The bidding war for Warner Bros Discovery has escalated after Paramount Skydance dangled a hostile takeover bid worth $108.7 billion in a last-ditch effort to steal the media giant away from Netflix.
Netflix initially won the battle with a blockbuster $82.7 billion deal on Friday – until Paramount on Monday unleashed a $30-per-share cash offer.
The Netflix ownership would have resulted in Warner Bros Discovery's global networks unit spinning off into a new standalone company called Discovery Global, which would be completed by the third quarter of 2026, according to an internal memo from Warner Bros Discovery chief executive David Zaslav viewed by The National.
Paramount Skydance’s latest takeover bid for Warner Bros Discovery is backed by Gulf funds – including Saudi Arabia’s Public Investment Fund (PIF), Abu Dhabi’s L’imad Holding, and the Qatar Investment Authority – and highlights the growing appetite among Arab investors to take significant stakes in global media assets.
Some US legislators have expressed fears that Middle East money might influence media content and invite security scrutiny for the bid approval, Warner Bros Discovery told Paramount, according to the Financial Times.
However, analysts dismiss that notion and said that money from the Arab world is just like any other investment – it helps businesses expand, enhances brand recognition and is a vote of confidence in target assets.
Background connections
Paramount Skydance is a mass-media multinational backed by Affinity Partners, Jared Kushner's investment firm. It is supported by the Ellison family, whose patriarch, Oracle founder Larry Ellison, has close ties with US President Donald Trump and several Middle East funds, according to a regulatory filing.
The PIF and Affinity have previously teamed up for the sale in September of the US video game giant Electronic Arts for $55 billion, billed as the largest leveraged buyout in history.
New York's Warner Bros Discovery is a global conglomerate, home to recognised brands such as HBO, CNN, Discovery and Warner Bros Pictures, which reach cinemas, TV screens and mobile devices.
Interest in Warner Bros Discovery came most notably from two sides: an alliance between Comcast and the PIF, and another from Paramount, reported to be backed by the Abu Dhabi Investment Authority, the Qatar Investment Authority and, again, the PIF.
The combined assets under management of the three Gulf wealth funds are around $2.5 trillion. The Comcast bid was worth $57 billion, while Paramount Skydance's was $74 billion, until it was increased by nearly half on Monday.
Paramount's new deal has the three Arab wealth funds providing $24 billion, the Ellisons contributing $12 billion of the $41 billion in equity to finance the takeover, and the remainder from Affinity and US investment management firm RedBird Capital Partners, the FT reported.
That was after six increasingly higher proposals in 12 weeks from Paramount, in the course of which the company included, then dumped, backing from China's Tencent, and the onboarding of the three Gulf SWFs plus Mr Kushner, the FT said. Warner Bros Discovery – worried that the involvement of Arab money might invite congressional scrutiny – “stonewalled” Paramount throughout that period, the report added.
“The Netflix-WBD takeover has become Hollywood’s defining power struggle, and Larry Ellison’s hostile bid – buoyed by whispers of Trump-world, son-in-law Jared Kushner and Gulf sovereign funds – has only raised the stakes,” Mazen Hayek, a media consultant in Dubai and former MBC Group spokesman, told The National.
“Clearly, Mr Ellison doesn’t take no for an answer. But, with WBD’s board weighing both offers and Mr Trump distancing himself from the Kushner chatter, the fight now comes down to whose vision of Hollywood’s future shareholders trust more.”
Setting the plot
Netflix's acquisition of Warner Bros Discovery would have created a dominant media powerhouse by combining Netflix’s vast global subscriber base with WBD’s deep catalogue of premium franchises and Warner’s century-old film library. The deal would have given Netflix the robust IP engine it has always lacked while offering WBD shareholders a premium and preserving operational independence.
US regulators will, of course, have to review any deal, but given that Netflix has largely steered clear of regulatory scrutiny, it may not encounter serious roadblocks as Paramount might.
This also recalls the failure of Qatar’s Al Jazeera America, which shut down in 2016 after less than three years on US airwaves. It did not face formal regulatory barriers, but instead suffered from brand distrust, limited distribution, as some cable providers hesitated to carry it due to anticipated backlash, and, ultimately, low ratings and weak viewership
“Perception in the US is shaped by the intersection of ownership visibility, geopolitical context and polarised media politics, and a prominent Saudi stake in a major media firm would attract attention regardless of formal safeguards,” Irina Tsukerman, a geopolitical analyst in New York, told The National.
An Arab stake in a major US media company would give any of them access to one of the most influential storytelling machines in the world.
Sticking to script
Gaining that foothold, however, does not mean editorial control; instead, the focus would be more on the American media ecosystem, arguably the most influential in the world, and something rising powers understand the value of, the analysts said.
“Structuring tools such as minority equity, preferred securities and covenant-based editorial firewalls enable companies to access capital while limiting influence over newsroom decisions and content commissioning,” Ms Tsukerman said. This is standard practice with veto systems and transparency reporting in place for implementation.
And if acquiring Electronic Arts was a strategic move, then buying into the parent of household names such as CNN makes even more sense, Mr Hayek said.
“If Arab money is welcomed in sports, malls and ports around the world, what's the issue pouring it into CNN or Warner Bros Discovery?”
For example, Saudi investments have increasingly gone into assets with brand adjacency and narrative reach, aligning with investments in global sporting events such as football, basketball, Formula One, tennis, golf, boxing and professional wrestling.
Those serve as a conduit to anchor the kingdom's tourism and entertainment sectors, which Saudi Arabia is heavily promoting back home.
The IP role
In conjunction, acquiring Warner Bros Discovery would grant access to an entire library of intellectual property, including recognised franchises such as Harry Potter, Game of Thrones, Looney Tunes and the Marvel rival DC Comics.
The enduring durability of those franchises adds to the appeal of Warner Bros Discovery, which can also be viewed as a viable alternative asset amid highly volatile stock and commodities markets, thanks to persistent cash flows from their reboots, sequels, spin-offs, consumer products and live events.
“They offer visibility into long-term revenue across multiple windows,” said Ms Tsukerman, who is also the president of media advisory Scarab Rising. “For an investor focused on hedging oil price volatility, such IP strength represents a financial ballast with global monetisation potential,” she said.
And with streaming wars increasingly becoming geopolitical, having Saudi or Arab capital backing a major US studio would change the competitive landscape.
“It creates a hybrid: part Hollywood legacy, part sovereign-backed global content engine,” Mohammed Soliman, a director at Washington's Middle East Institute think tank, told The National.
“Even a minority stake gives Saudi Arabia exposure to some of the most valuable storytelling assets on Earth – and that’s not trivial: IP libraries become geopolitical tools [as] they travel, shape culture and influence how societies see themselves.”
WISH
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Sweet%20Tooth
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JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
COMPANY%20PROFILE
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Afro%20salons
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Men from Barca's class of 99
Crystal Palace - Frank de Boer
Everton - Ronald Koeman
Manchester City - Pep Guardiola
Manchester United - Jose Mourinho
Southampton - Mauricio Pellegrino
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Third Test
Result: India won by 203 runs
Series: England lead five-match series 2-1
Gulf Men's League final
Dubai Hurricanes 24-12 Abu Dhabi Harlequins
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Read more from Johann Chacko
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Engine: 1.6-litre 4-cyl turbo and dual electric motors
Power: 300hp at 6,000rpm
Torque: 520Nm at 1,500-3,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.0L/100km
Price: from Dh199,900
On sale: now
