Paramount Skydance emerged as the winner in a months-long battle to acquire Warner Bros Discovery, after streaming giant Netflix on Thursday refused to raise its bid for the storied Hollywood studio.

“We’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid,” Netflix said in a statement.

Netflix confirmed to Reuters that it was walking away from bidding for Warner Bros Discovery. The Warner Bros board still has to terminate the Netflix deal and adopt Paramount Skydance’s offer.

“Once our board votes to adopt the Paramount merger agreement, it will create tremendous value for our shareholders,” Warner CEO David Zaslav said in a statement. “We are excited about the potential of a combined Paramount Skydance and Warner Bros Discovery and can’t wait to get started working together telling the stories that move the world.”

Paramount maintained its dogged pursuit of Warner Bros, launching a hostile campaign to wrest the prize from Netflix. It managed to lure Warner Bros back to the bargaining table last week, with the potential of an increased cash offer for the company.

Earlier in the day, Warner Bros said Paramount’s revised $31-a-share offer was superior to Netflix’s bid of $27.75 per share for Warner Bros’ streaming and studio assets.

A Netflix adviser, speaking on condition of anonymity, said they had recommended the streaming service should bow out of the bidding because the deal no longer made economic sense. Netflix co-CEO Ted Sarandos hinted that the streaming giant would not substantially raise its offer in a February 20 interview with Fox News’ Liz Claman, where he emphasized that Netflix has been “very disciplined buyers.”

The adviser said Netflix was bidding against a billionaire who signaled a willingness to pay a price for Warner Bros that Netflix viewed as irrational.

“There’s no point in playing chicken with someone who won’t turn the wheel,” said the source, referring to billionaire Larry Ellison, co-founder, executive chairman and chief technology officer of Oracle and father of Paramount CEO David Ellison.

Netflix shares jumped more than 10 per cent after it declined to raise its offer.

Paramount’s merger with Warner Bros would unite two major Hollywood studios, two streaming platforms (HBO Max and Paramount+) and two news operations (CNN and CBS).

The Ellisons have ties to President Donald Trump. Still, the bid is likely to face antitrust scrutiny in Washington, foreign countries and US states including California.

“Approval from federal regulators seems likely given the political environment; however, we think it is very likely that some state regulators – most notably, California Attorney General Rob Bonta – could attempt to challenge the deal. We think there is potential for European regulators to have a say as well,” TD Cowen analysts said in a note.

Bonta, a Democrat, said late on Thursday that this is not a done deal. “These two Hollywood titans have not cleared regulatory scrutiny — the California Department of Justice has an open investigation, and we intend to be vigorous in our review,” he added.

States have the power to sue to block deals, though the DOJ has the most resources to do so.

Democratic Senators Elizabeth Warren, Bernie Sanders and Richard Blumenthal have worried approval of the deal could be tainted by political favoritism.

In its revised bid, Paramount raised the termination fee it would pay should the deal fail to gain regulatory approval to $7bn from $5.8bn. It also agreed to cover the $2.8bn fee Warner Bros would owe Netflix for walking away from the merger agreement.

The Ellison Trust is committing $45.7bn in equity, up from $43.6bn previously, backed by Larry Ellison, who also agreed to provide additional funds needed to satisfy Paramount’s bank solvency requirements, the firm said.

Bank of America Merrill Lynch, Citi and Apollo are providing $57.5bn in debt financing, increased from an earlier $54bn commitment.

Activist investor Ancora Holdings, which owns a small stake in Warner Bros and had stepped up pressure on the HBO owner to engage more with Paramount, welcomed the latest offer.

“Netflix’s decision to not raise its offer of $27.75, less likely net debt adjustments, has paved the way for shareholders to receive meaningfully more cash and a truly viable path to government approvals,” Ancora said in a statement. “This is a win-win for shareholders and the industry.”

Dubai’s Roads and Transport Authority (RTA) has commenced the rollout of a series of rapid traffic interventions across eight strategic locations in the emirate, forming part of a broader 2026 mobility enhancement plan encompassing more than 45 traffic improvement initiatives.

The programme is designed to enhance road network efficiency, streamline traffic flow and elevate safety standards in response to sustained urban expansion, population growth and increasing vehicle density across Dubai.

Read more-Hessa Street Development: How Phase II upgrade will reduce travel time

According to an RTA media statement, the targeted works span critical corridors, including Emirates Road from Sharjah towards Wadi Al Amardi Street; Umm Amara Street connecting Sheikh Zayed Road to Al Wasl Street; Jebel Ali–Lehbab Street; the vicinity between Sama Al Jaddaf and Al Jaddaf Waterfront near Al Jaddaf Metro Station; Al Na’ayat Street in Al Barsha 1; the area surrounding Al Maktoum School in Al Satwa; the intersection of Al Ittihad Street and Al Quds Street; and Sheikh Rashid Street near Grand Hyatt Dubai towards Bur Dubai.

Measurable gains in traffic efficiency

Upon completion, the projects are expected to deliver measurable performance improvements across the targeted zones. The RTA projects a reduction in congestion levels and journey times ranging between 15 per cent and 30 per cent.

These improvements are anticipated to strengthen operational efficiency across key transport corridors, enhance daily mobility for residents and visitors, and support economic activity by reducing delays in high-traffic districts.

Infrastructure upgrades and safety enhancements

The scope of works includes widening selected roads from single to dual lanes, converting roundabouts into signalised intersections, and constructing new links to improve connectivity between arterial routes and adjacent residential and commercial communities. At-grade junction enhancements also form part of the package.

In addition, the authority is introducing supplementary parking facilities at schools and high-demand locations, alongside a comprehensive suite of traffic safety upgrades aimed at improving road user protection and ensuring smoother vehicular movement.

Data-driven planning framework

The RTA applies a structured, data-led methodology in executing traffic improvement initiatives. Continuous monitoring of network performance, detailed traffic studies and advanced data analytics are deployed to identify congestion hotspots and prioritise interventions.

Real-time monitoring through traffic control centres enables early detection of bottlenecks, while field inspection teams conduct on-site evaluations to recommend targeted engineering solutions. This integrated approach is designed to ensure sustained improvements in peak-hour traffic flow and long-term network resilience.

Norway’s $2.2tn sovereign wealth fund, the world’s largest, is using AI to screen companies for risks such as potential links to forced labour and corruption, and help avoid financial losses as a
result, it said on Thursday.

One of the world’s largest investors, the fund holds stakes in around 7,200 companies globally, owning about 1.5 per cent of all listed stocks. It has often set the pace on environmental,
social and governance issues.

The fund’s investments are measured against a benchmark index set by the finance ministry, with equities tracked against the FTSE Global All Cap index.

Norway SWF screens new companies on the index

Each time that index includes new companies, the fund’s operator, Norges Bank Investment Management (NBIM), must screen them before they enter the portfolio.

Since 2025, NBIM has used large language models to screen all companies on the day they enter the equity portfolio, rapidly scanning for public information that data vendors
typically do not provide.

“Within 24 hours of our investment, the AI tools flag new companies in the fund’s equity portfolio with potential links to, for example, forced labour, corruption or fraud,” NBIM said in its annual responsible investment report, published on Thursday.

“In multiple instances, we identified and sold these investments before the broader market reacted to the risks, avoiding potential losses.”

AI is especially useful for researching smaller companies in emerging markets, NBIM said, noting that data vendors often offer limited coverage and international media may not report on
them.

“News may be limited to small media outlets in local languages, and controversies suggesting systemic failures in risk management may go unreported in international media,” it said.

Saudi Arabia’s Real Estate Registry (RER) and Real Estate General Authority (REGA) sandbox platform has been described as a global first in sovereign-level tokenisation infrastructure. But beyond the headlines, the initiative signals something more structural: the digitisation of property markets at national scale.

For Adam Popat, CEO of SettleMint, the infrastructure provider behind the blockchain backbone, the significance lies in the scale of the problem being addressed.

“Saudi Arabia’s RER and REGA sandbox platform tackles three structural problems in real estate at scale: trust, liquidity, and access.”

Real estate markets have long struggled with opacity, fragmented data, and inconsistent due diligence. The Saudi model aims to reset that foundation.

“By issuing every resident a digitally verified blockchain credential and assigning every property a unique on-chain identity, the system creates a transparent, tamper-proof ownership and compliance layer,” Popat explains.

The result, he says, is a reduction in fraud and a standardisation of due diligence processes. Trust, often assumed but rarely systematised, becomes embedded into infrastructure.

“Powered by SettleMint DALP (Digital Asset Lifecycle Platform), the infrastructure runs on a secure, high-performance, scalable blockchain layer, integrating with government and banking systems while using smart contracts to automate settlement and compliance.”

At scale, Popat is clear that this is not experimentation. “At scale, this is not merely a sandbox, it is a production-grade national digital backbone for real estate, already powering live, regulated transactions in a controlled environment and redefining how property markets operate.”

In an ecosystem increasingly crowded with proptech platforms offering tokenised property investments, SettleMint positions itself differently.

“SettleMint’s role is purely that of a technology provider, not an operator,” Popat says. “We deliver the production-grade blockchain stack, smart contracts, digital asset lifecycle tooling, and secure integration layers that enable tokenisation at national scale.”

The distinction is deliberate. SettleMint does not issue assets, operate marketplaces, or intermediate transactions. Instead, it provides the underlying infrastructure on which regulated players can build.

Proptech firms, by contrast, sit at the distribution layer. They onboard investors, structure offerings, and operate marketplaces. “All of this innovation remains fully aligned with REGA guidelines and operates on RER’s sovereign blockchain infrastructure,” Popat adds, noting that deployment takes place within secure, Saudi Arabia-based data centres to ensure national control and regulatory integrity.

Liquidity as structural shift

Perhaps the most transformative development is the emergence of secondary markets. A regulated secondary trading platform is now in development, a move that could fundamentally change how property behaves as an asset class.

“Secondary liquidity fundamentally changes real estate from a static, long-hold asset class into a dynamic, price-discoverable market,” Popat says.

Historically, property valuations update only when entire assets change hands. With tokenised fractional units trading in smaller denominations, price signals can emerge continuously.

“When tokenised real estate units trade in smaller denominations, market demand and supply begin to shape transparent, real-time pricing signals. This improves valuation accuracy, reduces information asymmetry, and creates more efficient capital allocation.”

For investors, the implications are significant. Fractional ownership combined with secondary liquidity reduces lock-in periods and improves portfolio flexibility.

“Structurally, this moves real estate closer to capital market behavior, but within a regulated, compliant framework,” he says.

With Dubai Land Department launching its own secondary trading platform, questions of competition naturally arise. Popat frames the development differently.

“We see these initiatives as complementary and part of a broader regional evolution rather than direct competition.”

Tokenisation at sovereign scale is not a zero-sum game, he argues. Parallel initiatives across jurisdictions may, over time, support standardisation in digital identity, compliance frameworks, and interoperability.

“Rather than competition, this represents ecosystem building at a regional scale,” Popat says, adding that harmonisation strengthens cross-border capital flows and foreign direct investment within the GCC.

Institutional readiness

While tokenisation promises faster settlement and fractional access, institutional capital remains cautious. According to Popat, three issues must be resolved.

“Tokenisation promises fractional ownership and faster settlement, but institutional capital typically looks for three things before fully committing: legal enforceability, embedded compliance, and institutional-grade custody.”

Legal enforceability requires that tokens represent rights recognised under property law and anchored to official land registries. In Saudi Arabia, that linkage is addressed through REGA’s regulatory framework and RER’s sovereign infrastructure.

Compliance, meanwhile, must be embedded directly into code. “Powered by SettleMint DALP, the platform implements an enhanced ERC 3643 framework with more than 50 interconnected smart contracts governing identity verification, transfer restrictions, investor eligibility, and lifecycle controls directly on chain.”

Custody must also meet institutional standards, with RER serving as custodian of property records within a regulated sovereign environment.

Beyond regulation, national tokenisation requires resilient technical architecture.

“A national tokenisation backbone must be cloud native, fully containerised, and orchestrated through Kubernetes to allow automatic horizontal scaling as transaction volumes grow,” Popat explains.

Load balancers, distributed node clusters, stress testing, and embedded identity verification are not optional features but architectural requirements.

Importantly, the initiative builds on systems already operating at scale, including RER’s deed management system and national platforms such as Yakeen and SADAD, which serve millions securely.

Innovation under supervision

Saudi Arabia’s regulators have adopted what Popat describes as a structured sandbox model.

“Sovereign regulators in Saudi Arabia are balancing innovation with investor protection by designing the sandbox as a controlled pathway to full scale deployment, not an unrestricted experiment.”

Participation is permissioned, compliance obligations are defined upfront, and the phased rollout allows regulators to assess market behaviour before broader scaling.

The result is innovation under real market conditions, but within clear supervisory boundaries.

Popat does not see tokenised real estate as a niche experiment.

“I do not see tokenised real estate remaining a niche innovation. Over the next five years, it is far more likely to become embedded into mainstream property infrastructure across the GCC, with adoption progressing in a phased and regulator led manner.”

Tokenisation, he argues, will integrate into land registries, settlement systems, and regulated investment products. Fractional ownership and programmable compliance will increasingly become standard components of property markets.

As secondary markets mature and regulatory alignment strengthens, the GCC could become a global reference point for responsible, sovereign-scale digital asset infrastructure.

For SettleMint, the focus remains clear. “At SettleMint, we look forward to supporting governments worldwide in building digital asset platforms the right way, with security, compliance, and long term sustainability at the core.”

In an era where digital assets are often associated with volatility and hype, Saudi Arabia’s approach suggests a different trajectory — one where tokenisation is not speculative experimentation, but institutional infrastructure.