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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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Grieving mothers scorch Dem lawmaker after he pivots during hearing to attack ‘MAGA Republicans’

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Grieving mothers scorch Dem lawmaker after he pivots during hearing to attack ‘MAGA Republicans’

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A congressional hearing featuring the victims of crimes tied to illegal immigration erupted into a tense confrontation Thursday.

Rep. Hank Johnson, D-Ga., drew fierce backlash from grieving mothers and Rep. Brandon Gill, R-Texas, for appearing to dismiss their tragedies while pivoting to attacks on “MAGA Republicans.”

The fiery exchange happened during a hearing focused on “The Human Toll of Sanctuary Policies,” during which Johnson claimed the victims’ families’ comments were a “Steve Miller-approved” stunt with the sole purpose of “stir[ring] up passion and prejudice against immigrants who are people of color.”

SLAIN COLLEGE STUDENT’S MOTHER VOWS ‘FIGHT FOR JUSTICE’ AFTER ILLEGAL IMMIGRANT CHARGED IN CHICAGO KILLING

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After offering brief condolences to the families of victims allegedly killed and critically injured by illegal immigrants, Johnson immediately pivoted to a partisan attack, arguing the committee should instead be holding hearings on the “human toll” of the “Trump MAGA tax cuts,” Trump’s foreign policy with Iran or the “cover up of the Epstein files.”

He went on to list a string of violent crimes committed by White men and noted the death of Renee Good, who was killed by federal authorities in January while protesting immigration enforcement.

Rep. Hank Johnson, D-Ga., claimed during a congressional hearing Thursday that the victims’ families’ comments were a “Steve Miller-approved” stunt with the sole purpose of “stir[ring] up passion and prejudice against immigrants who are people of color.” (Jim Vondruska/Getty Images)

“I’m not minimizing the tragedy that is before us today with you three women, but the other tragedies at the hands of non-immigrants are just as important,” Johnson said.

He also accused the Republican majority of strategically “sandwich[ing]” a Democrat witness between the victims’ families for “dramatic effect.”

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Gill fired back, calling Johnson’s tirade “one of the most disgusting testimonies I have ever heard” and blaming Democrat lawmakers for the tragedies during four years of open borders under the Biden administration.

Rep. Brandon Gill, R-Texas, called Johnson’s tirade “one of the most disgusting testimonies I have ever heard.” (Tom Williams/CQ-Roll Call, Inc via Getty Images)

DHS SLAMS CALIFORNIA ‘SANCTUARY’ COUNTY AFTER MOM ALLEGEDLY MURDERED BY 2 HONDURAN NATIONALS

However, the most stinging reply to Johnson’s comments came from Jen Heiling, the mother of victim Brady Heiling, 18, who was killed along with his girlfriend, Hallie Helgeson, 18, in 2025, when an illegal immigrant from Honduras was allegedly driving the wrong way on I-90 while intoxicated, crashing into the teens’ car.

“You can put me in whatever order, in whatever seat. My tragedy is never going to be OK,” Heiling told Johnson. “Today’s our day. Hear us. Leave your butts in your seat. I don’t want to hear your butts.”

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A woman holds up a sign that says “Sanctuary policy set my daughter’s perpetrator free, explain that” during a House Judiciary Committee hearing March 4 in the Rayburn House Office Building in Washington, D.C. (Heather Diehl/Getty Images)

She described how her 11-year-old and 16-year-old children are still waiting for the teens to come home, noting that her garage stall remains empty because her son’s car is still being held as police evidence.

“We can’t pick a headstone because that makes it too real. But you can sit here and tell us about what kind of hearing this should be,” Heiling said. “Renee Good is not the same as angel families. She made a choice. … Brady and Hallie didn’t get a choice. … They were living [by] American laws … and they were stolen by somebody who doesn’t care.”

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Patricia Fox, mother of Carissa Aspnes, who was seriously injured in a hit-and-run allegedly caused by an illegal immigrant, followed Heiling’s remarks by shooting back at Johnson’s comments about race, noting, “I don’t know if anybody has noticed, but I am not White. I wake up Brown every day.”

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“I’m not sure what race has to do with any of this,” Fox said. “There’s four kids that we talked about today, and y’all can’t seem to stay on topic for what — an hour of your time. 

“Today, we’re talking about sanctuary policies and how they have wrecked our families. Y’all come and y’all feed Carissa. You get her up from her bed using a crane, and then you tell me and lecture me what this hearing should be about.”

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Californians are pouring money into Democrats’ Senate races in other states

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Californians are pouring money into Democrats’ Senate races in other states

Democrats who once saw retaking the U.S. Senate as a long shot in 2026 have newfound hope thanks to an unpopular president and a California donor machine that has snapped into action.

Californians provided the most out-of-state cash to Democrats in nearly every hotly contested race, and in several cases gave more than in-state donors, according to a Times analysis of campaign finance filings covering the first three months of 2026.

Sen. Jon Ossoff of Georgia, who took in more than $14 million overall, received nearly as much from California backers as from supporters in his home state among donors who contributed at least $200 and whose identities were disclosed.

James Talarico, a Democratic Senate candidate in Texas, has raised a staggering $27 million so far this year, with California donors contributing just under $1.2 million to back his campaign — second only to Texas supporters among those donors whose names were disclosed.

Donors who give less than $200 are not required to be identified in campaign finance reports and made up a significant share of the donors to Ossoff’s and Talarico’s campaigns.

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Republicans currently have control of the Senate with 53 of the chamber’s 100 seats. This year 35 seats are at play, including special elections in Florida and Ohio.

GOP still winning a key cash race

While more of the seats up for grabs are in Republican hands, polling showing the potential for tight races in several of them has given Democrats hope that they might be able to shrink or reverse their deficit in November.

Top Democratic candidates have out-raised their GOP rivals in the most competitive Senate races, but Republicans are winning the cash race among big-money committees that can accept checks far larger than the $7,000 cap on donations to candidate committees.

Those Democratic candidates have continued a tradition of relying on donors in the country’s most populous state to bankroll their campaigns.

“California has been a rich gold mine for many a candidate and continues to be that,” said Michael Beckel, director of money in politics reform at Issue One, a bipartisan advocacy group.

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Democratic Senate candidates in a few races raised more from California donors than from donors in their home states, according to campaign finance reports filed Wednesday.

Democratic former Rep. Mary Peltola of Alaska, who is challenging incumbent Republican Sen. Dan Sullivan, brought in nearly $900,000 from California donors who had contributed at least $200. Alaska donors contributed just over $520,000 to Peltola in the same time period.

Two of the three leading Democratic hopefuls in Michigan’s open Senate race, Rep. Haley Stevens and physician Abdul El-Sayed, reported taking in more from California donors than from donors in Michigan. California was the second biggest bank of support for the other top Democratic contender, state Sen. Mallory McMorrow.

And in Nebraska, independent Dan Osborn, who is challenging incumbent Republican Sen. Pete Ricketts, took in $80,000 more from disclosed California donors than from Nebraskans.

Dozens of California donors gave to at least five Senate candidates across the country, according to The Times’ analysis of the filing data.

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Burbank playwright and screenwriter Winnie Holzman has donated to Democratic candidates in nine key races and said she has been inspired to give to them — and other candidates and political groups — because of concerns about the policies of President Trump’s administration and what she sees as its violation of the law.

“This isn’t just about who is in the Senate,” said Holzman, who wrote the script for the play “Wicked” and co-wrote its movie adaptations. “But if enough Democrats were in the Senate right now, there would be a lot more ability to push back on this.”

The impressive fundraising hauls by Democrats come with a significant caveat.

The two most prominent political committees that support Republican Senate candidates — the party-affiliated National Republican Senatorial Committee and the Senate Leadership Fund super PAC, have both outraised rival Democratic groups by a significant margin this cycle.

For the NRSC, an $11.5-million fundraising advantage since the start of 2025 has translated to a modest $2-million advantage in cash in the bank through the end of February compared with the Democratic Senatorial Campaign Committee.

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But the Senate Leadership Fund, which can accept unlimited amounts of cash from donors, had $91.6 million more to spend at the end of March than the Democratic rival Senate Majority PAC.

And the pro-Trump super PAC MAGA Inc. had a stunning $312 million in the bank at the end of February.

Money raised by candidate campaign committees does, however, bring some advantages over money raised by other committees. Most significantly, candidates are able to buy advertising at cheaper rates than other political committees.

That is an important distinction in a year when advertising spending in Senate races is expected to top $2.8 billion.

The Senate map

While political analysts expect that Democrats will likely perform well in congressional races — with early signs pointing to a strong possibility that the party regains control of the House — winning control of the Senate would be a much taller order.

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“The Senate is going to be won or lost in red states,” said Kyle Kondik, managing editor of Sabato’s Crystal Ball at the University of Virginia’s Center for Politics.

Even in the best-case scenario for Democrats, to retake control of the chamber they would probably need to win in at least two states such as Iowa, Alaska, Ohio or Texas, all of which went to Trump in the 2024 presidential election by double-digit margins.

With the vast sums likely to be raised — and spent — by both sides, Kondik said that fundraising can reach a point of diminishing returns.

“You’d rather have more than less, obviously, but the actual effect is pretty debatable,” he said.

And history shows that fundraising prowess doesn’t necessarily translate to electoral success in November.

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Take the example of Texas Democrat Beto O’Rourke.

In his 2018 challenge of incumbent Republican Ted Cruz, O’Rourke brought in more than $80 million, more than double Cruz’s fundraising haul of $35 million.

But it wasn’t enough to put the then-congressman from El Paso over the top.

O’Rourke lost the race by about 2.5 percentage points.

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Minnesota Republicans reveal which far-left candidate they want to challenge in open Senate race

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Minnesota Republicans reveal which far-left candidate they want to challenge in open Senate race

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Republican strategists and lawmakers are hoping that when voters head to the polls in November to elect the next U.S. Senator of Minnesota, they’ll be forced to choose between either a Republican candidate — or Minnesota Lt. Gov. Peggy Flanagan.

In a Democratic primary that has yet to play out, House Majority Whip Tom Emmer, R-Minn., believes Flanagan would give Republicans better odds than her opponent, Rep. Angie Craig, D-Minn.

“You’ve got the radical Left that is really upending the party. It’s that crazy Marxist anarchist group that is in Minneapolis, especially with a primary,” Emmer said in an interview with local media.

“Think about this. You’ve got Angie Craig, who will have all the money. But she knows that her numbers are in the tank against this radical, wild, wild-eyed Peggy Flanagan, the current lieutenant governor. So, guess who shows up [to the primary]? All the crazies from Minneapolis.”

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Minnesota Lt. Gov. and candidate for U.S. Senate Peggy Flanagan, left, pictured alongside her Democratic challenger Rep. Angie Craig, D-Minn., right. (Tom Williams/CQ-Roll Call, Inc via Getty Images; David Berding/Getty Images)

“Peggy Flanagan is likely going to be their candidate, and that is good for us,” Emmer said.

The assessment isn’t unique to Emmer.

The Democratic race began in February of last year when Sen. Tina Smith, D-Minn., sparked a four-way Democratic primary with news that she would not pursue reelection in 2026.

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In addition to Craig and Flanagan, Billy Nord, an anti-establishment activist, and Melisa López Franzen, a former minority leader of the Minnesota Senate, announced bids for the seat. But it didn’t take long for Craig and Flanagan to emerge as the clear-cut frontrunners.

Craig, a former journalist, businesswoman and a current four-term U.S. congresswoman, has $4.8 million in cash on hand, according to FEC records.

Flanagan, Minnesota’s lieutenant governor for the past seven years, has $1.1 million cash on hand.

Nord has not reported contributions with the FEC and López dropped out of the race in May of last year.

DEMOCRAT IN KEY SENATE PRIMARY SAYS SHE ‘REGRETS’ VOTE ON LAKEN RILEY ACT, DRAWS GOP BACKLASH

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ST. PAUL, MN. – NOVEMBER 2018: Minnesota DFL (Democratic-Farmer-Laborer Party) Lieutenant Governor-elect Peggy Flanagan and Governor-elect Tim Walz arrived at their transition offices in the State Capitol Thursday morning, November 8, 2018, in St. Paul, Minn. (Anthony Souffle/Star Tribune)

While Republican onlookers believe both frontrunners can be described as “far-left,” many have pointed out Flanagan shares platform similarities with more polarizing, high-profile Democrats — such as New York Mayor Zohran Mamdani and has shared the same platform as Gov. Tim Walz, who she has called an “incredible partner.” Walz was hammered during his failed 2024 vice presidential bid for all of his far-left proposals.

In the view of the National Republican Senatorial Committee, that makes for a Republican advantage.

“She, too, supports Medicare for All, wants to ‘re-imagine’ policing and attended anti-ICE protests where she called on people to “put their bodies on the line” to defend illegal immigrants from ICE,” the NRSC said in a press release.

More notably, Republicans believe Flanagan’s greatest liability is a tenure that overlaps with recent revelations of up to $9 billion in fraud through government benefit programs.

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Through scores of schemes, fraudsters in Minnesota allegedly siphoned funding from government programs like daycare centers and health clinics while returning no benefits, greatly exaggerating their services and pocketing government funding.

The fraud revelations made national news last year, raising questions about how state leadership could have missed the sheer size of the losses.

DFL party Chair Mike Erlandson told the Minnesota Star Tribune he believes fraud will remain front-and-center in the minds of voters.

“I don’t think there’s any way that this issue isn’t still being talked about in November. And anybody that was a party to it, whether you’re a legislator or Lt. Gov. Flanagan, if she’s the nominee, is going to have to answer questions around it,” Erlandson said.

NRSC Chairman Sen. Tim Scott, R-S.C., echoed that sentiment.

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“From allowing billions of dollars in fraud to vilifying law enforcement, the Walz-Flanagan administration has failed Minnesotans,” Scott wrote in a post to X.

For her own part, Flanagan’s campaign told Fox News Digital she likes her chances to win in a general election, pointing to Minnesota’s solidly-blue track record of sending Democrats to the U.S. Senate.

“Minnesota hasn’t voted for a Republican statewide in over 20 years – with Trump in the White House and the chaos ICE inflicted on Minnesotans, this is not going to be Craig’s or the GOP’s year,” Alexandra Fetissoff, a Flanagan campaign spokeswoman, said.

“Peggy Flanagan is the only candidate in this race who has won statewide, the only candidate not taking corporate money and the only candidate that hasn’t enabled Trump’s ICE. Minnesotans know Peggy and trust her leadership and that’s why she’ll be the next Senator from Minnesota.”

MICHELE TAFOYA SAYS MINNESOTA NEEDS POLITICAL OUTSIDER ‘WITH A SPINE’ IN REPUBLICAN SENATE BID

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ST. PAUL, MN. – JUNE 2022: Minnesota DFL (Democratic-Farmer-Laborer Party) Lieutenant Governor Peggy Flanagan speaks during a press conference Saturday, June 25, 2022 in St. Paul, Minn. U.S. Senators Amy Klobuchar and Tina Smith joined Governor Tim Walz and Lt. Governor Peggy Flanagan at the State Capitol for a Press Conference with Planned Parenthood North Central States CEO and President Sarah Stoesz a day after the U.S. Supreme Court overturned Roe V. Wade. (Aaron Lavinsky/Star Tribune)

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When asked if he stood by his comments on the Minnesota primary, Emmer said he believes Republicans will run a competitive race, regardless of the Democratic nominee.

“Minnesotans will reject both of these far-left, fraud-enabling radicals who would only dig our state into an even deeper hole than it’s already in. Good luck to Flanagan and Craig as they continue fighting tooth and nail to win over the cop hating, open-border extremist base while alienating commonsense Minnesotans,” Emmer said.

Craig and Flanagan will face off in the primary on Aug. 11. Fox News Digital reached out to Craig for comment.

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