24 stories from 11 sources

Paramount clears its biggest obstacle as dealmaking broadens

Day’s Recap

Supporting Articles

8:23 PMVariety

Judge in Paramount-State AGs Case Still Has Questions, Schedules Hearing on Settlement Terms

Summary

A federal judge has not yet approved Paramount’s proposed settlement with 12 state attorneys general in the antitrust case tied to its merger with Warner Bros. Discovery. She scheduled a hearing after raising outstanding questions about the settlement terms.

The settlement remains contingent on judicial approval, so the merger’s legal path is not closed.

Why it matters

A delayed approval preserves uncertainty around the merger and could force changes to the deal’s legal protections or conditions.

6:26 PMThe Verge

Paramount will need to release way more movies to make this merger work

Summary

Paramount has settled with the 12 states that challenged its proposed $110 billion merger with Warner Bros. Discovery, moving the deal closer to completion. The agreement includes a commitment to spend at least $300 million more on film and television production.

The merger now faces an output problem, not just a regulatory one. Paramount would need

Why it matters

The deal's success will depend on turning added production spending into reliable releases and revenue.

11:39 AMBloomberg Markets

Paramount’s $49 Billion Debt Sale to Kick Off After Lawsuits End

Summary

Banks are approaching investors about $49 billion in financing for Paramount Skydance’s planned acquisition of Warner Bros. Discovery after lawsuits delaying the $110 billion deal were settled.

The legal overhang has shifted the transaction into its financing phase. Investors must now assess

Why it matters

The debt sale will test investor appetite for a highly leveraged media consolidation.

10:12 AMFinancial Times

Paramount wins over US states — but can it win over the bond market?

Summary

Paramount has cleared opposition from US states to its Warner Bros. Discovery acquisition, but the combined company is expected to emerge with roughly $80 billion in net debt.

Regulatory approval removes one obstacle, but the bond market now becomes the critical judge of

Why it matters

The acquisition’s success may depend less on antitrust clearance than on whether creditors accept its leverage.

1:52 AMEconomic Times

Global Market: Warner Bros, Paramount shares jump on merger settlement talks

Summary

Warner Bros Discovery and Paramount Skydance shares rose after reports that Paramount and California’s attorney general were nearing a settlement that could remove a major obstacle to their proposed merger. The gains could add a combined $5.59 billion to the companies’ market values if sustained.

The market is pricing a higher probability that regulatory opposition will not block the deal,

Why it matters

The talks could determine whether another major consolidation reshapes the US film, television and streaming markets.

4 stories · 4 sources

5:08 PMVariety

All the Top Shows, Movies and Networks in the Merged Paramount-Warner Bros: ‘Yellowstone,’ ‘Harry Potter,’ ‘Mission: Impossible’ and DC Under One Roof

Summary

The proposed Paramount Skydance and Warner Bros. Discovery merger would combine major film franchises, television networks and streaming properties. The resulting company would control brands including Yellowstone, Harry Potter, Mission: Impossible and DC.

The merger would concentrate an unusually large share of premium entertainment intellectual property under one

Why it matters

The deal would reshape the competitive balance in Hollywood by putting several of the industry’s most valuable franchises under one corporate roof.

4:05 PMVariety

‘Wonder Woman’ Director Patty Jenkins Says Paramount-Warner Bros. Merger Is ‘Such Chaos’: ‘The Studio System Is in Bad Shape’

Summary

Patty Jenkins criticized the Paramount and Warner Bros. merger as chaotic and said the wider studio system is in poor condition. Her comments came as the transaction was reported to be essentially complete, raising concerns about the impact of consolidation on filmmakers and new projects.

The merger is moving from negotiation to execution, making layoffs, project cancellations and tighter greenlighting

Why it matters

The deal could reshape who gets projects financed and how much bargaining power creators retain in Hollywood.

10:42 AMVariety

Merged Paramount-Warner Bros. Will Be a ‘Streaming Powerhouse,’ Wall Street Analysts Say — but Saddled With More Than $77 Billion in Debt

Summary

Paramount Skydance has won its pursuit of Warner Bros. Discovery, creating a combined media company that analysts expect to have greater streaming scale. The transaction also leaves the merged group with more than $77 billion in debt, making the financial integration difficult.

The decisive issue is whether additional streaming scale can offset the merged company’s heavy leverage.

Why it matters

The merger creates a stronger streaming competitor but turns execution and deleveraging into immediate tests of its viability.

12:00 AMFinancial Times

David Ellison slays foes of his $110bn goliath

Summary

Paramount Skydance has reached a settlement with U.S. states that challenged its proposed takeover of Warner Bros. Discovery. The agreement removes a major legal obstacle to the transaction.

The settlement strengthens David Ellison's path to building a combined media group valued at roughly

Why it matters

The deal is closer to closing, but its scale will keep competition and integration concerns at the center of scrutiny.

8:01 AMSkift

Royal Caribbean Moves Onto Land With $3 Billion Deal for Half of Sandals

Summary

Royal Caribbean is reportedly in talks to acquire a 50% or larger stake in Sandals Resorts. The deal would give the cruise operator access to prime Caribbean beachfront assets and expand its land-based offerings.

A Sandals investment would accelerate Royal Caribbean's push into resort revenue and give cruise passengers

Why it matters

Royal Caribbean may be using an acquisition to diversify beyond ships and capture more of the Caribbean vacation dollar.

5:25 PMCNBC

Royal Caribbean nears $3 billion deal to take 50% equity stake in Sandals

Summary

Royal Caribbean is reportedly nearing a roughly $3 billion deal for a 50% equity stake in Sandals Resorts. The investment forms part of its effort to diversify beyond cruises and become a broader vacation company.

A 50% stake would give Royal Caribbean meaningful exposure to resorts without requiring a full

Why it matters

Royal Caribbean is positioning resorts as a strategic growth business rather than a peripheral add-on to cruises.

2 stories · 2 sources

4:00 PMFinancial Times

US government and Gulf billionaires back Todd Boehly bid for Lukoil assets

Summary

A consortium backed by the US government and Gulf billionaires is pursuing Todd Boehly’s bid for Lukoil’s international assets. The group is seeking to displace Carlyle, which agreed in January to buy the Russian energy company’s overseas business.

The contest turns Lukoil’s asset sale into a geopolitical transaction as well as a financial

Why it matters

The outcome will test whether geopolitical alignment can outweigh an earlier commercial agreement in the sale of sanctioned Russian assets.

10:11 AMBloomberg Markets

Goldman Sachs in Talks to Buy $37 Billion Credit Firm Palmer Square

Summary

Goldman Sachs has emerged as the leading bidder for Palmer Square Capital Management, which oversees about $37 billion in assets. The talks would expand Goldman’s credit-management business as its dealmaking activity accelerates.

Goldman is pursuing scale in credit, where fee income and private-market growth remain attractive. A

Why it matters

The potential acquisition signals Goldman is using M&A to build a larger, more diversified asset-management platform.

7:36 AMFinancial Times

Warburg Pincus and CD&R near deal to buy Canaccord’s UK wealth division

Summary

Warburg Pincus and Clayton, Dubilier & Rice are in advanced talks to acquire Canaccord Genuity’s UK wealth-management division. The transaction could value the business at more than £1 billion amid a broader wave of wealth-sector deals.

The buyers are targeting a scaled wealth platform in a market prized for recurring fees

Why it matters

The deal would add to private equity’s expanding role in wealth management and accelerate consolidation among UK firms.

11:12 AMBloomberg Markets

Abu Dhabi’s XRG Is Said to Eye Stake in Shell-Backed LNG Canada

Summary

Abu Dhabi state-owned energy group XRG is exploring the purchase of a stake in the Shell-led LNG Canada export project, according to people familiar with the matter. The potential investment fits XRG’s ambition to become a major global natural-gas supplier.

XRG is seeking exposure to long-term LNG capacity as Gulf energy companies expand beyond their

Why it matters

The potential stake would deepen state-backed competition for ownership of global LNG infrastructure.

Other Developments

A curated list of other prominent stories from this day.

8:39 PMPropertymarkets News

Mulpha Acquires Interest In Landmark Darling Harbour Hotels

Summary

Mulpha Australia has completed the acquisition of a one-third interest in the Novotel Sydney on Darling Harbour and ibis Sydney Darling Harbour. The hotels are established assets in a major tourism and business precinct.

The transaction gives Mulpha greater exposure to Sydney’s hospitality recovery through two operating hotels with

Why it matters

The deal reinforces investor confidence in strategically located Sydney hotel assets and the durability of Darling Harbour’s visitor economy.

8:01 PMVariety

Rob Bonta Sued Paramount to Counter Political Influence, Then Fell Victim to It

Summary

California Attorney General Rob Bonta sued to block the Paramount-Warner Bros. Discovery merger, arguing that the Trump administration had overridden antitrust officials for political reasons. The account says the political forces Bonta challenged ultimately undermined his effort.

The dispute shifted from a conventional merger challenge to a test of whether political influence

Why it matters

The case raises broader questions about whether state antitrust enforcement can withstand federal political intervention.

3:57 PMWWD

Media One Acquires Premex Solutions

Summary

Media One has acquired Premex Solutions, adding the company to a portfolio that includes Fisher Textiles and Hyperflex Vinyls. The transaction expands Media One’s holdings across adjacent businesses.

The acquisition points to a portfolio building strategy centered on related materials and textile businesses

Why it matters

The deal could give Media One greater scale and cross selling opportunities in its core industrial and textile markets.

1:15 PMPYMNTS

Binance Makes $100 Million Bet on Circle’s USDC Stablecoin

Summary

Binance and Circle have expanded a five-year agreement to promote USDC access in emerging markets, with Binance investing $100 million in Circle. The partnership is designed to broaden the stablecoin's use across Binance's global platform.

The investment aligns Binance's distribution reach with Circle's regulated-dollar positioning, giving USDC a stronger route

Why it matters

Stablecoin competition is increasingly being decided by distribution partnerships, not just token design or reserves.

10:25 AMPackaging Dive

Sabert sells to private equity

Summary

Butterfly Equity plans to acquire Sabert, a producer of food and beverage packaging. The purchase extends the private equity firm’s packaging strategy after its acquisition of ePac in January.

Butterfly is building a broader packaging portfolio around a sector supported by recurring demand from

Why it matters

The acquisition reflects continued private equity consolidation in packaging and Butterfly’s effort to assemble a scaled platform.

9:17 AMBloomberg Markets

Rusal Said to Sound Out Buyers for Its Jamaica and Guyana Assets

Summary

United Co. Rusal International is seeking potential buyers for its assets in Jamaica and Guyana. The Russian aluminum producer is reviewing those holdings as it redirects attention toward other regions.

Rusal appears to be pruning its portfolio rather than expanding across its existing geographic footprint.

Why it matters

The process shows how geopolitical pressure and regional priorities are reshaping ownership in the aluminum supply chain.

8:32 AMCNBC

Novo defends diversification push as CEO eyes deals beyond obesity

Summary

Novo Nordisk is considering acquisitions and other deals beyond its obesity business as competition intensifies in the weight-loss drug market. CEO Mike Doustdar said diversification is part of the company’s strategy for maintaining growth.

Novo is responding to mounting pressure in obesity drugs by looking for growth outside its

Why it matters

Novo’s next acquisitions could reshape its pipeline and signal how established drugmakers are adapting to a more crowded obesity market.

4:44 AMBloomberg Markets

Poland’s Kety May Refinance €450 Million Metra Deal With Maiden Bond Offering

Summary

Grupa Kety may refinance the bridge debt used for its €450 million acquisition of Metra with its first conventional bond offering. The move would support the aluminum-products maker’s expansion beyond eastern Europe.

Kety is shifting the takeover’s financing from short-term bridge debt toward longer-term bond funding. That

Why it matters

The bond market will test whether investors support Kety’s larger international growth strategy on acceptable terms.

12:01 AMWWD

Potential Buyers Circle at Michael Kors-parent Capri Holdings: Sources

Summary

Potential buyers have contacted Capri Holdings and reviewed the Michael Kors parent's financial information, according to people familiar with the matter. A financial hurdle could still prevent any transaction.

Buyer diligence indicates that Capri has attracted credible acquisition interest, but discussions remain preliminary because

Why it matters

Capri may be entering a sale process, but buyer interest alone does not yet make a transaction financeable.

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