Politics
Larry Ellison pledges $40-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.
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.
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.
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.
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.
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.
Bloomberg contributed to this report.
Politics
Rubio targets Nicaraguan official over alleged torture tied to ‘brutal’ Ortega regime
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Secretary of State Marco Rubio announced Saturday that the Trump administration is sanctioning a senior Nicaraguan official over alleged human rights violations.
Rubio said the U.S. is designating Vice Minister of the Interior Luis Roberto Cañas Novoa for his role in “gross violations of human rights” under the government of President Daniel Ortega and Vice President Rosario Murillo, marking what he said was the latest effort to hold the regime accountable.
“The Trump administration continues to hold the Murillo-Ortega dictatorship accountable for brutal human rights violations against Nicaraguans,” Rubio said in a post on X. “I’m designating Nicaraguan Vice Minister of the Interior Luis Roberto Cañas Novoa for his role in human rights violations.”
RUBIO TESTIFIES IN TRIAL OF EX-FLORIDA CONGRESSMAN ALLEGEDLY HIRED BY MADURO GOVERNMENT TO LOBBY FOR VENEZUELA
Secretary of State Marco Rubio speaks at the State Department, April 14, 2026. The U.S. announced sanctions on a Nicaraguan official tied to alleged human rights abuses under the Ortega-Murillo government. (Andrew Harnik/Getty Images)
The designation was made under Section 7031(c), which allows the State Department to bar foreign officials and their immediate family members from entering the United States due to involvement in significant corruption or human rights abuses.
The State Department has said the Ortega-Murillo government has engaged in arbitrary arrests, torture and extrajudicial killings following mass protests that began in April 2018.
“Nearly eight years ago, the Rosario Murillo and Daniel Ortega dictatorship unleashed a brutal wave of repression against Nicaraguans who courageously stood against the regime’s increased tyranny, corruption, and abuse,” the statement reads.
The State Department said that the sanction marked the anniversary of the 2018 protests, after which more than 325 protesters were murdered in the aftermath.
A panel of U.N.-backed human rights experts previously accused Nicaragua’s government of systematic abuses “tantamount to crimes against humanity,” following an investigation into the country’s crackdown on political dissent, according to The Associated Press.
The experts said the repression intensified after mass protests in 2018 and has since expanded across large parts of society, targeting perceived opponents of the government.
TRUMP ADMIN ANNOUNCES EXPANSION OF VISA RESTRICTION POLICY IN WESTERN HEMISPHERE
Nicaragua President Daniel Ortega delivers a speech during a ceremony to mark the 199th Independence Day anniversary, in Managua, Nicaragua Sept. 15, 2020. (Nicaragua’s Presidency/Cesar Perez/Handout via Reuters)
Nicaragua’s government has rejected those findings.
The designation follows a series of recent U.S. actions targeting the Ortega-Murillo government. In February, the State Department sanctioned five senior Nicaraguan officials tied to repression, citing arbitrary detention, torture, killings and the targeting of clergy, media and civil society.
Earlier this week, the department also announced sanctions on individuals and companies linked to Nicaragua’s gold sector, including two of Ortega and Murillo’s sons, accusing the regime of using the industry to generate foreign currency, launder assets and consolidate power within the ruling family.
The State Department said the move is part of ongoing efforts to hold the Nicaraguan government accountable for its actions.
Fox News Digital reached out to the Nicaraguan government and its embassy in Washington for comment but did not immediately receive a response.
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A man waves a Nicaraguan flag during a demonstration to commemorate Nicaragua’s national Day of Peace, which is celebrated in the country on April 19, and to protest against the government of Nicaraguan President Daniel Ortega in San Jose, Costa Rica on April 16, 2023. (Jose Cordero/AFP)
The Trump administration has taken an increasingly aggressive posture in the Western Hemisphere in recent months, including a Jan. 3, 2026, operation that resulted in the capture of Venezuelan leader Nicolás Maduro and his wife, Cilia Flores.
The U.S. has also carried out a series of strikes targeting suspected drug-trafficking vessels in the region, part of a broader crackdown tied to regional security and narcotics enforcement efforts.
Politics
Outlines of a deal emerge with major concessions to Iran
WASHINGTON — Upbeat claims from President Trump over an imminent peace deal to end the war with Iran were met with deep skepticism Friday across the Middle East, where Iranian and Israeli officials questioned the prospects for a lasting agreement that would satisfy all parties.
The outlines of an agreement began to emerge that would provide Iran with a major strategic victory — and a potential financial windfall — allowing the Islamic Republic to leverage its control over the Strait of Hormuz to exact significant concessions from the United States and its ally Israel as Trump presses for a swift end to the conflict.
In a series of social media posts and interviews with reporters, Trump announced that the strait was “fully open,” vowing Tehran would never again attempt to control it. But Iranian officials and state media said that conditions remained on passage through the waterway, including the imposition of tolls and coordination with the Islamic Revolutionary Guard Corps.
Iranian diplomats posted threats that its closure could resume at any time of their choosing, and warned that restrictions would return unless the United States agreed to lift a blockade of its ports. Trump had said Friday that the blockade would remain in place.
“The conditional and limited reopening of a portion of the Strait of Hormuz is solely an Iranian initiative, one that creates responsibility and serves to test the firm commitments of the opposing side,” said a top aide to Iran’s president, dismissing Trump’s statements on the contours of a deal as “baseless.”
“If they renege on their promises,” he added, “they will face dire consequences.”
In an overture to Iran, Trump said Israel would be “prohibited” from conducting additional military strikes in Lebanon, where the Israeli government of Prime Minister Benjamin Netanyahu seeks to prevent Hezbollah, an Iranian proxy militia, from rearming, a potential threat to communities in the Israeli north.
But in a speech delivered in Hebrew, Netanyahu would say only that Israel had agreed to a temporary ceasefire, while members of his Cabinet warned that Israel Defense Forces operations in southern Lebanon were not yet finished. A top ally of the prime minister at a right-wing Israeli news outlet warned that Trump was “surrendering” to Iran in the talks.
It was a day of public messaging from a president eager to end a war that has proved historically unpopular with the American public, and has driven a rise in gas prices that could weigh on his party entering this year’s midterm elections.
Yet, Republican allies of the president have begun warning him that an agreement skewed heavily in Tehran’s favor could carry political costs of its own.
Trump was forced to deny an Axios report Friday that his negotiating team had offered to release $20 billion in frozen Iranian assets in exchange for Tehran agreeing to hand over its fissile material, buried under rubble from a U.S. bombing raid last year.
That sum would amount to more than 10 times what President Obama released to Iran under a 2015 nuclear deal, called the Joint Comprehensive Plan of Action, that was the subject of fierce Republican criticism in the decade since.
“I have every confidence that President Trump will not allow Iran to be enriched by tens of billions of dollars for holding the world hostage and creating mayhem in the region,” said Sen. Lindsey Graham (R-S.C.), a strong supporter of the war. “No JCPOAs on President Trump’s watch.”
Still, Trump said in a round of interviews that a deal could be reached in a matter of days, ending less than two weeks of negotiations.
He claimed that Tehran had agreed to permanently end its enrichment of uranium — a development that, if true, would mark a dramatic reversal for the Islamic Republic from decades developing its nuclear program, and from just 10 days ago, when Iranian diplomats rejected a U.S. proposal of a 20-year pause on domestic enrichment in favor of a five-year moratorium.
He said Iran had agreed never to build nuclear weapons — a pledge Tehran has made repeatedly, including under the Nuclear Nonproliferation Treaty, in a religious decree from then-Supreme Leader Ayatollah Ali Khamenei, and in the 2015 agreement — while continuing nuclear activities viewed by the international community as exceeding civilian needs.
And he repeatedly stated that Iran had agreed to the removal of its enriched uranium from the country, either to the United States or to a third party. Iranian state media stated Friday afternoon that a proposal to remove the country’s highly enriched uranium had been “rejected.”
Iran’s agreement to allow safe passage for commercial vessels through the Strait of Hormuz is linked to a ceasefire in Lebanon that the Israeli Cabinet approved for only a 10-day period. Regardless of whether it holds or is extended, Israeli officials said their military would not retreat from its current positions in southern Lebanon — opening up Israeli forces to potential attack by Hezbollah militants unbound by a truce brokered by the Lebanese government.
The Lebanese people, Hezbollah officials said, have “the right to resist” Israeli occupation of their land. Whether the fighting resumes, the group added, “will be determined based on how developments unfold.”
An Iranian official threw cold water on the prospects of reaching a comprehensive peace deal in the coming days, telling Reuters that a temporary extension of the current ceasefire, set to expire Tuesday, would “create space for more talks on lifting sanctions on Iran and securing compensation for war damages.”
“In exchange, Iran will provide assurances to the international community about the peaceful nature of its nuclear program,” the official said, adding that “any other narrative about the ongoing talks is a misrepresentation of the situation.”
Trump told reporters Friday that the talks will continue through the weekend.
While Trump claimed there aren’t “too many significant differences” remaining, he said the United States would continue the blockade until negotiations are finalized and formalized.
“When the agreement is signed, the blockade ends,” the president told reporters in Phoenix.
Times staff writer Ana Ceballos contributed to this report.
Politics
Read the Supreme Court’s Shadow Papers
CHAMBERS OF
JUSTICE ELENA KAGAN
Supreme Court of the United States Washington, D. C. 20343
February 7, 2016
Memorandum to the Conference
Re: 15A773 West Virginia, et al. v. EPA, et al.
15A776 Basin Elec. Power Cooperative, et al. v. EPA, et al. 15A787 Chamber of Commerce, et al. v. EPA, et al.
15A778 Murray Energy Corp., et al. v. EPA, et al.
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15A793 North Dakota v. EPA, et al.
I agree with Steve that we should direct the States to seek an extension from the EPA before asking this Court to intervene. We could also include, at the end of such an order, language along the lines of the following, to encourage the D. C. Circuit to act expeditiously in its resolution of this matter: “In light of that court’s agreement to consider this case on an expedited schedule, we are confident that it will [or even: we urge it to] render a decision with appropriate dispatch.” See Doe v. Gonzales, 546 U. S. 1301, 1308 (2005) (GINSBURG, J., in chambers); Kemp v. Smith, 463 U. S. 1344, 1345 (1983) (Powell, J., in chambers); Holtzman v. Schlesinger, 414 U. S. 1304, 1305, n. 2 (1973) (Marshall, J., in chambers).
The unique nature of the relief sought in these applications gives me real pause. The applicants ask us to enjoin a regulation pending initial review in the court of appeals. As we often say, “we are a court of review, not of first view.” See Cutter v. Wilkinson, 544 U. S. 709, 718 n. 7 (2005); cf. Doe, 546 U. S., at 1308 (“Re- spect for the assessment of the Court of Appeals is especially warranted when that court is proceeding to adjudication on the merits with due expedition.”). As far as I can tell, it would be unprecedented for us to second-guess the D. C. Circuit’s deci sion that a stay is not warranted, without the benefit of full briefing or a prior judi- cial decision.
On the merits, this is a difficult case involving a complex statutory and regu- latory regime. Although the parties’ abbreviated discussion of the issues at stake here makes it difficult for me to determine with any confidence which side is likely to ultimately prevail, it seems to me that at this stage the government has the bet- ter of the arguments. The Chief’s memo focuses on the applicants’ argument that the “best system of emission reduction” refers “solely [to] installation of control technologies (e.g., scrubbers).” 2/5 Memo, at 2. The ordinary meaning of “system” is in fact quite broad, appearing to encompass what EPA has done here. Of course, we would want to consider this term in the larger context of the Clean Air Act’s regula-
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