Entertainment
Warner Bros rebuffs Paramount's merger offer
Warner Bros has rebuffed Paramount’s takeover approach due to initial offers being too low, according to a Bloomberg report. People close to the matter told Bloomberg that Warner Bros rejected Paramount’s offer of around US$20 per share in recent weeks. Paramount is exploring multiple avenues in its pursuit of Warner Bros, including increasing its offer, appealing directly to shareholders, or securing extra support from a financial partner. David Ellison now leads Paramount after taking over in August after following a $8 billion merger with his film production company Skydance Media. Paramount has also been in alternative talks with asset manager Apollo Global Management. While not directly speaking on the potential Warner Bros merger, Ellison made a case for more industry mergers at the Bloomberg Screentime conference. He said his interest was in making more films and TV shows to boost subscriptions for the Paramount+ streaming service. At the time of writing, Warner Bros (NASDAQ: WBD) shares were down 3.32% to $17.10, and Paramount (NASDAQ: PSKY) shares were down 5.40% to $17.
Trump renews threat to tariff foreign-made films
United States President Donald Trump has renewed his threat to add a 100% tariff on films made outside the U.S., as he continues to announce sweeping new tariffs. Trump previously said the U.S. would impose tariffs on films in May. He has not offered details on how this would be implemented. “Our movie making business has been stolen from the United States of America, by other Countries, just like stealing ‘candy from a baby,’” wrote Trump on Truth Social. “Therefore, in order to solve this long time, never ending problem, I will be imposing a 100% Tariff on any and all movies that are made outside of the United States.” Global film and television production spending increased by US$16.2 billion in 2024 after the 2023 strikes by U.S. actors’ union SAG-AFTRA and the Writers Guild of America, according to a ProdPro report. Spending fell below pre-strike levels in the year’s second to fourth quarters, however. Production spending in the U.S. dropped by 26% from 2022 to 2024. California raised its film tax credit from $330 million to $750 million in July, in a bid to encourage film production in the state. The U.S. film industry reported a $15.3 billion trade surplus in 2023, including a positive trade balance in eve
US sues Ticketmaster for illegal ticket resale methods
The United States Federal Trade Commission (FTC) and seven states have sued Live Nation and its parent Ticketmaster for working with brokers who illegally buy and resell tickets. The suit alleges that Live Nation and Ticketmaster coordinated with brokers buying large amounts of tickets, and then resold these tickets “at a substantial markup”. The FTC also argued that these companies advertised deceived consumers by advertising lower ticket prices than buyers could pay. “American live entertainment is the best in the world and should be accessible to all of us. It should not cost an arm and a leg to take the family to a baseball game or attend your favourite musician’s show,” said FTC Chair Andrew N. Ferguson. The states suing alongside the FTC include Illinois, Virginia, Florida, Tennessee, Colorado, Nebraska, and Utah. According to the suit, Ticketmaster has charged consumers hidden fees on every ticket sale, which can represent as much as 44% of the ticket price. “In Ticketmaster’s own words, Defendants have taken a ‘bait and switch approach’ to advertising ticket prices, employed specifically to create a ‘lift’ in ticket sales,” the lawsuit said. Ticketmaster and Live Nation also knowingly allow brokers to exceed