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A special committee of Paramount Global’sboard of directors reportedly agreed to recommend a $3 billion takeover bid from Skydance Media — possibly bringing to an end the months-long drama over the fate of the struggling entertainment giant.

Skydance — run by tech heir David Ellison, the son of billionaire Oracle co-founder Larry Ellison — has offered to acquire Shari Redstones National Amusements, Paramounts parent company, for cash and then merge the Hollywood studio with his own shop, the Wall Street Journal reported Friday, citing people familiar with the matter.

Redstone has been weighing bids from several suitors and has not seen Skydance’s latest proposal, according to the Journal.

Skydance had offered the media heiress $2 billion for her 77% stake in National Amusements — which led to outcry from many of Paramount’s major investors that a merger would devalue their stock, as The Post previously reported.

Skydance, which is getting financial backing from RedBird Capital and KKR — reportedly sweetened its bid in recent days to appease Paramount’s voting and non-voting shareholders. It will now give $3 billion to that companys other investors in the form of cash and debt repayment, Bloomberg reported.

A merger would give Skydance, which has partnered with Paramount to finance such hits as Mission: Impossible Dead Reckoning Part One and Top Gun: Maverick, control over a treasure trove of movie classics including The Godfather, Forrest Gump and Grease.

Paramounts notable media subsidiaries also include the CBS Television Network, Showtime, Nickelodeon, Comedy Central, MTV and Black Entertainment Television.

Paramount did not immediately respond to request for comment.

The ball is now in Redstones court. 

The daughter of Sumner Redstone must decide whether to follow through on the merger with Skydance as was recommended by the board or sell her familys holding company at a premium.

Redstone, who in the past has voiced support for a merger with Skydance, could also opt to sell her company to another buyer.

According to the Journal, Redstone has received an offer from Hollywood producer Steven Paul, who has reportedly been lining up financing to mount a $3 billion bid for National Amusements.

There is at least one other suitor who has signaled interest in acquiring the holding company, according to the Journal.

The decision is a difficult one for Redstone, who is keenly aware of her familys decades-long stewardship of Paramount and is intent on protecting the Redstone legacy, sources familiar with the matter told The Journal.

Reports on takeover offers from Skydance and a consortium of Apollo Global Management and Sony Pictures, as well as a $30 billion bid from media entrepreneur Byron Allen, has left the stock see-sawing for months.

Paramount was down slightly after the board’s recommended approval of a deal, trading at around $11.

The age of cord-cutting and shrinking advertising dollars has had a negative impact on Paramount, which is saddled with $14.6 billion in long-term debt.

To make matters worse, the Paramount+ streaming service has struggled to turn a profit in a market that is hamstrung by fragmented audiences.

Last month, Bob Bakish resigned after Redstone’s long-time lieutenant clashed with her offer the deal with Skydance.

Paramount created a three-headed “Office of CEO” that includes CBS chief George Cheeks, MTV’s Chris McCarthy, and film studio head Brian Robbins.

The troika will lay out their strategy for the struggling company next Wednesday during a town hall with staff, according to an executive who spoke on condition of anonymity on Friday.

The all-hands meeting will follow Paramount’s annual shareholder meeting on Tuesday.

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Biden allows Kyiv to begin firing US rockets deep into Russia – as Starmer calls on allies to ‘double down’ on support

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Biden allows Kyiv to begin firing US rockets deep into Russia - as Starmer calls on allies to 'double down' on support

Joe Biden has authorised Ukraine to begin firing US-supplied rockets deep into Russia – as Sir Keir Starmer prepares to push for “further support” for Kyiv at the G20 summit.

Mr Biden’s policy shift means Kyiv will now be able to use Army Tactical Missile Systems (ATACMS) for long-range attacks, two American officials have told Sky News’ US partner network NBC News.

Ukraine plans to conduct its first such attacks in the coming days, the sources said, without revealing details due to operational security concerns.

The US has eased restrictions on the use of ATACMS, which have a range of up to 190 miles, after Russia began deploying North Korean ground troops to supplement its own forces in the conflict.

The development was condemned by Biden officials as a possible expansion of the war.

President Joe Biden meets with Ukrainian President Volodymyr Zelenskyy in the Oval Office in September last year. Pic: AP
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Joe Biden meets with Volodymyr Zelenskyy in the Oval Office in September last year. Pic: AP

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The son of president-elect Donald Trump has criticised the move to allow Ukraine to fire deep into Russia.

More on Joe Biden

Donald Trump Jr wrote on the X social media platform: “The Military Industrial Complex seems to want to make sure they get World War 3 going before my father has a chance to create peace and save lives… Imbeciles!”

The outgoing Biden administration’s move comes as there are concerns about the level of support the Trump White House may be willing to give Ukraine.

Mr Trump has previously vowed to limit US support for Ukraine and end its war with Russia.

In an evening address after Kyiv was given permission to fire deep into Russia, Ukrainian President Volodymyr Zelenskyy said: “Today, there’s a lot of talk in the media about us receiving permission for respective actions. But strikes are not carried out with words. Such things are not announced. Missiles will speak for themselves. They certainly will.”

Back in September, Russian President Vladimir Putin said if the US were to lift the ban on long-range missile use it would be seen as NATO’s “direct participation” in the war.

He added: “This, of course, will significantly change the very essence, the very nature of the conflict.”

The US military tests an early version of an Army Tactical Missile System in 2021. Pic: AP
Image:
The US military tests an early version of an Army Tactical Missile System in 2021. Pic: AP

Meanwhile, the UK prime minister has said he has “no plans” to speak with the Russian president as world leaders gather for the G20 summit in Rio de Janeiro.

Mr Putin will not be attending the two-day summit which starts on Monday after saying in October that his presence would “disrupt the normal work of this forum”. Russia’s foreign minister Sergei Lavrov will be attending instead.

It will take place days after German Chancellor Olaf Scholz spoke to Mr Putin on what was the Russian leader’s first publicly announced conversation with the sitting head of a major Western power in nearly two years.

Asked if he had any plans to make a similar call, Sir Keir said: “It’s a matter for Chancellor Scholz who he speaks to. I have no plans to speak to Putin.”

Read more:
Why Biden’s move will trigger fury from Moscow
The city where schools go underground to flee Russian missiles
Xi tells Biden that China is ‘ready to work’ with Trump

Firefighters work at the site of a residential area hit by a Russian missile strike in the Lviv region of Ukraine. Pic: Reuters
Image:
Firefighters work at the site of a residential area hit by a Russian missile strike in the Lviv region of Ukraine. Pic: Reuters

Speaking to reporters while on his way to the summit, he added: “We are coming up to the 1,000th day of this conflict on Tuesday.

“That’s 1,000 days of Russian aggression, 1,000 days of huge impact and sacrifice in relation to the Ukrainian people and recently we’ve seen the addition of North Korean troops working with Russians which does have serious implications.

“I think on one hand it shows the desperation of Russia, but it’s got serious implications for European security […] and for Indo-Pacific security and that’s why I think we need to double down on shoring up our support for Ukraine and that’s top of my agenda for the G20.

“There’s got to be full support as long as it takes and that certainly is top of my agenda, shoring up that further support for Ukraine.”

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One of Russia’s ‘largest air attacks’

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The latest developments come after Russia launched a large-scale attack on Ukraine on Sunday, with Mr Zelenskyy claiming Moscow had launched a total of 120 missiles and 90 drones.

The sweeping attack, which left at least eight people dead, targeted energy infrastructure across Ukraine overnight and prompted emergency power cuts.

Hours later, Moscow mayor Sergei Sobyanin said Russia’s air defence units had destroyed a drone heading towards the city.

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Politics

Crypto.com to offer equities trading to Australians after acquiring Fintek

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Crypto.com to offer equities trading to Australians after acquiring Fintek

After acquiring Fintek Securities, Crypto.com can use the firm’s Australian Financial Services Licence to offer equities, derivatives, and forex trading to users in the country. 

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Environment

Saldivar’s Trucking: first owner-operator to deploy Volvo VNR Electric semi

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Saldivar's Trucking: first owner-operator to deploy Volvo VNR Electric semi

Owner-operators are a huge part of the heavy truck market, and they’ve been among the most hesitant groups to transition from diesel to electric semi trucks. That may be changing, however, as Saldivar’s Trucking becomes first independent owner-operator in the US to deploy a Volvo VNR Electric Class 8 truck.

The higher up-front cost of electric semi trucks has been a huge obstacle for smaller fleets. That’s there are incentives from governments, utilities, and even non-profits to help overcome that initial obstacle. And the smart dealers are the ones who are putting in the hours to learn about those incentives, educate their customers, and ultimately sell more vehicles.

TEC Equipment is a smart dealer, and they worked closely with South Coast Air Quality Management District to secure the CARB funding and ensure Saldivar’s was able to ssecure $410,000 in funding from CARB’s On-Road Heavy-Duty Voucher Incentive Program (HVIP), which provides funding to replace older, heavy-duty trucks with zero-emission vehicles. The program is directed exclusively to small fleets with 10 vehicles or less that operate in California and aims to bridge the gap between the regulatory push for clean transportation and the financial realities faced by small business owners.

“TEC Equipment has been instrumental in supporting owner-operators like Saldivar’s Trucking through the transition to battery-electric vehicles,” explains Peter Voorhoeve, president of Volvo Trucks North America. “Their dedication to providing comprehensive support and securing necessary funding demonstrates how crucial dealer partners are in turning the vision of owning a battery-electric vehicle into a reality for fleets of all sizes.”

Saldivar’s Volvo VNR Electric features a six-battery configuration, with 565 kWh of storage capacity and a 250 kW charging capability. The zero-tailpipe emission truck can charge to 80% in 90 minutes to provide a range of up to 275 miles.

Those specs mean the Volvo electric semi is more than capable of meeting Saldivar’s operational needs, which include night shifts at California ports covering 175-200 miles per night, five nights a week. And, as he adds his VNR Electric miles to Volvo’s ever-growing tally, other owner-operators will see that it works for them, too.

“While large fleets often make headlines for their ambitious investments in battery-electric vehicles, nearly half of the 3.5 million professional truck drivers in the U.S. are owner-operators running their businesses with just one truck,” adds Voorhoeve. “These small operations face unique challenges, from the initial capital investment to securing adequate charging infrastructure … this collaboration is a perfect example of the important role to be played by truck dealers and why stakeholders need to work together to succeed in this new era of sustainable transportation.” We need solutions that work for different fleets of all sizes in the marketplace,” added Voorhoeve.”

Electrek’s Take

Saldivar’s Trucking poses with $410,000 incentive check; via Volvo Trucks.

Electrifying America’s commercial trucking fleet can’t happen soon enough – for the health of the people who live and work near these vehicles, the health of the planet they drive on, and (thanks to their substantially lower operating costs) the health of the businesses that deploy them. TEC is doing a great job advancing the cause, and acting as true expert partners for their customers.

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SOURCE | IMAGES: Volvo Trucks, via ACT News.

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