Paramount Skydance on Monday launched a hostile bid worth $108.4 billion US for Warner Bros. Discovery, throwing a wrench into the deal with Netflix in a last-ditch effort to create a media powerhouse that would challenge the dominance of the streaming giant. Paramount submitted multiple offers starting in September to forge an entertainment powerhouse capable of challenging Netflix and tech giants such as Apple that have expanded into media but faced rejections.
BlackRock and Goldman Sachs-backed media startup Minute Media, which owns properties like Sports Illustrated, The Players' Tribune, and 90 Minutes, announced Monday that it is acquiring VideoVerse, an Indian AI startup that lets broadcasters extract highlights and create content from sports footage. VideoVerse's clients include the Indian Premier League and Women's Premier League Cricket tournaments, FIFA+, and broadcasters Nippon TV and Cubber TV.