Business
Paramount guarantees Larry Ellison backing in amended WBD bid
US film producer David Ellison arrives for Paramount’s “Transformers: Rise Of The Beasts” premiere in New York City on June 5, 2023.
Angela Weiss | Afp | Getty Images
Paramount Skydance on Monday guaranteed the backing of billionaire Larry Ellison in an amended offer for Warner Bros. Discovery — a clear response to questions raised by the WBD board of directors.
“Larry Ellison has agreed to provide an irrevocable personal guarantee of $40.4 billion of the equity financing for the offer and any damages claims against Paramount,” the company said in a news release.
Paramount said Ellison, the father of Paramount CEO David Ellison, has also agreed not to revoke the Ellison family trust or adversely transfer its assets during a pending transaction. The guarantee does not replace committed funds from RedBird Capital and sovereign wealth funds, but constitutes a new layer of security for the commitments.
Paramount Skydance is offering $30 per share, all cash, for Warner Bros. Discovery in a hostile attempt that’s meant to rival an agreement with Netflix.
Last week, Warner Bros. Discovery Chairman Samuel Di Piazza told CNBC’s David Faber the board had concerns about the supposed backing of Oracle co-founder Larry Ellison in the bid.
“We were not confident that one of the richest people in the world would be there at closing,” Di Piazza said at the time. “Doing a deal is great; closing a deal is better.”
WBD earlier this month agreed to sell its studio and streaming assets to Netflix in a transaction valued at roughly $83 billion on an enterprise basis. Paramount wants to buy the entirety of WBD, including its portfolio of TV networks, and says its offer comes with an enterprise value of $108.4 billion.
Paramount notably did not increase its bid on Monday, reiterating that it believes the deal is superior, though Paramount did hike its proposed reverse breakup fee to match that of Netflix’s offer.
WBD confirmed receipt of the amended offer on Monday and said in a release it would “carefully review and consider Paramount Skydance’s offer in accordance with the terms of Warner Bros. Discovery’s agreement with Netflix.”
“What we’ve done in this amended filing is we’ve cleared the brush of obfuscation around the offer,” said Gerry Cardinale, founder and managing partner of RedBird Capital Partners, on CNBC’s “Squawk Box” on Monday.
RedBird is an investor in Paramount Skydance and has also committed to financing the proposed Paramount acquisition of WBD.
Cardinale said Monday that as part of the amended filing Larry Ellison would back the bid through an irrevocable trust, which is anchored by 1.2 billion Oracle shares.
“Like we’ve done through the six bids that we’ve made, we are being responsive to what their concerns are,” Cardinale said.
Shares of Warner Bros. Discovery rose 3% in early trading Monday, while Paramount gained more than 7%. Netflix’s stock was down nearly 1%.
Paramount vs. Netflix
Paramount made three offers for WBD in the fall, which were all rejected by the company. WBD then launched a formal sale process that brought in offers from other bidders, including Netflix.
Cardinale said Paramount’s unsolicited offers likely spurred WBD to open up to a sale, putting Paramount “a little bit on the back foot.”
During Monday’s CNBC interview Cardinale, like Ellison on CNBC last week, appealed directly to WBD shareholders.
“At the end of the day … the shareholders own this company. The board doesn’t own it. [CEO] David Zaslav doesn’t own this company,” said Cardinale. “This should be a lot more simple than it is. It’s very simple.”
Besides the question of value between the two bids, the question of regulatory approval has also been raised by Paramount as well as industry onlookers.
“The Netflix deal kills competition,” Cardinale said, adding that a combination of streaming platforms Netflix and HBO Max would create 420 million subscribers under one roof. “No wonder the constituents in the ecosystem — talent, creators, theatrical exhibitors — are losing their minds on this because they see the pricing power that they will create.”
Netflix co-CEOs Ted Sarandos and Greg Peters have said they are confident their deal would pass regulatory muster. Sarandos has also issued reassurances about the future of the theatrical slate for WBD under Netflix’s ownership.
At a conference earlier in December, Sarandos argued the Netflix offer for WBD’s assets would preserve jobs at a time of mounting layoffs across the industry.
Business
Can Income Tax Department Access Your Social Media, Emails, Other Digital Platforms From 1 April 2026? Heres All You Want To Know
New Delhi: A social media post is going viral that claims, from 1st April 2026, the Income Tax Department will have the authority to access your social media, emails, and other digital platforms to curb tax evasion.
A post is being circulated by an X handle IndianTechGuide. Fact-checking agency PIB has refuted the social media claim. PIB has stated that the claim being made in this post is misleading.
Can Income Tax Department Access Your Social Media, Emails, Other Digital Platforms?
PIB further explained, the provisions of section 247 of the Income Tax Act 2025 are strictly limited to Search and Survey operations. Unless a taxpayer is undergoing a formal search operation due to evidence of significant tax evasion, the department has no power to access their private digital spaces.
A post by @IndianTechGuide claims that from April 1, 2026, the Income Tax Department will have the ‘authority’ to access your social media, emails, and other digital platforms to curb tax evasion.#PIBFactCheck
_The claim being made in this post is #misleading! Here’s the real_ pic.twitter.com/hIyPPcvALF
— PIB Fact Check (@PIBFactCheck) December 22, 2025
It added, the powers cannot be used for routine information gathering/processing, or even for cases under scrutiny assessment. These measures are specifically designed to target black money and large-scale evasion during search and survey, not the everyday law-abiding citizen
PIB said that the power to seize documents and evidence during search and survey operations has existed since the 1961 Act.
How to get messages fact-checked by PIB
If you get any such suspicious message, you can always know its authenticity and check if the news is for real or it is a fake news. For that, you need to send the message to https://factcheck.pib.gov.in. Alternatively you can send a WhatsApp message to +918799711259 for fact check. You can also send your message to pibfactcheck@gmail.com. The fact check information is also available on https://pib.gov.in.
Business
Amazon blocks 1,800 job applications from suspected North Korean agents
A top Amazon executive has said the US technology giant has blocked more than 1,800 job applications from suspected North Korean agents.
North Koreans tried to apply for remote working IT jobs using stolen or fake identities, Amazon’s chief security officer Stephen Schmidt said in a LinkedIn post.
“Their objective is typically straightforward: get hired, get paid, and funnel wages back to fund the regime’s weapons programs,” he said, adding that this trend is likely to be happening at scale across the industry, especially in the US.
Authorities in the US and South Korea have warned about Pyongyang’s operatives carrying out online scams.
Amazon has seen a nearly one-third increase in job applications from North Koreans in the past year, said Mr Schmidt in his post.
He said the operatives typically work with people managing “laptop farms” – referring to computers based in the US that are run remotely from outside of the country.
The firm used a combination of artificial intelligence (AI) tools and verification by its staff to screen job applications, he said.
The strategies used by such fraudsters have become more sophisticated, Mr Schmidt said.
Bad actors are hijacking dormant LinkedIn accounts using leaked credentials to gain verification. They target genuine software engineers to appear credible, he said, urging firms to report suspicious job applications to the authorities.
Mr Schmidt warned employers to look out for indicators of fraudulent North Korean job applications, including incorrectly formatted phone numbers and mismatched education histories.
In June, the US government said it had uncovered 29 “laptop farms” that were being operated illegally across the country by North Korean IT workers.
They used stolen or forged identities of Americans to help North Korean nationals get jobs in the US, said the Department of Justice (DOJ).
It also indicted US brokers who had helped secure jobs for the North Korean operatives.
In July, a woman from Arizona was sentenced to more than eight years in jail for running a laptop farm to help North Korean IT workers secure remote jobs at more than 300 US companies.
The DOJ said the scheme generated more than $17m (£12.6m) in illicit gains for her and Pyongyang.
Business
Wegovy pill approved by US FDA for weight loss
The US Food and Drug Administration (FDA) has approved a pill version of the weight-loss drug Wegovy, according to pharmaceutical giant Novo Nordisk.
It is the first pill of its kind to receive approval from the regulator, marking a new era for weight-loss drugs.
Wegovy’s Danish makers Novo Nordisk said the once-daily pill was a “convenient option” to the injectable and would provide the same weight loss as the shot. It comes after Wegovy was approved by the FDA specifically for weight loss.
Others like Ozempic, which has similar weight-loss effects, were primarily approved for the treatment of Type 2 diabetes.
The BBC has contacted the FDA for comment.
The Wegovy pill showed an average weight loss of 16.6% during Novo Nordisk’s trials, the firm said on Monday.
A third of around 1,300 participants experienced 20% or greater weight loss in the same trial, it added.
The pill is expected to be launched in the US in early January 2026.
“Patients will have a convenient, once-daily pill that can help them lose as much weight as the original Wegovy injection,” said Mike Doustdar, the firm’s chief executive.
The pill version of Wegovy could give Novo Nordisk’s sales a boost after a challenging year which saw its shares slide as it warned over its profits.
The company has faced intense competition in the weight-loss market from rival drugmakers like Eli Lilly.
Novo Nordisk’s shares rose by almost 10% in after-hours trade in New York after the announcement.
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