World
Netflix Says No to Warner Bros. After Price War, Beltway Concerns
And just like that, Netflix has bowed out of its pursuit of Warner Bros. Discovery’s streaming and studio assets.
Late Thursday, the streaming colossus announced that it has decided against raising its $82.7 billion bid for a big chunk of the WBD properties, leaving Paramount Skydance with what amounts to the winning offer. Under Paramount’s latest revision to its original proposal, David Ellison’s media conglomerate will fork over some $111 billion for everything under the WBD tent, including the sports-heavy cable networks division.
Among the backers of Paramount’s $31 per share, all-cash bid are Bank of America Merrill Lynch, Citi and Apollo, which are providing a $57.5 billion debt commitment, and Ellison’s father/Oracle co-founder Larry Ellison, who has guaranteed a $45.7 billion equity commitment.
In a statement issued by co-CEOs Ted Sarandos and Greg Peters, Netflix noted that Paramount’s latest escalation made any further attempt to claim the WBD assets a bad bit of business. “The transaction we negotiated would have created shareholder value with a clear path to regulatory approval,” Sarandos and Peters wrote. “However, we’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid.”
Netflix went on to thank the WBD brass for “running a fair and rigorous process” before going on to characterize the assets as “a ‘nice to have’ at the right price, not a ‘must have’ at any price.”
Meanwhile, as part of its sweetened offer, Paramount will foot the bill for the $2.8 billion termination fee WBD now owes Netflix.
Netflix’s announcement arrived just hours after Sarandos met with White House staffers to discuss his company’s bid for the WBD assets. President Donald Trump was not on hand for the meeting.
Paramount’s updated offer all but guarantees that it will walk away with the WBD spoils. While shareholders must vote to approve the deal, the amount of cash in play and the absence of a viable alternative suggest that the transaction will get the green flag.
Upon closing, the Paramount deal will bring CBS Sports and Turner Sports under one roof, thereby creating a massive rights portfolio that includes the NFL, NHL, Major League Baseball, college football, the Masters, the UFC and March Madness.
Uniting the rights to the marquee men’s college hoops tourney would effectively close the circle on the partnership forged in 2010 by former CBS Sports chairman Sean McManus and ex-Turner Sports president David Levy. After McManus determined that CBS could no longer afford to go it alone with its coverage of March Madness, the two execs hashed out a 14-year, $10.8 billion rights deal that would see the Turner networks share the burden—and the spoils—with CBS.
Ten years ago, the two partners extended the deal through 2032, tacking on another eight years of Madness for an additional $8.8 billion.
Having been subjected to a Beltway cross-examination and at least one disapproving social media salvo by the president, Netflix may have come to the conclusion that the regulatory fix was in. Earlier this month, Sarandos was grilled by a Senate committee in an antitrust hearing that often teetered on the edge of the profoundly unserious. In one heated exchange, Sen. Josh Hawley (R-Mo.) asked why “so much of Netflix content for children promotes a transgender ideology?”
Hawley began his line of questioning by inquiring into relevant matters (labor concerns, theatrical windows), before veering into the culture war lane near the end of his allotted time. He concluded by expressing his concern that Sarandos and Netflix “don’t share my values or those of many other American parents,” a vibes-based assessment which the framers of the Sherman Act neglected to consider 136 years ago when they were going about the business of outlawing monopolistic practices.
Later in the hearing, Eric Schmitt, the junior senator from the Show Me State, told Sarandos that Netflix was responsible for creating the “wokest content in the history of the world.” Again, this was an antitrust hearing, not a meeting of a network standards and practices division.
Ellison turned down an invitation to testify at the hearing.
Netflix’s decision to bow out of the running was made shortly after the WBD board determined that Paramount’s latest bid was the “superior” offer. Paramount’s strategy to usurp Netflix as the front runner was reinforced by an aggressive campaign to assure WBD shareholders that it has a far better shot at successfully negotiating any potential regulatory hurdles.
Misgivings about Netflix’s chances were further amplified last weekend when President Donald Trump made a dig at a Netflix board member.
Trump on Saturday took to Truth Social to demand that Netflix bounce Susan Rice from its board of directors “IMMEDIATELY, or pay the consequences.” A former Obama and Biden administration official, Rice poked the bear during a podcast appearance in which she insinuated that “it is not going to end well” for corporations and news organizations that “bent the knee” to Trump.
When asked by the BBC about Trump’s anti-Rice salvo, Sarandos tried to shrug the whole thing off, saying of the president, “He likes to do a lot of things on social media.” Sarandos went on to assert that the executive branch has no say in the matter, and while that may be accurate from a legal standpoint, the Netflix co-CEO may want to take a gander at the big pile of nothing that used to be the East Wing of the White House. Stranger things (sorry) have happened.
“This is a business deal. It’s not a political deal,” Sarandos said. “This deal is run by the Department of Justice in the U.S. and regulators throughout Europe and around the world.”
The day after Sarandos brushed off Trump’s remarks, Paramount upped its offer to WBD to $31 a share, to be paid in all cash. This marked the 10th revision of Paramount’s original bid and included billions in additional financial incentives. Just hours after WBD acknowledged receipt of the beefed-up proposal, Ellison, the chairman and CEO of Paramount, attended the State of the Union Address as a guest of Sen. Lindsey Graham (R-SC).
The Justice Department, which just two weeks ago dismissed Gail Slater, the head of its antitrust division, is said to be looking into Paramount’s proposal. Under federal law, antitrust enforcers are at liberty to scuttle any deal that poses a threat to fair and competitive business practices.
On Wednesday, House Democrats petitioned U.S. Attorney General Pam Bondi to provide a full accounting of why the DOJ ousted Slater, noting that her ejection has left a “leadership vacuum” at a time when “the antitrust division is handling historic cases.” Signed by Jamie Raskin, the top Democrat on the House judiciary committee, and Jerry Nadler, a Democratic congressman from New York, the letter stated that Slater’s departure leaves the DOJ bereft of “any principled antitrust experts left to guard the antitrust division from [a] cascade of corruption.”
Hand-picked by Trump to lead the antitrust division, Slater was confirmed by the Senate last March by a 78-19 vote.
World
Peter Magyar Prepares to Take Over as Hungary’s Leader From Viktor Orban
Peter Magyar, the former opposition leader, prepared to be sworn in as prime minister of Hungary on Saturday, after winning an uphill election campaign to unseat Viktor Orban, whose 16 years in power made him a global icon of nationalist right-wing politics.
Mr. Magyar, a 45-year-old lawyer, has vowed to reverse the democratic backsliding and embedded corruption that ultimately turned huge numbers of voters away from Mr. Orban’s Fidesz party and handed the opposition Tisza movement a landslide victory less than a month ago.
In April, Tisza, which Mr. Magyar took over in 2024 after souring on Fidesz and breaking from it, secured an overwhelming 141 seats in the national assembly. Fidesz managed to keep control of only 52 seats, despite extensive gerrymandering, near-total control of the news media and a full-throated endorsement from President Trump and his top officials.
The scale of Mr. Magyar’s victory has left Fidesz in pell-mell retreat, and has the potential to give him a powerful hand as he faces the monumental task of dismantling what Mr. Orban called “illiberal democracy” and reviving Hungary’s anemic economy.
But Mr. Magyar will have to prove his ability to lead the country. Many in his parliamentary faction are political novices; so is most of his cabinet.
His job could be harder if Fidesz-appointed dignitaries, including the president, the chief prosecutor, and heads of various judicial, regulatory, and oversight authorities remain at their post. Mr. Magyar instructed them to resign by the end of May
Many former Fidesz loyalists are already distancing themselves from the losing party.
Mr. Magyar has also pledged to hold corrupt businessmen and politicians accountable and to recover stolen funds for the state. That could, at least temporarily, help stabilize the economy.
A key test will be if he can reclaim E.U. funding withheld from the previous government, more than $12 billion of which is set to expire in August.
Voters have faith in him, according to a new poll by Median, an independent pollster that predicted the election result accurately. Seventy-two percent of Hungarians now think Mr. Magyar is suitable to lead the country.
Endre Hann, Median’s founder and managing director, said belief in Mr. Magyar helped overturn the rule of Mr. Orban, as “society gradually came to realize that Fidesz could be defeated.”
This belief persisted after the election. According to the same poll, nearly two-thirds of Hungarians think the country is headed in the right direction, twice the level recorded in November. But the Tisza government will have to “take many concrete steps to meet the high expectations,” Mr. Hann added.
Mr. Magyar will have to tread carefully. He won by pitching himself as a conservative to win over disaffected Fidesz voters. Liberal and left-wing voters disliked many of his views on immigration and L.G.B.T.Q. issues but supported him because he offered the first viable alternative to Mr. Orban in years.
Some expectations for a real change of direction for Hungary, both within the country and abroad, may prove overblown.
Mr. Magyar pledged to maintain border security, even in the face of E.U. asylum policies, while preserving good relations with the bloc. He said he would not veto the $106 billion loan package for Ukraine, though he plans to opt out of the financing.
Progressives hope he will abide by a recent ruling by the European Court of Justice and repeal a 2021 “child protection law” that connected homosexuality with pedophilia and restricted gay rights.
But doing so would risk alienating his right-wing voters, playing into Fidesz narratives that he is a closet liberal and a puppet of the European Union.
Civil organizations, for now, simply hope that Mr. Magyar will see them as partners, said Emese Pasztor, a lawyer and project manager at Budapest-based human rights organization Tasz. She said Tisza’s election victory felt like a “breath of fresh air.”
Ms. Pasztor hoped the new administration would be more receptive to criticism and willing to engage in discussion. “If governance would be transparent, and the public had better access to information,” that alone would be a success, she added.
Budapest’s mayor, Gergely Karacsony, who was vilified by the Fidesz government, is hoping that the relationship between the capital and the state will improve.
For years, the mayor accused Mr. Orban’s government, which drew most of its support from outside the relatively liberal capital, of withholding funding and weaponizing the tax system against the city.
“We’ve lost the last six years locked in a constant financial and political battle with the government,” Mr. Karacsony said in an interview. A lot of the city’s development and investment in infrastructure, which said were in very poor condition, had been put on hold.
“We want to honor 16 years of struggle and usher in a new era in Hungary,” Mr. Karacsony said. “We want to remember the sins of the Orban government to make sure that this kind of exclusionary, hate-driven political culture never takes root again.”
World
Three hikers killed after climbing restricted Indonesian volcano to create online content, police say
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Three people are dead and five others were injured Friday when Mount Dukono erupted on a remote Indonesian island, where the hikers were in a restricted area, authorities said.
About 20 climbers set out Thursday to climb the nearly 1,355-meter (4,445-foot) volcano in Halmahera, Indonesia, despite safety restrictions, North Halmahera police chief Erlichson Pasaribu said.
“They were aware that climbing was prohibited as the mountain is a restricted zone due to its high alert status, but insisted on going ahead,” Pasaribu said.
Despite warnings on social media and signs at the site, “many people remain determined to climb, driven by the desire to create online content,” Pasaribu said.
‘RECKLESS’ TOURISTS ON ISLAND HOT SPOT COULD BE SLAPPED WITH FINES FOR EMERGENCY SERVICES USE
In this photo released by the Badan Geologi, the geological agency of Indonesia’s Ministry of Energy and Mineral Resources, Mount Dukono releases volcanic materials during an eruption in North Halmahera, Indonesia, Friday, May 8, 2026. (Badan Geologi via AP)
Pasaribu said that three people, including one local resident and two Singaporeans, were killed in the eruption. The Indonesian victim was from Ternate, which is in the same province as Mount Dukono.
The three victims’ bodies remain on the volcano, with ongoing eruptions and difficult terrain preventing them from being evacuated by rescue teams, Pasaribu said.
The group became stranded when the volcano erupted at 7:41 a.m. local time, sending a column of ash over six miles into the sky.
STUNNING PHOTOS CAPTURE MOMENT ONE OF INDONESIA’S MOST ACTIVE VOLCANOES ERUPTS
Rescue teams were deployed after receiving an emergency signal from the mountain area.
Joint search and rescue (SAR) teams prepare to evacuate victims affected by the eruption of Mount Dukono in North Halmahera, Maluku Province, Indonesia, on May 08, 2026. At least three Singaporeans have been killed, while 17 others are still being searched for. (Basarnas/Anadolu via Getty Images)
As of Friday afternoon, 17 climbers had been safely evacuated, including seven Singaporean nationals and two Indonesians who joined the rescue operation and provided information on climbing routes of the victims before the eruption, National Disaster Management Agency spokesperson Abdul Muhari said.
Five of those evacuated were reported injured.
MORE THAN 20 ‘ILL-PREPARED’ HYPOTHERMIC HIKERS RESCUED FROM SNOWY CONDITIONS ON NEW ENGLAND’S HIGHEST PEAK
Joint search and rescue (SAR) teams prepare to evacuate victims affected by the eruption of Mount Dukono in North Halmahera, Maluku Province, Indonesia, on May 08, 2026. At least three Singaporeans have been killed, while 17 others are still being searched for. (Photo by Basarnas/Anadolu via Getty Images) (Basarnas/Anadolu via Getty Images)
Pasaribu said that police will question those who joined the hikers up the mountain. Fox News Digital has reached out to the Indonesian National Police for additional information.
According to the Smithsonian Institution’s Global Volcanism Program, Mount Dukono has been continuously erupting since 1933.
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“Friday’s eruption was among the strongest during this period,” said Lana Saria, who heads Indonesia’s Geology Agency at the Energy and Mineral Resources Ministry.
The Associated Press contributed to this report.
World
Cambodians struggle with displaced lives amid tense ceasefire with Thailand
Preah Vihear/Siem Reap provinces – When asked how she spends her day, 11-year-old Sokna rattled off a list of chores.
She first fetches water, then washes dishes and sweeps the leaves and dust from around the blue tarpaulin tent her family now calls home, in the grounds of a Buddhist pagoda in northwestern Cambodia.
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Sokna and her sister have stopped attending school, their mother Puth Reen said, since moving to this camp for people displaced by the recent rounds of fighting between Thailand and Cambodia.
The two sisters are among more than 34,440 people who remain in displacement camps in Cambodia – 11,355 of whom are children – as of this month, according to the country’s Ministry of Interior.
“I tried to tell them to go to school, but they don’t go,” Puth Reen told Al Jazeera, explaining how precarious life had become since returning to live in Cambodia after fleeing neighbouring Thailand, where she had worked for many years, as the fighting started.
Like Puth Reen and her family, the future looks murky for the tens of thousands of Cambodians – including many schoolchildren – who are still in displacement camps, and their lives remain disrupted months after the last outbreak of fighting between Thailand and Cambodia.
Forced to flee their homes in areas where local troops are now stationed and on high alert, or in areas occupied by opposing Thai forces, Cambodia’s internally displaced say they are surviving off aid donations, while those more fortunate are transitioning from emergency tents into wooden stilted houses provided by the Cambodian government.
But with tension still evident between the leadership in Bangkok and Phnom Penh, the tenuous ceasefire along the Thai-Cambodia border means life cannot yet return to normality.
Some areas on the Cambodian border, such as the villages of Chouk Chey and Prey Chan in Banteay Meanchey province, have become rallying points for nationalists who post on social media about the Thai occupation of Cambodian territory. Their anger is directed at the large shipping containers and barbed wire that Thai forces have used to block access to villages once inhabited by Cambodians and occupied during fighting.
The Thai military-installed containers now form a sort of new frontier between the two countries.
The Cambodian military has also prevented people, such as local farmer Sun Reth, 67, from returning to their homes in front-line areas, which are still highly militarised zones, with troops ready at any moment for a new round of fighting.
“Now the Cambodian military base is just next to [my house],” Sun Reth said, adding that she was not allowed by authorities to sleep in her modest home or pick cashew nuts from her farm to sell for a little income.
Cambodian children more focused on ‘rumours’ of war
The long-held border dispute between Thailand and Cambodia erupted into two rounds of conflict last year, over five days in July and almost three weeks in December.
Dozens were reported killed on both sides, and hundreds of thousands of civilians fled their homes as both countries’ armed forces fired artillery, rockets, and, in the case of Thailand, conducted air strikes deep into Cambodian territory. Thailand has a modern air force, a military capability not possessed by its smaller neighbour.
Cambodian and Thai officials reached a ceasefire on December 27, but the situation remains tense five months on.
For families who fled the fighting, school continues for most children in the displacement camps, but parents say education is fragmented while their lives are still so unsettled.
Mothers at the Wat Bak Kam camp for the displaced in Preah Vihear province told Al Jazeera that primary school students can join classes at a local school, but high school students need to travel daily to the provincial capital, about 15km (9 miles) away.
Now the rising cost of petrol, due to the US-Israel war on Iran, has made it even harder for teenaged students, who have access to motorcycles, to make the journey to school.
Kinmai Phum, technical lead for WorldVision’s education programme, which is providing support to the camps, said school dropout rates and children skipping classes have increased substantially among students from the displaced border regions.
Kinmai Phum said the situation is a perfect storm of problems: Displaced families have been forced to move around for shelters, schools and temporary learning spaces lack facilities, and some students have psychological trauma due to the conflict.
“Local authorities [are] concerned that many children may not return to school at all if displacement and economic hardship persist,” Kinmai Phum said.
Yuon Phally, a mother of two, said she had noticed the impact of the war on her daughter and son, who are in their first and third years in primary school.
When they return from school, Yuon Phally said, they tell her about rumours they had heard about Cambodia and Thailand resuming fighting.
“Their feeling is not fully focused on school; they focus more on these rumours,” she said.
Her children’s world was more impacted by the conflict because their father is a soldier stationed in the Mom Bei area of the border.
During the fighting in December, Yuon Phally said she could not convince her children to go to school because they all waited to see if their father would call on a mobile phone from the front line.
“I couldn’t hold back my tears, and that added more pressure onto my kids,” she said.
“They would ask about their dad and how he is doing now. Then they told me to eat rice. They understood my feelings.”
She said her children’s focus on their studies only improved after their father returned from fighting to the camp where they are staying, to rest and recover from sickness and injuries sustained in battle.
‘Who doesn’t want to have peace?’
Soeum Sokhem, a deputy village chief, told Al Jazeera how his home is located in the militarised “danger zone” along the border, but he feels compelled to return every few days to check on his house, tend crops, sleep an occasional night, and check in with other neighbours doing the same.
“I can’t just stay here”, he said of camp life.
“I have to go back.”
When asked how he felt about the border war, Soeum Sokhem said he had experienced so much war in Cambodia that he did not know how to describe his “inner feeling like I really want to”.
He then listed off all the conflicts he had lived through in Cambodia since the 1960s: The spill over into Cambodia from the US war in neighbouring Vietnam; the US bombing campaign in Cambodia; the genocidal Khmer Rouge regime, and the civil war that followed after Vietnam’s intervention to topple the regime’s leader Pol Pot in 1979, and which lasted until the mid-1990s.
Then in the 2000s, sporadic border fights with Thailand began, he said.
Cambodia’s contemporary history has been anything but peaceful, a fact which might explain why the current Cambodian government so often speaks of peace. Government buildings and billboards proclaim the government’s unofficial motto: “Thanks for peace.”
“But who doesn’t want to have peace?” Soeum Sokhem said, after charting his life and the many conflicts he had lived through.
Now the 67-year-old said he once again hears gunfire occasionally when he returns to check on his home on the front line.
“Before, when I walked there, it was normal,” he said.
“But nowadays, I walk with fear when going back there.”
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