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Warner Bros Discovery and Paramount Global are in early talks to merge, in a media deal that might mix the proprietor of HBO and CNN with the studio behind the Mission Impossible movies and CBS News.
Warner chief govt David Zaslav and Paramount chief Bob Bakish mentioned a attainable deal over lunch at Paramount’s places of work in New York this week, based on three individuals conversant in the matter. Billionaire Shari Redstone, who controls Paramount, has additionally held preliminary talks with Skydance, the manufacturing firm behind Top Gun: Maverick, run by David Ellison.
The discussions come as US media teams are struggling to enhance their profitability after waging a expensive “streaming war” in opposition to Netflix, leading to a build-up of debt.
Big leisure teams together with Warner, Paramount and Disney have been on a cost-cutting mission as they attempt to shrink losses operating into the billions of {dollars} from their video streaming companies.
Warner and Paramount had inventory market capitalisations of $28bn and $10bn respectively on the shut of buying and selling yesterday however each corporations’ shares fell in after-market buying and selling. Read extra on the response to the talks.
And right here’s what I’m conserving tabs on at this time:
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Economic knowledge: The US commerce division will launch its closing estimate for the nation’s gross home product within the third quarter and weekly preliminary claims for US state unemployment help, a proxy for lay-offs.
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Nike: The sportswear group is projected to put up a slight enhance in income to $13.4bn for the three months to November. However, income are anticipated to fall marginally to 84 cents a share from 85 cents.
Five extra high tales
1. Argentina’s new libertarian president Javier Milei unveiled a sweeping emergency decree final evening that mandated greater than 300 measures to decontrol the nation’s financial system. “Today we are taking our first step to end Argentina’s model of decline,” Milei stated in a pre-recorded broadcast. Read extra on the measures which triggered protests in Buenos Aires.
2. The US has launched an in depth ally of Venezuelan president Nicolás Maduro in alternate for 10 Americans jailed within the Latin American nation, in addition to convicted Malaysian defence contractor Leonard Francis, often known as Fat Leonard. In return, Venezuela will launch 10 Americans, together with six who have been categorised as wrongfully detained. Caracas additionally agreed to free 20 Venezuelan political prisoners, officers stated. The releases are a part of an effort by Washington to reset relations with Caracas.
3. Belgium suspected for years {that a} Flemish far-right politician was a Chinese intelligence asset however have been unable to prosecute him, the nation’s justice minister informed the Financial Times. Frank Creyelman was used as an asset by Chinese spies for greater than three years, an investigation final week by the FT, Der Spiegel and Le Monde revealed. Here’s why authorities couldn’t press prison fees in opposition to him.
4. Football’s governing our bodies have misplaced a landmark courtroom case that threatens their maintain over the game in Europe. The EU’s high courtroom discovered at this time that Uefa, which oversees European soccer, and the worldwide physique Fifa, acted unlawfully in threatening to sanction gamers and golf equipment that joined the European Super League in 2021. Here’s extra on the ruling that threatens to upend the established order in European soccer.
5. Workers at a Wells Fargo financial institution department in Albuquerque yesterday voted to kind a union, making them the primary workers of a significant US financial institution to unionise within the newest signal of the resurgence of the labour motion in America. The staff will change into a part of the Communications Workers of America. Workers at a department in Bethel, Alaska will vote at this time on whether or not to unionise.
In-depth

The Colorado Supreme Court’s ruling this week marked a brand new chapter within the deepening stand-off between Donald Trump and the US justice system. But as the previous president has accomplished with the 91 prison fees he’s dealing with throughout state and federal jurisdictions this yr, he’ll attempt to flip the most recent authorized risk into political gold.
We’re additionally studying . . .
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India: As Narendra Modi seeks a 3rd time period in workplace, in an unique interview with the Financial Times, he responds to claims that he represents a risk to democracy.
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Peak oil: As resilience to produce disruption grows and the vitality transition hurries up, Opec+ is struggling to carry the world to ransom with excessive vitality costs, writes Chris Giles.
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Backlash in opposition to Nippon Steel: However ugly US steel-state politics are on the eve of an election yr, leveraging distrust of Japan is a perversely odd technique, argues Leo Lewis.
Chart of the day

When Wall Street banks started sending out their annual forecasts to purchasers a month in the past, they have been broadly united within the view that authorities bonds would rally subsequent yr as rates of interest begin to fall. But many forecasts have already been met greater than a yr early, highlighting how latest market strikes have taken analysts abruptly.
Take a break from the information
FT Alphaville publishes its tenth annual longlist of individual of curiosity, in addition to a round-up of FT workers’s favorite non-FT articles of the yr.
Additional contributions from Tee Zhuo and Benjamin Wilhelm
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