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1:00 PM ET, December 5, 2025

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 Top News: 
Daniel Thomas / Financial Times:
Netflix agrees to acquire WBD's studios and streaming business in an $82.7B cash-and-stock deal, set to close after WBD splits into two companies in Q3 2026  —  As part of the deal, WBD will continue with plan to spin off its cable television networks  —  Netflix has agreed an $83bn takeover …
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Scott Roxborough / The Hollywood Reporter:
A European theater owners group says Netflix's Warner Bros. acquisition “represents a double risk” of fewer films being produced and getting theatrical releases  —  The UNIC, which represents cinema exhibitors across Europe, fears the streamer will downgrade the theatrical experience.
Tony Maglio / The Hollywood Reporter:
Netflix says it “expects to maintain Warner Bros.' theatrical releases for films” but “the windows will evolve to be much more consumer friendly”  —  Now that that's settled...  Netflix just solidified itself as the leading entertainment company (and then some), and all it cost was $83 billion.
Jane Fonda / The Ankler:
Jane Fonda warns that a WBD merger in any form is an alarming escalation in media consolidation, threatening the entertainment industry and the First Amendment
Robert Channick / Chicago Tribune:
The Chicago Tribune sues Perplexity for copyright infringement, alleging Perplexity's platforms lift Tribune content verbatim and divert traffic from the paper  —  The Chicago Tribune filed a copyright infringement lawsuit Thursday in New York federal court against Perplexity AI …
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New York Times:
The New York Times sues Perplexity, claiming the AI startup violated its copyrights and kept using its content despite repeated demands over the past 18 months  —  IDEAS  —  Hannah Arendt Is Not Your Icon … Photo illustration by Ricardo Tomas  —  ADVERTISEMENT  —  LIVE
Sara Fischer / Axios:
Meta strikes multiyear commercial AI data deals with news publishers, including CNN, Fox News, and Le Monde, to provide real-time answers in its Meta AI chatbot  —  Meta on Friday said it has struck several commercial AI data agreements with news publishers ranging from USA Today, People Inc. …
Tyler Falk / Current:
CPB announces $4.4M in grants to support rural radio and TV news services in Wisconsin, Ohio, Arkansas, Kansas, West Virginia, Tennessee, Michigan, and Iowa  —  CPB announced $4.4 million in grants Thursday to support rural news services in eight states.  —  The Rural News and Information …
David Pierce / The Verge:
Yahoo launches Game Breakdowns in beta, offering AI-generated game summaries, stats, and play recaps, all updated live, to Yahoo Fantasy Plus subscribers  —  AI models are very useful for mining stats to see exactly what's going on in the game you're watching.
Foo Yun Chee / Reuters:
The EU fines X €120M for breaching online content rules, the first DSA fine, citing issues like its failure to publish an ad repository, after a two-year probe  —  Elon Musk's social media company X was fined 120 million euros ($140 million) by EU tech regulators on Friday …
 
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 More News: 
Max Tani / Semafor:
Sources: Atlas Obscura's co-founders were pushed out of the company amid clashes with CEO Louise Story, who has trimmed staff and changed editorial strategy
Wendy Davis / MediaPost:
The New York Times, AP, RCFP, and other media organizations back an effort to block a new Texas law requiring app stores to verify users' ages
The Guardian:
Ireland, Spain, Slovenia, and the Netherlands exit Eurovision after Israel received an all-clear to compete; the BBC and Germany's SWR plan to participate
Rick Porter / The Hollywood Reporter:
Versant says it has acquired Free TV Networks, which owns several digital broadcast and FAST channels, and INDY Cinema Group, which will fold into Fandango
 Earlier Picks: 
Sara Fischer / Axios:
MS NOW, formerly MSNBC, plans to launch membership subscriptions in the summer of 2026, offering events, curated insights, and moderated community spaces
James Faris / Business Insider:
Kalshi strikes a deal with CNBC that will integrate Kalshi's prediction data into CNBC's channel, site, and app starting in 2026, days after striking a CNN deal
Alex Weprin / The Hollywood Reporter:
CBS Evening News co-anchor Maurice DuBois will exit CBS News on December 18, as EIC Bari Weiss and President Tom Cibrowski overhaul the evening newscast
 

 
From Techmeme:

Wall Street Journal:
Sources: SpaceX is planning a secondary share sale that would value the company at $800B, surpassing OpenAI to make it the most valuable US private company

Rose Henderson / Bloomberg:
Cloudflare says it has fixed an issue that caused a 25 minute outage on Friday, following a major, hours-long outage last month

Shashwat Chauhan / Reuters:
The US CFTC announces that spot crypto asset contracts will begin trading for the first time on CFTC-registered futures exchanges
 
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