Paramount Skydance is in talks to secure signed equity commitments of almost US$24 billion (S$30.9 billion) from three sovereign wealth funds led by Saudi Arabia to help back itstakeover of Warner Bros Discovery,the Wall Street Journal reported on April 5.
The US entertainment giant in February said it has agreed buy its peer in a US$110 billion deal - with an equity value of US$81 billion - that they expect to close in the third quarter.
The merger would combine major studios and networks such as CNN and CBS, enabling them to compete more aggressively as streaming draws audiences away from traditional linear TV.
To help back the takeover, Saudi Arabia’s Public Investment Fund (PIF) has agreed to provide roughly US$10 billion, the WSJ reported citing people familiar with the matter.
The other backers are likely to include Qatar Investment Authority and Abu Dhabi’s L’imad Holding, the WSJ reported.
PIF, Qatar Investment Authority and L’imad Holding did not respond to Reuters’ emailed requests for comment outside of regular business hours. Paramount declined to comment.
The Gulf backers will not have voting rights in the new Paramount-Warner entity, the WSJ reported.
Paramount executives do not expect the funds’ involvement to trigger a review by the Committee on Foreign Investment in the US or Federal Communications Commission, the Journal said.
The U.S., Iran and a group of regional mediators are discussing the terms for a potential 45-day ceasefire that could lead to a permanent end to the war, Axios reported on Sunday, citing four U.S., Israeli and regional sources with knowledge of the talks.
The tough-as-nails US Air Force colonelshot down over Iran was seriously wounded but still climbed a 7,000-foot ridge and hid in a crevice to evade capture for 36 hours — even with bounty-hunters on his tail.
The cool-as-a-cucumber American hero, who has yet to be publicly identified, spent one and a half days hiding in the Zagros Mountains range and dodging the enemy after his F-15E went down in hostile territory Friday.
An American airman spent 36 hours hiding in the Zagros Mountain range inside Iran after his F-15E was shot down Friday.Lukas – stock.adobe.com
Despite his injuries, the weapons officer was able to climb more than 1.3 miles and avoid detection from blood-thirsty nearby Iranian fighters spurred by the chance to capture an American soldier and the $60,000 bounty placed on his head, the New York Times reported.
The officer was armed with only a handgun as he awaited rescue, which occurred partly thanks to the emergency beacon he sent out from a crevice along a mountain early Sunday local time, CBS News reported.
The pilot of the aircraft was rescued shortly after the crash, but it took a daring and complex operation to save his weapons officer.CENTCOM Trump and his team initially feared that the signal could be a trap to lure more American soldiers into a dangerous situation.
Map detaining the rescue plan to save the US airman.
A US defense official said that before the colonel’s extraction, the weapons officer submitted a short, unusual message over the radio that said, “God is good.”
“What he said on the radio sounded like something a Muslim would say,” Trump told Axios, referencing the Islamic phrase “Allahu Akbar,” or “God is Great.”
US Defense Secretary Pete Hegseth posted the same phrase, “God is good,” on X after the hero was rescued.
It’s not clear what injuries the colonel suffered, but they have been described as serious by US officials.
With the help of the CIA, military officials were able to track the colonel’s equipment to his exact location and confirm his status, according to the Times.
Along with helping tracking the officer, the CIA pulled off a diversion tactic that saw the US plant fake intel that the soldier had already been rescued and was being driven out of Iran, the Times reported.
Images have emerged of American aircraft that the US was forced to destroy during the rescue operation.AP
When it was time to act, a massive broad daylight operation was launched involving dozens of aircraft and MQ-9 Reaper drones providing a protective perimeter and striking any hostile forces that got within 2 miles of the airman’s position, the Jerusalem Post reported.
The complex operation involved 100 Special Operations forces, led by Seal Team 6, with Delta Force commandos and Army Rangers on standby, according to the Times.
US special ops commandos also engaged in skirmishes with local tribesmen during the hunt for the pilot.
President Trump hailed the successful rescues as he ordered Iran to accept his peace deal come Tuesday.AP
The rescue mission ran into last-minute trouble when two aircraft stationed with a force just south of the city of Isfahan became stuck, forcing the US to dispatch three more aircraft to pick up the stranded forces and destroy the trapped vehicles lest they fall into enemy hands.
The injured airman has been flown to Kuwait for medical treatment in a rescue plane.
Trump, who boasted about the rescue Sunday, said he would hold a news conference with the military at the Oval Office on Monday at 1 p.m. about the successful operation.
The conflict with Iran is reshaping the global economy in ways that appear to favor the United States, even as higher fuel costs weigh on consumers, news columnist Greg Ip reported in The Wall Street Journal.
While gasoline prices have climbed, the U.S. economy has remained relatively resilient. In contrast, economies abroad, particularly in Europe, are facing rising inflation risks, higher interest rates and slowing growth as energy costs surge. Economists say the divergence reflects structural differences: the U.S. benefits from energy exports, while many allies rely heavily on imported oil and liquefied natural gas.
The shift underscores a broader change in how the U.S. approaches global energy security under President Donald Trump. Previous administrations framed the free flow of oil as a shared international priority. Trump, by contrast, has emphasized U.S. self-sufficiency, noting that the country imports little oil through the Strait of Hormuz and encouraging others to rely more on American supplies.
That stance reflects the transformation of the U.S. into a major energy exporter, driven by the shale boom and expanded LNG infrastructure. Energy exports now contribute significantly to economic growth and global influence, in some cases surpassing traditional exports like agricultural goods.
The administration has elevated “energy dominance” as a central strategic goal, tying domestic production to geopolitical leverage. Recent actions, including moves affecting oil supplies in Venezuela, illustrate how energy resources are increasingly being used as a tool of foreign policy.
At the same time, the war has exposed vulnerabilities among U.S. allies. Europe, which once depended heavily on Russian gas, has shifted toward U.S. LNG but now faces the risk of overreliance on another supplier. Some policymakers are questioning whether this creates new geopolitical dependencies.
Still, analysts caution that America’s advantage may have limits. U.S. energy production is relatively costly, and private producers are unlikely to restrict supply in ways that would maximize geopolitical leverage. Moreover, if trading partners perceive U.S. energy exports as a political tool, they may seek alternative sources over time.
The longer-term outcome will depend on how the conflict evolves. A resolution could restore stability to global energy flows, while a prolonged disruption may deepen the current imbalance, reinforcing the United States’ position as a key supplier in a strained global market, according to the report.
The Gulf energy shock is exposing the consequences of California’s economic mismanagement under the state’s one-party rule of Democratic kings and queens. Years of failed "green" policies, regulatory overreach, high taxes, endless environmental mandates, and heavy reliance on Asian refineries have transformed California into an energy island highly vulnerable to global fuel shocks, with San Francisco becoming the first U.S. city on Saturday to top $8 a gallon for diesel.
"For the first time ever, GasBuddy data show average diesel prices have risen above $8 per gallon in San Francisco, CA, the first U.S. city ever to reach the $8 mark," Patrick De Haan of the fuel-tracking website GasBuddy wrote on X.
De Haan noted, "The national average price of gasoline is $4.10/gal this morning, with diesel at $5.58/gal. Both are likely to tick slightly lower today, but a large round of price cycling will begin tomorrow in potentially a dozen or so states, pushing prices back up."
California has always been an outlier among states in terms of fuel prices. As we have outlined in recent weeks, it was only a matter of time before prices soared in the Golden State to levels that would cause demand destruction.
Last month, Chevron’s head of oil refining, Andy Walz, explained that California is careening toward an energy crisis due to the war in Iran. He said the company may reduce oil refining in the state unless officials roll back taxes and regulations, which is unlikely to happen as long as Democrats remain in power.
Walz said the state is highly exposed to the energy shock rippling across commodity markets because it imports about 20% of its refined fuels from Asia. But, as extensively discussed here, oil product shipments from China, South Korea, Singapore, and elsewhere are at risk of slowing if the Hormuz chokepoint remains clogged, as well as of panic-driven hoarding of fuel by countries. This only leaves Asian nations dialing back crude product exports, exposing California to changes in overseas flows.
Walz said fuel shortages in California are his worst fear: "We have refineries in Asia that are having to cut crude, so they’re going to make fewer products. What if San Francisco doesn’t have the jet fuel it needs? Or Los Angeles? Or maybe gasoline?"
Put another way, California functions as an energy island within the U.S., cut off from the core refinery hubs of Texas and Louisiana. That issue comes as multiple refineries in California have shuttered in recent years because of climate-related regulations and a broader regulatory regime that continues to kill the state’s energy complex.
Even CBS News California was forced to acknowledge last week that a six-month investigation found that state left-wing policies, refinery closures, and global supply risks transformed California into an energy island, highly exposed to disruptions in global fuel flows.
California’s reliance on overseas fuel imports is a major policy failure by state leaders. It also reinforces what JPMorgan analysts have been warning: as the energy shock ripples from Asia to Africa to Europe, California was always likely to be one of the first places in the U.S. to feel max pain. Diesel above $8 per gallon may be the most apparent signal yet that the shock has arrived.
For years, Democrats in the state were able to deflect blame for price gouging onto oil companies. That narrative has since collapsed under the weight of left-wing climate policies that have undermined California’s energy complex. After years of failed governance under left-wing rule and Gov. Newsom, the state now faces a far more serious risk: a fuel shortage that could evolve from an economic crisis into a national security concern, particularly if supply disruptions begin to impair readiness at key military bases across California.
California is entering its dry season with far less snow than usual, heightening drought concerns across the state, according toBloomberg.
Snowpack stands at just 18% of normal statewide, according to the Department of Water Resources. Conditions are especially severe in the Sierra Nevada: the northern region has only 6% of typical levels, while the central and southern areas are at 21% and 32%, respectively.
The shortfall matters because California depends on winter snow — not year-round rainfall — for much of its water. Snowpack, typically measured around April 1 at its peak, acts as a natural reservoir that melts in spring and summer to supply cities, farms and ecosystems.
This year, however, warmer Pacific storms brought more rain than snow, boosting reservoirs but limiting snow accumulation. The snowpack also peaked early, in late February, before record March warmth rapidly melted it.
Bloomberg writes that the result could be widespread drought conditions, with increased wildfire risk and added strain on agriculture and wildlife as water supplies tighten.
Historically, California has seen similar swings between extreme lows and highs in snowpack. During the 2012–2016 drought, snow levels collapsed, culminating in 2015 — the lowest in at least 500 years — when many Sierra sites recorded little to no snow. Warmer temperatures, rather than just lack of precipitation, played a major role in that “snow drought,” a pattern scientists say is becoming more common.
At the same time, the state can quickly swing to the opposite extreme. Just a few years ago, 2023 brought one of the largest snowpacks on record — more than double the average — following multiple wet storms. These sharp reversals underscore California’s growing “boom-and-bust” water cycle, where exceptionally wet years are often followed by rapid declines, making long-term water planning increasingly difficult.
The United Arab Emirates Defense Ministry said its forces are working to repel ongoing drone and missile attacks from Iran.
Meanwhile, Iranian media said blasts were heard in the UAE, as well as Kuwait, but no further information was shared at the time. Air alarms were activated in Kuwait, though the target of the strikes remained unclear.
Earlier during the night, a US base in the vicinity of Baghdad airport came under attack, with a fire reportedly breaking out on site.
