Warner Bros. Discovery is pressing shareholders to oppose Paramount Skydance's hostile takeover offer, maintaining support for its original agreement with Netflix.

California

Warner Bros. Discovery has recommended that investors reject Paramount's $30 per share offer, arguing that it is less favorable and less certain than a competing deal with Netflix. The company highlighted concerns about Paramount's financing structure, including reliance on a revocable trust and the withdrawal of key equity backers such as Jared Kushner's Affinity.

Warner Bros. also noted that both the Paramount and Netflix deals are viewed as having similar prospects for regulatory approval. The company emphasized that Paramount's funding commitments are uncertain, especially as some previously announced backers have pulled out.

Warner Bros. urges investors to reject Paramount

So what is the thesis of Warner Brothers discovery as why the 30 dollar paramount is not living up to what's been offered elsewhere. So what Warner Brothers is saying is they reviewed the paramount 30 dollar a share offer. It's the same offer that Paramount had offered them two weeks ago when the board already deliberated and decided to go with Netflix. And in some ways they're saying this offer the tender offer is worse than what was initially offered. The logic is they don't view it as certain as the deal they already have signed with Netflix. And part of that has to do with the fact that Paramount has lined up. OK. Fifty four billion dollars of debt. But they also are going to need 40 billion dollars of equity. And as detailed in this 100 page filing that came out today Warner Brothers board says that they tried multiple times to get the Ellison's to make basically a personal commitment personally backstop the equity commitment. But they so Warner Brothers said refused to do that. They're using a revocable trust to backstop the commitment which Warner Brothers says is risky. You know assets could be moved in and out of it. What they want is something that looks a little bit more like what Elon Musk did in the Twitter deal which if you remember helped Twitter close that deal when Musk tried to back out of it. I mean fascinating that everywhere in our show it's questioning of Larry Ellison's financing for various things at the moment whether it's his son's bid for Warner Brothers discovery or whether it's his financing for future Oracle data center leases. It's interesting though also that others have been pulling back on the potential financing. Talk to us about what's happening with Jared Kushner's affinity. So yesterday we reported that Jared Kushner's affinity was pulling out of the equity commitment or the backing of the Paramount bid. And this kind of underscored some of the concern that the Warner Brothers board has around where all the equity is coming from because Paramount has said that it's lined up you know sovereign wealth funds across the Middle East as well as affinity as well as others to back the funding. And if those are falling through what does that mean. It's also interesting because Kushner's involvement there had been seen as maybe something that would help Paramount clinch this if you know he is the ally to Trump that Paramount needs to get this through regulators without him there. I mean it remains to be seen what that means. Warner Brothers has said that actually they view both the Paramount deal and the Netflix deal as on equal footing from a regulatory perspective. They say both can get through and we don't see any you know marginal risk or difference between the two of them. And so it's kind of a moot point I guess.

President Trump delivered remarks Wednesday night looking back at his first year back in office. Nancy Cordes reports.

Washington

Trump touts policies in year-end address

The United States on Wednesday (December 17) approved $11.1 billion in arms sales to Taiwan, marking the largest ever U.S. weapons package for the island, which is under increasing military pressure from China.

U.S. approves $11.1 billion arms package for Taiwan, largest ever

EU leaders will gather in the coming hours to vote on potentially using nearly 200 billion dollars in frozen Russian assets to support Ukraine. But it's a controversial and risky plan.

Brussels

EU leaders to vote on Ukraine loan backed by frozen Russian assets

Nick Reiner made his first court appearance on Wednesday since being arrested for the killings of his parents, Rob and Michele.

Los Angeles

Nick Reiner makes first court appearance since parents' deaths

Vladimir Putin said Russia would achieve its goals by diplomatic or military means and would seek to expand a “security buffer” zone in Ukraine.

Moscow

Ukraine Invasion

Putin warns Russia will extend gains in Ukraine if peace talks fail

Newly-released surveillance video shows Nick Reiner at a gas station convenience store just hours after he allegedly fatally stabbed his parents, Rob and Michele Reiner, and minutes before he was taken into custody.

New surveillance video shows Nick Reiner before his arrest

U.S. President Donald Trump announced on social media a "total and complete blockade of all sanctioned oil tankers" going in and out of Venezuela. Some details remain unclear, including when the order would be implemented and how many tankers could be involved.

Caracas

Trump orders blockade on Venezuela oil tankers

A man who allegedly opened fire on a Hanukkah celebration at Sydney's famed Bondi Beach has been charged with 59 offences, including murder and terrorism, New South Wales Police said.

Council of the City of Sydney

Accused Bondi Beach gunman formally charged with 59 offences

The Trump administration has issued a full travel ban on five more countries as well as people traveling on documents issued by the Palestinian Authority. It also imposed new limits on 15 other countries.

Trump expands travel ban, restrictions to include 20 new countries

Australia mourns victims of the Bondi Beach shooting – As police prepare charges against the surviving gunman.

Bondi Beach shooting: Funerals begin as investigation continues

Four days into the manhunt, law enforcement officials in Providence, Rhode Island, are still unable to publicly identify a suspect, despite a $50,000 reward and pleas for help.

Providence

Police release new images of person of interest in Brown shooting

Nick Reiner will be charged with two counts of first-degree murder with special circumstances for the killings of his parents, Rob Reiner and his wife Michele Singer Reiner, who were found dead in their home over the weekend, Los Angeles County District Attorney Nathan Hochman said.

Rob Reiner's son to be charged with first degree murder of parents

U.S. military actions in international waters near Venezuela are under scrutiny following a September 2nd strike on a boat the U.S. claimed was transporting drugs, though no evidence has been provided.

U.S. bombings in international waters face scrutiny over Venezuela

The U.S. military says it has conducted another series of deadly strikes on three alleged drug boats in the Eastern Pacific, killing eight people. CBS News congressional correspondent Nikole Killion reports on that and more from Capitol Hill.

U.S. hits three more alleged drug boats in the Pacific, killing eight

U.S. President Donald Trump has followed through on his threat to sue the BBC over a misleading video edit of a speech he made on January 6, 2021, and filed a lawsuit against the media corporation on December 15. He will be seeking 10 billion dollars in damages.

London

Trump sues BBC over misleading video editing of speech

Ukrainian President Volodymyr Zelenskyy says a proposal to end his country's nearly four-year war with Russia are "very workable" and could be finalized within days, but he warns key issues remain.

Kyiv

Zelenskyy says 'workable' peace plan could be presented to Russia soon

On December 16, the Paris labour court ruled on the long-running dispute between Kylian Mbappé and his former club, PSG. It ordered PSG to pay over 60 million euros to the player in unpaid wages and bonuses.

Paris

Mbappé to be awarded over 60 million euros by PSG, French court rules

Police say the alleged gunmen who opened fire at a Hanukkah celebration in Sydney's Bondi Beach had traveled to Mindanao in the Philippines last month, as investigators probe ties to extremist networks.

Bondi Beach

Islamic State link eyed after Bondi Beach gunmen's Philippine visit

Zelenskyy hails progress with the US during Berlin talks about security guarantees. Europeans vow to protect Ukraine, including via military means, against Russia in the future. But disagreements over territories remain.

Berlin

EU vows to assist Ukraine against future Russia attack at Berlin talks

Australia's prime minister said a mass shooting at a Hanukkah celebration at Bondi Beach appears to have been motivated by ISIS ideology. Meanwhile, mourners flocked to the site to lay flowers and grieve for the people killed, including a 10-year-old child.

Bondi Beach shooting motivated by ISIS ideology: Australian PM

Four people have been arrested in California - charged with plotting a series of bombing attacks on multiple targets on New Year's Eve.

FBI arrests four over alleged New Year’s Eve bomb plot in California

Police in Rhode Island are searching for a new person of interest following Saturday’s deadly shooting at Brown University. Investigators say the case remains active as authorities work to determine a motive.

New person of interest sought in Brown University shooting

The son of filmmaker Rob Reiner was arrested on homicide charges after the director of beloved movies like "When Harry Met Sally ..." and his wife were found dead in their Los Angeles home, a police official said on Monday.

Rob Reiner's son arrested after director and wife found dead

A jury found Brian Walshe guilty of first-degree murder in the death of his wife Ana on New Year's Day in 2023 in their Massachusetts home. Legal analyst Jennifer Roman joins with more details.

Boston

Brian Walshe found guilty of first-degree murder in wife's death

Hong Kong's High Court on Monday (December 15) found pro-democracy campaigner Jimmy Lai guilty of conspiracy to collude with foreign forces and to publish seditious material under a China-imposed national security law that could see him jailed for life.

Hong Kong Island

Hong Kong court finds Jimmy Lai guilty in landmark security trial

Ukrainian President Volodymyr Zelenskyy and U.S. negotiators are meeting in Berlin. As the U.S. grows increasingly pressed to end the four-year war, the peace negotiations continue, with territorial concessions to Russia remaining the "sticking point" for Ukraine.

Zelenskyy offers to drop NATO bid for security guarantees

Police have released a person of interest who was detained in a shooting at Brown University. Two students were killed and at least nine others were injured in the Saturday attack. Tom Hanson spoke with students about the shooting.

Police release person of interest in shooting at Brown University

Ukraine’s President Volodymyr Zelenskiy proposed abandoning NATO ambitions in exchange for Western security guarantees during peace talks in Berlin. The move marks a major shift as Kyiv seeks to end the war with Russia without ceding territory.

Ukraine offers to drop NATO bid at Berlin peace talks

Rob Reiner and his wife, Michele, were found dead Sunday in their Los Angeles home, sources told CBS News, in what police called an apparent homicide. Rob Reiner was 78 and Michele Reiner was 68.

Brentwood

Director Rob Reiner and his wife found dead in their L.A. home

Far-right candidate Jose Antonio Kast wins Chile's presidential run-off, after defeating his leftist opponent.

Breakdown