BUSINESS

INCREASED PROFITS FOR SIEMENS AS SOFTWARE DEMAND BOOMS

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German industrial giant Siemens said Thursday its quarterly profits jumped sharply, driven by demand for production software as well as the "boom" in artificial intelligence and customers upgrading power grids.

PARAMOUNT GLOBAL FACES $43 BILLION ALL CASH OFFER FROM APEX CAPITAL TRUST

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Apex Capital Trust has made a bold move by offering to acquire Paramount Global for up to $43 billion in an all-cash deal. This comes amid ongoing merger discussions between Paramount and Skydance Media, led by David Ellison. Apex’s bid includes $35 per share for Paramount’s Class A voting shares and $23.28 per share for Class B non-voting shares, representing a 33% premium over recent stock prices.

WARNER BROS. DISCOVERY TAKES $9.1 BILLION HIT AS LINEAR TV NETWORKS LOSE VALUE

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In a sobering sign of the challenges facing traditional television, Warner Bros. Discovery reported a massive $9.1 billion impairment charge related to the devaluation of its linear TV networks. This non-cash, pre-tax charge came after the company's asset reevaluation accounted for the difference between the "fair value" and "book value" of networks like Food Network, HGTV, Discovery, CNN, TNT, TBS, and Cartoon Network/Adult Swim.

META PLATFORM AGREES TO $1.4 BILLION SETTLEMENT WITH TEXAS OVER BIOMETRIC PRIVACY LAWSUIT

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Meta Platforms, the parent company of Facebook, has agreed to pay $1.4 billion to Texas to settle a lawsuit accusing the tech giant of illegally using facial-recognition technology to collect biometric data from millions of Texans without their consent. The settlement, announced on Tuesday, is the largest ever by a single state, according to Texas' legal team, which included the plaintiffs' firm Keller Postman.

DISNEY HITS PROFITABILITY MILESTONE AS "INSIDE OUT 2" DRIVES SUCCESS

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In a landmark quarter for The Walt Disney Company, its streaming platforms Disney+, Hulu and ESPN+ have turned profitable for the first time, marking a significant milestone in the company's digital strategy. This achievement comes a quarter earlier than anticipated, driven by the blockbuster success of Pixar's "Inside Out 2" and overall strong performance across Disney's entertainment segment.

MCDONALD'S VOWS TO WIN BACK CONSUMERS AS PROFITS FALL

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Fast food giant McDonald's vowed Monday to win back consumers with better value offerings after it reported a rare sales decline that the company partly attributed to an exodus of inflation-weary low-income consumers.

SONY DECLINES BID FOR PARAMOUNT GLOBAL AMID SKYDANCE MERGER

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Sony has officially decided not to submit a new bid for Paramount Global, choosing not to counter the ongoing merger between Paramount and Skydance Media. Sony Group President, COO, and CFO Hiroki Totoki announced during a recent earnings call that acquiring Paramount does not align with Sony’s strategic or financial plans.

WARNER BROS DISCOVERY SUES NBA OVER REJECTED MEDIA RIGHTS BID

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Warner Bros Discovery (WBD.O) and its sports division, Turner Broadcasting System, filed a lawsuit on Friday against the National Basketball Association (NBA) in New York, challenging the league's refusal to accept its matching bid for media rights. The media company contends that the NBA's decision violates its agreement with Turner Broadcasting.