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Paramount is again sweetening its hostile takeover bid for Warner Bros. Discovery, while again extending the deadline for its tender offer as it scrambles for more shareholder support. On Tuesday, the Skydance-owned company said it would pay Warner shareholders an added ticking fee if its deal doesn’t go through by the end of the year amounting to 25 cents per share, or a total of $650 million, for every quarter after Dec. 31. Paramount also pledged to fund Warner’s proposed $2.8 billion breakup payout to Netflix under its studio and streaming merger agreement. The value of Paramount’s offer otherwise remains unchanged. The company is offering to pay $30 per share in cash to Warner’s stakeholders, who now have until March 2 to tender their shares. In a statement, Paramount CEO David Ellison said that the additional benefits announced Tuesday clearly underscore our strong and unwavering commitment to delivering the full value WBD shareholders deserve for their investment. Paramount wants to buy Warner’s entire company for $77.9 billion, with a total enterprise value of $108 billion including debt. Beyond studio and streaming operations, that includes Warner’s networks like CNN and Discovery. But it has a long way to go in terms of getting shareholder support which, according to recent company disclosures, has appeared to decline over the last month. As of Monday, Paramount said that more than 42.3 million Warner shares had been validly tendered and not withdrawn from its bid, down from over 168.5 million Warner shares on Jan. 21. Warner has about 2.48 billion shares outstanding in series A common stock today. Paramount would need more than 50% to effectively gain control of the company. Netflix and Warner did not immediately respond to requests for comment Tuesday. The new March 2 deadline marks the third time Paramount has pushed back the expiration of its tender offer, which it may keep extending. Paramount has also promised a proxy fight. Last month, the company begun soliciting proxies to challenge Warner’s agreement with Netflix. Warner’s leadership has consistently backed the deal it struck with Netflix. In December, Netflix agreed to buy Warners studio and streaming business for $72 billion now in an all-cash transaction that the companies have said will speed up the path to a shareholder vote by April. Including debt, the enterprise value of the deal is about $83 billion, or $27.75 per share. Netflix and Warner have maintained that their agreement is better Paramount’s bid. But Paramount argues that its offer is superior and on Tuesday pointed to a sliding scale value of the Netflix merger, which could range from $21.23 to $27.75 per share, depending on debt spanning from Warner’s previously announced spinoff of its networks business. Unlike Paramount, Netflix doesn’t want to acquire Warner networks like CNN and Discovery. Under Netflix-Warner’ agreement, Discovery Global would become its own separate public company before their merger is closed. The prospect of a Warner sale to either company has raised tremendous antitrust concerns from lawmakers worldwide. The U.S. Department of Justice has initiated reviews of both Warner’s agreement with Netflix and Paramount’s hostile bid with all three companies disclosing that they’ve been in contact with the DOJ over requests for more information. The companies have argued their proposed deals will be good news for consumers and the wider entertainment industry, claiming that merging will give streaming customers more content through bigger libraries. But unions and other trade groups have warned that further consolidation in the industry could result in job losses and less diversity in content with particularly negative consequences for filmmaking. Wyatte Grantham-Philips, AP business writer
Category:
E-Commerce
Under questioning from Democrats Tuesday, Commerce Secretary Howard Lutnick acknowledged that he had met with Jeffrey Epstein twice after his 2008 conviction for soliciting prostitution from a child, reversing Lutnick’s previous claim that he had cut ties with the late financier after 2005. Lutnick again downplayed his relationship with the disgraced financier who was once his neighbor in New York City as he was questioned by Democrats during a subcommittee hearing of the Senate Appropriations Committee. He described their contact as a handful of emails and a pair of meetings that were years apart. I did not have any relationship with him. I barely had anything to do with him, Lutnick told lawmakers. But Lutnick is facing growing scrutiny, including calls for his resignation, from lawmakers after the release of case files on Epstein contradicted Lutnick’s claims on a podcast last year that he had decided to never be in the room with Epstein again after a 2005 tour of Epstein’s home that disturbed Lutnick and his wife. The commerce secretary told senators Tuesday that he and his family actually had lunch with Epstein on his private island in 2012 and he had another hour-long engagement at Epstein’s home in 2011. Lutnick, a member of President Donald Trump’s Cabinet, is the highest-profile U.S. official to face bipartisan calls for his resignation amid revelations of his ties to Epstein. His acknowledgement comes as lawmakers are grasping for what accountability looks like amid the revelations contained in what’s known as the Epstein files. In countries like the United Kingdom, the Epstein files have triggered resignations and the stripping of royal privileges, but so far, U.S. officials have not met the same level of retribution. Senators want to dig into Lutnick’s ties to Epstein Sen. Chris Van Hollen, the Democrat who questioned Lutnick, told him, “There’s not an indication that you yourself engaged in any wrongdoing with Jeffrey Epstein. It’s the fact that you believe that you misled the country and the Congress based on your earlier statements.” Van Hollen, D-Md., stopped short of calling for Lutnick’s resignation on Monday, but requested documentation from Lutnick on any of his ties to Epstein. It’s absolutely essential that he provide Congress with those documents, given the misrepresentations he’s made, and then we’ll go from there, he said. Lutnick during the Senate hearing said he would give that request some thought, adding, I have nothing to hide. However, several Senate Republicans were also questioning Lutnick’s relationship with Epstein. Sen. Roger Wicker, R-Miss., said the visit to Epstein’s private island would raise questions. And Sen. Thom Tillis, R-N.C., told reporters, It’s something I’m concerned with. Tillis stayed away from calling for Lutnick to leave his post, but added that he would do himself a service by just laying exactly what and what did not happen over the course of what seems to be an interesting relationship that included business entanglements. A pair of House members call for resignation Meanwhile, House members who initiated the legislative effort to force the release of the files are calling for Lutnick to resign. Republican Rep. Thomas Massie of Kentucky called for that over the weekend after emails were released that alluded to the meetings between Lutnick and Epstein. Rep. Ro Khanna, a California Democrat, joined Massie in pressuring Lutnick out of office on Monday. Based on the evidence, he should be out of the Cabinet, Khanna said. He added, It’s not about any particular person. In this country, we have to make a decision. Are we going to allow the rich and powerful people who are friends and (had) no problem doing business and showing up with a pedophile who is raping underage girls, are we just going to allow them to skate? Stephen Groves, Associated Press
Category:
E-Commerce
Dont feel bad splurging on that $7 latte the next time youre in a mid-afternoon attention slump. A new study published in the Journal of the American Medical Association this week provides some strong evidence that drinking coffee and tea is linked to a lower risk of developing dementia. The longitudinal research followed a group of around 130,000 people for more than 40 years, collecting behavioral and health information over the course of their lifetimes. The results paint a clear picture: People with a habit of drinking two to three cups of coffee or one to two cups of tea on a daily basis demonstrated a lower risk of dementia compared to their less caffeinated peers. People who drank up to five cups of coffee had around 20 percent less risk of dementia, while those who drank one or more cups of tea showed 15 percent less of developing the neurodegenerative condition. Decaf coffee wasnt linked to the same benefits, according to the new research. Caffeine is the key ingredient that appears to be providing some protection from cognitive decline for coffee and tea drinkers, possibly through its ability to reduce inflammation in the brain. The molecule we rely on to wake us up in the morning has also shown promise in reducing insulin sensitivity and lowering the risk of type 2 diabetes a big risk factor for age-related cognitive decline. While caffeine appears to be the magic ingredient, other substances in coffee and tea have also been shown to positively impact health. Beyond caffeine, coffee and tea contain bioactive compounds like polyphenols, chlorogenic acid, and catechins, which offer antioxidant and vascular benefits by reducing oxidative stress and improving cerebrovascular function, the researchers wrote. Furthermore, tea components such as epigallocatechin-3-gallate and L-theanine may provide additional benefits by enhancing relaxation and neuroprotection. Coffee and tea show promise but questions remain With such a massive sample size and so many years of data, the new research on dementia and caffeine is about as robust as an Italian dark roast. Still, the studys design asking people about their behavior and tracking their diagnoses doesnt lend itself to causal explanations. While the evidence that caffeine provides some neuroprotective effects against one one of the most devastating age-related conditions is exciting, scientists still cant definitively say what causes the decreased risk, only that coffee and tea intake is correlated with less risk. In the analysis, the researchs authors did control for participants genetic risk of developing dementia along with an array of other potential confounding factors, including education, socioeconomic status, smoking, exercise habits and medication use. In spite of its scale and depth, the NIH-funded study still has a few notable limitations beyond the observational nature of its design. The study exclusively relied on large, gender-divided data sets collected from people who work in health-related jobs, drawing on the Health Professionals Follow-up Study and the Nurses Health Study. It also did not collect granular data about the kind of tea the participants consumed, so its not clear if green and black tea are created equal or if only caffeinated tea showed promise for keeping people sharp as they age. While the link between coffee and reduced dementia risk is promising, more coffee also doesnt necessarily mean less risk. Researchers found that the positive impact tapered off after two or three cups of coffee and one to two cups of tea, so dont go ordering that quad shot or black eye hoping to squeeze even more benefit out of your caffeine intake. Caffeine raises your heart rate and can raise blood pressure too, so keeping your bodys full health picture in mind is important.
Category:
E-Commerce
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