Donald Trump has confirmed a long-awaited meeting with New York City mayor-elect Zohran Mamdani will happen in Washington this week, setting up an in-person clash between the political opposites who for months have antagonised each other.
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This is an audio transcript of the FT News Briefing podcast episode: ‘The bidding war for Warner Bros Discovery begins’
Marc Filippino
Good morning from the Financial Times. Today is Thursday, November 20th, and this is your FT News Briefing. Nvidia released another splashy earnings report and the bidding war for Warner Bros Discovery officially kicks off today. Plus, critics say that China’s growth numbers don’t quite add up. We’ll explain why. I’m Marc Filippino and here’s the news you need to start your day.
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News about the AI sector has been pretty gloomy lately, but Big Tech investors saw a ray of sunshine yesterday. Nvidia reported that sales of its chips grew even faster than Wall Street expected last quarter and its revenue forecast for the current quarter was well above estimates. Nvidia’s shares were higher in after-hours trading. They were down 11 per cent from their peak in early November before the earnings report came out.
Nvidia’s results are a bellwether for the health of the AI sector. That’s because it’s advanced chips power important models like ChatGPT. The earnings report could help soothe investor worries about massive valuations of big US tech groups and all the money those companies are spending on chips and data centres.
[MUSIC PLAYING]
For the fourth time since September, Paramount’s chief executive David Ellison is making a bid to buy Warner Bros Discovery. But this time he has some competition and this bidding war has been described as Paramount’s to lose. Here to tell us more is the FT’s James Fontanella-Khan, our US finance editor. Hey James.
James Fontanella-Khan
Hi, Marc.
Marc Filippino
James, can you tell us a little bit about David Ellison’s back-story when it comes to bidding for Warner Bros Discovery?
James Fontanella-Khan
I think we need to take a step back and remind our listeners that David Ellison acquired Paramount not long ago. With the ink barely dry on that deal, he immediately started preparing a bid for Warner to create one of the most powerful Hollywood entertainment and sport media companies, and that’s where we are at the moment. He thought he didn’t have any competition to start with. Essentially, he put it in play and others came knocking because it’s a once-in-a-generation opportunity to buy a famed movie studio and more.
Marc Filippino
Yeah, and more includes HBO, which is nothing to sniff at. This competition you’re talking about James, who else is out there at the moment?
James Fontanella-Khan
In addition to Paramount, you have Comcast, which is a kinda more traditional rival of Warner, and then more surprisingly, you have Netflix.
Now, nobody really expected Netflix to be there. The streaming giant has never really done any mega M&A and nobody thought they’d be interested in owning some of the other assets that are currently in the Warner stable, particularly its cable and its news business. And in fact, there is a vibrant debate inside of Netflix over whether they should even be in the mix.
A lot of people think they’re just participating in the deal because, again, it’s a rare opportunity to look a little closer into the business of a rival.
Marc Filippino
James, do bids have to get in today?
James Fontanella-Khan
Bids will start trickling in and then what we should expect is a little back and forth with Warner examining the offers and then it’ll go back to the various parties involved and see who wants to counterbid. And that’s how the bidding process will go on for at least a couple of weeks.
Marc Filippino
I mentioned earlier that this is Ellison’s and Paramount’s bid to lose. Why is that the case?
James Fontanella-Khan
First and foremost, he was the first one to come out in the open to express interest in this asset. He has the capital. His dad is Larry Ellison. They own Oracle, the family. They are flush with cash. In addition to that, they’ve been talking to additional backers, including in the Middle East. So from a regulatory perspective, probably faces the least amount of opposition. And finally, these days, every deal has to go through Washington, DC. We can say that Larry Ellison is a good friend of US President Donald Trump, and he would probably be happy to note the Ellison’s control CBS and CNN, who have a, let’s say, history with the current US president.
Marc Filippino
Now, James, you had described this potential deal between Warner Bros Discovery in Paramount as historic. What impact could this ultimately have on the business of Hollywood?
James Fontanella-Khan
This is gonna be cataclysmic for Hollywood. For starters, you’re seeing what’s going on at Paramount. There’s already been quite a few job cuts as part of a broader restructuring that Ellison is imposing at Paramount. And you can only expect if you bring two big companies together, there’ll be more job cuts.
On the flip side though, from an investor perspective, if Ellison does emerge on top, you’ll have a much larger, more robust player in that space that can precisely compete with Netflix, who can compete with Amazon, who can compete with Google. Because let’s remember Google owns YouTube, which is a huge player when it comes to media and entertainment.
Marc Filippino
A lot at stake here. James Fontanella-Khan is the FT’s US finance editor. Thanks, James.
James Fontanella-Khan
Thank you.
[MUSIC PLAYING]
Marc Filippino
UK inflation fell to 3.6 per cent in October. That’s down from 3.8 per cent a month earlier. And this has raised expectations that the Bank of England will cut interest rates next month. Traders are betting on a quarter-point rate cut in December. The data comes just a week ahead of the UK’s autumn budget. Chancellor Rachel Reeves is expected to raise taxes as the country’s economy continues to struggle. It grew just a 10th of a per cent last quarter.
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For decades, China’s growth rates were the envy of the world. Although its official statistics were considered somewhat unreliable. Now, a loss of momentum caused by trade tensions with the US and a property slowdown have made questions about the data more urgent. People are trying to work out what’s going on in one of the world’s most important economies.
I’m joined now by Thomas Hale, the FT Shanghai correspondent, to discuss this. Hi Tom.
Thomas Hale
Hi. Thanks for having me.
Marc Filippino
So what are the main problems with China’s official economic data?
Thomas Hale
I think the biggest problem right now is that the type of GDP data that other major economies publish every quarter, which involves a breakdown loosely of investment consumption and net exports, we are not getting that quarterly data in China. And it makes analysing the economy within a given year more difficult than it would be elsewhere.
But really just stepping back over the decades of China’s economic transition, China retains a target-driven economic system. It sets targets for GDP growth. So we’ve seen concerns over local officials reporting inflated data, and there is evidence that the National Bureau of Statistics has made adjustments, downwards adjustments to the data it receives from local governments because of that issue.
Marc Filippino
Now, can you give us an example of where the data fall short?
Thomas Hale
Yes. So in other major economies, we would be getting quarterly GDP data on investment. In China, we’re not getting this, and instead, China produces its own monthly investment data called fixed asset investment. And analysts rely very heavily on this data to interpret what’s going on with investment in China.
Now currently, that data is showing a very steep decline. But we are not seeing a comparable impact on overall GDP in China. So this poses a real puzzle to analysts as to how we can interpret this fall in China’s unique fixed asset investment data and how its GDP growth will ultimately reflect that investment decline.
Marc Filippino
Let’s go back a little bit, Tom. How has China’s approach to data evolved in recent decades since it started opening up its economy in the 1990s.
Thomas Hale
China adopted GDP as a kind of international standard in as late as 1993. And obviously, there was a monumental, practical challenge. And there was a lot of collaboration with the west on that front. And what we’ve really seen is a decline in that engagement.
And so right now we have a lot less visibility than we would’ve 10, 15 years ago. The other major challenge is that certain data that was available in the past has been discontinued by the National Bureau of Statistics. For example, before 2018 we had breakdowns of fixed asset investment by different sectors in terms of the amount of investment and from 2018 onwards, we no longer have that.
Marc Filippino
Now, Tom, you got at this a little bit earlier, but how else does China’s data differ from other major economies?
Thomas Hale
Although China has transitioned from a planned economy decades ago, there are certain elements that appear to linger. One of them is that China’s data focuses very much on hard production data, the kind of countable data that would’ve played a big role prior to its opening up as well.
So I think the data China is producing is differing somewhat from the kind of data you would get in the US and the UK where the economies are much more focused on services. Targets might make more sense on hard production data or on investment, which might be seen as more easily measurable than something like consumption of services.
So I think there are definitely relationships between the way an economy is structured and the way economy is run and the type of data which arises from that economy.
Marc Filippino
And so given everything that we’ve discussed, is there any chance that China might ever be more transparent with its economic data?
Thomas Hale
If we zoom out and think about the development of China’s economy is in many ways unrecognisable to the economy that it had in the 1980s. We do see a much more services-based economy. If China continues to develop in that direction, there might be a case to be made that the way it approaches its data, the way it approaches its statistics will ultimately change.
Marc Filippino
Tom Hale is the FT. Shanghai correspondent. Thanks, Tom.
Thomas Hale
Thank you.
Marc Filippino
Before we go, we told you earlier this week that even though the US government has reopened, it still has a hole in its economic data. The FT’s Myles McCormick told us that while federal employees were furloughed, they couldn’t collect all the usual data to compile inflation and jobs reports for the month of October, which are key metrics the Federal Reserve will use when it meets next to decide on interest rates.
Myles McCormick
We’ll still be flying blind to some extent. It’s unlikely to have October information for inflation on the labour market and it may or may not have information for the month of November.
Marc Filippino
And Myles was right. The Bureau of Labor Statistics said yesterday, it won’t publish the October jobs report in full, but it is set to release all of September’s data today. We’ll see how the Fed handles all this when it meets next month. The central bank reported minutes from the last meeting yesterday. It showed members were split over a rate cut in December.
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You can read more on all these stories for free when you click the links in our show notes. This has been your daily FT News Briefing. Check back tomorrow for the latest business news.
Aoife Kelleher, director of Mrs Robinson and One Million Dubliners, asks us to…
BOGOTÁ, Colombia, Nov. 19, 2025/PRNewswire/ — The Republic of Colombia’s (“Colombia“) previously announced tender offer (the “Tender Offer“) to purchase its outstanding global bonds listed in the table below, on the terms and subject to the conditions contained in the Offer to Purchase, dated November 14, 2025 (the “Offer to Purchase“), expired as scheduled for the U.S. Dollar Bonds (as defined below) at 5:00 p.m., New York City time, on Wednesday, November 19, 2025 (the “U.S. Dollar Bonds Tender Period Expiration Time“). Non-U.S. Dollar Bonds (as defined in the Offer to Purchase) may continue to be tendered until 5:00 p.m., New York City time, on Friday, November 21, 2025 (the “Non-U.S. Dollar Bonds Tender Period Expiration Time“).
The Purchase Price for each series of U.S. Dollar Bonds and the Non-U.S. Dollar Bonds (collectively, the “Old Bonds“) validly accepted pursuant to the Tender Offer is the fixed purchase price identified for such series of Old Bonds in the Offer to Purchase and Colombia’s press release issued on November 14, 2025. In addition, holders will receive accrued and unpaid interest on their Old Bonds up to (but excluding) the Tender Offer Settlement Date (as defined below).
Based on the principal amount of each series of U.S. Dollar Bonds tendered at the U.S. Dollar Bonds Tender Period Expiration Time, Colombia currently anticipates that the aggregate purchase price to be paid for the U.S. Dollar Bonds will be in the range of U.S.$4-6 billion. The purchases remain subject to the conditions set out in the Offer to Purchase and are anticipated to be funded by funds available to Colombia as well as the borrowing or issuance of debt. No assurance can be given as to the ultimate aggregate purchase price to be paid for the U.S. Dollar Bonds or Maximum Purchase Amount (as defined in the Offer to Purchase), which may be smaller or larger at Colombia’s sole discretion and is expected to be communicated as described below. The table below provides, among other information, the aggregate principal amount of U.S. Dollar Bonds tendered at the U.S. Dollar Bonds Tender Period Expiration Time and the illustrative acceptance prioritization among the U.S. Dollar Bonds. Colombia expects to accept any and all EUR 3.875% Global Bonds due 2026 tendered prior to the Non-U.S. Dollar Bonds Tender Period Expiration Time.
|
U.S. Dollar Bonds |
|||||
| |
|||||
|
Old Bonds |
Outstanding |
Security Identifier |
Fixed Purchase |
Aggregate Principal |
Indicative |
|
3.875% Global |
U.S.$1,740,144,000 |
CUSIP: 195325DL6 ISIN: US195325DL65 |
$1,000.00 |
U.S.$342,668,000 |
– |
|
4.500% Global |
U.S.$2,000,000,000 |
CUSIP: 195325DP7 ISIN: US195325DP79 |
$1,000.00 |
U.S.$656,155,000 |
– |
|
3.000% Global |
U.S.$1,542,968,000 |
CUSIP: 195325DR3 ISIN: US195325DR36 |
$918.75 |
U.S.$635,568,000 |
– |
|
7.375% Global |
U.S.$1,900,000,000 |
CUSIP: 195325 ER2 ISIN: US195325ER27 |
$1,086.25 |
U.S.$1,193,626,000 |
1 |
|
10.375% Global |
U.S.$340,511,000 |
CUSIP: 195325BB0 ISIN: US195325BB02 |
$1,277.50 |
U.S.$157,376,000 |
– |
|
8.000% Global |
U.S.$1,624,241,000 |
CUSIP: 195325EF8 ISIN: US195325EF88 |
$1,127.50 |
U.S.$804,328,000 |
– |
|
7.500% Global |
U.S.$2,200,000,000 |
CUSIP: 195325EG6 ISIN: US195325EG61 |
$1,087.50 |
U.S.$1,198,328,000 |
2 |
|
8.500% Global |
U.S.$1,900,000,000 |
CUSIP: 195325ES0 ISIN: US195325ES00 |
$1,160.00 |
U.S.$1,329,101,000 |
3 |
|
8.000% Global |
U.S.$1,900,000,000 |
CUSIP: 195325EL5 ISIN: US195325EL56 |
$1,117.50 |
U.S.$954,847,000 |
4 |
|
7.750% Global |
U.S.$2,000,000,000 |
CUSIP: 195325EP6 ISIN: US195325EP60 |
$1,090.00 |
U.S.$1,098,921,000 |
– |
|
7.375% Global |
U.S.$1,818,400,000 |
CUSIP: 195325BK0 ISIN: US195325BK01 |
$1,066.25 |
U.S.$485,310,000 |
5 |
|
6.125% Global |
U.S.$2,500,000,000 |
CUSIP:195325BM6 ISIN: US195325BM66 |
$928.75 |
U.S.$427,136,000 |
– |
|
5.000% Global |
U.S.$3,670,948,000 |
CUSIP: 195325CU7 ISIN: US195325CU73 |
$787.50 |
U.S.$622,372,000 |
– |
|
8.750% Global |
U.S.$1,900,000,000 |
CUSIP: 195325EM3 ISIN: US195325EM30 |
$1,192.50 |
U.S.$1,054,625,000 |
– |
|
8.375% Global |
U.S.$1,640,000,000 |
CUSIP: 195325EQ4 ISIN: US195325EQ44 |
$1,147.50 |
U.S.$1,085,538,000 |
– |
| |
|
|
(1) |
Per $1,000 for the U.S. Dollar Bonds. |
|
(2) |
Note that the indicative acceptance prioritization set forth above is for illustrative purposes only, where number 1 represents the highest priority through the number 5, which is the lowest priority. A dash (–) denotes an indicative priority that the Tender is not expected to be accepted. Colombia reserves the right, as set forth in the Offer to Purchase, to accept or not accept any or all tenders for any reason, subject to applicable law, as well as to change the indicative prioritization prior to announcing the aggregate principal amount of Old Bonds accepted, in Colombia’s sole discretion. Actual acceptance of tendered Old Bonds will be communicated as set forth below. |
On Friday, November 21, 2025, or as soon as possible thereafter, Colombia expects to (i) announce the aggregate principal dollar amount tendered of Non-U.S. Dollar Bonds, (ii) accept, subject to proration and other terms and conditions as described in the Offer to Purchase, valid tenders of U.S. Dollar Bonds and Non-U.S. Dollar Bonds, (iii) announce the Maximum Purchase Amount, (iv) announce the aggregate principal amount of U.S. Dollar Bonds and Non-U.S. Dollar Bonds that have been accepted, and (v) announce whether any proration has occurred for Old Bonds accepted.
The settlement of the Tender Offer is scheduled to occur on Wednesday, November 26, 2025 (the “Tender Offer Settlement Date“), subject to the conditions in the Offer to Purchase, including the Financing Condition (as defined in the Offer to Purchase), and subject to change without notice.
Colombia reserves the right, in its sole discretion, not to accept any or all Tenders and to terminate the Tender Offer for any reason.
The Offer to Purchase may be downloaded from the Information Agent’s website at www.gbsc-usa.com/colombia or obtained from the Information Agent, Global Bondholder Services Corporation, at +1 (855) 654-2014 or from any of the Dealer Managers.
The Dealer Managers for the Tender Offer are:
|
Dealer Managers |
||
|
Goldman Sachs & Co. LLC Attention: Liability 200 West Street New York, New York 10282 United States of America Toll Free: +1 (800) 828-3182 Collect: +1 (212) 357-1452 |
J.P. Morgan Securities LLC Attention: Latin American 270 Park Avenue New York, New York 10017 United States of America Toll-Free: +1 (866) 846-2874 Collect: +1 (212) 834-7279 |
Santander U.S. Capital Markets LLC Attention: Liability Management 437 Madison Avenue New York, New York 10022 United States of America U.S. Toll Free: +1 (855) 404-3636 U.S. Collect: +1 (212) 350-0660 Email (U.S.): [email protected] Email (Europe) (Banco Santander, S.A.): |
Questions regarding the Tender Offer may be directed to the Dealer Managers at the above contact.
Contact information for the Tender Agent and Information Agent:
Global Bondholder Services Corporation
65 Broadway, Suite 404
New York, New York 10006
Attn: Corporate Actions Banks and Brokers call: +1 (212) 430-3774
Toll free: +1 (855) 654-2014
Email: [email protected]
Website: https://www.gbsc-usa.com/colombia/
Important Notice
The distribution of materials relating to the Tender Offer and the transactions contemplated by the Tender Offer may be restricted by law in certain jurisdictions. The Tender Offer is void in all jurisdictions where it is prohibited. If materials relating to the Tender Offer come into a holder’s possession, the holder is required by Colombia to inform itself of and to observe all of these restrictions. The materials relating to the Tender Offer, including this communication, do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the Tender Offer be made by a licensed broker or dealer and a Dealer Manager or any affiliate of a Dealer Manager is a licensed broker or dealer in that jurisdiction, the Tender Offer, as the case may be, shall be deemed to be made by the Dealer Manager or such affiliate on behalf of Colombia in that jurisdiction. Owners who may lawfully participate in the Tender Offer in accordance with the terms thereof are referred to as “holders.”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of Old Bonds or any offer made pursuant to the Tender Offer in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The offering of any securities will be made only by means of a prospectus supplement and the accompanying prospectus and an offer to purchase in Canada, under applicable exemptions from any prospectus or registration requirements.
The Tender Offer is made in Canada only to a person deemed to be a principal that is an accredited investor, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and is a permitted client, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, and who is not an individual.
The Offer to Purchase, and any other documents or materials related to such offers have not been and will not be registered with the Italian Securities Exchange Commission ( Commissione Nazionale per le Società e la Borsa, the “CONSOB“) pursuant to applicable Italian laws and regulations. The Tender Offer is being carried out pursuant to the exemptions provided for, with respect to the Tender Offer, in Article 101 bis, paragraph 3 bis of Legislative Decree No. 58 of 24 February 1998, as amended (the “Consolidated Financial Act“) and Article 35 bis, paragraph 4, of CONSOB Regulation No. 11971 of 14 May 1999, as amended.
Holders or beneficial owners of the Old Bonds that are resident and/or located in Italy can tender the Old Bonds for purchase through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with Regulation (EU) 2017/1129, the Consolidated Financial Act, the CONSOB Regulation No. 20307 of 15 February 2018, as amended, and Legislative Decree No. 385 of September 1, 1993, as amended) and in compliance with any other applicable laws and regulations or with any requirements imposed by CONSOB or any other Italian authority. Each intermediary must comply with the applicable laws and regulations concerning information duties vis à vis its clients in connection with the bonds or the relevant offering.
The Offer to Purchase, nor any other documents or materials relating to the Tender Offer have been approved by, or will be submitted for the approval of, the Mexican National Banking and Securities Commission ( Comisión Nacional Bancaria y de Valores , the “CNBV“) and, therefore, the Old Bonds have not been, and may not be offered or sold publicly in Mexico. However, investors that qualify as institutional or qualified investors pursuant to the private placement exemption set forth in article 8 of the Mexican Securities Market Law ( Ley del Mercado de Valores ) may be contacted in connection with, and may participate in, the Tender Offer. The participation in the Tender Offer will be made under such investor’s own responsibility.
The Tender Offer is not intended for any person who is not qualified as an institutional investor, in accordance with provisions set forth in Resolution SMV No. 021-2013-SMV-01 issued by Superintendency of Capital Markets (Superintendencia del Mercado de Valores) of Peru, and as subsequently amended. No legal, financial, tax or any other kind of advice is hereby being provided.
The Offer to Purchase has not been and will not be registered as a prospectus with the Monetary Authority of Singapore. The Tender Offer constitutes an offering of securities in Singapore pursuant to the Securities and Futures Act, Chapter 289 of Singapore (the “SFA“).
Neither the communication of the Offer to Purchase nor any other offer material relating to the Tender Offer has been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000 (as amended, the “FSMA“). Accordingly, the Offer to Purchase is not being distributed to, and must not be passed on to, the general public in the United Kingdom (“UK“). The Offer to Purchase is only being distributed to and is only directed at (i) persons who are outside the UK; (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order“); or (iii) high net worth entities and other persons to whom it may be lawfully communicated falling within Article 49(2)(a) to (d) of the Order (all such persons falling within (i)-(iii) together being referred to as “relevant persons”). Any investment or investment activity to which the Offer to Purchase relates is available only to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on the Offer to Purchase or any of its contents.
SOURCE Republic of Colombia
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China International Capital Corporation (CICC), a prominent investment bank in the country, has said it will acquire two smaller brokerages as part of a government push to create financial giants with global scale.
Under the deal, the state-owned CICC was set to absorb Dongxing Securities and Cinda Securities through a share-swap transaction, all three companies said in stock exchange statements filed late on Wednesday.
The three have combined total assets of just over Rmb1tn ($140bn) as of the end of September, according to exchange data compiled by Financial Times, making the proposed merged entity the fourth-largest brokerage in the country.
CICC said the merger would significantly strengthen its net capital base, currently at Rmb46bn, and give the combined entity a “sharp focus on its core mission of serving national strategies and the real economy”.
The pricing of the swap for the CICC merger has not been disclosed.
China’s vast financial sector has seen a wave of consolidation as economic growth slows and Beijing works to cultivate bigger financial players closer to the scale of the likes of JPMorgan and Morgan Stanley.
“The consolidation drive is fundamentally about constraining risk,” said Han Shen Lin, a professor at NYU Shanghai, who added assets and institutions were being pulled under “tighter state umbrellas”.
CICC, which was founded in 1995, was originally formed as a joint venture mainly backed by China Construction Bank and Morgan Stanley, which fully exited in 2010.
President Xi Jinping in 2023 chaired a Central Financial Work Conference, a high-level party meeting, which emphasised the need to cultivate “first-class investment banks and institutions” and to “support large state-owned financial institutions in becoming stronger and better”.
In a statement, CICC referenced the “guiding principles” of the Central Financial Work Conference.
Last year, Guotai Junan Securities and Haitong Securities also merged to create a brokerage with around $230bn in assets, the largest in China at the time.
Central Huijin, an arm of China’s sovereign wealth fund, has direct or indirect stakes in all three players in the CICC deal. Central Huijin is also a major player in the country’s so-called national team of stock market investors.
Leading state-owned financial firms such as CICC have cut pay, including for top executives, amid a government campaign to rein in bankers’ wages and subdued deal activity.
China’s stock market has rebounded in the past year, following a series of policy measures last September, including support for share buybacks.
The CSI 300 index of Shanghai- and Shenzhen-listed stocks is up 20 per cent since January.
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