday prohibited an executive order he had signed last year that would have required people to show documents proving their citizenship when registering to vote.

The administration, in its motions to dismiss the lawsuits challenging the order seeking to establish a federal voter list, argued that the motions are premature and that plaintiffs lacked the legal basis to bring their claim based on the Administrative Procedure Act, which governs how federal agencies develop and issue regulations.

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But in an interim order before Thursday’s ruling, Talwani said the motions pertaining to this year’s election cycle were relevant: “In light of the EO’s specific deadlines over the next three months, and the reality that elections will be occurring throughout this period with the November 3, 2026 midterm occurring in just five months, postponing judicial review is impracticable and may inflict significant hardship on Plaintiffs,” she wrote. That order denied the Trump administration’s motion to dismiss the challenges.

Trump’s executive order, the second one aimed at elections during his second term, comes as he continues to raise the specter of widespread voting by noncitizens as a reason to change election rules. But states already have detailed processes aimed at keeping their voter rolls accurate, and voting by noncitizens has been shown to be rare. It also is a felony that can be punishable by deportation.

Trump issued his second order in March after a bill he supported to overhaul voting stalled in Congress. The order would have had the federal government create a list of eligible voters and then directed the U.S. Postal Service to deliver mail ballots only to those on the list. Election officials argued that it was ripe for abuse and could cause chaos, and the postal union has objected to the idea of mail carriers policing ballots.

The Postal Service has published a proposed rule required by Trump’s executive order in the Federal Register. Among other things, the rule would not apply to primary elections or overseas ballots.

The lawsuit seeking summary judgment was filed by Democratic attorneys general representing 22 states and the District of Columbia. Also signing on were attorneys representing Democratic Gov. Josh Shapiro of Pennsylvania, which has a Republican attorney general.

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The states also told the court that the move imposes a costly burden on election officials to comply and would spread fear about the possibility of prosecution. Stephen Pezzi, a lawyer for the Trump administration, had argued that no one would be prosecuted for violating the order.

In a separate lawsuit filed against the executive order, a federal judge in Washington, D.C., in May agreed with the Trump administration that it was too early to block the order because it had yet to be implemented. That lawsuit was brought by Democratic and civil rights groups, who have appealed.

Since his 2020 presidential election loss to Democrat Joe Biden, Trump has groundlessly claimed mail voting is rife with fraud and has launched a federal investigation into that year’s vote, even though repeated audits and investigations, including ones run by Republicans, found it was free of widespread fraud. Trump also has said he wants to “take over” election administration in Democratic areas.

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With a Round of 32 spot already clinched, the U.S. takes on Turkey in the World Cup

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With a Round of 32 spot already clinched, the U.S. takes on Turkey in the World Cup

Folarin Balogun (r) of the U.S. celebrates scoring his team’s second goal with Weston McKennie during their World Cup match against Paraguay on June 12 in Inglewood, Calif. The U.S. defeated Paraguay and, later, Australia. The U.S. wraps up group play against Turkey on Thursday evening. Win, lose or draw, the U.S. has already won its group and will advance to the knockout round.

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INGLEWOOD, Calif. — For the U.S. men’s national soccer team, a loss in Thursday night’s FIFA World Cup game against Turkey wouldn’t change anything.

A win, though, would be history.

The squad’s earlier wins over Paraguay and Australia, plus two losses by Turkey to the same teams, mean the Americans have already won their group and clinched a favorable path in the knockout round, no matter the outcome of Thursday’s game.

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But the American men have never won more than two games in a single World Cup. A third win would be new territory for this team, which has not been shy about its aspirations in this tournament and its confidence about living up to them.

“The group stage is not done yet. We want to end it the right way. We want to end it the way we came into it and continue to build off of the momentum that we’ve been creating,” said defender Mark McKenzie, speaking to reporters Wednesday.

Because the outcome of the game does not affect knockout-round placement, the U.S. can rest key starters who will enter the match with a yellow card. For those players — defenders Antonee Robinson and Chris Richards, midfielder Tyler Adams and forward Folarin Balogun — picking up a second yellow card against Turkey would result in a suspension in the Round of 32. (Any single yellow cards will be cleared after the group stage concludes.)

The team could also choose to ease in forward Christian Pulisic, who is expected to be available for the game after sitting out the U.S.-Australia game with a minor calf injury.

Turkey had come into the World Cup with high expectations. With talented young stars like the 21-year-old attackers Arda Güler of Real Madrid and Kenan Yildiz of Juventus, the team was thought by many — from analysts to the players themselves — to be a dark horse capable of a deep run.

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