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Larry Ellison pledges $40-billion personal guarantee for Paramount’s Warner Bros. bid

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Larry Ellison pledges -billion personal guarantee for Paramount’s Warner Bros. bid

Billionaire Larry Ellison has stepped up, agreeing to personally guarantee part of Paramount’s bid for rival Warner Bros. Discovery.

Ellison’s personal guarantee of $40.4 billion in equity, disclosed Monday, ups the ante in the acrimonious auction for Warner Bros. movie and TV studios, HBO, CNN and Food Network.

Ellison, whose son David Ellison is Paramount’s chief executive, agreed not to revoke the Ellison family trust or adversely transfer its assets while the Warner Bros. transaction is pending. Paramount’s $30-a-share offer remains unchanged.

Warner‘s board earlier this month awarded the prize to Netflix. The board rejected Paramount’s $108.4-billion deal, largely over concerns about the perceived shakiness of Paramount’s financing.

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Paramount then launched a hostile takeover, appealing directly to Warner shareholders, offering them $30 a share. Paramount on Monday extended the deadline to Jan. 21 for Warner investors to tender their shares.

“We amended this Offer to address Warner Bros. stated concerns regarding the Prior Proposal and the December 8 Offer,” Paramount said in a Monday Securities & Exchange Commission filing. “Mr. Larry Ellison is providing a personal guarantee of the Ellison Trust’s $40.4 billion funding obligation.”

Warner Bros. Discovery did not provide an immediate comment.

Warner stock jumped 3.5% on the news to $28.75. Paramount shares climbed 4.2% to $13.61 and Netflix fell 1.2% to $93.23.

The Ellison family acquired the controlling stake in Paramount in August. The family launched their pursuit of Warner Bros. in September but Warner’s board unanimously rejected six Paramount proposals over the last three months.

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Paramount started with a $19 a share bid for the entire company. Netflix has offered $27.75 a share and only wants the Burbank studios, HBO and the HBO Max streaming service. The Netflix bid is a mix of cash and stock. It envisions Warner Bros. spinning off its linear cable channels, including CNN, into a new publicly traded company, Discovery Global, by the middle of next year.

Paramount upped its all-cash offer to $30 a share Dec. 4, in the waning hours of the auction.

That night, Warner Bros. Discovery’s board voted unanimously to accept Netflix’s $72-billion offer (the total value of the deal is $82.7 billion). The company, in regulatory filings, has cited Netflix’s stronger financial position.

Since then, Paramount executives launched their hostile bid and held meetings with Warner investors in New York, where they echoed the proposal they’d submitted in the closing hours of the auction.

On Monday, Paramount also agreed to increase the termination fee to $5.8 billion from $5 billion, matching the one that Netflix offered. Paramount would have to pay Warner that amount should the deal collapse.

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Three Middle Eastern sovereign wealth funds representing royal families in Saudi Arabia, Qatar and Abu Dhabi have agreed to provide $24 billion of the $40.4-billion equity component that Ellison is backing.

The Ellison family has agreed to cover $11.8-billion of that. Initially, Paramount’s bid included the private equity firm of Jared Kushner, President Trump’s son-in-law, but Kushner withdrew his firm last week. Previously, Paramount dropped the Chinese firm Tencent from its financing consortium over regulatory concerns.

“In an effort to address Warner Bros.’s amorphous need for ‘flexibility’ in interim operations, Paramount’s revised proposed merger agreement offers further improved flexibility to Warner Bros. on debt refinancing transactions, representations and interim operating covenants,” Paramount said in its statement.

Paramount confirmed that the Ellison family trust owns about 1.16 billion shares of Oracle common stock and that all material liabilities are publicly disclosed.

“The Ellison Trust has financial resources well in excess of what would be required to meet its commitments to be entered into in connection with the Offer and the second-step merger [with Paramount], including, among many other assets and financial resources available to it,” Paramount said.

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Paramount has been aggressively pursuing Warner Bros. for months, yearning for the scale the Warner assets would bring the company that, before the Ellison takeover, had suffered from years of under-investment.

David Ellison was startled earlier this month when the Warner Bros. board swiftly agreed to a deal with Netflix for $82.7 billion, including some of Warner’s debt, for the streaming and studio assets. He alleged during a CNBC appearance that the Warner Bros. board had failed to seriously consider the merits of his family’s bid.

Paramount subsequently launched its hostile takeover offer in a direct appeal to shareholders. The Warner Bros. board urged shareholders to reject Paramount’s offer, which includes $54 billion in debt commitments, deeming it “inferior” and “inadequate.” The board singled out what it viewed as uncertain financing and the risk implicit in a revocable trust that could cause Paramount to terminate the deal at any time.

Warner added that its shareholders also would have equity in the new Discovery Global, which Warner believes could fetch about $3 a share. Paramount has said its deal is more straightforward. The Ellisons, who enjoy friendly relations with Trump, have told shareholders their deal would face a smoother regulatory review.

Larry Ellison and Trump are on friendly terms, and Ellison’s software company Oracle is part of a consortium taking over social media app TikTok. That deal is expected to close next month.

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Trump’s support was also key to the Ellison family’s takeover of Paramount. Before that deal was approved, Paramount agreed to pay Trump $16 million to settle a lawsuit over “60 Minutes” edits that most legal experts called frivolous.

Trump has said that he wants CNN to be included in the Warner Bros. sale. Trump has long chafed over CNN’s coverage.

In the past, the president indicated that he favored Paramount’s pursuit of Warner Bros. — but he has been more circumspect in recent weeks, making complimentary comments about Netflix Co-Chief Executive Ted Sarandos.

Executives from both Paramount and Netflix have argued that they would be the best owners and use the Warner Bros. library and movie and TV production capabilities to boost their streaming operations.

Netflix also announced Monday that it has refinanced part of a $59-billion bridge loan with cheaper and longer-term debt.

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Bloomberg contributed to this report.

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FBI arrests protester who threatened to kill ICE officer’s family at NJ detention center protest, Blanche says

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FBI arrests protester who threatened to kill ICE officer’s family at NJ detention center protest, Blanche says

NEWYou can now listen to Fox News articles!

Acting US Attorney General Todd Blanche on Friday said that a man who made death threats against a U.S. Immigration and Customs Enforcement officer and his family at a protest in New Jersey Thursday night had been arrested.

The arrest came just hours after Blanche promised the protester, who was captured on video, would be found and arrested.

“That’s a federal crime,” Blanche said on Fox News’ “The Will Cain Show” on Thursday. “Not only threatening the ICE officer — but think about how disgusting this individual is by threatening his wife and his children with death.

In the video, the protester can be heard taunting the officer: “I will kill your whole f—ing family. Your whole f—ing family is dead. Your children and wife all dead. I have your face mother—er! All dead!”

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ANTI-ICE AGITATOR SCREAMS ‘I’LL KILL YOUR WHOLE F- FAMILY’ DAY AFTER DEM GOV PRAISES ‘PEACEFUL PROTESTING’

Federal immigration officers clashed with protesters outside Delaney Hall in Newark, N.J., on Thursday. (Mostafa Bassim/Anadolu)

Blanche said the officer was just doing his job and “standing there.”

On Friday evening, Blanche wrote on X: Told you. @FBI just arrested the man who threatened to kill ICE officers and their families. FAFO.”

He has not yet been identified.

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ANTI-ICE PROTESTERS CLASH WITH AGENTS OUTSIDE NEW JERSEY DETENTION CENTER AS GOV. SHERRILL DENIED ENTRY

The clash occurred Thursday evening outside of Newark’s Delaney Hall detention center where protesters were accused of biting, kicking and punching agents.

The protests were in their sixth night by Thursday. (Mostafa Bassim/Anadolu)

Agents responded by deploying pepper spray and beating back agitators as the protest continued into its sixth night.

Nine rioters were arrested during the clashes Thursday, the Department of Homeland Security told Fox News Digital.

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ANTI-ICE AGITATORS THROW WOODEN PALLETS, MATTRESSES AT FEDERAL AGENTS DURING CHAOTIC NJ DETENTION CENTER CLASH

Approximately 100 protesters mobbed the area surrounding the detention center, chanting “F— ICE” and brandishing black umbrellas, gas masks and other gear to protect themselves from pepper spray and various anti-riot measures.

On Wednesday evening, DHS reported that approximately 100 anti-ICE protesters gathered around the Delaney Hall ICE facility. While rioters assaulted and threw objects at law enforcement, DHS said “local police refused to help our officers.” Six rioters were arrested Wednesday night for allegedly assaulting law enforcement officers.

ICE agents use chemical irritants during clashes with protestors outside the federal immigration center at Delaney Hall in Newark, N.J., on Thursday. (Adam Gray/Getty Images)

“We called local police, we called state police multiple times. Listen, I know the law enforcement there would love to respond, but because of Governor Sherrill’s behavior what the governor is doing, she’s not allowing public officers and state officers to respond,” Mullin said during a Thursday morning appearance on Fox & Friends.

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Demonstrations over conditions for detainees began Friday, May 22, after detainees penned an open letter claiming they were being denied access to medical care, being insufficiently fed and detained without due process.

DHS has denied those claims.

Fox News’ Charles Creitz and Robert McGreevy contributed to this report. 

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Fire-prone California could lose hundreds of millions of dollars for wildfire prevention

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Fire-prone California could lose hundreds of millions of dollars for wildfire prevention

With California facing increasingly destructive wildfires, experts and officials have long urged the strategic removal of dense, flammable vegetation that can erupt into particularly destructive flames from a lightning bolt or the spark of a power line.

But after years of record investment by the state in such wildfire risk mitigation, two key money sources are drying up, potentially reducing the state’s annual budget for vegetation removal by hundreds of millions of dollars.

Wildfire resiliency advocates are warning that the loss of these funds will leave the state vulnerable to devastation, and are calling on California’s next governor to take that threat seriously.

Currently, California relies heavily on two funding sources for wildfire mitigation work: A state program that charges polluters for their emissions and a climate bond approved by voters in 2024.

Late Friday, however, state officials adopted a new structure for the emissions program, called cap-and-invest, that analysts say will likely reduce wildfire mitigation funding by $200 million per year. At the same time, the governor’s latest budget proposal puts the state on track to allocate the majority of the climate bond’s $1.5 billion in wildfire prevention money within just three years.

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As a result, California could go from routinely pulling more than $600 million a year from these sources, to just $150 million, according to an estimate from the Wildfire Solutions Coalition — a group of more than 80 organizations representing conservationists, business owners, fire officials and tribal leaders.

The coalition is urging the state to find new sources of funding for the work.

“We have the scientists, we have the technicians, we have the advocates,” said Michelle Decker, who is on the coalition’s executive committee and serves as president and CEO of the Inland Empire Community Foundation. “We see this problem. We can get ahead of this problem. It is a revenue issue.”

California wildfires have become increasingly costly. The 2025 L.A. fires alone caused an estimated $250 billion in damage and economic loss. Insurance companies have already paid out $22.4 billion.

In attempt to reduce the risk of damage to communities and ecosystems, the state has employed a wide range of tactics. These includes fortifying homes against wildfires, replanting fire-ravaged forests and thinning out vegetation with prescribed burns, goat grazing and manual thinning with heavy machinery to reduce the intensity of potential fires.

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Research suggests wildfire mitigation work pays off. A recent analysis of 285 fires in the western U.S. found that every dollar spent on landscape projects saved about $3.75 in wildfire damage.

But as funding from cap-and-invest and the climate bond dwindle, the state must increasingly turn to Cal Fire, which devotes only a small portion of its budget to mitigation work.

“This is not an issue that can be pushed off to a timeline based solely on politics,” said Steve Frisch, a founding member of the coalition and president of the Sierra Business Council. “Fire happens whether we want it to or not.”

After a series of destructive wildfires in Northern California and the 2017 Thomas fire in Southern California, the state legislature began to explicitly focus on funding wildfire mitigation.

In 2018, lawmakers directed $200 million per year of cap-and-invest funds to wildfire mitigation projects.

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As the Woolsey fire in Southern California and the Camp fire in Paradise raged later that fall, Trump accused the state of “gross mismanagement” of forest lands and threatened to cut off federal funds unless it was corrected.

Gov. Gavin Newsom and the legislature, with a significant budget surplus, began earmarking even more funds, leading to a peak of $1.1 billion in wildfire mitigation investments during the 2021-2022 fiscal year.

After the surplus dwindled, the legislature opted in 2024 to put a $10-billion climate bond in front of voters — $1.5 billion of which was dedicated specifically for wildfire mitigation work.

Newsom has since pointed to this high state funding to call on the federal government to step up its own investments into forest management work.

The federal government manages 57% of all forests in the state. While the U.S. Forest Service spent $3.1 billion mitigating wildfire conditions in the state over the last few years, California spent $4.3 billion, according to the California Forest Resilience and Wildfire Task Force.

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However, the state has already allocated about $600 million of the climate bond’s wildfire mitigation pot for the 2024-2025 and current fiscal years. The latest budget proposal would allocate more than $300 million for this upcoming fiscal year. While many advocates support allocating the money quickly, it leaves little for future years.

Once that money is spent, California has to pay off the $10 billion bond with interest. The result is an estimated price tag of $16 billion, paid in roughly $400 million increments every year, for 40 years, according to the state’s Legislative Analyst’s Office.

As for the cap-and-invest funds, a fraught months-long debate at the California Air Resources Board on how to extend the program beyond 2030 resulted in a compromise that will cut the revenue it generates in half, the Legislative Analyst’s Office estimates.

Since other projects get priority — including $1 billion every year for California’s high-speed rail project — the new proposal would “likely leave no funding” for the wildfire and forest resilience line item, the Legislative Analyst’s Office found.

Cal Fire still holds a modest annual budget for wildfire mitigation work. In the 2024-2025 fiscal year, the agency had $500 million for forest management and fire prevention that was not directly tied to cap-and-invest or the bond — up from about $65 million two decades prior.

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As for the federal government, independent analyses by Grassroots Wildland Firefighters and NPR found that Forest Service wildfire mitigation work is on the decline amid federal staffing cuts. The Forest Service claims the decrease in work was primarily due to poor weather conditions for activities like prescribed burns and staff being occupied with firefighting.

Both the state and federal government’s investments pale in comparison to the spending of California’s investor-owned utilities. In 2025 alone, the utilities planned to spend more than $9.2 billion on preventing their equipment from sparking the next devastating wildfire, primarily funded by Californians’ electricity bills.

Times staff writer Hayley Smith contributed to this report.

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Video: Trump’s Counterterror Strategy Focuses on the Left

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Video: Trump’s Counterterror Strategy Focuses on the Left
President Trump’s new counterterrorism strategy focuses on “violent left-wing extremists,” as well as narcoterrorists and Islamic terror groups. Our White House correspondent Zolan Kanno-Youngs explains what it means.

By Zolan Kanno-Youngs, Gilad Thaler, Jon Miller, Stephanie Swart, Rafaela Balster, Whitney Shefte and Nikolay Nikolov

May 29, 2026

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