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CBC
an hour ago
- CBC
Canada-U.S. trade deal hopes appear to fade after latest talks
Although U.S. President Donald Trump's Aug. 1 deadline is fast approaching, there is no sign of a breakthrough yet on a new Canada-U.S. trade deal after a week of talks in Washington, D.C. Ottawa continues to say it won't sign anything that isn't in Canada's best interest.
CBC
an hour ago
- CBC
Paramount gets the go-ahead from U.S. regulators to merge with Skydance
U.S. federal regulators on Thursday approved Paramount's $8-billion US merger with Skydance, clearing the way to close a deal that combined Hollywood glitz with political intrigue. The stamp of approval from the Federal Communications Commission comes after months of turmoil revolving around President Donald Trump's legal battle with 60 Minutes, the crown jewel of Paramount-owned broadcast network CBS. With the spectre of the Trump administration potentially blocking the hard-fought deal with Skydance, Paramount earlier this month agreed to pay a $16-million US settlement with the president. Critics of that settlement lambasted it as a veiled bribe to appease Trump, amid rising alarm over editorial independence overall. Further outrage also emerged after CBS said it was cancelling The Late Show with Stephen Colbert just days after the comedian sharply criticized the parent company's settlement on air. Paramount cited financial reasons, but big names both within and outside the company have questioned those motives. In a statement accompanying the deal's approval, FCC Chair Brendan Carr — appointed by Trump — hailed the merger as an opportunity to bring more balance to "once-storied" CBS. "Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change," Carr said. 'Cowardly capitulation' While seeking approval, Skydance management assured regulators that it will carefully watch for any perceived biased at CBS News and hire an ombudsman to review any complaints about fairness. In a Tuesday filing, the company's general counsel maintained that New Paramount will embody "a diversity of viewpoints across the political and ideological spectrum" — and also noted that it plans to take a "comprehensive review" of CBS to make "any necessary changes." The FCC approved the merger by a 2-1 vote, and the regulator who opposed it expressed disdain for how it all came together. "After months of cowardly capitulation to this administration, Paramount finally got what it wanted," FCC Commissioner Anna Gomez said in a statement. "Unfortunately, it is the American public who will ultimately pay the price for its actions." Gomez was appointed by former president Joe Biden. Why CBS axed The Late Show: Ratings or politics? 6 days ago Paramount and Skydance have said they wanted to seal the deal by this September, and now appear to be on a path to make it happen by then, if not sooner. Over the past year, the merger has periodically looked like it might fall apart as the two sides haggled over terms. But the two companies finally struck an accord that valued the combined company at $28 billion US, with a consortium led by the family of Skydance founder David Ellison and RedBird Capital agreeing to invest $8 billion US. Signalling a shakeup would accompany the changing of the guard, Ellison stressed the need to transition into a "tech hybrid" to stay competitive in today's entertainment landscape. That includes plans to "rebuild" the Paramount+ streaming service, among wider efforts to expand direct-to-consumer offerings in a world with more entertainment options and shorter attention spans. Trump's 60 Minutes lawsuit Ellison, who is poised to become CEO of the restructured Paramount, is the son of Larry Ellison, the technology titan and co-founder of Oracle. Besides possessing an estimated $288 billion US fortune, Larry Ellison has been described as a friend by Trump. While Paramount sweated out regulatory approval of the merger, one of TV's best-known and longest-running programs turned into a political hot potato when Trump sued CBS over the handling of a 60 Minutes interview with Kamala Harris, his Democratic Party opponent in last year's presidential election. Trump accused the program of deceptively editing the interview to help Harris win the election. After initially demanding $10 billion US in damages, Trump upped the ante to $20 billion US, while asserting he had suffered "mental anguish." The case quickly became a closely-watched test of whether a corporation would back its journalists and stand up to Trump. Editing for brevity's sake is commonplace in TV journalism and CBS argued Trump's claims had no merit. But reports of company executives exploring a potential settlement with Trump later piled up, particularly after Carr launched an investigation earlier this year. By the start of July, Paramount agreed to pay Trump $16 million US. The company said the money would go to Trump's future presidential library and to pay his legal fees, but maintained that it was not apologizing or expressing regret for the story. The settlement triggered an outcry among critics who pilloried Paramount for backing down from the legal fight to increase the chances of closing the Skydance deal. Democratic U.S. Sen. Elizabeth Warren said that the deal "could be bribery in plain sight" — and called for an investigation and new rules to restrict donations to presidential libraries. Concerns about editorial independence at CBS had piled up even in the months before the deal was announced — with Paramount overseeing 60 Minutes stories in new ways, as well as journalists at the network expressing frustrations about the changes on an award-winning program that has been a weekly staple for nearly 57 years In April, then-executive producer of 60 Minutes Bill Owens resigned, noting that it had "become clear that I would not be allowed to run the show as I have always run it." Another domino fell in May when CBS News CEO Wendy McMahon also stepped down, citing disagreements with the company "on the path forward," amid speculation of Paramount nearing a settlement with Trump. CBS has since appointed Tanya Simon as the top producer at 60 Minutes — elevating a respected insider in a move that could be viewed as a way to calm nerves leading up to the changes that Skydance's Ellison is expected to make.
Globe and Mail
3 hours ago
- Globe and Mail
Faraday Future Hosts Successful Capitol Hill Club Reception Showcasing Commitment to American Manufacturing and Innovation
Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) ('Faraday Future', 'FF' or the 'Company'), a California-based global shared intelligent electric mobility ecosystem company, held a well-attended and impactful reception at the Capitol Hill Club this week, drawing over a dozen members of Congress and key stakeholders from across the policy and business landscape. The event served as a platform to highlight Faraday Future's ongoing efforts to bring advanced electric vehicle innovation and manufacturing jobs back to American soil. This press release features multimedia. View the full release here: Faraday Future Hosts Successful Capitol Hill Club Reception Showcasing Commitment to American Manufacturing and Innovation 'We at Faraday Future have expressed our desire to play a role in the great American comeback we are seeing under this Administration, particularly as it relates to the automotive industry, which has been the bedrock of American industry for ages,' said John Schilling, Global Director of Communications and Public Relations at Faraday Future. The event featured both FF's cutting-edge FF 91 2.0 electric supercar as well as its recently unveiled FX Super One MPV model. Attendees got a firsthand look at both products and experienced the technology, craftsmanship, and vision driving FF's expansion strategy. FF leadership, including FX CEO Max Ma, also met with staff at the White House earlier this week, which included an open dialogue on a number of policy topics such as tariffs, U.S. manufacturing and innovation. FF looks forward to continuing to work closely with the White House in the near future to promote the long-term prosperity of America's high-end manufacturing sector, centered around the automotive industry and its broader ecosystem. 'We were extremely honored by the attendance of numerous members of Congress who were interested in both our vehicles, because who wouldn't be, but more importantly, our story about building and employing American,' continued Schilling. 'We're committed to expanding production here at home and look forward to working with Congress and the Trump Administration to help make that vision a reality.' Faraday Future's leadership emphasized that the company is aligning with the current Administration's vision to reindustrialize America and revitalize core manufacturing sectors. With plans to increase domestic production and invest in U.S. jobs, Faraday is proud to be a part of a new chapter in American innovation. ABOUT FARADAY FUTURE Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company's mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future's flagship model, the FF 91, exemplifies its vision for luxury, innovation, and performance. The FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. FF is committed to redefining mobility through AI innovation. Join us in shaping the future of intelligent transportation. For more information, please visit FORWARD LOOKING STATEMENTS This press release includes 'forward looking statements' within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words 'plan to,' 'can,' 'will,' 'should,' 'future,' 'potential,' and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: the Company's ability to secure necessary agreements to license or produce FX vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; the Company's ability to homologate FX vehicles for sale in the U.S., the Middle East, or elsewhere; the Company's ability to secure the necessary funding to execute on its AI, EREV and Faraday X (FX) strategies, each of which will be substantial; the Company's ability to secure necessary permits at its Hanford, CA production facility; the Company's ability to secure regulatory approvals for the proposed Super One front grill; the potential impact of tariff policy; the Company's ability to continue as a going concern and improve its liquidity and financial position; the Company's ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company's limited operating history and the significant barriers to growth it faces; the Company's history of losses and expectation of continued losses; the success of the Company's payroll expense reduction plan; the Company's ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company's estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company's vehicles; the Company's ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company's vehicles; current and potential litigation involving the Company; the Company's ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company's indebtedness; the Company's ability to cover future warranty claims; the Company's ability to use its 'at-the-market' program; insurance coverage; general economic and market conditions impacting demand for the Company's products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company's dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company's stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the 'Risk Factors' section of the Company's Form 10-K filed with the SEC on March 31, 2025, and other documents filed by the Company from time to time with the SEC.
