Leave it to a merger between entertainment companies to have drama. Paramount Skydance launched an all-cash $108 billion hostile takeover bid for Warner Bros. Discovery yesterday, three days after Netflix announced a deal to buy WBD for $82.7 billion.

“We’re really here to finish what we started,” Paramount CEO David Ellison told CNBC, referencing the six bids his company made before Netflix’s offer was accepted, and making sure his words were as hostile as the takeover bid itself. Paramount is relying on more money for shareholders and what it sees as a more straightforward path to a green light from regulators to bolster its bid:

• Paramount’s offer is $30 per share in cash, and could reportedly go higher. Netflix made its deal at $27.75 per share in cash and stock.
• While Netflix only wants WBD’s streaming and studio businesses, Paramount wants it all.

The path to Hollywood runs through Washington

No matter which bid ultimately triumphs, a deal can only close if antitrust regulators sign off. The Netflix deal was already facing scrutiny, with President Trump saying Sunday that Netflix’s large market share “could be a problem.”

Paramount is perceived as more likely to get the nod. That’s partly because it lacks Netflix’s streaming dominance and partly because of who’s involved:

• Some of Paramount’s funding comes from Affinity Partners, an investment firm started by Trump’s son-in-law Jared Kushner. Sovereign wealth funds of Saudi Arabia, Abu Dhabi, and Qatar have also kicked in $24 billion, per Bloomberg—but they and Kushner would forgo any board voting rights, which could help push the deal through.
• Meanwhile, Ellison is the son of Oracle CEO Larry Ellison, an ally of Trump.

Market reaction: Netflix shares dropped more than 3% yesterday, while Paramount shot up 9%.

But…Paramount’s perceived pandering may be having the opposite effect. Semafor reports some officials in DC have expressed frustration at the notion that the Justice Department would favor the Ellison family.—DL

Trump announces $12 billion in aid for farmers amid trade war. The assistance—which President Trump says will be paid for with tariff revenue—includes up to $11 billion for one-time payments to farmers of crops included in the Agriculture Department’s new Farmer Bridge Assistance program, and the other $1 billion will be for commodities not included in that program. The help for farmers, a voting bloc that supported Trump in 2024, comes as many are squeezed by both low crop prices and the tariffs that Trump imposed—especially soybean farmers, as exports to China dropped to virtually zero.

Nvidia gets approval to sell H200 chips to China. The chipmaker secured permission from the Trump administration to sell the chip—its second most sophisticated AI processor—to “approved commercial customers” in China, as long as the US gets a 25% cut of the sales. The administration had previously barred such exports to China. Nvidia’s stock rose on the news. And China seems pleased as well, with President Trump posting to social media that Chinese President Xi Jinping “responded positively” to the idea.

One Battle After Another wins the fight for most Golden Globe nominations. The nominations for the big show before the Oscars were announced yesterday, and the Paul Thomas Anderson film dominated the field with nine nods. Joachim Trier’s Sentimental Value scored eight, and Ryan Coogler’s Sinners snagged seven. Notable snubs included Wicked: For Good in the best picture category (though its witches still got nominated for acting). On the TV side, Netflix and HBO got the most nods—that’s not unusual, but it feels significant since they may come together in a merger. Meanwhile, over in the new podcast category, political pods like Joe Rogan’s got shut out in favor of lighter fare, including Good Hang with Amy Poehler. The award show, hosted by Nikki Glaser, will be held on Jan. 11.—AR

The Supreme Court heard arguments yesterday in a momentous case that’ll decide to whom the president can say “you’re fired!” The case directly concerns President Trump’s removal of Democratic Federal Trade Commissioner Rebecca Slaughter over policy differences, but the verdict will determine the president’s power over dozens of independent government agencies.

SCOTUS already opted to let Slaughter’s sacking stand until it issues a ruling in her suit challenging the firing. And now, the court seems likely to make the removal permanent, as the Conservative justices appeared receptive to the administration’s arguments that presidents can’t exercise their full constitutional powers without the ability to remove agency leaders.

The justices permanently green-lighting the firing would overturn a 1935 landmark ruling known as Humphrey’s Executor, which allowed Congress to limit the president’s authority to dismiss leaders of independent federal agencies. The precedent’s proponents argue that it ensures that government regulators are led by bipartisan boards of experts, rather than party loyalists.

Who could get the boot?

A Trump win would enable future firings across the government, including at agencies such as the Nuclear Regulatory Commission and the Consumer Product Safety Commission.

But…it likely won’t affect Fed bosses, as the court indicated that the central bank might be exempt from the same level of presidential control as other agencies.

Looking ahead…a ruling in Trump v. Slaughter is expected by July.—SK

One of the main targets of President Trump’s trade war had other toys to play with in timeout: China’s annual trade surplus surpassed $1 trillion for the first time this year as it ramped up exports of semiconductors and vehicles to pretty much everyone but the US, China’s customs agency announced yesterday.

The country hit the milestone last month, making its trade surplus for the first 11 months of the year nearly 10% higher than its 2024 total. In November:

• China’s total exports climbed 5.9% from the same time last year despite a 29% plunge in US-bound shipments, the eighth straight month of double-digit declines.
• Other trading partners more than made up for the loss of some money from the US. Chinese exports to the EU grew by 15%—the most they’ve grown in more than three years—and goods shipped to Africa and Southeast Asia climbed by 28% and 8.4%, respectively.

Multi-edged sword: China’s export boom is powered by its weak currency, which makes its products more affordable abroad but constrains Chinese consumers’ purchasing power. The country’s economic growth relies heavily on foreign demand, which it’s struggling to change. Meanwhile, threatened by China’s growing export dominance, France is considering imposing tariffs if China doesn’t narrow its French trade surplus.—ML

It can’t wear a headset to help keep everything on track on the big day, or run interference with Aunt Sadie who must comment on everyone’s weight, but spouses-to-be are increasingly turning to Reddit to plan their weddings, the New York Times reports.

The largest wedding forum r/wedding dates back to 2008, which, as the newspaper points out, was a simpler time, when Instagram and Pinterest were mere twinkles in developers’ eyes and Say Yes to the Dress had only been on for two seasons to introduce the world to Pnina Tornai and her see-through corsets. But the subreddit experienced a major uptick in activity over the past year. According to the NYT:

• With 2025 not quite over yet, the forum has received 471 million views so far this year, six times what it got in 2024.
• The number of posts and comments has quadrupled since last year.
• Smaller wedding communities, including r/weddingplanning, r/Weddingsunder10k, and r/BigBudgetBrides have also seen a significant traffic spike.

One r/wedding moderator told the Times that the most common types of posts have shifted over time, with people now seeking emotional support more often than aesthetic recommendations. The moderator said many are also looking for tips to save cash, with threads initiated by big spenders frequently needing to get shut down due to negative responses.—AR