Business
Warner Bros to reject $108bn Paramount bid, reports say
Warner Bros Discovery will urge its shareholders to reject Paramount Skydance’s $108.4bn (£80.75bn) takeover bid as soon as Wednesday, according to reports.
Paramount has said its offer is “superior” to a $72bn deal that Warner Bros struck with Netflix for its film and streaming businesses.
At the same time, a key backer of Paramount’s attempt to buy Warner Bros, Affinity Partners, has reportedly pulled out of the bid, citing the involvement of “two strong competitors”. Affinity was founded by US businessman and President Donald Trump’s son-in-law Jared Kushner.
Warner Bros declined to comment when contacted by the BBC. Paramount and Affinity have also been asked for a response to the reports.
Warner Bros will advise its shareholders to reject Paramount’s offer for a number of reasons including concerns over how the deal would be financed, according to the Financial Times.
The media giant put itself up for sale in October after receiving “multiple” expressions of interest from potential buyers, including approaches from Paramount Skydance.
On 5 December, Warner Bros Discovery said it had agreed to sell its film and streaming businesses to Netflix.
The following week, Paramount Skydance launched a new offer for the whole company, including its television networks.
Paramount is backed by the billionaire Ellison family, which has close ties to the president.
A takeover of Warner Bros is expected to face scrutiny from competition regulators in the US and Europe.
A new owner of Warner Bros would gain a significant edge in the highly competitive streaming market. It would get a huge library of films and TV shows, including Harry Potter, the MonsterVerse, Friends and the HBO Max streaming service.
Some in the film industry have criticised the plan to merge all or part of Warner Bros with a rival. The Writers Guild of America’s East and West branches called for the merger to be blocked, arguing that it would result in lower wages and job cuts.
The volume of content for viewers would also be reduced, it said.
Business
Ads for British beef and milk banned following Chris Packham complaint
Two ads promoting British beef and milk have been banned after television presenter and environmental campaigner Chris Packham complained that they misled consumers about the products’ carbon footprints.
Both ads for the Agriculture and Horticulture Development Board’s (AHDB) Let’s Eat Balanced campaign used the carbon footprint of British beef and milk to promote the products, firstly stating: “British beef not only tastes great, but has a carbon footprint that’s half the global average*.”
The asterisk linked to text that stated: “Full lifecycle emissions of CO2 eq (carbon dioxide equivalent) per kg of beef.”
The ad for milk stated: “British milk not only tastes good, but is also produced to world-class standards, and has a carbon footprint a third lower than the global average.”
Packham complained to the Advertising Standards Authority (ASA) that the ads, and specifically the carbon footprint claims, were misleading as they did not reflect the full environmental impact of British meat and dairy.
The AHDB said the ads’ mention of carbon emissions would be understood in relation to the environmental impact of beef and milk that occurred between the “cradle-to-retail” stages.
But the ASA said the average consumer “being reasonably well-informed, observant and circumspect” would understand the claims to apply beyond the retail stage and include actions such as cooking and wastage.
The ASA said: “While we acknowledged the potential difficulties in producing post-retail emissions data, the claims in the ads suggested those emissions were included and we therefore expected the evidence provided to also include them.
“We therefore concluded that the evidence presented was insufficient to support the full life-cycle claims in the ads, which was how the average consumer was likely to interpret them.
“We reminded AHDB that environmental claims should be based on the full life cycle unless the ad stated otherwise.”
AHDB’s director of communications and market development, Will Jackson, said: “Let’s Eat Balanced is doing what it was designed to do, providing clear, factual, evidence-led information about British food, nutrition and farming standards.
“Since the investigation began, we have conducted independent consumer research which found that the majority of respondents interpreted these adverts as relating to the production phase only, from farm to retail.
“This research provides important insight into consumer understanding and supports our belief that consumers were not misled by the information we shared in these two specific adverts.”
Business
Gen Z pros embrace ‘portfolio careers’ as side hustles surge – The Times of India
BENGALURU: India’s Gen Z workforce is embracing what experts describe as “portfolio careers” – balancing multiple professional identities and income streams simultaneously. New research from LinkedIn shows that 75% of Gen Z entrepreneurs in India now manage multiple income streams, significantly higher than the 62% among Gen X entrepreneurs. The findings point to a growing preference among younger professionals for flexibility, autonomy and diversified sources of income. “We’re also seeing the rise of the ‘portfolio era’, with more professionals creating multiple income streams and redefining what a career can look like. This shift is making entrepreneurship more accessible than ever before,” said LinkedIn India country manager Kumaresh Pattabiraman.Rather than depending on a single full-time role, many professionals are simultaneously building businesses, freelancing, consulting, creating online content and monetising specialised skills through digital platforms. The trend comes amid a broader rise in entrepreneurial activity in India. LinkedIn recorded a 104% year-on-year increase in members adding “Founder” to their profiles – the highest growth among all global markets.AI is also emerging as a major enabler of this shift. The report found that 85% of Gen Z entrepreneurs consider AI and digital tools important to their business operations.
Business
Elon Musk said control of OpenAI should go to his children, Sam Altman tells jury
Sam Altman said Elon Musk tried many times for total control of OpenAI, which he’s now suing.
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