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Stock impact report

Democrats call for review of Paramount's Middle Eastern financial backers [Los Angeles Times (CA)]

Warner Bros. Discovery, Inc. - Series A (WBD) 
In a letter this week to Federal Communications Commission Chairman Brendan Carr, seven U.S. senators criticized Carr's suggestion that Paramount's $111-billion bid for Warner Bros. Discovery, backed by billionaire Larry Ellison and his family, was on a fast track to receive FCC approval with scant oversight. Such complicated mergers typically receive an intense government review. The proposed merger would combine two legendary film studios, dozens of cable channels, HBO, CBS and two major news organizations CNN and CBS News. Ellison and his son, David, who chairs Paramount, are friendly with President Trump, who has long agitated for changes at CNN, which is slated to be absorbed by Paramount. The company has said it expects to complete the deal by the end of September. The Democrats expressed concerns that the fix may be in. Trump's Justice Department has been reviewing whether the merger would violate U.S. anti-trust laws but a key deadline passed last month without commen Show less Read more
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