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Merger talks between David Zaslav of Warner Bros. Discovery and the people over at Paramount are at a very early stage, I am told. So is the air of desperation for both parties and the media industry in general.

If you havent noticed, this isnt a great time to be running a media company. For now, Comcast makes a lot of money, combining cable and broadband with NBCUniversals various programming. But its stock is well off its highs.

Investors are calculating weak earnings growth from crappy ad revenues, cord-cutting and a lot more. Comcasts cable business is sputtering. People arent going to the movies, and its streaming service, Peacock, lost $3 billion this year.

Yikes!

Disney is an even bigger train wreck. CEO Bob Iger probably wishes he was back on the beach instead of pitching his studios increasingly insipid programming. Likewise, his streaming service is equally a disaster, and no one believes his wokeness (transgender greeters at Disney parks and same-sex kissing scenes in animated movies) is going to help the bottom line.

Disney+ has lost $11.4 billion since inception in 2019.

Double yikes!

As CEO of Warner Bros. Discovery, the aforementioned Zas is doing a great job (under difficult circumstances) of combining WarnerMedia and Discovery. Hes streamlining and getting rid of merger debt. He has $5 billion in free cash flow to buy stuff. His stock is up nicely from its post-merger lows when investors bet Zas would be drowning in red ink.

Yet some red is still there in the form of debt $40 billion of it. His streaming service barely breaks even (as if thats a good thing), meaning he might be running a business slowly on the verge of doomsday.
One already there is Paramount, or course. Its difficult to know where to begin in describing this mess. If current trends continue, the companys streaming service could lose close to $2 billion this year on a market cap of around $10 billion. (By comparison, Comcasts $3 billion in streaming losses comes on a market value of $177 billion.)

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Paramounts programming has been described as a melting ice cube. CBS has an NFL rights deal, but the costs are huge, and in an era of cord-cutting, even Sunday football is a ratings challenge as a younger generation watches games on their phones instead of TV.

It has a large studio in Paramount, but it loses money. It also has $15 billion in debt and scrounges to generate cash to pay bondholders, according to the ratings agency S&P.

So why does Zaslav (allegedly) want this POS? Hes a dealmaker first and foremost. Hes considered particularly adept at integrating businesses, a skill honed as a long-time executive of NBCUniversal, then owned by General Electric.

Then, GE was led by Jack Welch, also known as Neutron Jack. Zaslav, a Welch protg, has cut lots of costs and hes not finished. He also likes parts of the business (Paramount Studios and its library among them) and Paramount is desperate to sell.

Most analysts, like LightSheds Rich Greenfield, are skeptical. This is bulls–t, he tells me, noting that Zas would still be paying billions for that melting ice cube. Greenfield points to weeks of leaks about potential suitors presumably from Paramounts desperate bankers with no concrete deal on the table.

Meanwhile, Zas has held only very preliminary talks, which also shows some hesitancy. Much of it is centered on buying the interest of Shari Redstone, who controls Paramount and its various assets (CBS, MTV, a studio) through National Amusements, the holding company created by her late father, media mogul Sumner Redstone.

Her stake is worth at most $2 billion, which is less than the deal price for the whole thing, though its unclear how that translates into shareholder value.

If he does pull the trigger, Zas will be solving Redstones and Paramounts long-term problems she obviously needs to unload the melting ice cube to preserve some semblance of her inheritance but not his own.  Im told he knows the media business is coming apart, for all the reasons I outlined.

Zas also knows buying Paramount and successfully integrating it inside Warner Bros. Discovery is only delaying the market reaction to his (and Big Medias) own inevitable moment of truth.

People who know Zas say his endgame is something grander: To ultimately team with Big Tech, which has the money and is becoming the ultimate distributor of programming.

But first he needs to buy some time maybe buying Paramount with a successful integration does that and then praying for a change in DC, from the deal-hating Biden lefties who would block Big Tech from getting bigger.

Donald Trump, if hes the next president, wasnt so deal-friendly either (recall his unsuccessful lawsuit to block the AT&TTime Warner tie-up). But the regulatory types appointed by Trump will be much more free market than any of the apparatchiks in the Biden administration. And any free-market type will tell you the media businesss only real long-term solution is Big Tech.

Warner Bros. Amazon here we come or so Zas hopes.

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Liam Gallagher hits out at Edinburgh council after Oasis fans branded ‘rowdy’

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Liam Gallagher hits out at  Edinburgh council after Oasis fans branded 'rowdy'

Liam Gallagher has criticised a Scottish council for suggesting Oasis fans were “drunk, middle-aged and fat”.

The remarks were revealed following a freedom of information request that was sent to Edinburgh council – ahead of the band’s three sold-out shows in Scotland this August.

The documents expressed concerns that the Oasis Live ’25 tour would clash with the Edinburgh Festival Fringe – the world’s largest performance arts festival.

Liam Gallagher (left) and Noel Gallagher (right). Pic: PA.
Image:
Liam Gallagher (left) and Noel Gallagher. Pic: PA

One note warned that there would be a “substantial amount of older fans”, and that because “middle-aged men take up more room”, age and size should be considered in crowd control planning.

Another note suggested “medium to high intoxication” should be expected at the concert.

An additional remark said there was some “concern about crowds of Oasis on weekends as they are already rowdy, and the tone of the band”.

The Fringe is considered one of the world's largest performance arts festivals, with millions of attendees expected in August. Pic: PA.
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The Fringe is one of the world’s largest performance arts festivals. File pic: PA

It also expressed concern for the “safety” at the Edinburgh Fringe – including for its performers.

“Many performers are considering not attending for that weekend,” one note read.

Liam Gallagher was not impressed – and left the following message for the council on his social media.

“To the Edinburgh council I’ve heard what you said about Oasis fans and quite frankly your attitude f****** stinks I’d leave town that day if I was any of you lot.”

In a second post, he said: “I’d love to see a picture of all the people on the Edinburgh council bet there’s some real stunning individuals.”

Liam Gallagher. Pic: AP.
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Liam Gallagher said the council’s attitude towards fans ‘stinks’. Pic: AP

David Walker, from the Oasis Collectors Group, has described the comments as “a nasty, sneering stereotype”.

“It’s a jaundiced view,” he added.

Local councillor Margaret Graham said that it is usual practice for the council to “prepare extensively” for major city events.

The culture and communities convener also said: “We’re very proud to host the biggest and best events in Edinburgh throughout the year, which bring in hundreds of millions of pounds to the local economy and provide unparalleled entertainment for our residents and visitors.

“As with any major event which takes place in the city, we prepare extensively alongside our partners to ensure the safety and best possible experience of everyone involved – and Oasis are no different.”

Noel Gallagher (L) and Liam Gallagher (R) at Wembley Stadium in 2008. The brothers will be back in Wembley for their upcoming concerts.
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Noel Gallagher (left) and Liam Gallagher at Wembley Stadium in 2008. Pic: PA

Around 210,000 fans are expected to attend the three Edinburgh gigs.

Oasis made their comeback announcement in August last year – ahead of the 30th anniversary of their debut album Definitely Maybe, released on 29 August 1994.

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Liam and Noel Gallagher’s return also marks 15 years since the last time the brothers performed together before their infamous fallout – which was prompted by a backstage brawl before a Paris festival in August 2009.

Liam damaged one of his elder brother’s guitars, causing Noel to dramatically quit – ending the partnership that had propelled them to fame and fortune.

“It is with some sadness and great relief… I quit Oasis tonight,” Noel later said in a statement. “People will write and say what they like, but I simply could not go on working with Liam a day longer.”

The feud continued over the years, with the pair exchanging insults publicly – Liam on social media, Noel more when asked about his brother in interviews – but reportedly never speaking in person.

When his documentary As It Was was released in 2019, Liam told Sky News he had wanted to “break [Noel’s] jaw” after he apparently refused permission for Oasis music to be featured in the film.

But after 15 years, they have now made amends – giving thousands of Oasis fans the chance to see them play live once again.

Their top hits include Wonderwall, Don’t Look Back In Anger, Stand By Me, Lyla and The Importance of Being Idle.

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NASCAR’s Mexico City Cup race hits travel snags

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NASCAR's Mexico City Cup race hits travel snags

MEXICO CITY — Shane Van Gisbergen was buckled into his seat ready to head to Mexico City for NASCAR’s first international Cup Series race of the modern era when a loud “BOOM!” suddenly forced the pilot to abort takeoff.

There was an engine issue with the chartered flight in North Carolina, and Van Gisbergen and most of Trackhouse Racing suddenly found themselves stranded. In fact, two NASCAR charters had issues Thursday that delayed the arrivals of crew members and drivers for at least five teams.

They all arrived safely Friday morning — some teams drove to Atlanta to catch commercial flights — while others awaited a new morning charter.

“Yeah, it wasn’t real fun. Yesterday was a long day,” Van Gisbergen said once in Mexico City. “Pretty scary when the plane launched itself on take-off. They stopped and were trying to just get another plane. And then it was first thing this morning, so early start this morning. I think we got up at 3:30 a.m. at home and got on an early flight down here.”

It was a bumpy start to the first points-paying Cup Series race outside the United States as the entire Friday schedule had to be revamped to accommodate the stranded teams. And with team personnel missing for some organizations, reinforcements were called in to help: The communications director for Trackhouse had to help unload the team cars off the haulers.

The trucks came directly from last Sunday’s race in Michigan and arrived at the Mexico City track on Thursday.

“Due to two aircraft issues that grounded multiple race teams in Charlotte, N.C., on Thursday, NASCAR has adjusted the on-track schedule for this weekend’s activities at Mexico City’s Autódromo Hermanos Rodríguez,” NASCAR said in a statement.

NASCAR delayed Friday’s originally planned Cup Series practice to later in the afternoon. NASCAR also pushed all Xfinity Series practice sessions from Friday to Saturday. And the first of two NASCAR Mexico Series races were moved to early Friday instead of their late Friday schedule.

The Xfinity Series will lose some practice time, with just one 50-minute session on Saturday morning, right before qualifying. There are other slight adjustments as well, but Cup teams will not lose any practice.

Van Gisbergen was rolling with the delay.

“You can’t predict that kind of stuff happening. There’s so many moving parts,” he said. “Everyone’s down here now. I think it’s all the important people, I guess, needed for [Friday] , so I think they’ve done a good job salvaging it.

“I guess it’s a big deal when you think about it, but I’m not really too fussed about it,” he continued. “I’m already focused on [racing]. Obviously not ideal, but it happened and we fixed it.”

Truex gets a shot

It’s been 11 years since Ryan Truex raced in the Cup Series but he gets another start Sunday as the replacement for Denny Hamlin in Mexico City.

Truex is a reserve driver for Joe Gibbs Racing and has been in a holding pattern the past three weeks as Hamlin awaited the birth of his son. Hamlin didn’t have to get out of the car at Nashville or Michigan, but the baby finally arrived Wednesday and Hamlin opted to skip this weekend to care for his family of five.

Truex got the call the same evening to wheel the high-profile No. 11 Toyota. The younger brother of former Cup Series champion Martin Truex Jr. has 26 career Cup starts but none since 2014.

Martin Truex won an Xfinity Series race in 2005 in Mexico City, something he reminded his younger brother of when he told him he got the call.

“I texted him this week when I found out, and he said, ‘You know, the Truexes are 1-for-1 in Mexico,’ so no pressure,” Ryan Truex said Friday. “I’m glad he could throw that at me.”

Hamlin, a three-time winner this year, requested and was granted a waiver by NASCAR officials to retain his eligibility for the Cup Series Playoffs.

Truex does have recent seat time as the 33-year-old was a fill-in option in practice for Tyler Reddick of fellow Toyota team 23XI Racing during Coca-Cola 600 practice. Still, the waiting game to see if he was needed and getting ready for an international trip has been a whirlwind.

“It’s been a crazy few weeks — especially since Charlotte, I’ve been on standby,” he said. “I’m glad it is at a track where I can practice and have time and know what to do to. It has been kind of chaotic getting here and putting all of that together, but I’m just grateful for the experience and grateful to be here.

“I don’t really have any set goals or expectations — I just want to enjoy the weekend. I’m driving a Cup car for Joe Gibbs at an international race – this is not something I ever dreamed of doing, so I just want to take it all in and have a good time.”

Truex said that every time he received a text from Hamlin crew chief Chris Gayle the last month, his heart began to race as he wondered if this was the call.

He’s thankful for his time in a reserve role with Gibbs after a miserable time in Cup a decade ago. Truex is hoping to use Sunday as a springboard to regular racing.

“My last time in Cup was not a fun experience. It didn’t go well for me. I didn’t enjoy it,” Truex said. “That was probably not the right move for me, career-wise, and I’ve kind of been fighting back since then. I enjoy everything I do at JGR. I’ve been able to race part-time the last couple of years, and do all of this stuff away from the track.”

Elevation training

NASCAR drivers will face one of the biggest challenges of their career racing at Autódromo Hermanos Rodríguez, which sits at an elevation of nearly 7,500 feet. The next highest track on the Cup circuit in terms of elevation is Las Vegas Motor Speedway at about 2,000 feet above sea level.

To prepare its drivers for the altitude, Toyota launched a comprehensive training program months ago that had its drivers wearing a mask that simulates less oxygen while training and even sleeping in a hypoxic tent.

Reddick was among those who slept in a tent to adjust to the higher altitude and mitigate potential symptoms of altitude sickness.

“One side effect of it is my wife hasn’t been super happy about me sleeping in a hypoxic environment, especially at the later stages of her pregnancy,” said Reddick, whose wife delivered the couple’s second child May 25.

The tent idea was devised after JGR driver Christopher Bell asked Toyota what would be done to help maintain maximum performance in the high altitude.

“We started that early in the season, just talking and getting a plan together, making sure we’re prepared for it,” Bell said. “I’m proud of everyone at Toyota, the Toyota Performance Center. Caitlin Quinn has really headed up the department of physical fitness and made sure we’re ready for this challenge. Hopefully, the Toyota drivers are the ones that are succeeding.”

The program was devised by Caitlin Quinn, director of performance for the Toyota Performance Center in Mooresville, North Carolina. She was a strength coach at Florida State University before joining Toyota Performance Center.

Quinn helped drivers learn to perform in a lower oxygen environment when they’re resting, as well as exercise in an environment with less oxygen. Toyota enclosed a space in its center with a bicycle inside it for drivers to ride in a lower oxygen setting.

Quinn said Toyota starting implementing those programs about eight weeks ago for drivers.

“It is different sleeping in a hypoxic environment,” Reddick said. “I’ve noted the changes so far, and I’m excited to see what it’s going to be like.”

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Hamlin to miss Mexico City race after birth of son

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Hamlin to miss Mexico City race after birth of son

MEXICO CITY — Denny Hamlin will miss NASCAR’s first international race of the modern era to remain in North Carolina following the birth of his child.

Ryan Truex will replace him Sunday in Mexico City.

“See you guys in Pocono,” Hamlin posted on social media. “We are happy to announce the birth of our son. Everyone is doing well. My main priority is to be here at home for Jordan and our family over the next few days when she is able to go home and we transition to life as a family of five.”

Hamlin and fiancee Jordan Fish now have three children, two daughters and a son born Wednesday. Hamlin had been on baby watch the last 12 days as Fish went nearly two weeks past her predicted due date.

He had planned to get out of the car at Michigan last Sunday if she went into labor early in the race, but when the first stage passed with no word, he went on to score his third win of the season. The victory was the 57th of his career and made him the all-time winningest driver at Joe Gibbs Racing.

Through 15 races this season, Hamlin ranks third in the overall Cup Series standings.

Truex, younger brother of former JGR full-time driver Martin Truex Jr., is Gibbs’ reserve driver. His last Cup Series start was in 2014 and he has 26 starts at NASCAR’s top level.

Hamlin will need NASCAR to grant him a waiver to be eligible to compete in the playoffs for the Cup Series championship. NASCAR during the offseason tightened the rules for granting waivers, but said it would permit a driver skipping an event for the birth of a child.

The 44-year-old Hamlin will snap his streak of 406 consecutive starts. Hamlin last missed a race in 2014 at California Speedway because of an eye irritation.

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