Connect with us

Politics

Comcast reveals interest in Warner Bros. studios and streamer

Published

on

Comcast reveals interest in Warner Bros. studios and streamer

NBCUniversal owner Comcast is indeed interested in some of Warner Bros. Discovery’s assets.

On a Thursday call with analysts to discuss third-quarter earnings, Comcast President Mike Cavanagh suggested the Philadelphia giant might bid for certain Warner assets, primarily the Warner Bros. film and television studios and its streaming service HBO Max.

Sources had previously said Comcast was angling to join the Warner Bros. Discovery auction after that company’s board formally opened the process last week. The Warner board has unanimously rejected three unsolicited bids from David Ellison’s Paramount, which has offered $58 billion in cash and stock for all of Warner Bros. Discovery.

“This could be Comcast’s last shot at transforming NBCUniversal into a long-term structural winner in media,” LightShed Partners analyst Richard Greenfield wrote in a note to investors. “If Paramount or another buyer acquires Warner Bros., there would be no obvious merger partner for NBCU.”

Comcast isn’t looking to acquire the entire company or Warner’s large portfolio of cable channels that include CNN, TBS and Food Network. Instead, Cavanagh suggested that Comcast’s interest would be more narrow.

Advertisement

He noted that NBCUniversal and Warner Bros. have compatible businesses. Comcast wants to grow its studios and its struggling streaming service, Peacock, which lost $217 million.

“You should expect us to look at things that are trading in our space … It’s our job to try to figure out if there are ways to add value,” Cavanagh told analysts.

But he added a note of caution, saying the company didn’t feel that a merger was “necessary.”

“The bar is very high for us to pursue any [merger] transactions,” he said.

Longtime cable analyst Craig Moffett interpreted Cavanagh’s oblique remarks as downplaying a potential bid by Comcast for its competitor. Moffett noted Comcast’s stock performance has long been restrained because of chairman and controlling shareholder Brian Roberts’ penchant for deal-making.

Advertisement

“The markets haven’t liked those deals,” Moffett wrote in a Thursday note to investors.

A decade ago, Comcast abandoned a $45-billion deal to buy Time Warner Cable amid opposition from federal regulators. Its retreat allowed Charter Communications to instead acquire the cable company. And in 2018, Comcast leaped into a bidding war with Walt Disney Co. over much of Rupert Murdoch’s Fox.

Comcast ultimately claimed the European satellite TV service Sky from Murdoch at an inflated sum of $39 billion.

A NBCUniversal-Warner Bros. Discovery union makes sense, Moffett wrote, adding it could be “a match, at least on paper, made in heaven.”

“Combining HBO Max (or whatever it’s called now) and Peacock would help both [services], saving costs and adding needed scale,” Moffett wrote. Warner Bros. has strong franchises, including Superman, Batman and Harry Potter, which “could be invaluable for Universal’s theme parks.”

Advertisement

The Warner auction comes amid deep turmoil in the industry. Traditional entertainment companies, including Warner and NBCUniversal, have long relied heavily on cable programming fees to boost profit, but consumers have been scaling back on pay-TV subscriptions amid the move to streaming.

To address that challenge, Comcast is spinning off its cable channels, including CNBC, MSNBC, USA and Golf Channel, into a separately traded company called Versant. That process is expected to be complete this year.

As part of the transition, the liberal-leaning MSNBC is changing its name to MS Now and dropping the peacock from its network logo, reflecting its pending exit from NBC, which will remain part of Comcast.

Cavanagh suggested that Comcast would not double down in a declining cable channel business that it was already exiting.

But Warner has other compelling properties, including HBO and its Warner Bros. film and television studio. The Warner Bros. studio has released a string of movie blockbusters this year, including “Superman,” “Sinners” and “A Minecraft Movie.” And there is also the legendary movie studio lot in Burbank, where NBC shows such as “Friends” were shot, which is next to the NBCUniversal lot, Universal Studios and its CityWalk plaza.

Advertisement

Warner and NBCUniversal are investing in their respective streaming services, but both lag Netflix, YouTube and Walt Disney Co. in terms of subscribers and engagement. Peacock has 41 million subscribers; the service has lost billions of dollars since Comcast launched it five years ago.

To shore up Peacock and the NBC broadcast network, Comcast has invested heavily on sports, including striking a $27-billion, 10-year deal for NBA basketball, a contract that kicked in this month with the new season. (Nielsen ratings for the inaugural NBA game on NBC last week were strong — nearly 5 million viewers.)

Most analysts believe that Ellison’s Paramount is in the best position to win Warner Bros. Discovery.

They point to the Ellison family’s determination, wealth and political connections. Tech titan Larry Ellison, who is backing his son’s bid, is the second-richest man in the world behind Elon Musk, and President Trump views the elder Ellison as a good friend.

In contrast, Trump has displayed a dim view of Comcast Chairman and Chief Executive Brian Roberts, in large part, because of Comcast’s ownership of MSNBC, which Trump has accused of being an arm of the Democratic National Committee.

Advertisement

The tension has led observers to conclude that Comcast would face a stormy regulatory review process with Trump overseeing the Department of Justice, which would likely perform an anti-trust review.

Comcast has contributed to President Trump’s White House ballroom project.

(Andrew Harnik/Getty Images)

Comcast was among the corporate sponsors that donated to the Trump ballroom project, which will replace the now-demolished East Wing. A Comcast spokeswoman declined to say how much Comcast has contributed.

Advertisement

Concerns about Comcast’s ability to get deals through the Trump administration may be overblown, Cavanagh said.

“I think more things are viable than maybe some of the public commentary [suggests],” Cavanagh said.

Comcast reported third-quarter profit of $3.33 billion, up 8% from a year ago. Revenue declined 3% to $31.2 billion during the period as the company reported continued
losses in broadband customers.

Advertisement

Politics

Commentary: Bass clears first hurdle, but if Pratt holds off Raman, the mayoral race could be a holy war

Published

on

Commentary: Bass clears first hurdle, but if Pratt holds off Raman, the mayoral race could be a holy war

L.A. Mayor Karen Bass made what sounded like a victory speech Tuesday night.

Councilmember Nithya Raman made what sounded almost like a concession speech.

And former reality TV star Spencer Pratt relayed a message from the heavens.

“Well, obviously God wanted five more months of me exposing all the failures of our mayor, so it’s gonna be a fun ride,” Pratt said. “I hope she’s ready.”

Advertisement

Assuming Pratt holds on to one of the two spots in the Nov. 3 general election as the final votes are tallied in the next few days, the smart money will be on Bass, for reasons I’ll get into in a moment.

But the supreme being and patron of all pontiffs has to be considered a wild card. This is the first time, to my knowledge, that an incumbent mayor in the City of Angels would be running against a challenger whose campaign manager is God Almighty.

So here we go. We could be in for one of the more remarkable electoral adventures in city history, with a complete novice and MAGA conservative going up against a liberal career politician in a deep-blue city and state full of people who are tired of hearing excuses from Democrats. (If Raman ends up ousting Pratt, my apologies for jumping to conclusions. But it’s not my fault. The devil made me do it.)

If you intend to follow closely, as of course you should, maybe you can help me count the number of times Pratt plays the faith card. I went to St. Peter Martyr School and attended the church by the same name, and I don’t recall ever hearing a nun or a priest drop God’s name as often as Pratt does.

In fact, I just watched a clip of Pratt talking to Fox News TV host and Donald Trump disciple Kayleigh McEnany, and over the course of 1 minute and 52 seconds, he mentioned God or Jesus 10 times.

Advertisement

“Thankfully, I married an angel who was very connected with Jesus and has brought me to the light,” Pratt said of his wife and former reality TV co-star Heidi Montag. “It’s been very empowering to just pray and just be on his path and just say, ‘God, if you want me to save these animals, save these humans and protect my city, just keep putting me in the place where I can do that.’”

Is he running for mayor or cardinal?

Look, I totally respect your average true believer. But I’m not entirely comfortable with a mayor who might be sitting around City Hall waiting for signs and smoke signals rather than knowing what to do on his own.

God has a lot on his plate. He might be busy multiplying fishes and loaves so people don’t go hungry thanks to the president’s tariffs and warmongering. Is he going to rush to answer a prayer for guidance about underfunded parks or broken sidewalks in Los Angeles?

How did we get here, you ask?

Advertisement

Well, Pratt is an AI creation, in a way. A composite of sorts. You combine the forces of social media, political rebellion, second-rate celebrity obsession and the Peter Principle, and here’s a little Trump puppet walking around L.A. like he’s the chosen one.

Add to that the very real essence of his appeal to some voters:

Los Angeles has problems. Big problems that don’t get fixed quickly enough or at all, and Pratt represents the angry voter who wants to know why City Hall can’t do better and where all the money went. He’s absolutely right when he says we shouldn’t have people living on the streets, using drugs on the streets and dying on the streets.

But if Pratt is in the general election rather than Raman, we’re in for a national media circus rather than a summit on solutions. Raman is well-versed on matters of relevance and could have pushed back against Bass in substantive, detailed ways. On the other hand, as Pratt has fairly argued, Raman headed City Council’s homelessness committee, so isn’t she partly to blame for the failures she tried to pin on Bass?

As for Pratt’s policy chops, he has not responded to my offers of a get-together. Absent that, and given his careful avoidance of local reporters who know their stuff, I read his platform on his campaign website and I can tell you that while he touches on many of the right issues — public safety, fiscal integrity, homelessness — attention to detail and depth of knowledge are not God-given strengths.

Advertisement

Maybe Pratt can actually deliver on his promise of a “treatment-led recovery model that addresses mental illness and addiction as the primary drivers of chronic homelessness.” But that would require an act of God (which I suppose is possible given their relationship), because those matters are primarily under the direction of the county, not the city.

This is the main problem here. Bass was beatable, and could have been pushed by a serious challenger to do better.

In the last election, Rick Caruso gave her a scare. That was partly because he had some depth on the issues, he was a successful businessman and philanthropist, he had served on the police commission and the water and power board, he had built relationships across the city and, along with his family, he had poured time and millions of dollars into underserved communities.

In this election, it looks as though Bass could get lucky and face off against a guy who lost his house in the Palisades fire, saw a few homeless encampments through his car window, and decided he wanted to be mayor. Some might have questioned his hubris, but only before learning that he was on a mission from God.

If you’re keeping count, that’s nine mentions of God so far in this column.

Advertisement

One more for the tie, with an eye toward five more months of campaign fodder.

Thank you, God.

steve.lopez@latimes.com

Advertisement
Continue Reading

Politics

Bessent flips script on Dem senator with reminder about his son’s past ties to Epstein

Published

on

Bessent flips script on Dem senator with reminder about his son’s past ties to Epstein

NEWYou can now listen to Fox News articles!

Sen. Ron Wyden, D-Ore., suddenly found himself on the defensive at a budget hearing on Wednesday when, amid levying accusations of the Trump administration’s “corrupt” dealings, Treasury Secretary Scott Bessent fired back by bringing Wyden’s son’s investments into the exchange.

“We would like to hear what Adam Wyden and Jeffrey Epstein talked about,” Bessent said, referring to unearthed emails drawing a connection between the senator’s son and the disgraced financier.

“Did your son and Jeffrey Epstein talk about pole dancing as he begged him for money?”

The moment continues the political fallout for the many names associated with Epstein that — despite not amounting to proof of wrongdoing — continue to prompt embarrassment and scandal at even the smallest mention.

Advertisement

TOP FIERY MOMENTS AS DEMOCRATS CLASH WITH TREASURY SECRETARY BESSENT IN CHAOTIC HILL HEARINGS

Treasury Secretary Scott Bessent, left, pictured along Sen. Ron Wyden, D-Ore, right. (Aaron Schwartz/Bloomberg via Getty Images; Chip Somodevilla/Getty Images)

Epstein, a former financier, died while in prison on charges of sex trafficking minors in 2019, leaving behind questions of whether he facilitated illegal sexual encounters for his vast network of rich and powerful figures.

Amid public demands for transparency on the matter, the Department of Justice released troves of documents on Epstein late last year, unveiling a slew of new names with all manner of ties to the infamous figure ranging from purely innocuous to alarming.

Among them, emails surfaced indicating that Adam Wyden, Ron Wyden’s son, went to Epstein, hoping to gain his support for a business venture.

Advertisement

UNEARTHED EMAILS REVEAL DEM SENATOR’S SON WANTED EPSTEIN TO JOIN HIS FUND: ‘ENJOYED OUR CONVERSATION’

Sen. Ron Wyden leaves a Senate Democratic meeting at the U.S. Capitol Building in Washington, D.C., on Oct. 3, 2025, as the federal government shuts down after Congress and the White House failed to reach a funding deal. (Kevin Dietsch/Getty Images)

“Jeffrey, I wanted to thank you for taking the time to meet with me. I thoroughly enjoyed our conversation and hope my passion and dedication for my business came through in the meeting. I live and breathe this business and take my returns, integrity and reputation quite seriously,” the younger Wyden said in an email in April 2016.

“I intensely appreciate like-minded individuals and would very much look forward to having you join us at the fund.”

The emails came after Epstein pleaded guilty to soliciting a minor for prostitution in Florida in 2008.

Advertisement

It’s unclear what the business venture discussed by Adam Wyden and Epstein may have been or what, specifically, had been discussed in their conversations.

Even so, Bessent reminded viewers that the younger Wyden had a history of investing in off-color markets at Wednesday’s hearing.

DEMOCRATS ARE HAMMERING REPUBLICANS ON EPSTEIN, BUT ONE SENATOR BRUSHED OFF THE ISSUE YEARS AGO

Treasury Secretary Scott Bessent addresses a press conference in Rosenbad after trade talks between the U.S. and China concluded in Stockholm, Sweden, on July 29, 2025. (Magnus Lejhall/TT News Agency/AFP via Getty Images)

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

Advertisement

Your son’s largest investment position was Rick’s Cabaret,” Bessent said, referring to a series of strip clubs.

Wyden, who has widely panned the Trump administration and its many officials for their own connections to Epstein, didn’t respond to Bessent’s jabs.

Advertisement
Continue Reading

Politics

Hilton and Becerra lead California’s unsettled governor’s race; Steyer faces elimination

Published

on

Hilton and Becerra lead California’s unsettled governor’s race; Steyer faces elimination

As election officials continued tallying ballots Wednesday, Republican Steve Hilton and Democrat Xavier Becerra continued to lead in the unsettled race to replace termed-out Gov. Gavin Newsom, with billionaire Democrat Tom Steyer hoping for a surge in late-arriving votes to push him into one of the top-two spots to advance to the November general election.

Hilton, a British immigrant and former Fox News commentator, told reporters outside the state Capitol in Sacramento Wednesday morning that he was “very encouraged” by the latest results, though he stopped short of declaring victory.

“It does look as if change is coming to California, and that is good news for everyone, every small business, every working family, everyone who wants to see our state set back on track,” he said.

Becerra and Steyer did not hold public events as of Wednesday afternoon.

Advertisement

Election data analyst Paul Mitchell said it would be nearly mathematically impossible for Steyer to close the gap.

“As we start to get more data, the runway is going to get shorter and shorter,” he said.

He said Steyer, to finish in the top two in the primary, would have to get about 30% of the remaining uncounted votes while Becerra would need to be limited to 15%. The self-funded billionaire has “a very high hill to overcome, and the challenge gets steeper and steeper as we get more data from the counties,” Mitchell said.

Once mired near the bottom of a crowded pack of Democrats in opinion polls, Becerra, a former Biden administration cabinet member, rocketed ahead of his rival candidates after former Rep. Eric Swalwell dropped out of the race in April amid allegations of sexual assault and misconduct. The scandal triggered an upswing of voter interest in California’s once sluggish governor’s race and in Becerra, who seized the moment.

“Here in Hollywood’s hometown, we love a good underdog story,” Becerra told cheering supporters at his election night party at La Plaza de Cultura y Artes in downtown Los Angeles.

Advertisement

Becerra spoke about his Mexican immigrant parents and becoming the first in his family to attend college. Though a longtime California politician, Becerra said that his campaign for governor was outspent and that he faced calls to drop out of the race.

“The underdog stayed in the fight,” he said. “Like my parents, I never gave up. … Never stopped believing in the beacon-light goodness of California and thankfully, neither did you.”

Steyer, who spent more than $216 million of his wealth on the race, has not conceded defeat.

His campaign manager, Heather Hargreaves, wrote in a letter to supporters Wednesday that “we’re going to give democracy time to work. County election officials are still counting ballots and don’t expect to know how many people voted in total until” Thursday, when officials are required to report the estimated number ballots left to process.

The billionaire former hedge fund owner campaigned against the corporate and special interests that have a powerful presence in Sacramento and often spend heavily in elections, including this year against Steyer.

Advertisement

Billionaires “do everything they can to hoard their wealth and avoid paying taxes, and we see corporations continue to rig the system for themselves — raising your prices to juice their profits. Screw that,” Steyer said at his election watch party at the Regency Ballroom in San Francisco.

Other candidates in the race included Republican Riverside County Sheriff Chad Bianco and Democrats including former Rep. Katie Porter, San José Mayor Matt Mahan, former Los Angeles Mayor Antonio Villaraigosa and state Supt. of Public Instruction Tony Thurmond.

Villaraigosa, Mahan and Porter conceded the race Tuesday night.

California’s 2026 race for governor started slow but ended with a flourish, including the demise of a scandal-ridden Democratic favorite, the anointing of a Republican by Trump and Becerra’s unexpected rise from the depths of the candidate field.

Unlike gubernatorial elections in the last quarter of a century, this year’s race lacked a clear crowd-pleasing front-runner able to win over voters, such as movie star Arnold Schwarzenegger or Jerry Brown, a sage of the California electorate and scion of a storied political family. But it unfolded at a time when the state’s residents are overwhelmed by high housing costs, steep gas prices and overall unaffordability that threatens the “California dream” that once drew millions of people to the state.

Advertisement

“Normal people are not living and breathing politics on a daily basis,” said Tim Rosales, a strategist who ran Republican John Cox’s unsuccessful 2018 gubernatorial campaign. In today’s information-saturated environment, Rosales said, the race and its roster of “extremely milquetoast candidates” didn’t break through until the Swalwell scandal grabbed voters’ attention.

The 2026 gubernatorial primary has been one of the most unpredictable and expensive in decades and a race that was shaped early on by a number of heavyweight Democrats staying on the sidelines.

Though supporters urged them to run, former Vice President Kamala Harris, Sen. Alex Padilla and Atty. Gen. Rob Bonta passed on the race. It was in a state of limbo for months last year as Harris, one of the state’s most high-profile politicians, weighed whether to jump in.

“I don’t ever recall a playing field that looks like this one. Usually there’s a clear front-runner,” said veteran Democratic strategist Darry Sragow. “It’s easy to say that it reflects a lack of talent [but] that’s absolutely not true. Almost any of the candidates running could make a good governor.”

Still, candidates struggled for months to break through to voters.

Advertisement

In February, polls showed the crowded field of Democrats splitting liberal voters and opening a statistical possibility that the party would be boxed out of November under California’s open, top-two primary, which places all candidates on the same ballot. Only the first- and second-place finishers in the primary advance to the general election, regardless of their party affiliation.

Just when Swalwell appeared on the cusp of becoming the Democratic front-runner the San Francisco Chronicle and CNN published allegations that he sexually assaulted a former staffer and acted inappropriately with other women. Swalwell suspended his campaign.

It was Becerra who benefited the most. In less than two months, he vaulted from polling in the low single digits to the top of the field of candidates, according to surveys conducted by UC Berkeley’s Institute of Governmental Studies that were co-sponsored by the Los Angeles Times.

“Becerra caught lightning in a bottle,” Rosales said. “It could have easily gone to any of the other candidates,” but many had baggage. Videos of Porter losing her temper hurt her image, the source of Steyer’s wealth and his unbridled campaign spending weighed on voters’ minds, and Villaraigosa and Mahan were “more centrist than what most Democrats wanted, and so Xavier Becerra was really the safe choice,” Rosales said.

Before Democratic voters began to narrow down their choices, Trump endorsed Hilton in early April. It helped the former Fox News host break away from Bianco, his main GOP rival.

Advertisement

In the days before the primary election, the race solidified into a three-way contest involving Becerra, Steyer and Hilton.

Steyer stepped up his fight in the remaining days, seeking to squeeze into one of the top two spots by battering Becerra in ads and at campaign rallies as a politician propped up by corporate special interests.

“We cannot afford to have a governor who’s been bought off by Big Oil. Period,” he said at a Sunday rally in Los Angeles.

Corporations, along with labor unions and interest groups including the California Assn. of Realtors, had spent more than $18.7 million to boost Becerra, according to the election spending tracker California Target Book. Many of the same groups also gave money to a committee intended to attack Steyer.

As the election neared, Becerra sharpened his attacks against Steyer, calling the billionaire a “liar” and accusing him of trying to buy the election.

Advertisement

“We are not going to let a billionaire or Trump’s handpicked candidate take over this state,” he said during a Sunday rally in Long Beach.

If Becerra faces off with Hilton in November he’ll have a distinct advantage. Democratic voters outnumber Republicans nearly 2 to 1 in left-leaning California.

Winning the general election would make the 68-year-old Becerra the first elected Latino governor of California. At roughly 40% of the state’s population, Latinos are California’s largest ethnic group but have not been represented in the governor’s mansion since 1875, when then-Lt. Gov. Romualdo Pacheco was elevated to fill a 10-month vacancy.

Times staff writers Iris Kwok, Susanne Rust, Andrew Khouri and Christopher Goffard contributed to this report.

Advertisement
Continue Reading
Advertisement

Trending