Business
Paramount Skydance is preparing a bid for Warner Bros. Discovery, sources say
Paramount Skydance is working with an investment bank as it prepares an offer for Warner Bros. Discovery, according to people familiar with the matter.
Warner Bros. Discovery had yet to receive an offer as of Thursday, according to people familiar with the matter, who spoke on the condition of anonymity to discuss nonpublic dealings. A bid could come as early as next week, CNBC’s David Faber reported Thursday.
Shares of Warner Bros. Discovery closed Thursday at $16.15, or up more than 28% — the stock’s best day ever. The company’s stock rose after the initial report from the the Wall Street Journal that the recently merged Paramount Skydance was preparing a takeover bid.
Representatives for Paramount and Warner Bros. Discovery declined to comment.
Shares of Paramount Skydance closed up about 15%.
Warner Bros. Discovery recently announced plans to separate its global TV networks business from its streaming business and studios. The Journal reported Thursday the Paramount Skydance bid would be an all-cash offer for the entirety of WBD.
Earlier this week, WBD CEO David Zaslav said at an investor conference that the planned separation would likely be completed by April. The streaming and studio assets would be renamed Warner Bros., while the global TV networks business — which will own a suite of pay TV networks including TNT and CNN — will be Discovery Global.
While WBD executives said in June that each company would be “free and clear” to do deals following the split, a bid before the separation would have to be for the entire company, one of the people said.
Media moves
David Ellison, CEO of Skydance Media attends the 81st Annual Golden Globe Awards at The Beverly Hilton on Jan. 7, 2024 in Beverly Hills, California.
Kevin Winter | The Hollywood Reporter | Getty Images
The media industry has been navigating a transformation as streaming has upended the pay TV bundle, a longtime cash cow for TV and entertainment companies.
A merger between Paramount Skydance and Warner Bros. Discovery would create a media behemoth with a huge portfolio of pay TV networks, a sprawling range of sports rights and two major film studios.
Paramount Skydance owns broadcast network CBS, as well as pay TV networks like BET, MTV and Nickelodeon, and streaming service Paramount+. Its film studio is known for movies like “The Godfather,” “Top Gun,” and “Forrest Gump.”
With the exception of a broadcast TV network, WBD has similar assets — a result of its own merger in 2022 between WarnerMedia and Discovery. The company owns networks like CNN and TNT, as well as HBO and streaming service HBO Max. Its Warner Bros. film studio also has a historic track record, and owns the intellectual property to franchises like “Harry Potter,” DC Comics and “The Lord of the Rings.”
Both companies have a long list of major sports rights, too, the marquee content for all traditional TV and streaming platforms. A merger would put the likes of the NFL, MLB, an array of college football and basketball, and other major sports under one roof.
Media executives and experts have expected consolidation could be coming to the industry.
Zaslav has said publicly for some time that media companies need to consolidate. During an earnings call in November, shortly after Donald Trump was elected as president, Zaslav said a new administration could usher in more dealmaking.
However, in recent months, some media companies have moved toward separation. Late last year, Comcast announced that its NBCUniversal would spin off its pay TV networks, which includes CNBC and MSNBC, into a separate, publicly traded entity. Months later, WBD announced it would make the same move.
Paramount Skydance is the result of an $8 billion merger that was announced last year and received regulatory approval in August to move forward after a lengthy delay.
The Federal Communications Commission cleared the way for the merger weeks after Paramount agreed to pay $16 million to Trump to settle a lawsuit he filed against the company over the editing of an interview on CBS’s “60 Minutes” with former Vice President Kamala Harris.
At the time of deal’s approval, FCC Chairman Brendan Carr said in a statement that he welcomed “Skydance’s commitment to make significant changes at the once storied CBS broadcast network.”
The company is looking to cut more than $2 billion in costs, and layoffs are expected to continue. Last week, Paramount SKydance sent a memo to its employees saying they were expected to return to the office five days a week in the new year, or seek a buyout.
A lot has changed since the merger, which was backed by RedBird Capital Partners. The company has done a slew of deals under the leadership of David Ellison, son of Oracle founder and multibillionaire Larry Ellison, including acquiring the U.S. rights to TKO Group’s UFC for seven years, beginning in 2026.
On Wednesday, Larry Ellison became more than $100 billion richer after software company Oracle issued growth projections that dramatically lifted the company’s stock.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC.
Business
Stellantis shares plunge 27% after automaker announces $26 billion hit from business overhaul
Stellantis logo is pictured at one of its assembly plants following a company’s announcement saying it will pause production there, in Toluca, state of Mexico, Mexico April 4, 2025.
Henry Romero | Reuters
Shares of automaker Stellantis plunged 27% in European trading on Friday, after the company said it expects to take a 22-billion-euro ($26 billion) hit from a business reset and hinted at a pull-back from its electrification push.
In Milan, the company’s Italian shares were 26% lower. In early trading on Wall Street, the transatlantic firm’s New York-listed stock plummeted 25%.
Other French auto stocks also fell Friday morning, with Valeo and Forvia both down more than 1.2% and Renault sliding 2%.
“The charges announced today largely reflect the cost of over-estimating the pace of the energy transition that distanced us from many car buyers’ real-world needs, means and desires,” said Stellantis CEO Antonio Filosa in a statement.
“They also reflect the impact of previous poor operational execution, the effects of which are being progressively addressed by our new Team.”
Going forward, Stellantis said it would remain at the forefront of EV development, but said its own electrification journey would continue at “a pace that needs to be governed by demand rather than command.”
Stellantis also pre-released some figures for the fourth quarter on Friday, saying it anticipates a net loss for 2025. In recognition of that net loss, it has suspended its dividend for 2026 and plans to raise up to 5 billion euros by issuing hybrid bonds.
For 2026, the auto giant is targeting a mid-single-digit percentage increase in net revenue and a low-single-digit increase in its adjusted operating income margin.
The company said its dividend pause and bond issuance would help preserve its balance sheet, and outlined the actions it had taken last year as part of its reset strategy.
These included announcing “the largest investment in Stellantis’ U.S. history” — totalling $13 billion over four years — as well as launching 10 new products, canceling products that could not achieve profit at scale, and restructuring its global manufacturing and quality management capabilities.
Under the U.S. investment drive, the transatlantic automaker has said it will add 5,000 jobs to its American workforce.
While these moves had resulted in costs of 22.2 billion euros, the company said they had collectively delivered a return to positive volume growth in 2025.
In the second half of the year, Stellantis’ U.S. market share rose to 7.9%, while the company said it retained its overall second-place market share position in the enlarged Europe.
Stellantis’ writedown follows multibillion-dollar hits at rivals Ford and GM, which recently announced their own hits worth $19.5 billion and $7.1 billion, respectively — both being related to EV pullbacks.
Given the “magnitude of the kitchen sinking” and the soft 2026 guidance, UBS analysts said the negative share-price reaction was expected. They added, however, that new management’s “decisive” clean-up and solid regional market fundamentals leave the stock attractive as a potential U.S. “comeback” play.
‘Year of execution’
Friday’s writedown announcement came alongside news that Stellantis will offload its stake in NextStar Energy, a joint venture with LG Energy Solution that built and operated a Canadian battery manufacturing facility. LG Energy Solution will take over Stellantis’ 49% stake, the firms said on Friday morning.
The joint venture was part of Stellantis’ broader electrification strategy. In 2022, former CEO Carlos Tavares set a goal for 100% of sales in Europe and 50% of sales in the U.S. to be battery electric vehicles by the end of the decade.
The company is set to present an updated long-term strategy at its Capital Markets Day in May.
Stellantis’ stock has been under pressure for some time, with its Italian shares slumping nearly 25% last year and 40.5% the previous year. Shares are currently down more than 13% since the beginning of 2026.
Stellantis share price
Filosa previously dubbed 2026 the “year of execution” for the embattled automaker, which has been grappling with falling sales, leadership changes and disappointing earnings for several years. In July, the company said it expected to take a tariffs hit of around 1.5 billion euros in 2025, as it reported a first-half net loss of 2.3 billion euros.
In a Friday note, Russ Mould, investment director at AJ Bell, said Stellantis had placed a “miscalculated bet” on electric vehicles – but said the broader picture on EV adoption raised questions about Stellantis’ marketability.
“The long-held argument about why many drivers won’t go electric yet are concerns about price, access to charging infrastructure, and how long a battery will last during their journey,” he said.
“However, prices are coming down, more chargers are being installed, and battery range is improving. The success of companies like BYD suggests there are plenty of people willing to take the leap. That begs the question as to whether Stellantis’ frustration over its EV sales is linked to market issues or that drivers simply don’t like its vehicles.”
Stellantis is scheduled to publish its 2025 earnings in full on Feb. 26.
A lobbying firm co-founded by Peter Mandelson has severed all connections with the peer.
Its chief executive, Benjamin Wegg-Prosser, has also announced his departure.
The decision follows mounting pressure on Global Counsel over Lord Mandelson’s association with convicted sex offender Jeffrey Epstein.
The firm confirmed that the former US ambassador no longer holds a stake in the business nor exerts any influence.
Mr Wegg-Prosser said he was stepping down as it was “time to draw a line” between the firm and Lord Mandelson’s “actions”.
Global Counsel added in a statement that it had reached an agreement to fully divest the peer’s shares, thereby ending all connections with him.
Its chair, Archie Norman, said: “With the completion of this process today, Peter Mandelson no longer has any shareholding, role or association with Global Counsel and has no influence over the firm in any capacity.”
Mr Wegg-Prosser said: “With the completion of the divestment of Peter Mandelson’s stake in the business, I feel that now is the time to draw a line between Global Counsel and his actions.
“I have nothing but immense pride in the business I founded and the work our amazing team deliver every day.”
He has been replaced as head of the firm by its managing director Rebecca Park, and his page on the company’s website has already been taken down.
Ms Park has also acquired the remaining shares that were held by Lord Mandelson.
Lord Mandelson co-founded the London-based firm with Mr Wegg-Prosser in 2010 after Labour lost the general election.
It is understood that Barclays has cut ties with Global Counsel amid the scrutiny.
Lord Mandelson was sacked as US ambassador in late 2025 after it emerged that he had maintained ties with Epstein after the financier was jailed for a child sex offence.
Epstein killed himself in a prison cell in 2019 while awaiting trial on further child sex charges.
Business
Stock market today: Here are the top gainers and losers on NSE, BSE on February 6 – check list – The Times of India
Equity markets ended slightly higher on Friday after the Reserve Bank of India left interest rates unchanged, a move that was widely expected, and announced a proposal to allow banks to lend to Real Estate Investment Trusts (REITs) under prudential safeguards.The 30-share BSE Sensex rose 266.47 points, or 0.32 per cent, to close at 83,580.40. The index recovered sharply in the final hour, jumping over 650 points from the day’s low of 82,925.35, helped by late buying in select stocks. The NSE Nifty also finished higher, gaining 50.90 points, or 0.20 per cent, to settle at 25,693.70 after a volatile session.
Nifty50 top gainers
| Company Name | Current Price (Rs) | Price Change | % Change |
|---|---|---|---|
| ITC | 326.35 | +16.20 | +5.21% |
| Kotak Bank | 422.35 | +13.60 | +3.33% |
| HUL | 2,424 | +69.80 | +2.97% |
| Bajaj Finance | 982.00 | +17.30 | +1.79% |
| Bharti Airtel | 2,023 | +30.60 | +1.54% |
| Power Grid | 292.80 | +3.45 | +1.20% |
| Titan Company | 4,141 | +43.20 | +1.06% |
| Bajaj Finserv | 2,021 | +20.70 | +1.04% |
| Shriram Finance | 1,001 | +9.00 | +0.91% |
| ICICI Bank | 1,408 | +11.50 | +0.83% |
Nifty50 top losers
| Company Name | Current Price (Rs) | Price Change | % Change |
|---|---|---|---|
| HDFC Life | 703.50 | -17.21 | -2.39% |
| Tech Mahindra | 1,616 | -30.21 | -1.84% |
| TCS | 2,940 | -51.20 | -1.72% |
| SBI Life | 1,987 | -31.00 | -1.54% |
| Tata Motors PV | 368.90 | -5.25 | -1.41% |
| Bajaj Auto | 9,519 | -129.00 | -1.34% |
| Adani Ports SEZ | 1,550 | -20.71 | -1.32% |
| Wipro | 230.40 | -2.99 | -1.29% |
| Eternal | 283.55 | -3.31 | -1.16% |
| Asian Paints | 2,405 | -27.10 | -1.12% |
Sensex top gainers
| Company Name | Current Price (Rs) | Price Change | % Change |
|---|---|---|---|
| ITC | 326.35 | +16.20 | +5.21% |
| Kotak Bank | 422.35 | +13.60 | +3.33% |
| HUL | 2,424 | +69.80 | +2.97% |
| Bajaj Finance | 982.00 | +17.30 | +1.79% |
| Bharti Airtel | 2,023 | +30.60 | +1.54% |
| Power Grid | 292.80 | +3.45 | +1.20% |
| Titan Company | 4,141 | +43.20 | +1.06% |
| Bajaj Finserv | 2,021 | +20.70 | +1.04% |
| ICICI Bank | 1,408 | +11.50 | +0.83% |
| Axis Bank | 1,342 | +11.00 | +0.83% |
Sensex top losers
| Company Name | Current Price (Rs) | Price Change | % Change |
|---|---|---|---|
| Tech Mahindra | 1,616 | -30.21 | -1.84% |
| TCS | 2,940 | -51.20 | -1.72% |
| Adani Ports SEZ | 1,550 | -20.71 | -1.32% |
| Eternal | 283.55 | -3.31 | -1.16% |
| Asian Paints | 2,405 | -27.10 | -1.12% |
| HCL Tech | 1,594 | -16.30 | -1.02% |
| Infosys | 1,506 | -14.50 | -0.96% |
| HDFC Bank | 941.00 | -8.71 | -0.92% |
| Trent | 4,095 | -36.31 | -0.88% |
| SBI | 1,066 | -7.50 | -0.70% |
Earlier in the day, markets had opened cautiously and slipped into the red before staging a modest recovery.On the policy front, the RBI’s six-member Monetary Policy Committee unanimously voted to keep the repo rate unchanged at 5.25 per cent. The central bank also retained its neutral stance, indicating it may stay on hold for now. The decision came as inflation remained under control and growth concerns eased following higher government spending in the Budget and reduced tariff pressures after a trade deal with the United States, news agency PTI reported.Announcing the policy, RBI Governor Sanjay Malhotra said, “To further promote financing to the real estate sector, it is proposed to allow banks to lend to REITs with certain prudential safeguards.” Market participants said this move could improve long-term funding visibility for the real estate sector and the broader credit ecosystem.Among Sensex stocks, ITC was the top gainer, jumping over 5 per cent. Kotak Mahindra Bank, Hindustan Unilever, Bharti Airtel, Bajaj Finance, Power Grid and Bajaj Finserv also ended higher. On the other hand, Tata Consultancy Services, Tech Mahindra, Adani Ports, Asian Paints, Eternal and HCL Tech were among the laggards.Commenting on the session, Vinod Nair, head of research at Geojit Investments Limited, said domestic markets remained subdued for most of the day before recovering on the back of buying in FMCG and private banking stocks.“The RBI’s policy announcement was broadly in line with expectations, maintaining status quo on interest rates while reiterating a constructive growth outlook,” he said, as quoted by news agency ANI.However, he added that markets had expected a slightly more dovish tone. The RBI’s decision to retain a neutral stance led to a rise in India’s 10-year bond yields. Nair also pointed out that global investors remain focused on US-Iran negotiations, crude oil prices, and developments in artificial intelligence and technology.Foreign institutional investors sold shares worth Rs 2,150.51 crore on Thursday, according to exchange data.In global markets, Asian indices such as South Korea’s Kospi, Shanghai’s SSE Composite and Hong Kong’s Hang Seng ended lower, while Japan’s Nikkei closed higher. European markets were mostly trading in the green. In the US, stocks had ended sharply lower overnight, with the Nasdaq falling 1.59 per cent.Meanwhile, Brent crude rose 1.20 per cent to $68.34 per barrel. On Thursday, the Sensex had dropped over 500 points, while the Nifty had declined more than half a per cent.
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