Former President Donald Trump faces a contempt charge and an ongoing investigation in New York. Letitia James, the New York State Attorney General, has asked a judge to outrage Trump for failing to turn over documents as part of the state’s civil investigation into his businesses. And Alvin Bragg, the Manhattan district attorney, has spoken publicly for the first time since taking office on his criminal investigation into Trump.
Energy funds are the best performers in the market this year. Equity funds rose 32% in the first three months of 2022, far outpacing the overall stock market, which fell nearly 5% in the first quarter.
A New Hollywood Giant Starts Rolling
Starting this afternoon, Netflix, Disney, Amazon and Apple will face a big new competitor in streaming, with Discovery and WarnerMedia’s mega-merger set to close, forming a new company called Warner Bros. Discovery. The combined group will have approximately 40,000 employees and nearly $50 billion in annual revenue.
The blockbuster deal brings together a major movie studio, responsible for franchises like Harry Potter and Batman, with television production units including TLC, HGTV and Food Network, and the CNN news network. Over time, the companies’ streaming services, HBO Max and Discovery+, are expected to combine into one platform.
Merger presents significant new challenges for David Zaslavwho has led Discovery for 15 years and will be CEO of Warner Bros. Discovery, and its new management team:
The merged company will assume $55 billion in debt and is under pressure to repay quickly.
He is committed to finding $3 billion in savingsespecially in overlapping business functions.
Cost reductions could come from layoffs. The merger has already resulted in a number of high-profile exits, including Jason Kilar, the head of WarnerMedia, and Ann Sarnoff, who ran Warner Bros.
“Omaha’s sociopathic grandfather. He’s enemy number one.
— Peter Thiel, the billionaire investor, on Warren Buffett of Berkshire Hathaway. Thiel was speaking at a Bitcoin conference in Miami, where he said Buffett, JPMorgan’s Jamie Dimon and BlackRock’s Larry Fink were among the key figures holding back cryptocurrencies.