Hollywood
Chinese theaters ban Despicable Me 2
MUMBAI: In an effort to thwart imported animated flicks, the government has denied permission to release the movie in the country. The previous installment was also not released in 2010.
Despite the fact that an article, praising the movie’s success in the US was published, hopes of getting a release in the country were crushed. Though the movie got a good reception from Hong Kong, it won’t see the light of the day in China.
Previously DreamWorks’ movie The Croods was pulled from the country’s screens two weeks early in June this year. However, Monsters University has got clearance to be released on 23 August in China. It will face competition from the 3D version of Jurassic Park.
Hollywood
Trump invested over $1.1m in Netflix bonds at the peak of Warner Bros bidding battle
Financial disclosures show U.S. president also bought Warner Bros Discovery debt during high-stakes media takeover race.
WASHINGTON: New government financial disclosures show that U.S. president Donald Trump purchased more than $1.1 million worth of bonds issued by Netflix over the past three months. The transactions occurred during a period when Netflix was engaged in a competitive bidding war for Warner Bros. Discovery, a potential merger that the Trump administration had publicly criticised on antitrust grounds.
Between December and January, the president acquired Netflix bonds valued between $1.1 million and $2.25 million. The bonds carry a 5.375 per cent interest rate and are scheduled to mature in November 2029. Financial disclosures also revealed an additional investment in Warner Bros Discovery bonds. The purchase was valued between $500,002 and $1 million, with the debt reportedly bought at roughly 92 cents on the dollar. The bonds are now trading at around 95 cents on the dollar, leaving the position currently in profit.
The timing of the investments has drawn scrutiny because the administration had been openly critical of Netflix’s market activities at the time. While the president’s trust was purchasing the debt, the administration reportedly pressured Netflix to remove board member Susan Rice and expressed concerns that a Netflix–Warner merger could harm competition.
The White House has dismissed conflict-of-interest concerns, stating that the president’s assets are managed independently by his children. Spokesperson Anna Kelly said U.S. presidents are legally exempt from the conflict-of-interest laws that apply to other federal officials.
Despite the financial interest, Netflix ultimately lost the race to acquire Warner Bros Discovery. Paramount Skydance secured the deal on 27 February with a $110 billion offer. The acquisition was backed by Larry Ellison, who guaranteed $40 billion to support the bid, while major lenders including Bank of America, Citigroup and Apollo Global Management provided $39 billion in financing.
The final acquisition leaves the combined Paramount entity carrying roughly $85 billion in debt, while Netflix withdrew its bid roughly two weeks before the official disclosure report was released.
