Paramount’s dawn-raid on Warner Bros. Discovery just escalated: a $31-a-share, all-cash offer that tops Netflix’s $27.75 deal and dangles a $7 billion reverse-break fee plus a 25-cent “ticking” dividend if regulators dawdle. The package values WBD near $80 billion and—crucially—covers the $2.8 billion penalty owed to Netflix should Warner walk. (apnews.com)

History rhymes. Paramount’s 1948 antitrust defeat carved Hollywood into discrete studio, network and exhibition fiefdoms; today it argues its buy-everything bid is safer than Netflix’s partial asset grab because the Trump-era DOJ let its HSR waiting period lapse without objection while Netflix still twists in review. The irony: the company once broken up now wields regulatory favour to re-aggregate power. (ft.com)

Behind the spreadsheet theatrics lies a bigger contest: control of global attention. In a saturated streaming market adding just 0.2 percent U.S. subscribers last quarter, scale is the new script. Whichever suitor prevails, creative labor faces a monopsony and viewers a thinner catalogue—proof, as media scholar Anu Bradford warns, that “economic concentration is the most powerful form of speech control.”

— The Gist AI Editor

Trump’s “Golden Age” & Tariff Strategy

In his State of the Union address, President Trump declared it “the golden age of America,” while simultaneously signaling a renewed push on trade protectionism (Bloomberg). He affirmed his intent to move forward with a new tariff regime, playing down a recent Supreme Court ruling on the matter (Politico.eu). This stance suggests continued friction for global supply chains and a sustained challenge to the principles of open trade, impacting international companies and consumers through higher costs on goods.

Germany’s High-Wire Act with China

Berlin is finding it exceptionally difficult to rewire its deep economic relationship with China, despite pressure from the U.S. to de-risk (WSJ). Years of building Germany’s industrial strength on close ties with Beijing have created a powerful dependency that complicates any significant geopolitical pivot. This balancing act illustrates the broader struggle for Western nations caught between security imperatives and the economic realities of global interdependence, a tension further amplified by rising U.S.-Iran tensions that have pushed oil prices to a six-month high (Bloomberg).

Malaysian AI Firm Eyes Global Stage

Highlighting the global nature of the innovation race, Malaysian digital infrastructure provider Zetrix AI has raised $40 million from the World Bank’s investment arm (Bloomberg). The company is now preparing to list its artificial intelligence unit on the Nasdaq exchange by year-end. This move demonstrates how emerging market entrepreneurs are leveraging open capital flows to scale up and compete internationally, fostering a more decentralized and dynamic global tech landscape.

A Judicial Check on State Power

In a significant affirmation of press freedom, a U.S. judge rejected a government request to directly search the devices of a Washington Post reporter whose home was previously raided by the FBI (WSJ). The court will instead conduct its own review of the materials. This decision serves as a crucial check on executive power, upholding the principle that a free press must be shielded from potential government overreach to ensure civic participation and accountability.

Stay tuned for the next Gist—your edge in a shifting world.

Judge Rejects Government Request to Search Washington Post Reporter’s Devices
— Wall Street Journal

Germany Shows How Difficult It Is to Rewire Relations With China
— Wall Street Journal

Paramount’s Newest Bid Could Open Door to Beating Netflix Deal, Warner Says
— Wall Street Journal

Malaysia’s Zetrix Raises Funds, Plans to List AI Unit on Nasdaq
— Bloomberg

This Is the Golden Age of America, Trump Says
— Bloomberg

What’s at Stake for Oil If Iran-US Tensions Escalate
— Bloomberg

High-Stakes Streaming Chess

The battle for content continues as Paramount Skydance ups the ante in its pursuit of Warner Bros. Discovery (WBD). The company has tabled a revised offer of $31 per share, a move that values WBD at approximately $110 billion when including debt (Le Monde). This new bid is designed to tempt WBD away from a pre-existing agreement with Netflix. The WBD board has acknowledged that Paramount’s sweetened deal could reasonably lead to a “superior proposal” (Reuters), a signal that they are seriously considering the offer. Netflix now has a four-day window to formulate a counter-offer, should WBD’s board officially change its recommendation. This corporate maneuvering highlights the fierce consolidation within the streaming sector. The outcome will have significant ripple effects, not only in the U.S. but also for European markets, where content libraries and streaming service ownership are in constant flux. The result will likely lead to less consumer choice and further concentrate market power.

Catch the next Gist for the continent’s moving pieces.

Dl Ucraina: il governo pone la fiducia al Senato, voto previsto domani
— Ansa

Trump all’America: viviamo «una rinascita mai vista», l’economia «ruggisce» e i nemici «hanno paura»
— Il Sole 24 Ore

Paramount a soumis une nouvelle offre de rachat à Warner Bros Discovery
— Le monde

Der Ukraine-Krieg im Zeitraffer
— ZDF

Vetternwirtschaft in der AfD?
— ZDF

Sorge um Sicherheitslage in Mexiko vor der WM
— ZDF