The many similarities between the White House’s justification for war in Iran and Russia’s messaging on Ukraine underscore the risks of a vaguely defined, open-ended war.

© Doug Mills/The New York Times

Fitch Ratings’ decision to cut Paramount Skydance Corp.’s credit ratings to junk put the media company on track to be one of the biggest borrowers in the US high-yield bond market, after it agreed to take over rival Warner Bros. Discovery Inc. in a $110 billion buyout.

Paramount Skydance Corp.’s proposed $110 billion acquisition of Warner Bros. Discovery Inc. remains under active review by US antitrust officials, according to people familiar with the matter, even though the odds of a legal challenge are low.

Paramount Skydance Corp.’s takeover of Warner Bros. Discovery Inc. is expected to feature an unusual combination of investment-grade and junk-rated debt, as Wall Street banks turn to as many markets as possible to raise $57.5 billion of debt for the acquisition.

During his Thursday night newscast, CNN anchor Jake Tapper found himself in an awkward position: reporting on the sale of his employer, Warner Bros. Discovery Inc., to Paramount Skydance Corp.

During his Thursday night newscast, CNN anchor Jake Tapper found himself in an awkward position: reporting on the sale of his employer, Warner Bros. Discovery Inc., to Paramount Skydance Corp.

Paramount Skydance Corp.’s $111 billion bid for Warner Bros. Discovery Inc. will strain its credit rating, an S&P Global Ratings analyst said, even if the combined company could ultimately cut its debt levels over time.

Honey and cinnamon bring a warming, Istanbul-inspired spin to a classic

The scent of honey and warm pastry that spills out of the late-night baklava shops on Taksim Square in Istanbul is the inspiration for this twist on the classic old fashioned. The honey, cinnamon and walnut slip in perfectly without overpowering proceedings.

Andrea Ena, bar manager, Nora, London E22

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© Photograph: Rob Lawson/The Guardian. Drink styling: Seb Davis.

© Photograph: Rob Lawson/The Guardian. Drink styling: Seb Davis.

© Photograph: Rob Lawson/The Guardian. Drink styling: Seb Davis.

Netflix Inc. dropped out of the fight to buy Warner Bros. Discovery Inc., saying that while it believed its deal would have passed muster with regulators and created shareholder value, it didn’t want to keep bidding. The move clears the way for rival bidder Paramount Skydance Corp. to clinch its $111 billion deal for the historic Hollywood studio. Bloomberg's Manuel Baigorri breaks down the situation. (Source: Bloomberg)

Netflix Inc. just won by losing.

Netflix Inc. just won by losing.

Paramount Skydance Corp.’s winning $111 billion bid for Warner Bros. Discovery Inc. is a coup for the half-dozen advisory firms that helped technology heir David Ellison top Netflix Inc.

Paramount Skydance Corp. finally clinched its deal for Warner Bros. Discovery Inc., outmaneuvering its rival Netflix Inc. after a months-long battle by agreeing to pay $111 billion for the legendary Hollywood studio.

Warner Bros. Discovery Inc. said a new $31-a-share buyout offer from Paramount Skydance Corp. could lead to a better deal than its existing agreement with Netflix Inc., kicking off another potential round of bidding for the famed Hollywood studio. Warner Bros. isn’t withdrawing its recommendation that investors support Netflix’s $27.75-a-share agreement to buy the company’s studio and HBO operations, according to a statement Tuesday. Instead, it’s saying the latest Paramount terms meet the threshold for further talks. Robert Fishman, Senior Research Analyst with MoffettNathanson, details latest twists and turns in the battle of media giants ahead of Paramount's latest earnings. He speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily. (Source: Bloomberg)

© Tyler Hicks/The New York Times

The latest twist in the drama for control over Warner Bros. has traders betting one of the suitors will sweeten its bid.

Warner Bros Discovery Inc. has agreed to reopen negotiations with rival Hollywood studio Paramount Skydance Corp. after the suitor proposed raising its bid and sweetened other terms of its offer, setting the stage for a renewed showdown with Netflix Inc.  Netflix, which Warner Bros. still described as its preferred bidder, has granted the board seven days to discuss Paramount’s most recent proposal, according to a statement Tuesday. The decision came after a Paramount banker told a Warner Bros. board member that Paramount would offer at least $31 a share, or $1 a share higher than its previous offer, if the company agreed to reopen talks. Warner Bros. now wants to see that, and other aspects of Paramount’s new bid, in writing. Bloomberg's Stephen Flynn joins to discuss on Bloomberg Intelligence. (Source: Bloomberg)

During their visit, a pair of Democratic senators made the case for Congress to impose harsh penalties on Moscow for its continuing offensive.

© Robert Jimison/The New York Times

Warner Bros Discovery Inc. is considering reopening sale talks with Paramount Skydance Corp. after receiving its amended offer, people with knowledge of the matter said. Bloomberg's Tony Czuczka reports on the latest. (Source: Bloomberg)