Paramount-Warner Bros. Discovery merger closes, creating world's largest media company

Paramount officially closed its multi-billion-dollar acquisition of Warner Bros. Discovery on Tuesday, handing David Ellison — son of Oracle founder Larry Ellison and a Trump ally — control of one of the most expansive media empires ever assembled. The combined entity spans WBD's movie and television studios, cable channels, and CNN, making it the largest provider of news, sports, and entertainment content in the world.

The path to closing was turbulent. Netflix had earlier pursued WBD before backing away under pressure from federal lawmakers and the Trump White House. A dozen state attorneys general filed an antitrust lawsuit before settling this summer after Paramount made concessions it says will protect competition and consumers. And since taking the reins last month, Ellison has moved quickly inside the company — most controversially at CBS News, where he installed journalist Bari Weiss as top editor and oversaw a restructuring of '60 Minutes.'

Ellison said his focus 'now turns to the future: building a company that empowers creatives, entertains audiences and rewards shareholders.' Investors and media executives will be watching how quickly he integrates the two businesses, whether further editorial changes follow at CNN or CBS, and how regulators respond to any post-merger moves.

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A federal judge held a hearing Tuesday on Walt Disney's lawsuit seeking to block the FCC from conducting an early review of licenses for eight ABC-owned stations. Disney argues the agency is retaliating against a broadcaster that refused to bow to administration pressure. Judge Loren AliKhan is weighing whether to issue a temporary restraining order. The case is a direct test of First Amendment protections for broadcasters against the Trump administration's efforts to reshape the media landscape.

The euro fell to $1.1220 in early Asian trading Tuesday, its weakest level since May 2025, extending a 1.2% drop from the prior week. Political gridlock in France, rising French borrowing costs spilling into the broader euro zone, and an upcoming snap election in Spain are driving the pressure. The dollar continued its rally, supported by elevated U.S. Treasury yields. Commonwealth Bank of Australia strategist Joseph Capurso said he expects the euro to fall below $1.10, citing persistent fiscal and political headwinds.

The euro dropped to a 17-month low as higher energy prices and mounting concerns over France's public finances pushed the spread between French and German bunds to its widest level since the eurozone debt crisis. Against that backdrop, far-right leader Marine Le Pen outlined her economic vision for France, adding further complexity to an already unsettled political picture. The currency weakness signals deepening investor anxiety about fiscal discipline and political stability across the euro zone.

A Polish parliamentary committee concluded its investigation broadly endorsing accusations made by the ruling coalition against National Bank of Poland Governor Adam Glapinski, lawmakers said Tuesday. The committee will now seek a vote on its findings in the lower house. The development revives a high-stakes institutional conflict at a moment of market instability, raising questions about central bank independence in Poland and the potential for political interference in monetary policy.

Oral arguments Monday in Suncor v. Boulder suggested several Supreme Court justices are wary of letting Boulder, Colorado's lawsuit against Suncor and ExxonMobil move forward under state law. The city and county sued the two energy companies for damages tied to global emissions and climate change. Justice Neil Gorsuch acknowledged the legal issues are 'a little complicated,' but the justices appeared to recognize that permitting state-level jury trials to set de facto national energy policy could produce broad economic disruption for the industry.

A joint investigation by regional news outlets found that tech developers are using lawsuits and financial pressure to override local opposition to massive data center projects. In Saline Township, Michigan — a farming community of fewer than 3,000 residents — the township board voted against rezoning 575 acres for industrial use. The developer responded with litigation. Facing an unwinnable legal battle, civic leaders settled and made way for a $43 billion project by Oracle and OpenAI. 'We were dealt the cards we were dealt, and we felt our hands were tied,' one trustee said. The pattern is repeating across the country, raising pointed questions about community consent, land use rights, and the limits of local governance when confronted with hyperscale AI infrastructure investment.

Pennsylvania Gov. Josh Shapiro has publicly condemned what he calls predatory data center developers overriding community interests, invoking the state's history of industry exploiting local populations. But the Democratic governor faces an awkward split with his labor allies, who view large-scale data center construction as a source of well-paying jobs. The tension highlights a broader dilemma for politicians navigating the AI infrastructure boom: how to protect communities without alienating organized labor.

A conservative group called Humans First completed an 8,000-mile road trip Monday, parking a branded bus outside Anthropic's San Francisco headquarters to rally opposition to large-scale data center construction. Chair Amy Kremer said tech giants are building billions of dollars of AI infrastructure without residents' consent. Originally a left-right coalition, the group has become a conservative-only effort. The campaign reflects growing bipartisan unease about the pace and scale of AI infrastructure development in local communities.

Australia's federal parliamentary AI inquiry heard Tuesday that while artificial intelligence promises productivity gains, it also redistributes costs across the broader economy. Submissions outlined three notable impacts: AI could make legal advice cheaper but courts more expensive; it may boost retail efficiency while driving up workers' compensation and sick leave claims over time; and data center construction is competing with residential housing for electricians, electricity, and water. Early AI-related job losses may go undetected because they are concentrated in freelance and gig work.

Governments, courts, and private businesses worldwide are examining or implementing restrictions on smart glasses, spurred by concern that devices popularized by Meta's Ray-Bans can covertly photograph, film, or record individuals. Courts in England and Wales have already banned their use. Australia's government is weighing prohibiting them in government workplaces. The European Data Protection Board has commissioned a report on their social acceptability. The regulatory scrutiny poses a compliance risk for Meta and other hardware makers entering the space.

Aragon, a sparsely populated region in northeast Spain, is set to attract more than 60 billion euros in data center investment over the next decade, according to Reuters. Tech companies credit the region's streamlined permitting and swift decision-making. Situated at the crossroads of major international cable connections with abundant renewable energy and land, Aragon is being cited by major tech firms as a potential model for the EU as it seeks to triple data center capacity within seven years. Spain's national government is nonetheless moving to impose new resource requirements amid growing environmental concerns.

Interviews with Latino voters across Texas reveal that economic concerns — the same issues that pushed many toward Donald Trump in 2024 — are now driving some away from him. In San Antonio's Market Square, small business owners like leather goods retailer Arturo Flores describe waiting for customers who are not arriving. The shift matters strategically: Latino voters were a pivotal part of Trump's 2024 coalition in Texas, and any sustained erosion of that support could reshape the state's competitive landscape heading into future elections.

New polling shows Democrat Chris Talarico leading Republican Attorney General Ken Paxton, and a Democrat has made the Texas governor's race competitive, fueling talk that the reliably red state could be in play. Voters at events like the State Fair of Texas reflect a more complicated picture, with deep partisan divisions still intact. Texas turning blue would represent a seismic shift in the national electoral map, but demographic and structural hurdles remain significant for Democrats.

Democrats removed roughly $1.1 million in North Carolina Senate ad buys this week, following the Senate Leadership Fund's earlier decision to pause future Republican spending in the state. The Democratic group WinSenate still holds about $18.8 million in future reservations through Election Day. With Democrat Roy Cooper maintaining a sizable polling lead over Republican Michael Whatley, both sides are reallocating resources to competitive races in states like Michigan and New Hampshire. Multiple Republican groups beyond SLF have also retreated from the state.

Maine's U.S. Senate race features an unusual dynamic: both Sen. Susan Collins and challenger Troy Jackson grew up in Aroostook County, a remote, sparsely populated region roughly the combined size of Connecticut and Rhode Island. Collins comes from a family of hardware and lumber merchants in Caribou who instilled a duty of community service. Jackson, raised in the logging hamlet of Allagash, built his career on economic grievance politics. Their shared roots and divergent worldviews frame a race with significant implications for Senate control.

Rep. Don Davis, D-N.C., introduced the 'No Betting on Your Own Race Act' Monday, which would prohibit federal candidates from trading prediction market contracts tied to their own elections. Violators would face a fine of $10,000 or three times the net financial gain from the trade, whichever is larger. The bill formalizes rules that platforms like Kalshi have already been enforcing independently. It comes less than a month before midterm elections, as political prediction markets attract growing scrutiny.

President Trump on Monday criticized election officials in Arizona's Maricopa County after a vendor error led to 3,126 early ballots being mailed to voters six days ahead of schedule. The Maricopa County Recorder's Office, run by Republican Justin Heap, said Runbeck Election Services disclosed the mistake over the weekend. The error provides fresh ammunition for Trump's long-running attacks on Maricopa County election administration, with midterm balloting already underway in parts of Arizona.