Film producer David Ellison attended the premiere of “Transformers: Rise Of The Beasts” in New York City. Paramount Skydance, backed by Larry Ellison, ups its offer for Warner Bros. Discovery to $40.4 billion. Paramount’s $30 per share all-cash hostile bid competes with Netflix’s agreement. Warner Bros. Discovery agreed to sell assets to Netflix for $83 billion. Paramount’s bid values WBD at $108.4 billion.

Paramount has not increased its bid, matching Netflix’s reverse breakup fee. Investor RedBird Capital Partners supports Paramount’s bid. Larry Ellison will back the bid through an irrevocable trust. WBD shares rose 4%, Paramount shares rose 6%, and Netflix’s shares dipped slightly. Paramount made three rejected offers for WBD before the sale process began.

RedBird believes Paramount’s unsolicited offers prompted WBD’s sale process. They appeal to WBD shareholders for support. Regulatory approval concerns have been raised regarding the Netflix deal. Paramount argues the deal would stifle competition by combining 420 million subscribers under one platform. Netflix is confident the deal will pass regulatory scrutiny and preserve jobs in the industry.

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1. The stock market saw a sharp decline today, with the Dow Jones Industrial Average dropping by 500 points due to fears of inflation and rising interest rates.

2. Tesla announced record-breaking delivery numbers for the first quarter, surpassing expectations with 184,800 vehicles delivered despite chip shortages and production challenges.

3. Apple unveiled a new lineup of products, including a redesigned iMac and iPad Pro with improved performance and features, boosting investor confidence and driving up the company’s stock price.: Paramount guarantees Larry Ellison backing in amended bid