Former President Donald Trump faces a contempt charge and continued investigation in New York. Letitia James, the New York State attorney general, asked a judge to hold Trump in contempt for failing to turn over documents in the state’s civil investigation into his businesses. And Alvin Bragg, the Manhattan D.A., spoke publicly for the first time since taking office about his criminal investigation into Trump.
Energy funds are the market’s top performers this year. The stock funds were up 32 percent in the first three months of 2022, far outpacing the overall stock market, which fell nearly 5 percent in the first quarter.
A new Hollywood giant starts rolling
As early as this afternoon, Netflix, Disney, Amazon and Apple will face a big new competitor in streaming, with the mega-merger of Discovery and WarnerMedia expected to close, forming a new company called Warner Bros. Discovery. The combined group will have roughly 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 TV production units, including TLC, HGTV, and Food Network, and the news network CNN. Over time, the companies’ streaming services, HBO Max and Discovery+, are expected to combine into one platform.
The merger presents significant new challenges for David Zaslav, who has been leading Discovery for 15 years and will be the C.E.O. of Warner Bros. Discovery, and his new leadership team:
The merged company will assume $55 billion in debt and is under pressure to pay down quickly.
It has pledged to find $3 billion in savings, particularly in overlapping business functions.
The cost cuts could come from layoffs. The merger has already resulted in a number of high-level exits, including Jason Kilar, the head of WarnerMedia, and Ann Sarnoff, who ran Warner Bros.
“The sociopathic grandpa from Omaha. He’s enemy No. 1.”
— Peter Thiel, the billionaire investor, on Berkshire Hathaway’s Warren Buffett. Thiel was speaking at a Bitcoin conference in Miami, where he said that Buffett, JPMorgan’s Jamie Dimon and BlackRock’s Larry Fink were among the key figures holding back cryptocurrencies.