📽️ This Fierce Bidding War Just Ended...

Good morning. US stock futures rose in Tuesday morning trading after major stock market indices closed at record highs.

🎞️ Media vet exits takeover clash for Paramount Studios

📝 Our report: Media veteran Edgar Bronfman Jr. has bowed out of the race for Paramount Global, clearing the way for Skydance Media to swoop in and take control of Shari Redstone's media empire, ending one of the wildest media bidding wars in recent memory. In a statement, Bronfman said his bidding group had informed Paramount's special committee of its decision to drop out of the process.

 🔑 Key points:

• Bronfman was unable to come up with the equity financing package that was required for his bid, said a source familiar with the matter

• A Bronfman-led investor group had proposed to take control of Paramount through a $6 billion bid, in which it would buy the media firm's controlling shareholder, National Amusements.

• That offer for Paramount - home to its namesake film studio, the CBS broadcast network and cable networks such as Nickelodeon and Comedy Central - had threatened to derail an $8.4 billion agreement reached by Paramount and Skydance in July.

💡 So what: Edgar Bronfman Jr.'s withdrawal from the bid to acquire Paramount Studios significantly impacts the landscape of the deal and the broader media industry. His exit likely clears the path for Skydance Media to take control of Paramount, which could lead to shifts in strategic direction and content production under new leadership. For the media industry, it signals the end of one of the most intense bidding wars, potentially stabilizing market dynamics that were previously disrupted by the fierce competition for a major media asset.

Tuesday - Consumer Confidence

Wednesday - Atlanta Fed President Raphael Bostic Speech

Thursday - Pending Home Sales

Friday - Consumer Sentiment (final)

📈 Peter Lynch shares his best investing advice!

💰 Thinking about investing in real estate? Here are 6 things you should know!

💳 Everything you need to know about debt consolidation

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🛢️ Exxon lays out oil demand forecast to 2050

WHAT: Exxon Mobil predicts crude demand will stay above 100 million barrels per day through 2050, 25% higher than BP's forecast, showing they're not ready to pump the brakes anytime soon. The stronger demand projected by the largest U.S. oil company in its latest global oil outlook underpins Exxon's production growth plans, the most ambitious among Western oil majors.

WHY: The company said more investments in oil than are currently anticipated will be necessary as the world transitions to unconventional resources. Exxon projects that without new investments, output would decrease by about 15% per year, a steeper decline compared to IEA's 2018 estimates of about 8% per year.

🚫 Canada hits China with steel, EV tariffs

WHAT: Canada is slapping new tariffs on Chinese-made electric vehicles, aluminum, and steel, joining its Western allies and giving a boost to domestic manufacturers. The government announced a 100% levy on electric cars and 25% on steel and aluminum, confirming an earlier report from Bloomberg News.

WHY: Canada, an export-driven economy that relies heavily on trade with the US, has been closely watching moves by the Biden administration to erect a much higher tariff wall against Chinese EVs, batteries, solar cells, steel and other products.

🤖 OpenAI backs Cali bill supporting content “watermarking”

WHAT: OpenAI, the developer behind ChatGPT, is backing a California bill that would require tech companies to label AI-generated content—from harmless memes to deepfakes aimed at misleading voters. The bill, called AB 3211, has so far been overshadowed by attention on another California state artificial intelligence (AI) bill, SB 1047, which mandates that AI developers conduct safety testing on some of their own models.

WHY: California state lawmakers attempted to introduce 65 bills touching on AI this legislative season, according to the state’s legislative database, including measures to ensure all algorithmic decisions are proven unbiased and protect the intellectual property of deceased individuals from exploitation by AI companies.

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