Entertainment
Paramount-Warner Bros. Merger Targets July Closing Date
Though Paramount’s pending merger with Warner Bros. Discovery is on track to close by the third quarter, or Sept. 30, the company is reportedly hoping to get the $110 billion deal over the finish line even sooner.
Oliver Darcy’s Status reports the David Ellison-led media giant is internally eyeing July 15 as its target date to finalize the deal, citing multiple individuals with knowledge.
Representatives for Paramount deferred TheWrap to public statements that the deal is on track to close by the end of the third quarter. Warner Bros. Discovery declined to comment.
The internal timeline comes as the merger has already been approved by shareholders, but remains subject to regulatory approval.
Regulators in the U.K. are gearing up to begin their review of the deal, with its deadline for public comments closing just last month. Paramount has also asked the FCC to approve its foreign investment in the deal, with those investors set to account for 49.5% of the equity of the combined company.
Additionally, the company said there’s “no statutory impediments” remaining after the Department of Justice’s Hart-Scott-Rodino review period expired, though the regulator can still get involved at anytime in the process.
In addition to federal and international regulators, a group of U.S. state attorneys general led by California’s Rob Bonta are also reviewing the deal and weighing whether to take legal action against the merger. Bonta previously told TheWrap that “red flags are everywhere when you have a merger of this type” and that the states are prepared to “act timely,” but declined to provide a specific timeline for when a decision could be made.
“We have been cooperating with the state attorneys general in responding to their requests,” Paramount said at the time.
In a recent regulatory filing, Paramount disclosed that it has received subpoenas, or civil investigative demands, from various state AGs that focus on the investigation by the Department of Justice and the competitive effects of the merger. It does not disclose which or how many state AGs sent subpoenas.
In the event the transaction does not close by Sept. 30, WBD shareholders will receive a 25 cent per share “ticking fee” for each quarter until closing. In the event that the deal does not close at all due to regulatory matters, Paramount will pay WBD a $7 billion termination fee.
Shares of Paramount Skydance, which closed at $9.90 per share as of Tuesday’s close are down 24.9% year to date, 36% in the past six months and 16% in the past month.
Warner Bros. Discovery, which closed at $27.09 per share, is down 4.9% year to date, 1.2% in the past month and 13.9% in the past five years, but is up 17.3% in the past six months and 199% in the past year.
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After cracks about Pete Hegseth, Kristi Noem and President Trump’s vendetta against CNN, Michael Che touched on the ongoing controversy at Cornell University and Ryan Murphy’s decision to bring back Glee.
Che first served up a serious note by referencing the sexual assault case at Cornell University and how “obviously we don’t want to make light of anything that happened, but it is a good time to talk about men holding other men accountable.”
As the camera panned toward to a silent Colin Jost, Che said, “Look, we all have that one friend that seems like a nice guy, but they’re definitely not.. It could be someone you’re close to, or someone you work with. Maybe you can’t prove anything. You can just look at him and tell those weird, privileged Ivy League types always got some messed up stuff going on.”
Che then turned to Jost and said, “Is there anything you want to add, Colin?”
“Stop cutting to me,” Jost responded.
Later, cast member Kam Patterson joined the desk to show his enthusiasm for the reboot of Glee. (Ryan Murphy recently said that he “just finished” a Glee reboot script). Che was a bit skeptical that Patterson is a true Gleek, despite Patterson claiming he was eager to find out if Rachel was still on Broadway and if Kurt and Blaine were still together.
But Che wasn’t convinced. “Look, I know you man. You don’t have to say yes to every day that a white writer pitches to you …. Look Kam. I’ve worked here, what, 30, 35 years. I know what this is. Two white writers came up to you in suits, pitched you an idea about Glee, and now you’re out here saying a bunch of names you’ve never heard before, right?”
Patterson admits he hasn’t and feels “pretty bad” that he “just did jazz hands on national television.”
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Just a month away from the volatile midterms and a president way down in the polls, there was once again a plethora of political material ripe for this week’s SNL cold open, and the NBC late-nighter went full MAGA, with some Mitch McConnell on the side.
Played by Mickey Day, the 84-year-old Kentucky senator offered a premature “Live from New York” before being cut off by RNC ad consultants desperate to turn things around for the GOP. There was a “He tricked us” Marco Rubio, portrayed by the always on point Marcello Hernández, and a 2028 J.D. Vance (Jeremy Culhane) that no one wanted to actually put in a spot.
Then there was Colin Jost’s Pete Hegseth, putting the fun in Defense Secretary once again.
“What’s up, schlong donkeys?” the Saturday Night Live Weekend Update co-anchor began in what might have been one of the greatest campaign ads ever (we’re talking 1954 Daisy level) if it was real. “Now listen up, okay, because I need all you patriots at home to do the gayest thing ever and vote. Thanks to me, the military finally has its priorities and sexuality straight.”
Tossing in some slam poetry, Jost’s Hegseth added: “In conclusion, vote, I guess. And remember, even if you’re stationed overseas, you can still vote by mail, which is the only by mail I’m cool with.”
Of course, this being a MAGA paraody and being SNL, the joke had to go further. Having said that, unlike many too-long cold open, this semi-morbid midterm skit work at the extra length – entirely because POTUS came to cook, base loathing and all.
“I’m President Trump and I approve this ramble,” started a typically and wonderfully unhinged James Austin Johnson.
Drawing from the fiction that is so much of Trumpland’s facts, he added in the fake ad: “We’re getting bogged out there, but not for long because I have a solution. If the Republicans win, I’ll give everyone $5,000, and that is not a bribe because I have no intention of following through on that promise.
“So, just pretend I’m on the ballot, okay? You have to use something called imagination. Imagination makes a MAGA nation. Wow, that’s pretty good. I can already see that written on the back of an obese woman’s booty shorts in dirty, disgusting Myrtle Beach. What a hell all this country is! It’s full of awful people.”
Perhaps but not in tonight’s spot-on cold open.
Delayed a tad again on the West Coast like last week’s season opener thanks to college football, tonight’s SNL is the second show of the 52nd season.
Verity star Dakota Johnson is hosting SNL for the third time. Coming off a big box office start for the Collen Hoover thriller, Johnson is joined by Turnstile as musical guest. This is the Maryland rockers’ SNL debut. Next week will see one-time dumped cast member Shane Gilis back for his third time hosting. The October 10 show will see the much-acclaimed Rosalía will be returning for her third SNL appearance.
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Taylor Swift gave Dakota Johnson some pretty sweet payback for appearing in her “Patient Zero” music video: the mega-star joined the Verity actress during her opening monologue.
Perhaps it was just a birthday present for Johnson, who turns 37 on Sunday. Either way, Swift came in to yuk it up with Johnson, who used her opening moment to wax on about dating musicians.
“I went through two very public, very lame breakups with two very awesome musicians,” Johnson said about what she’s been doing since the last time she hosted SNL. This is her third appearance on the NBC show.
“It’s not my fault, though,” Johnson continued. “Some people leave concerts with merch and I leave concerts with a two and a half year relationship.”
“But I have really good friends,” she continued. “They don’t judge me for dating these men. They’re actually really supportive.”
That’s when Swift joined her on stage. Fans at home went wild.
The Verity star made her SNL debut in season 40.
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