Paramount Global Announces Redemption of its 4.750% Senior Notes due May 2025Applied Optoelectronics Filed a Patent Infringement Lawsuit Against Accelight Technologies, Inc. (ATI)NRG Energy Inc. stock outperforms competitors on strong trading day
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Uber Has Ranked 15 Aussie Cities From Best To Worst Riders So Let The Petty Fighting BeginFacebook Twitter WhatsApp SMS Email Print Copy article link Save WASHINGTON — A top White House official said Wednesday at least eight U.S. telecom firms and dozens of nations were impacted by a Chinese hacking campaign. Deputy national security adviser Anne Neuberger offered new details about the breadth of the sprawling Chinese hacking campaign that gave officials in Beijing access to private texts and phone conversations of an unknown number of Americans. Neuberger divulged the scope of the hack a day after the FBI and the Cybersecurity and Infrastructure Security Agency issued guidance intended to help root out the hackers and prevent similar cyberespionage in the future. White House officials cautioned that the number of telecommunication firms and countries impacted could grow. Hammonton police sergeant accused of failing drug test, stealing drugs from evidence room Mays Landing man charged in hit-and-run that injured man, killed dog in Absecon $680,000 Atlantic City charter bus purchase mostly covered by state, Small says Pleasantville man accused of murdering girlfriend Mainland Regional falls to Old Tappan in state final Atlantic County Sheriff's Office warns of new scam Everything you need to know about Mainland Regional's state title game 4 Bridgeton men indicted in alleged sex trafficking ring Wonderland developer to pitch vision again Wednesday at Ocean City Tabernacle Atlantic City mayor waives first appearance on witness tampering charge Holy Spirit overcomes rain, mud, Atlantic City to win Thanksgiving rivalry, clinch WJFL division Northfield Councilman Leeds resigns, citing concerns over Mayor Chau's criminal charges 19 arrested following street operations in Atlantic City Some Atlantic City casino workers call on union boss to resign for opposing a smoking ban Mays Landing man busted for meth The U.S. believes the hackers were able to gain access to communications of senior U.S. government officials and prominent political figures through the hack, Neuberger said. “We don’t believe any classified communications has been compromised,” Neuberger added during a call with reporters. She added that Biden was briefed on the findings and the White House “made it a priority for the federal government to do everything it can to get to the bottom this.” US officials recommend encrypted messaging apps amid "Salt Typhoon" cyberattack, attributed to China, targeting AT&T, Verizon, and others. The Chinese embassy in Washington rejected the accusations that it was responsible for the hack Tuesday after the U.S. federal authorities issued new guidance. “The U.S. needs to stop its own cyberattacks against other countries and refrain from using cyber security to smear and slander China,” embassy spokesperson Liu Pengyu said. The embassy did not immediately respond to messages Wednesday. White House officials believe the hacking was regionally targeted and the focus was on very senior government officials. Federal authorities confirmed in October that hackers linked to China targeted the phones of then-presidential candidate Donald Trump and his running mate, Sen. JD Vance, along with people associated with Democratic candidate Vice President Kamala Harris. By DAVID KLEPPER - Associated Press The number of countries impacted by the hack is currently believed to be in the “low, couple dozen,” according to a senior administration official. The official, who spoke on the condition of anonymity under rules set by the White House, said they believed the hacks started at least a year or two ago. The suggestions for telecom companies released Tuesday are largely technical in nature, urging encryption, centralization and consistent monitoring to deter cyber intrusions. If implemented, the security precautions could help disrupt the operation, dubbed Salt Typhoon, and make it harder for China or any other nation to mount a similar attack in the future, experts say. Trump's pick to head the Federal Bureau of Investigation Kash Patel was allegedly the target of cyberattack attempt by Iranian-backed hackers. Neuberger pointed to efforts made to beef up cybersecurity in the rail, aviation, energy and other sectors following the May 2021 ransomware attack on Colonial Pipeline . “So, to prevent ongoing Salt Typhoon type intrusions by China, we believe we need to apply a similar minimum cybersecurity practice,” Neuberger said. The cyberattack by a gang of criminal hackers on the critical U.S. pipeline, which delivers about 45% of the fuel used along the Eastern Seaboard, sent ripple effects across the economy, highlighting cybersecurity vulnerabilities in the nation’s aging energy infrastructure. Colonial confirmed it paid $4.4 million to the gang of hackers who broke into its computer systems as it scrambled to get the nation's fuel pipeline back online. Picture this: You're on vacation in a city abroad, exploring museums, tasting the local cuisine, and people-watching at cafés. Everything is going perfectly until you get a series of alerts on your phone. Someone is making fraudulent charges using your credit card, sending you into a panic. How could this have happened? Cyberattacks targeting travelers are nothing new. But as travel has increased in the wake of the COVID-19 pandemic, so has the volume of hackers and cybercriminals preying upon tourists. Financial fraud is the most common form of cybercrime experienced by travelers, but surveillance via public Wi-Fi networks, social media hacking, and phishing scams are also common, according to a survey by ExpressVPN . Spokeo consulted cybersecurity sources and travel guides to determine some of the best ways to protect your phone while traveling, from using a VPN to managing secure passwords. Online attacks are not the only type of crime impacting travelers—physical theft of phones is also a threat. Phones have become such invaluable travel aids, housing our navigation tools, digital wallets, itineraries, and contacts, that having your phone stolen, lost, or compromised while abroad can be devastating. Meanwhile, traveling can make people uniquely vulnerable to both cyber and physical attacks due to common pitfalls like oversharing on social media and letting your guard down when it comes to taking risks online. Luckily, there are numerous precautions travelers can take to safeguard against cyberattacks and phone theft. Hackers can—and do—target public Wi-Fi networks at cafés and hotels to gain access to your personal information or install malware onto your device, particularly on unsecured networks. Travelers are especially vulnerable to these types of cybersecurity breaches because they are often more reliant on public Wi-Fi than they would be in their home countries where they have more robust phone plans. This reliance on public, unsecured networks means travelers are more likely to use those networks to perform sensitive tasks like financial transfers, meaning hackers can easily gain access to banking information or other passwords. One easy way to safeguard yourself against these breaches is to use a virtual private network, or VPN, while traveling. VPNs are apps that encrypt your data and hide your location, preventing hackers from accessing personal information. An added bonus is that VPNs allow you to access websites that may be blocked or unavailable in the country you are visiting. To use a VPN, simply download a VPN app on your phone or computer, create an account, choose a server, and connect. If your phone falls into the wrong hands, there's a good chance you won't be getting it back. Out of those 91,000 phones stolen in London in 2022, only 1,915 (or about 2%) were recovered. The good news is that you can take precautions to make the loss of your phone less devastating by backing up your data before you travel. With backed-up data, you can acquire a new device and still access your photos, contacts, messages, and passwords. Moreover, if you have "Find My Device" or "Find My Phone" enabled, you can remotely wipe your stolen phone's data so the thief cannot access it. It's safest to back up your data to a hard drive and not just the cloud. That way, if you have to wipe your device, you don't accidentally erase the backup, too. Strong passwords for important accounts help protect your information while you travel, but it's just a first step. The National Cybersecurity Alliance recommends creating long, unique, and complex passwords for every account and combining them with multifactor authentication to create maximum barriers to entry. If you're worried about remembering these passwords, password managers can be a vital tool for both creating and storing strong passwords. Password managers are apps that act as secure vaults for all your passwords. Some even come with a feature that allows you to temporarily delete sensitive passwords before you travel and then easily restore them once you return. Story editing by Mia Nakaji Monnier. Additional editing by Kelly Glass. Copy editing by Tim Bruns. Photo selection by Lacy Kerrick. This story originally appeared on Spokeo and was produced and distributed in partnership with Stacker Studio. The business news you need Get the latest local business news delivered FREE to your inbox weekly.
Tennis Australia is reinvesting in its long-term brand platform, Hits Different, by building on the momentum and deepening its impact with the launch of its second iteration for the 2025 Australian Open. The new iteration, launched with creative agency BMF , introduces a fresh take on AO memorabilia, evolving it from typical merchandise into a line fans can wear with pride throughout the year, on and off the court. Throughout 2025, Hits Different is set to create more immersive experiences, bringing fans of all kinds closer to tennis and each other. Spanning TV, OLV, OOH, social, digital display, radio, EDM, POS, merchandise, and on-site channels, AO25 invites Australians into an expanded AO experience. From kids’ days and family-friendly activities to live music and Melbourne’s best food offerings, Hits Different brings together a community where tennis is just one part of the summer celebration. “AO25 comes with a clear mandate: grow the game by inviting new audiences and making the Australian Open an event that resonates with everyone from avid fans to those attending for the first time,” Britt Wickes , Tennis Australia’s head of event marketing. “Hits Different will once again anchor the approach, reminding Australians why tennis in this country is unique and enhancing AO25’s reputation as a leader in world-class sporting experiences.” Casey Schweikert , creative director, BMF, added: “Hits Different’ has always been about more than the tennis. It captures that buzzy energy and summer culture that the AO does so well. “This year, we’re not only introducing new players, but expanding the world off the court – celebrating the music, characters, and vibes that make tennis in Australia so unique. And nothing says the AO like a few cheeky seagulls wanting to get in on the action.” CREDITS Client: Tennis Australia Creative Agency: BMF Photographer: Jo Duck Production Company: Artboxblack Production Company/Animation: BUCK Music & Sound Production: Otis Post Production: Bantam Productions Media Agency: PHD Media PR Agency: Tennis Australia Keep on top of the most important media, marketing, and agency news each day with the Mediaweek Morning Report – delivered for free every morning to your inbox.
A Wollongong developer has been hit with $225,000 in fines after the hook from a tower crane smashed into the side of the building. Black Friday Sale Subscribe Now! Login or signup to continue reading SafeWork NSW took developer Modco Homes to court over an incident that happened at 38-42 Atchison Street on July 12, 2021, when the building was under construction. On that day the worker operating the tower crane left for a toilet break, though he did not leave the hook block high enough to clear the building. "The tower crane slewed in an anti-clockwise direction from the roadside causing the hook block, lifting chain and hoist rope to strike and cause damage to the northeastern facade of the site on levels 16,17 and 18," the court ruling stated. Later that day, the crane operator was asked to lift two skip bins from the ground to level eight. During the lift, the hoist rope failed and the bins fell five storeys to level two - no-one was injured in this second incident. The crane driver went to retrieve the hook block, standing at the unprotected edge of the balcony without any fall protection devices. SafeWork NSW only discovered what had happened when it received two anonymous notifications about the second incident a day later. After an on-site investigation, Modco director George Seghabi informed SafeWork of the first and second incident. In court Modco pleaded guilty three incidents of failing to ensure the safety of workers, as a result of the two crane incidents and the incident where the worker was on the balcony. There was also one charge of not notifying SafeWork, and two charges of not leaving the site undisturbed until an inspector arrived. "While I accept that no harm occurred, and thankfully the outcome was not as bad as it could have been, had the regulator been notified after the first incident, then the tower crane would have been stood down and the second incident would not have occurred," Judge Wendy Strathdee's ruling said. In her ruling she also accepted Modco was unlikely to reoffend as "it had undertaken significant changes and is even more focused than before on the health and safety of its workers". "This is not a defendant that had no regard to safety at all - it had systems in place to protect its workers but there was no enforcement of such policies at the relevant times. "I further note that the defendant does not currently have any employees and that it does not intend to continue in the business." The defendant was fined $15,000 each for failing to notify SafeWork and the two counts of not leaving the site undisturbed. They were also fined $60,000 for each of the three incidents of failing to ensure the safety of workers. All up the fines totalled $225,000. I'm an award-winning senior journalist with the Illawarra Mercury and have well over two decades' worth of experience in newspapers. I cover the three local councils in the Illawarra for the Mercury, state and federal politics, as well as writing for the TV guide. If I'm not writing, I'm reading. I'm an award-winning senior journalist with the Illawarra Mercury and have well over two decades' worth of experience in newspapers. I cover the three local councils in the Illawarra for the Mercury, state and federal politics, as well as writing for the TV guide. If I'm not writing, I'm reading. More from Latest News Newsletters & Alerts DAILY Today's top stories curated by our news team. Also includes evening update. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Get the latest property and development news here. WEEKLY Find out what's happening in local business. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily!Worthington Enterprises Reports Second Quarter Fiscal 2025 Results
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President-elect Donald Trump announced Wednesday that he intends to nominate cryptocurrency advocate Paul Atkins to chair the Securities and Exchange Commission. Trump said Atkins, the CEO of Patomak Partners and a former SEC commissioner, was a “proven leader for common sense regulations.” In the years since leaving the SEC, Atkins has made the case against too much market regulation. “He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before,” Trump wrote on Truth Social. The commission oversees U.S. securities markets and investments and is currently led by Gary Gensler, who has been leading the U.S. government’s crackdown on the crypto industry. Gensler, who was nominated by President Joe Biden, announced last month that he would be stepping down from his post on the day that Trump is inaugurated — Jan. 20, 2025. Trump, once a crypto skeptic, had pledged to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. Money has poured into crypto assets since he won. Bitcoin, the largest cryptocurrency, is now above US$95,000. And shares in crypto platform Coinbase have surged more than 70 per cent since the election. Paul Grewal, chief legal officer of Coinbase, congratulated Atkins in a post on X. “We appreciate his commitment to balance in regulating U.S. securities markets and look forward to his fresh leadership at (the SEC),” Grewal wrote. “It’s sorely needed and cannot come a day too soon.” Congressman Brad Sherman, a California Democrat and a senior member of the House Financial Services Committee, said he worries Atkins would not sufficiently regulate cryptocurrencies as SEC chair. “He’d probably take the position that no cryptocurrency is a security, and hence no exchange that deals with crypto is a securities exchange,” Sherman said. “The opportunity to defraud investors would be there in a very significant way.” Atkins began his career as a lawyer and has a long history working in the financial markets sector, both in government and private practice. In the 1990s, he worked on the staffs of two former SEC chairmen, Richard C. Breeden and Arthur Levitt. His work as an SEC commissioner started in 2002, a time when the fallout from corporate scandals at Enron and WorldCom had turned up the heat on Wall Street and its government regulators. Atkins was widely considered the most conservative member of the SEC during his tenure at the agency and known to have a strong free-market bend. As a commissioner, he called for greater transparency in and analysis of the costs and benefits of new SEC rules. He also emphasized investor education and increased enforcement efforts against those who steal from investors over the internet, manipulate markets, engage in Ponzi schemes and other types of fraud. At the same time, Atkins objected to stiff penalties imposed on companies accused of fraudulent conduct, contending that they did not deter crime. He caused a stir in the summer of 2006 when he said the practice of granting stock options to executives before the disclosure of news that was certain to increase the share price did not constitute insider trading. U.S. Rep. Patrick McHenry, a North Carolina Republican and chairman of the House Financial Services Committee, said Atkins has the experience needed to “restore faith in the SEC.” “I’m confident his leadership will lead to clarity for the digital asset ecosystem and ensure U.S. capital markets remain the envy of the world,” McHenry posted on X. Atkins already has some experience working for Trump. During Trump's first term, Atkins was a member of the President’s Strategic and Policy Forum, an advisory group of more than a dozen CEOs and business leaders who offered input on how to create jobs and speed economic growth. In 2017, Atkins joined the Token Alliance, a cryptocurrency advocacy organization. Crypto industry players welcomed Trump’s victory in the hopes that he would push through legislative and regulatory changes that they’ve long lobbied for. Trump himself has launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.What to know about Scott Turner, Trump's pick for housing secretaryAurora's self-driving truck tech boosts Bozeman job marketCOLUMBUS, Ohio -- Amazon Web Services will invest another $10 billion to bolster its data center infrastructure in Ohio. The company and Republican Gov. Mike DeWine announced the plan Monday. The new investment will boost the amount it has committed to spending in Ohio by the end of 2029 to more than $23 billion. AWS launched its first data centers in the state in 2016 and currently operates campuses in two counties in central Ohio, home to the capital city of Columbus. The new investment will allow AWS to expand its data centers to new sites, but the company said those locations have not been determined yet and noted that its investment plans are contingent upon the execution of long-term energy service agreements. AWS said the new data centers will contain computer servers, storage drives, networking equipment and other forms of technology infrastructure used to power cloud computing, including artificial intelligence and machine learning. In June 2023, AWS said it would invest $7.8 billion by the end of 2029 to expand its data center operations in central Ohio. That was on top of $6 billion already invested through 2022.
shaunl/iStock Unreleased via Getty Images This monthly article series reports industry metrics in the consumer staples sector. It is also a top-down analysis of sector ETFs like The Consumer Staples Select Sector SPDR® Fund ETF ( XLP ) and Vanguard Quantitative Risk & Value (QRV) provides you with risk indicators and data-driven, time-tested strategies. Get started with a two-week free trial now. Fred Piard, PhD. is a quantitative analyst and IT professional with over 30 years of experience working in technology. He is the author of three books and has been investing in data-driven systematic strategies since 2010. Quantitative Risk & Value Learn more Analyst’s Disclosure: I/we have a beneficial long position in the shares of KO, KMB, MO, PEP either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.National Food Authority (NFA) Administrator Larry Lacson assured the public that the agency is prepared to release NFA rice to relief-giving institutions during emergencies and calamities, including during the holiday season. Lacson made this statement in response to reports on the activity of Bulkang Kanlaon and the monitored forecasts on the intertropical convergence zone and rain showers affecting most parts of the country. “We have instructed our employees in the field to immediately activate our Operation Centers in the areas affected by floods, typhoons, and other emergencies and to open their hotlines to fast-track coordination with our relief institutions. “We are in the holiday season now, but our office is always open to address the needs of our fellow citizens. Included in our service is the readiness to respond at any time of need,” he said. NFA has intensified its palay buying strategies under the Price Range Scheme to meet the rice relief requests of the Department of Social Welfare and Development, the Local Government Units and the Legislators for distribution to the affected families and individuals in calamity stricken areas. The agency has accomplished 95 percent of its buffer stocking target this year. The current buffer stock is now 5.661 million bags of equivalent milled rice. Lacson issued a standing order to its ranks to closely and continuously coordinate with the local farmers and the chief executives in their area for immediate response.PINE BLUFF, Ark. (AP) — Dennis Asoro scored 16 points as Arkansas-Pine Bluff beat Ecclesia 120-61 on Tuesday. Asoro shot 8 of 9 from the field for the Golden Lions (3-10). Kyle Brown added 15 points while going 6 of 7 and 3 of 4 from the free-throw line while they also had six rebounds. Zach Reinhart shot 5 for 7 from beyond the arc to finish with 15 points. Justin Reaves led the way for the Royals with 26 points, six rebounds and two steals. Quintus McNeal added 13 points and five assists, and Ahmad Raymond had 12 points and four assists. Story continues below video The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
NEW YORK , Dec. 17, 2024 /PRNewswire/ -- Paramount Global (the "Company") (NASDAQ: PARA, PARAA) today announced that it would redeem all of its remaining outstanding 4.750% senior notes due May 15, 2025 (the "4.750% senior notes") on December 27, 2024 . The redemption price for the 4.750% senior notes is equal to the sum of 100% of the principal amount of the 4.750% senior notes that remain outstanding, the make-whole amount calculated in accordance with the terms of the 4.750% senior notes and the related indenture under which the 4.750% senior notes were issued, and the accrued and unpaid interest on the remaining 4.750% senior notes up to, but excluding, the redemption date of December 27, 2024 . The aggregate principal amount of the 4.750% senior notes outstanding and the aggregate principal amount of the 4.750% senior notes to be redeemed is as set forth below: Title of Security Aggregate Principal Amount Outstanding Aggregate Principal Amount to be Redeemed 4.750% senior notes $125,561,000 $125,561,000 Holders owning 4.750% senior notes through a broker, bank, or other nominee should contact that party for information. For more information, holders of the 4.750% senior notes may call the paying agent for the redemption of the 4.750% senior notes, Deutsche Bank Trust Company Americas at (800) 735-7777. About Paramount Paramount Global (NASDAQ: PARA, PARAA) is a leading global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, its portfolio includes CBS, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV. The Company holds one of the industry's most extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, the Company provides powerful capabilities in production, distribution, and advertising solutions. Cautionary Note Concerning Forward-Looking Statements This communication contains both historical and forward-looking statements, including statements related to our future results, performance and achievements. All statements that are not statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements reflect our current expectations concerning future results and events; generally can be identified by the use of statements that include phrases such as "believe," "expect," "anticipate," "intend," "plan," "foresee," "likely," "will," "may," "could," "estimate" or other similar words or phrases; and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause our actual results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others: risks related to our streaming business; the adverse impact on our advertising revenues as a result of advertising market conditions, changes in consumer viewership and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries, including cost increases; the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models; risks related to our ongoing changes in business strategy, including investments in new businesses, products, services, technologies and other strategic activities; the potential for loss of carriage or other reduction in or the impact of negotiations for the distribution of our content; damage to our reputation or brands; losses due to asset impairment charges for goodwill, intangible assets, FCC licenses and content; liabilities related to discontinued operations and former businesses; risks related to environmental, social and governance (ESG) matters; evolving business continuity, cybersecurity, privacy and data protection and similar risks; content infringement; domestic and global political, economic and regulatory factors affecting our businesses generally; disruptions to our operations as a result of labor disputes; the inability to hire or retain key employees or secure creative talent; volatility in the prices of the Companyʼs common stock; potential conflicts of interest arising from our ownership structure with a controlling stockholder; business uncertainties, including the effect of the Skydance transactions on the Companyʼs employees, commercial partners, clients and customers, and contractual restrictions while the Skydance transactions are pending; prevention, delay or reduction of the anticipated benefits of the Skydance transactions as a result of the conditions to closing the Skydance transactions; the Transaction Agreementʼs limitation on our ability to pursue alternatives to the Skydance transactions; risks related to a failure to complete the Skydance transactions, including payment of a termination fee and negative reactions from the financial markets and from our employees, commercial partners, clients and customers; risks related to change in control or other provisions in certain agreements that may be triggered by the Skydance transactions; litigation relating to the Skydance transactions potentially preventing or delaying the closing of the Skydance transactions and/or resulting in payment of damages; challenges realizing synergies and other anticipated benefits expected from the Skydance transactions, including integrating the Companyʼs and Skydanceʼs businesses successfully; potential unforeseen direct and indirect costs as a result of the Skydance transactions; any negative effects of the announcement, pendency or consummation of the Skydance transactions on the market price of the Companyʼs common stock and New Paramount Class B Common Stock; and other factors described in our news releases and filings with the Securities and Exchange Commission, including but not limited to our most recent Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K. There may be additional risks, uncertainties and factors that we do not currently view as material or that are not necessarily known. The forward-looking statements included in this communication are made only as of the date of this communication, and we do not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances. PARA-IR View original content to download multimedia: https://www.prnewswire.com/news-releases/paramount-global-announces-redemption-of-its-4-750-senior-notes-due-may-2025--302334251.html SOURCE Paramount GlobalWhite House says at least 8 US telecom firms, dozens of nations impacted by China hacking campaignThe folks behind the Super League . A22 Sports, the company attempting to organise an alternative competition to the UEFA tournaments (Champions League, Europa League and Conference League) that it had petitioned UEFA to recognize its new cross-border tournament, the "Unify League." This comes nearly a year after the European Court of Justice (ECJ) ruled that UEFA held a dominant position and to comply with competition law, they could not oppose the creation of other cross-border tournaments provided they met certain criteria. Among them are the stipulations that any such tournament must have a qualification process that's inclusive and meritocratic, and that complies with the FIFA match calendar. So that's it? We now have a rival to the Champions League? Not exactly, as there are a ton of hoops to jump through first. Technically speaking, the ECJ judgement found that the UEFA's regulations gave them too much power to block rival cross-border competitions, so UEFA wrote new ones immediately after the verdict -- ones they say comply with the ECJ ruling. Some of those UEFA regulations lay out criteria in terms of open and meritocratic qualification -- things the Unify League appears to meet -- while others, according to A22, do comply with the ECJ ruling. A22 say there are too many to mention, but they do cite one that prohibits any new club competition from "adversely affect the good functioning" of UEFA tournaments. (Which is kinda the point of competition: disrupt your rivals and grow your market share.) But A22 argues that UEFA's rules, as written, basically force teams who qualify for UEFA competitions to play in them. We haven't heard from UEFA yet, but you assume they think their rules are compliant with ECJ rulings. So I think we can expect more arguing between lawyers and possibly letters to the European Court to clarify this, but that's really just the first hurdle... What's the next one? Well, even if they clear that hurdle and they get their way -- which, as A22 write, means "clubs are free to decide which tournament they want" -- they then need to persuade them it's in their interest to do so. And that's not going to be easy, because while clubs are interested in prestige, history, having a say in their competitions and engaging with fans -- all that good stuff -- let's face it, money is a prime motivator. It's not clear how the Unify League's business model is going to generate more revenue in terms of commercial and media rights. (The UEFA Champions League has certainly cornered the market when it comes to being an event, arguably the Super Bowl of the sport.) What A22's model anyway? There isn't too much detail, but presumably they'll have sponsors just like UEFA does. The big difference, though, is in media rights. Instead of selling rights to broadcasters and streamers, they're going to have , the Unify Platform. All games will be shown for free, albeit with advertising. And for those who don't enjoy commercial breaks, there will be the opportunity to purchase "affordable premium subscriptions" that will offer more technological bells and whistles than standard TV. Is it possible to make more money this way? The question raises a bunch of pretty obvious questions. If all you have to do to make more money than they do in the existing competitions is show games for free with commercial breaks, why haven't existing broadcasters thought of this? And if the secret to more revenue is having "affordable premium subscriptions" -- rather than the current expensive ones -- why haven't they done that? Sure, there's some merit in questioning the current pricing model -- free to air delivers a bigger audience and more exposure for sponsors, which can mean higher ad rates, while lower subscription fees might make it a volume play, where you get more subscribers and end up with more money -- but it takes a real leap of faith to think these guys can make it work where everybody else has failed. That said, they're convinced their format will be more exciting and generate bigger audiences... How so? , but in a nutshell there will be four leagues, with the top two -- the Star League and Gold League (don't ask) -- comprised of 16 clubs each. Each league is split into two groups of eight and they play everybody home and away for a total of 14 games. The top four in each group qualify for the quarterfinals, which will also be home and away fixtures, and the semifinals and final will be single-leg affairs. I make that a total of 246 games -- marginally more than the total in the existing "Swiss Model" Champions League (237 games), but, of course, that has 36 clubs vs. the 32 in the combined Star and Gold Leagues, so I guess they can divide their pie in fewer slices and have a slightly bigger pie. As to whether it's more exciting, I'm not sure. You're going to get a lot of the same teams playing each other in a group game, year after year and, I imagine, you'll get a fair few meaningless games because, with four of eight qualifying, you could get teams knowing whether they're in or out with three or four games to go, making the final match days rather irrelevant. (Of course, this concept has been seen at tournaments before, and we're still not sure whether the first-ever Champions League matchday 8, with all 36 teams playing at the same time, will have high stakes hanging in the balance.) There's also the fact that the ECJ ruling forces them to be "merit-based" and "open to all," as that could boomerang against them. What do you mean? Well, the old/aborted European Super League had 12 guaranteed mega-clubs in it -- 15 in the original proposal, before Bayern Munich, Borussia Dortmund and Paris Saint-Germain said no. Based on A22's regulations, if the competition had kicked off this season, clubs like Borussia Dortmund, Liverpool, Aston Villa, Barcelona, Atletico Madrid -- all of whom are in the Champions League -- would not be guaranteed a place in the competition, but would need to battle their way through multiple qualifying rounds for one of the playoff spots. And guess what? Clubs like sure things and hate uncertainty, especially when it comes to revenues. But won't they end up in the next league down? You mean the "Gold League," right? Actually Atletico and Borussia Dortmund wouldn't even be guaranteed a place in either; they'd need to get there via the playoffs. But yes, the next league down will presumably generate substantially less revenue than the top league, just as the Europa League makes less money than the Champions League. That's the rub. It's a really tough sell and they'll have a difficult time convincing the clubs this is more lucrative. Unless... Unless what? Unless there's somebody out there willing to offer clubs a big, fat downside guarantee, somebody who says "I'll guarantee you more than what you're making now." And that's tough because right now, around €4.4 billion ($4.6bn) from their three competitions. Just over a billion of that goes on administrative costs (€387m), payments to clubs that don't qualify (€440m), subsidies for the Women's and Youth competitions (€25m) and in UEFA's coffers (€230m) to be redistributed to member associations. Now, A22 obviously might be able to run a leaner tournament so their administrative costs will be lower, and maybe they won't want to subsidize the women's competition. (They say they'll have one too, though it remains to be seen how the numbers work out there.) They might not pay as much to clubs who don't qualify or to member associations, though they say they'll have some solidarity mechanism. But they'll still need to get well north of that €4.4bn figure to make it worthwhile. And, remember, since they'll be running the games on their own platform, they'll also have marketing, technology and production costs that are currently absorbed by broadcasters. So yeah, I'd imagine it would take somebody willing to say "I'll chuck in €6bn a year in to cover the downside for the next couple of years to get this thing off the ground and guarantee that you clubs are better off with the Unify League than anywhere else." Frankly, that's a of money and, of course, there's the risk of a nightmare scenario for both UEFA and the Unify League. What's the "nightmare scenario" exactly? Imagine they end up competing directly with each other and A22 convinces some clubs, but not others. (Or, because there's also a whole hornets' nest of domestic legislation in various countries that prevents clubs from joining a league like this, and which may or may not be compliant with the ECJ ruling, some clubs simply can't.) What then? Let's say the Unify League has Real Madrid, Manchester City, Bayern and Inter. The Champions League has Barcelona, Liverpool, Borussia Dortmund and Juventus (presumably PSG too, unless Nasser Al Khelaifi jumps ship). Both competitions are markedly weaker and no, it's not a linear decline because the success of the Champions League is founded on having the best clubs all in one place. Take half of them away and the interest isn't halved, it goes down by a lot more than that. Mutually assured destruction might be an exaggeration, but it certainly would make life a whole heck of a lot tougher for everyone. So what happens next? I expect a lot of back and forth between lawyers, and maybe some ECJ clarification, but ultimately this feels like a power move, where A22 want to get UEFA to the table somehow. Except it's hard to see how A22 have any leverage at all because, let's face it: their business model seems goofy and nobody of note, other than Real Madrid, has gone to bat for them. Unless of course there's somebody in the shadows with several billions willing to bankroll the whole shebang.
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