Paramount and Skydance merger approved and Trump visits Powell at Federal Reserve: Morning Rundown
Here's what to know today.
Paramount's $8 billion merger with Skydance is approved
The Federal Communications Commission said it had approved Skydance Media's $8 billion bid to acquire CBS News parent company Paramount after Skydance made several concessions to the Trump administration. The merger paves the way for a tectonic shift in ownership of one of America's three major networks. FCC Chairman Brendan Carr said in a news release that the move would bring change to CBS News' coverage, claiming 'Americans no longer trust legacy national news media to report fully, accurately, and fairly.'
Among the concessions that Skydance made with regulators was an agreement to not implement any DEI programs. The company also said it would 'undertake a comprehensive review' of CBS and install an ombudsman for at least two years who will consider 'complaints of bias' at CBS News. Other companies that have billion-dollar transactions pending before the FCC have also backed off DEI programs, including Verizon and T-Mobile.
Earlier this month, Paramount Global settled a lawsuit with President Donald Trump for $16 million over a lawsuit in which he alleged that the way CBS edited a '60 Minutes' interview with former Vice President Kamala Harris was 'election and voter interference.'
And last week, CBS announced it was canceling 'The Late Show,' currently hosted by Stephen Colbert, who had recently criticized the settlement. CBS said the cancellation was 'purely a financial decision against a challenging backdrop in late night.'
The lone Democrat in FCC leadership, Commissioner Anna Gomez, criticized the Trump administration's push to secure promises from companies, including anti-DEI measures. 'Even more alarming,' Gomez said in an emailed statement, the FCC 'is now imposing never-before-seen controls over newsroom decisions and editorial judgment, in direct violation of the First Amendment and the law.'
In addition to CBS News, Paramount's assets include Nickelodeon, Comedy Central, The CW, MTV, BET and several film franchises. Hours after Paramount announced Wednesday that the creators of 'South Park' agreed to produce 50 new episodes in a deal reportedly valued at $1.5 billion, creators Matt Stone and Trey Parker excoriated the company and aggressively skewered Trump in the premiere episode of the Comedy Central show.
Trump visited the Federal Reserve's headquarters amid ongoing renovations at the building, where ongoing renovations have served as the administration's latest possible pretext for removing Fed Chair Jerome Powell from his post. Wearing a hard hat, the president said the construction cost had ballooned to 'about $3.1 billion,' up from $2.5 billion. But Powell, standing next to Trump, retorted, 'I haven't heard that.' After Trump handed him a piece of paper, Powell said the elevated cost Trump was citing included of a 5-year-old project.
Trump's visit to the Federal Reserve was notable not only because of his apparent dissatisfaction toward Powell's refusal to lower interest rates, but also for its rarity. The last president to visit the Fed headquarters was George W. Bush in 2006. Before that, Gerald Ford visited in 1975, and Franklin D. Roosevelt inaugurated the building in 1937.
Trump, who as recently as last week suggested he might fire Powell, told reporters yesterday, 'I just don't think it's necessary' to fire him. When asked if there was anything Powell could do to get Trump to 'back off,' Trump said, 'lower rates,' as he slapped Powell's back in a friendly manner. Read the full story here.
More politics news:
Deputy Attorney General Todd Blanche is expected to meet for the second day with Ghislaine Maxwell, Jeffrey Epstein's longtime accomplice. But can Maxwell be trusted to tell the truth about Epstein? Her attorney says yes, but her actions in the face of past lawsuits cast doubts.
Republican leaders are split over whether to extend Affordable Care Act funding that is slated to expire at the end of the year could mean higher insurance premiums and millions of people losing health coverage.
The Trump administration's allegations of 'treason' against former President Barack Obama has forced former aides to figure out how to not give too much oxygen to the claims without letting them to go unchecked.
The U.S. is cutting short Gaza ceasefire talks after the latest response from Hamas 'shows a lack of desire' for a deal, Trump's special envoy Steve Witkoff said.
Trump signed an executive order prohibiting 'third party, pay-for-play' payments to college athletes after the so-called college transfer portal has become a multimillion-dollar market in recent years.
The wrestling world remembers Hulk Hogan
Hulk Hogan, the larger-than-life wrestler who brought the theatrical sports genre to new heights of mainstream popularity, has died at the age of 71. Police in Clearwater, Florida, responded to a cardiac arrest call yesterday morning, according to a statement from the city, and he was pronounced dead at a local hospital. Hogan's manager said he passed away surrounded by loved ones.
The WWE celebrated the hall of famer as 'one of pop culture's most recognizable figures,' and fellow wrestling icon Ric Flair remembered him as a good friend who 'was always there for me even when I didn't ask for him to be.'
Hogan became a fixture in Republican politics in recent years and appeared at last year's Republican National Convention. Both President Donald Trump and Vice President JD Vance posted statements memorializing him. 'One of the first people I ever truly admired as a kid,' Vance said. Read the full story here.
Read All About It
President Emmanuel Macron announced that France will recognize Palestine as a state, amid growing global anger over people starving in Gaza. Within hours, Secretary of State Marco Rubio said the U.S. 'strongly rejects' the move.
Tariffs are eating into toymakers' and car companies' profits, from a $1 billion hit to Hasbro just in the second quarter to a projected $4 billion to $5 billion loss for the year for General Motors. Here's how other companies are faring.
The woman seen in the viral video of a couple trying to hide after being featured on a 'kiss cam' at a Coldplay concert resigned from her job.
Staff Pick: The sound of the summer isn't a song — it's an ad
'Nothing beats a Jet2 holiday.' If that phrase rings a bell, congratulations on being extremely online. Audio from the ad, mixed with Jess Glynne's 2015 hit 'Hold My Hand,' has become the meme of the summer, where users ironically juxtapose the soundbite with footage of chaotic holiday experiences.
But if you've been wondering how the narrator of the British airline ad feels about her viral fame, producer Fiona Day has you covered. Zoë Lister said she has been absolutely stunned by how much the meme has resonated, especially in the U.S.
Even if you know nothing about the meme, this story is a great look at how the most innocuous thing can end up changing someone's life — even if it's just the sound of their voice. — Josh Feldman, platforms editor
NBC Select: Online Shopping, Simplified
More than 67,000 cases of Power Stick deodorant have been recalled. Here's what to know. Plus, the NBC Select team has been tracking Nintendo Switch 2 availability, and it's back in stock at some retailers — for now.
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Los Angeles Times
4 minutes ago
- Los Angeles Times
Trump plays golf in Scotland while protesters take to the streets and decry his visit
EDINBURGH, Scotland — President Trump played golf Saturday at his course on Scotland's coast while protesters around the country took to the streets to decry his visit and accuse United Kingdom leaders of pandering to the unpopular American president. Trump and his son Eric played with the U.S. ambassador to Britain, Warren Stephens, near Turnberry, a historic course that the Trump family's company took over in 2014. Security was tight, and protesters kept at a distance were unseen by the group during Trump's round. He was dressed in black with a white 'USA' cap and was spotted driving a golf cart. The president appeared to play an opening nine holes, stop for lunch, then head out for nine more. By the middle of the afternoon, plainclothes security officials began leaving, suggesting Trump was done for the day. Hundreds of demonstrators gathered on the cobblestone and tree-lined street in front of the U.S. Consulate about 100 miles away in Edinburgh, Scotland's capital. Speakers told the crowd that Trump was not welcome and criticized British Prime Minister Keir Starmer for striking a recent trade deal to avoid stiff U.S. tariffs on goods imported from the U.K. Protests were planned in other cities as environmental activists, opponents of Israel's war with Hamas in Gaza and pro-Ukraine groups loosely formed a 'Stop Trump Coalition.' Anita Bhadani, an organizer, said the protests were 'kind of like a carnival of resistance.' June Osbourne, 52, a photographer and photo historian from Edinburgh, wore a red cloak and white hood, recalling 'The Handmaid's Tale.' Osbourne held up a picture of Trump with 'Resist' stamped over his face. 'I think there are far too many countries that are feeling the pressure of Trump and that they feel that they have to accept him, and we should not accept him here,' Osbourne said. The dual U.S.-British citizen said the Republican president was 'the worst thing that has happened to the world, the U.S., in decades.' Trump's late mother, Mary Anne MacLeod, was born on the Isle of Lewis in Scotland, and the president has suggested he feels at home in the country. But the protesters did their best to change that. 'I don't think I could just stand by and not do anything,' said Amy White, 15, of Edinburgh, who attended with her parents. She held a cardboard sign that said, 'We don't negotiate with fascists.' 'So many people here loathe him,' she said. 'We're not divided. We're not divided by religion, or race or political allegiance, we're just here together because we hate him.' Other demonstrators held signs of pictures with Trump and Jeffrey Epstein, as the fervor over files in the late child abuser's case has created a political crisis for the president. In the view of Mark Gorman, 63, of Edinburgh, 'The vast majority of Scots have this sort of feeling about Trump that, even though he has Scottish roots, he's a disgrace.' Gorman, who works in advertising, said he came out 'because I have deep disdain for Donald Trump and everything that he stands for.' A Scottish newspaper, the National, greeted Trump's arrival with a banner headline in its Friday edition that read, 'Convicted U.S. felon to arrive in Scotland.' Saturday's protests were not nearly as large as the throngs that demonstrated across Scotland when Trump played at Turnberry during his first term in 2018. But, as bagpipes played, people chanted, 'Trump out!' and raised dozens of homemade signs with such messages as 'No red carpet for dictators,' 'We don't want you here' and 'Stop Trump. Migrants welcome.' One dog had a sign attached that said 'No treats for tyrants.' Some on the far right took to social media to call for gatherings supporting Trump in places such as Glasgow. Trump also plans to talk trade with Starmer and Ursula von der Leyen, the European Commission president. But golf is a major focus. The family will also visit another Trump course near Aberdeen in northeastern Scotland, before returning to Washington on Tuesday. The Trumps will cut the ribbon and play a new, second course in that area, which officially opens to the public next month. Scottish First Minister John Swinney, who is also set to meet with Trump during the visit, announced that public money will go to staging the 2025 Nexo Championship, previously known previously as the Scottish Championship, at Trump's first course near Aberdeen next month. 'The Scottish government recognizes the importance and benefits of golf and golf events, including boosting tourism and our economy,' Swinney said. At a protest Saturday in Aberdeen, Scottish Parliament member Maggie Chapman told the crowd of hundreds: 'We stand in solidarity, not only against Trump but against everything he and his politics stand for.' The president has long lobbied for Turnberry to host the British Open, which it has not done since he took over ownership. In a social media post Saturday, Trump quoted the retired golfer Gary Player as saying Turnberry was among the 'Top Five Greatest Golf Courses' he had played in as a professional. The president, in the post, misspelled the city where his golf course is. Weissert writes for the Associated Press.
The Hill
4 minutes ago
- The Hill
David Letterman on ‘gutless' cancellation of Colbert's show: ‘Pure cowardice'
Comedian David Letterman on Friday joined the chorus of late-night hosts to bash CBS News after it announced it would sunset 'The Late Show' after more than three decades on air, while praising host Stephen Colbert as a 'martyr.' Letterman — the show's first host — alluded to the recent $16 million settlement between CBS's parent company Paramount Global and the Trump administration, and its expected merger with entertainment giant Skydance, when he called the decision to nix the program 'gutless.' 'I think one day, if not today, the people at CBS who have manipulated and handled this are going to be embarrassed because this is gutless,' he said during a recorded chat with his former 'Late Show' producers Barbara Gaines and Mary Barclay. 'I only wish this could happen to me. This would have been so great for me.' Paramount called the move 'purely a financial decision' and not related to the show's performance or content. Letterman, like other press advocates and some Democrats, did not seem satisfied with that answer. Instead, the 'Late Show' veteran cast the blame on who he called the 'Oracle twins,' referring to billionaire Larry Ellison and his son David Ellison, who is set to lead the 'New Paramount' after the Federal Communications Commission gave the greenlight for Skydance to acquire the company. The merger is expected to be completed by Aug. 7. 'There's no fairness to these goons,' Letterman said, adding 'These guys are bottom feeders. That's exactly what this is.' 'Of course, they know that broadcast television is withering, so now they want, just want to make sure on top of buying something that doesn't have the same value as it had 30 years ago. They don't want to be hassled by the United States government,' he continued. 'So, they want CBS to take care of all of that mess.' The comedian also blasted CBS's decision to settle with Trump after he sued '60 Minutes' over an interview with former Vice President Harris during the 2024 presidential campaign as 'pure cowardice.' Top names in late-night television — such as Jimmy Kimmel, Jimmy Fallon, Jon Stewart and Seth Meyers — have defended Colbert, who has openly raised concerns over Paramount's recent decisions. Letterman was no different. 'Now, for Stephen, I love this. He's a martyr. Good for him, right?' he told his former producers. 'Now we've all got to kiss Stephen Colbert's ring now,' he quipped later. 'And if you listen carefully, you can hear them unfolding chairs at the Hall of Fame for his induction, right?' Colbert, who took the reins from Letterman in 2015, has gone back-and-forth with Trump in recent days. 'I absolutely love that Colbert got fired. His talent was even less than his ratings,' the president wrote in a post on Truth Social earlier this week after the company revealed it would end the show in May 2026. The comedian replied, 'How dare you, sir. Would an untalented man be able to compose the following satirical witticism: 'Go f‑‑‑ yourself.''
Chicago Tribune
4 minutes ago
- Chicago Tribune
President Donald Trump says Japan will invest $550 billion in US at his direction. It may not be a sure thing.
WASHINGTON — President Donald Trump is bragging that Japan has given him, as part of a new trade framework, $550 billion to invest in the United States. It's an astonishing figure, but still subject to negotiation and perhaps not the sure thing he's portraying. 'Japan is putting up $550 billion in order to lower their tariffs a little bit,' Trump said Thursday. 'They put up, as you could call it, seed money. Let's call it seed money.' He said 90% of any profits from the money invested would go to the U.S. even if Japan had put up the funds. 'It's not a loan or anything, it's a signing bonus,' the Republican president said, on the trade framework that lowered his threatened tariff from 25% to 15%, including on autos. A White House official said the terms are being negotiated and nothing has been formalized in writing. The official, who insisted on anonymity to detail the terms of the talks, suggested the goal was for the $550 billion fund to make investments at Trump's direction. The sum is significant: It would represent more than 10% of Japan's entire gross domestic product. The Japan External Trade Organization estimates that direct investment into the U.S. economy topped $780 billion in 2023. It is unclear the degree to which the $550 billion could represent new investment or flow into existing investment plans. What the trade framework announced Tuesday has achieved is a major talking point for the Trump administration. The president has claimed to have brought trillions of dollars in new investment into the U.S., though the impact of those commitments have yet to appear in the economic data for jobs, construction spending or manufacturing output. The framework also enabled Trump to say other countries are agreeing to have their goods taxed, even if some of the cost of those taxes are ultimately passed along to U.S. consumers. On the $550 billion, Japan's Cabinet Office said it involves the credit facility of state-affiliated financial institutions, such as Japan Bank for International Cooperation. Further details would be decided based on the progress of the investment deals. Japanese trade negotiator Ryosei Akazawa, upon returning to Japan, did not discuss the terms of the $550 billion investment. Akazawa said he believes a written joint statement is necessary, at least on working levels, to avoid differences. He is not thinking about a legally binding trade pact. The U.S. apparently released its version of the deal while Japanese officials were on their return flight home. 'If we find differences of understanding, we may have to point them out and say 'that's not what we discussed,'' Akazawa said. The U.S. administration said the fund would be invested in critical minerals, pharmaceuticals, computer chips and shipbuilding, among other industries. It has said Japan will also buy 100 airplanes from Boeing and rice from U.S. farmers as part of the framework, which Treasury Secretary Scott Bessent said would be evaluated every three months. 'And if the president is unhappy, then they will boomerang back to the 25% tariff rates, both on cars and the rest of their products. And I can tell you that I think at 25, especially in cars, the Japanese economy doesn't work,' Bessent told Fox News' 'The Ingraham Angle.' Akazawa denied that Bessent's quarterly review was part of the negotiations. 'In my past eight trips to the United States during which I held talks with the president and the ministers,' Akazawa said. 'I have no recollection of discussing how we ensure the implementation of the latest agreement between Japan and the United States.' He said it would cause major disruptions to the economy and administrative processes if the rates first rise to 25% as scheduled on Aug. 1 and then drop to 15%. 'We definitely want to avoid that and I believe that is the understanding shared by the U.S. side,' he said. On buying U.S. rice, Japanese officials have said they have no plans to raise the current 770,000-ton 'minimum access' cap to import more from America. Agricultural Minister Shinjiro Koizumi said Japan will decide whether to increase U.S. rice imports and that Japan is not committed to a fixed quota. Trump's commerce secretary, Howard Lutnick, has suggested that the Japanese agreement is putting pressure on other countries such as South Korea to strike deals with the U.S. Trump, who is traveling in Scotland, plans to meet on Sundayv with European Commission President Ursula von der Leyen to discuss trade. 'Whatever Donald Trump wants to build, the Japanese will finance it for him,' Lutnick said Thursday on CNBC. 'Pretty amazing.'
