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Paramount submits higher offer for Warner Bros Discovery in bid to block Netflix

Netflix has ample cash and could bump up its offer for HBO Max owner, while Paramount’s rival bid is backed by Oracle billionaire Larry Ellison

Reuters
Reuters

24 February, 2026

Paramount submits higher offer for Warner Bros Discovery in bid to block Netflix
Image credit: Getty Images

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Paramount Skydance increased its bid for Warner Bros Discovery, aiming to disrupt its deal with Netflix for studio and streaming assets including "Harry Potter" and "Game of Thrones". The revised offer addresses financing concerns. Netflix, initially offering $82.7B, can match. Warner Bros is reviewing Paramount's offer. Regulatory hurdles loom large for both potential acquisitions, raising concerns about competition and consumer...

Paramount Skydance submitted a higher offer for Warner Bros Discovery, a source familiar with the matter told Reuters on Monday, ratcheting up efforts to derail the HBO Max owner’s deal with Netflix.
The bidding war for one of Hollywood’s most coveted assets, including the “Harry Potter” and “Game of Thrones” franchises, has raised the stakes for dominance in the streaming-led market.

Paramount’s new bid, which improves its initial offer of $108.4bn, or $30 per share, for the whole company, seeks to address Warner Bros’ concerns about the certainty of its financing, the source said.

Read more-What Netflix vs Paramount’s $100bn clash means for Gulf media

Reuters could not immediately determine how the bid was revised. Warner Bros and Paramount declined to comment, while Netflix could not immediately be reached.

Warner Bros’ chosen suitor Netflix, which offered to buy the studios and streaming assets for $27.75 per share in cash, or $82.7bn, is allowed to match the latest bid from David Ellison-led Paramount.

Variety in a report late on Monday said that Warner Bros was likely to take the Paramount offer under review while still recommending the Netflix pact to its shareholders.

Netflix has ample cash and could bump up its offer for HBO Max owner, while Paramount’s rival bid is backed by Oracle billionaire Larry Ellison.

The CBS parent was asked to submit its “best and final offer” after Warner Bros rejected an enhanced bid that included paying the $2.8bn in termination fee to Netflix and adding a 25-cent per share quarterly “ticking fee” from next year to compensate Warner Bros shareholders for any delay in deal closure.

Warner Bros had said Paramount’s February 10 offer still falls short of what its board would consider a superior proposal and gave a seven-day deadline until February 23 to submit a revised offer.

MoffettNathanson analysts had earlier said that an offer in the range of $34 per share from Paramount would end the bidding war and “avoid further debate over Discovery Global’s value.”

Warner Bros plans to spin off its cable TV assets, such as CNN and HGTV, into Discovery Global, which could fetch between $1.33 and $6.86 a share, according to Warner Bros’ estimates.

Netflix said its offer gives Warner Bros shareholders added upside from the Discovery Global spinoff, which WBD argues will add value by giving the new company greater strategic, operational and financial flexibility.

However, Paramount has said the cable spinoff central to the streaming giant’s offer is effectively worthless.

The David Zaslav-led Warner Bros came under pressure from Ancora Capital after the activist investor built a roughly $200m stake in the HBO owner and accused the company of failing to adequately engage with Paramount.

The investor warned if Warner Bros refuses to re-enter discussions with Paramount, it will vote against the Netflix deal and hold the company’s board accountable during its annual meeting.

Shares of Paramount rose 1.3 per cent to $10.70 in extended trading.

Regulatory scrutiny

Warner Bros shareholders were set to decide the fate of Netflix’s offer on March 20, with the vote expected to be a pivotal moment in the high-stakes bidding war to seal the future of one of Hollywood’s most iconic movie studios.

A green light from investors would move the deal forward, but it would still face intense scrutiny from US and European competition authorities, who must assess whether combining Netflix’s global streaming power with Warner Bros’ century-old studio assets would reduce competition or limit consumer choice.

A bipartisan array of lawmakers have raised concerns about the potential harm to consumers and creatives.

Paramount said it has already secured foreign-investment clearance in Germany and is in talks with antitrust regulators in the US, the European Union and the UK. Paramount has repeatedly argued it has a clearer path to regulatory approval than Netflix.

Paramount’s bid will create a studio bigger than market leader Disney and fuse two major TV operators, which some Democratic senators say will control “almost everything Americans watch on TV”.

It will also hand control of CNN to the conservative-leaning Ellisons, soon after they acquired CBS News and installed Bari Weiss as its editor-in-chief.

For Netflix, a combination with HBO Max would make it the biggest global streaming player, with roughly half a billion subscribers.

Netflix co-CEO Ted Sarandos has voiced confidence in winning approval, saying the company’s bid would be better for Hollywood as it would avoid job cuts in an industry already hit by fewer productions and uneven box-office returns.

The streaming pioneer said during deal talks the potential combination of its streaming service with HBO Max would benefit consumers by lowering the cost of a bundled offering.

But its argument that it needs Warner Bros to compete with YouTube, America’s most-watched TV distributor, is likely to face pushback from the Department of Justice.

As part of its regulatory review, the US Department of Justice is examining whether Netflix engaged in anti-competitive practice.

Netflix has pointed to statistics by media analysis firm Nielsen that say Google’s YouTube accounts for more viewing time on US televisions than other streaming services.

Air Arabia rolls out Ramadan sale with up to 40% discounts

The campaign covers a broad network spanning key regional markets, alongside European destinations

Rajiv Pillai
Rajiv Pillai

23 February, 2026

Air Arabia rolls out Ramadan sale with up to 40% discounts
Image courtesy: Air Arabia

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Air Arabia launched a Ramadan promotion offering up to 40% off selected routes across the Middle East, Europe, Asia, and Africa. Book by February 25, 2026, for travel between March 25 and June 15, 2026, using code RAMADAN via the website or app. Discounts vary by fare type and region. The sale aims to boost early bookings for Ramadan and...

Air Arabia has launched a Ramadan promotional campaign offering customers savings of up to 40 per cent on selected routes across the Middle East, Europe, Asia and Africa, as the airline looks to stimulate advance bookings ahead of the peak Eid and early summer travel period.

The Sharjah-based low-cost carrier said the offer is available for bookings made via its website and mobile app using the promo code RAMADAN. Tickets must be booked by February 25, 2026, for travel between March 25 and June 15, 2026.

The campaign covers a broad network spanning key regional markets including Saudi Arabia, Kuwait, Bahrain, Qatar, Oman, Iran, Syria, Lebanon, Jordan, Iraq and Egypt, alongside European destinations such as Greece, Italy, Austria, Czech Republic, Poland and Germany.

The promotion also extends to leisure and emerging tourism markets including Russia, Kazakhstan, Uzbekistan, Kyrgyzstan, Azerbaijan, Armenia, Georgia, Türkiye, Kenya, Thailand (Krabi) and the Maldives, as well as South Asian and African routes including Pakistan, Bangladesh, Sri Lanka, Uganda and Ethiopia.

Tiered discount structure

The airline has structured the offer around its fare families, with capped discounts applied per passenger, per flight direction.

For European, CIS and select African and Asian destinations, the maximum discount is set at:

  • Dhs80 for Basic fares

  • Dhs100 for Value fares

  • Dhs150 for Ultimate fares

For GCC, Middle East and selected South Asian routes, the maximum discount is:

  • Dhs50 for Basic fares

  • Dhs70 for Value fares

  • Dhs100 for Ultimate fares

A maximum discount limit applies per route and is automatically applied during the booking process once the promo code is entered.

Driving early Ramadan and Eid demand

The sale aligns with a traditionally high-demand travel window driven by Ramadan and Eid-related VFR (visiting friends and relatives) traffic, as well as short-haul leisure travel across the GCC and broader region. By incentivising early bookings through a time-bound campaign and digital-only access, Air Arabia is reinforcing its direct distribution strategy while optimising load factors across its network.

The airline noted that promotional fares are subject to limited seat allocation and may sell out before the campaign ends. Blackout dates and peak travel restrictions may apply, and the promotion cannot be combined with other offers unless otherwise stated. All fares remain subject to the airline’s standard fare rules and conditions of carriage.

The move comes amid continued pricing competition among regional low-cost carriers as they balance capacity growth with yield management in the run-up to the summer 2026 travel season.

Read: Air Arabia soars with Dhs656m Q3 profit, 16% jump from last year

Ramadan drives surge in GCC loyalty spending

To resonate during Ramadan, brands are increasingly embedding loyalty within a wider incentive strategy

Rajiv Pillai
Rajiv Pillai

23 February, 2026

Ramadan drives surge in GCC loyalty spending
Image: Getty Images

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Ramadan significantly impacts GCC consumer behavior, driving increased spending, digital engagement, and loyalty program participation. Brands are leveraging this period to build deeper customer relationships through personalized rewards, experiential incentives, and digital integration. The GCC loyalty market is rapidly expanding, projected to reach $3.27 billion in 2025, fueled by digital adoption and evolving customer preferences, particularly for experience-led rewards.

Ramadan continues to reshape consumer behaviour across the GCC, combining cultural generosity with heightened spending, loyalty participation and digital engagement. For brands, the holy month has evolved beyond a seasonal sales spike into a strategic window to deepen customer relationships and drive measurable performance across retail, travel and financial services.

Across the UAE and Saudi Arabia, mobile commerce typically peaks during Ramadan evenings, particularly as families prepare for iftar and suhoor. Search interest for “offers” and “discounts” also rises sharply toward the end of the month. In response, loyalty programmes are intensifying their focus on personalised rewards, digital incentives and coalition partnerships to capture demand and strengthen retention.

“Ramadan isn’t a one-month campaign; it’s a strategic moment to reaffirm value with your most engaged customers,” says Gabi Kool, CEO of Loylogic. “Loyalty performs best when integrated into a holistic incentive approach that respects cultural sentiment and rewards customer commitment with relevance and respect.”

A fast-growing loyalty market

The regional loyalty market is expanding rapidly. It is projected to grow 16.3 per cent in 2025, reaching approximately $3.27bn, up from $2.81bn in 2024. In the UAE alone, loyalty programmes are expected to rise 16.1 per cent to around $490.8m in 2025, with continued double-digit growth forecast through 2028.

Across the GCC, the market is expected to sustain a compound annual growth rate of roughly 13.8 per cent through 2029, driven by digital adoption, coalition ecosystems and increasingly personalised engagement models. Younger consumers, particularly Gen Z, are showing stronger preference for experiential rewards over purely transactional perks, prompting brands to rethink traditional points-based strategies.

To resonate during Ramadan, brands are increasingly embedding loyalty within a wider incentive strategy. This includes:

  • Experience-led engagement, such as exclusive iftar events and culturally aligned partnerships

  • Data-driven personalisation using real-time behavioural insights

  • Tiered rewards and tailored perks across the customer journey

  • Digitally integrated reward ecosystems combining travel, premium merchandise and digital gift cards

“Today’s most effective loyalty strategies are built around meaningful engagement, not single reward categories,” continues Kool. “When brands design incentive ecosystems that combine experiential value, aspirational rewards, and seamless digital delivery, they create emotional connection driving both immediate engagement and sustained lifetime loyalty.”

Gabi Kool, CEO of Loylogic

Sector dynamics during Ramadan

Retail remains the largest contributor to loyalty activity during Ramadan, with heightened engagement across groceries, gifting and fashion. App-based programmes and mobile wallet integrations enable real-time rewards, while multi-brand coalitions allow seamless redemption across online and offline channels.

In travel and hospitality, domestic and regional movement supports increased activity across airline and hotel loyalty schemes. Tiered rewards, exclusive iftar experiences and cross-industry partnerships are driving redemption. The Middle East travel loyalty segment alone is estimated at approximately $1.14bn in 2025, led by the UAE and Saudi Arabia.

Meanwhile, banks and fintech platforms are embedding rewards directly into everyday spending. Credit card incentives, buy-now-pay-later programmes and digital wallet integrations are encouraging higher transaction frequency during the month.

Industry analysts note that coalition loyalty models, AI-driven personalisation, fintech integration and experience-led rewards are becoming structural features of the regional market rather than temporary campaign tactics.

GCC banks eye $100bn upside from agentic AI

The banking industry cannot continue tinkering with AI, it needs to embrace expertly designed systems that can address real world problems, says Patrick Sullivan, CEO of Parliament Street think tank

Rajiv Pillai
Rajiv Pillai

23 February, 2026

GCC banks eye $100bn upside from agentic AI
Images: Getty Images

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Galytix CEO Raj Abrol argues GCC banks can gain $100B by using specialized AI for SME lending and credit risk. He emphasizes moving beyond generic AI to risk-domain-specific systems. Industry experts highlight the need for decisive AI adoption in risk assessment to unlock lucrative emerging market opportunities. Galytix's CreditX automates credit analysis, saving significant time.

GCC banks could unlock up to $100bn in additional value by adopting agentic AI to manage credit risk and SME lending, according to Raj Abrol, CEO of Galytix.

Speaking at the Middle East Banking AI & Analytics Summit in Dubai, Abrol said small and medium-sized enterprise (SME) corporate lending is poised for significant growth over the next decade, creating a substantial revenue opportunity for banks that modernise their risk infrastructure.

He argued that artificial intelligence has moved beyond experimentation and into a phase where demonstrable return on investment is becoming measurable. Rather than deploying generic tools, Abrol urged financial institutions to implement risk domain-specialised AI systems trained specifically on credit risk knowledge and adaptable to each bank’s internal policies and processes.

Raj Abrol, CEO of global firm Galytix said: “The banking industry needs to wake up to the fact that generic LLMs are simply not fit for purpose in the high stakes credit risk marketplace. A lack of access to accurate data means that gaping opportunities offered by emerging market investments are missed, leaving credit chains fragmented. Risk domain specialised AI can embed credit policy, financial data and regulatory logic to unlock a lucrative, multi-billion-dollar market,” he added.

Industry analyst Patrick Sullivan, CEO of Parliament Street think tank, reinforced the message, calling for a more decisive shift in strategy.

“The banking industry cannot continue tinkering with AI, it needs to embrace expertly designed systems that can address real world problems. Risk assessment is an obvious use-case for the technology, but the financial services industry needs to wake up and recognise this fact,” he said.

Founded in 2015, Galytix works with major global financial institutions and was recently appointed to a supplier consortium with PwC supporting the Global Emerging Markets Risk Database (GEMs) Consortium in a multi-million-pound deal. The company has expanded its international footprint in recent years, including a growing presence across the GCC.

Its flagship product, CreditX, is an AI-powered agent designed to automate key credit processes such as data ingestion, financial analysis, memo generation and peer comparison, aligned with bank-specific credit policies and templates. According to the company, the platform can complete up to 30 hours of manual credit analysis work in under 30 minutes.

Renault to take full ownership of electric van joint venture Flexis

The automaker was already planning to fold its Ampere electric-vehicle unit back into the group, and has shut down its car-sharing services

Reuters
Reuters

23 February, 2026

Renault to take full ownership of electric van joint venture Flexis
Image credit: Getty Images

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Renault will acquire Volvo and CMA CGM's stakes in the Flexis electric van venture by mid-2026, streamlining operations under CEO François Provost. This follows Renault's broader restructuring, including integrating Ampere and shutting down car-sharing services. Production of the Renault Trafic Van E-Tech will proceed as planned, with Volvo marketing the vehicle through Renault Trucks from 2027.

Renault will buy out truckmaker Volvo’s and shipping group CMA CGM’s stakes in their new generation electric vans joint venture Flexis, the French carmaker said on Monday.

The agreement will become effective by the end of the first half of 2026, as Renault CEO François Provost, who took over last year, accelerates his efforts to streamline the group’s operations.

The automaker was already planning to fold its Ampere electric-vehicle unit back into the group, two sources told Reuters in January, and has shut down its car-sharing services as part of restructuring its Mobilize division focused on new transport solutions.

Read more-Aston Martin to sell F1 branding rights as it warns of bigger loss

Flexis was created in 2024 by former Renault CEO Luca de Meo in partnership with Sweden’s Volvo, with CMA CGM joining later as a minority shareholder. Renault and Volvo each hold 45 per cent, with CMA CGM owning 10 per cent.

Production of the Renault Trafic Van E-Tech electric, the first model of the range, will begin as planned at Renault’s Sandouville plant in France by the end of 2026, the company said.

It added that Volvo will also market the vehicle from 2027 onwards through Renault Trucks, part of the Volvo Group, as part of a long-term partnership for light commercial vehicles.

UAE thwarts terrorist cyber attacks on vital sectors

Members of the public were urged to report suspicious cyber activity through officially approved channels

Rajiv Pillai
Rajiv Pillai

23 February, 2026

UAE thwarts terrorist cyber attacks on vital sectors
Image: Getty Images

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The UAE Cybersecurity Council successfully repelled organized cyberattacks, labeled as terrorist, targeting critical infrastructure. The attacks aimed to destabilize the country and disrupt vital services but were contained by the national cybersecurity framework. The Council emphasized the priority of citizen safety and data protection, highlighting 24/7 monitoring, strategic partnerships, and AI-powered defense. Citizens are urged to report suspicious activity.

The UAE Cybersecurity Council has confirmed that the country’s national cyber system has successfully thwarted a series of organised cyber attacks described as terrorist in nature, targeting critical digital infrastructure and vital sectors.

According to the Council, the attacks were aimed at destabilising the country and disrupting essential services. Authorities said the national cybersecurity and cyber defence framework responded swiftly to contain the threats and prevent operational impact, WAM reported.

The Council emphasised that the safety of individuals, protection of personal data and continuity of critical services remain top priorities. It noted that the national cyber defence system operates around the clock in coordination with service providers, national and international entities, and specialised organisations. Strategic partnerships and advanced technical capabilities were leveraged to strengthen protection measures, accelerate recovery processes and reinforce national digital resilience.

The attacks reportedly included attempts to infiltrate networks, deploy ransomware and conduct systematic phishing campaigns targeting national platforms. Officials also revealed that artificial intelligence technologies were used to develop more sophisticated offensive tools, signalling an evolution in the tactics employed by hostile actors.

The Council reiterated its commitment to safeguarding the UAE’s digital ecosystem and maintaining stability, stressing that any attempts to target critical infrastructure or civil services will be met with decisive countermeasures.

Members of the public were urged to report suspicious cyber activity through officially approved channels to help ensure the continued security of the country’s digital environment and institutions.

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