Warner Bros. Discovery stock jumped more than 25% Thursday morning after a report that the Larry Ellison-backed Paramount was preparing a cash bid to buy the company that owns HBO, CNN and the Warner Bros. studio.
The Ellison family and RedBird Capital Partners acquired Paramount a month ago, and has signaled that it would take bold steps as it tries to rebuild Paramount to its former glory. David Ellison, Larry’s 42-year-old son, serves as chairman and chief executive of Paramount.
The Wall Street Journal reported that Paramount’s bid would be for the entire company, including its movie studio, streaming assets and cable networks. Warner Bros. Discovery is in the process of spinning the cable channels into a separate company, a transaction that Warner Bros. Discovery Chief Executive David Zaslav said would be complete by next April.
Representatives of Paramount and Warner Bros. Discovery declined to comment.
Warner Bros. Discovery stock closed at $12.54 on Wednesday. It had soared to around $16 a share in Thursday mid-day trading.
Paramount Skydance shares also climbed 7% to around $16.30.
File this as prett-ay, prett-ay, prett-ay good news: Larry David is returning to TV with a new six-episode sketch comedy about American history, produced the Obamas’ by Higher Ground.
He will be writing the HBO series alongside Jeff Schaffer, who was a showrunner, executive producer and director on “Curb Your Enthusiasm.” David will star in the series, which will feature some actors from “Curb” as well as noteworthy guest stars.
Schaffer and David will both executive produce, with Schaffer taking the lead on directing. Barack and Michelle Obama will be executive producing the limited series for their banner Higher Ground Productions alongside Vinnie Malhotra and Ethan Lewis.
HBO’s official logline reads, “President and Mrs. Obama wanted to honor America’s 250th anniversary and celebrate the unique history of our nation on this special occasion.
…But then Larry David called.”
“Once ‘Curb’ ended, I celebrated with a three-day foam party,” David said in a press release. “After a violent allergic reaction to the suds, I yearned to return to my simple life as a beekeeper, harvesting organic honey from the wildflowers in my meadow. Alas, one day my bees mysteriously vanished. And so, it is with a heavy heart that I return to television, hoping to ease the loss of my beloved hive.”
Obama added, “I’ve sat across the table from some of the world’s most difficult leaders and wrestled with some of our most intractable problems. Nothing has prepared me for working with Larry David.”
The beloved and critically acclaimed “Curb Your Enthusiasm” aired for a total of 12 seasons from 2000 to 2024.
“The characters Larry is playing didn’t change history. In fact, they were largely ignored by history. And that’s a good thing,” Schaffer said.
David and Schaffer have also worked together on “Seinfeld” and the TV movie “Clear History,” which starred David. Schaffer is also known for his work as the co-creator of “The League” and “Dave” at FX. And David is no stranger to sketch TV comedy — he was a writer and performer on ABC’s early ‘80s late-night series “Fridays.”
United States President Donald Trump commuted the federal drugs-and-extortion sentence of former Chicago gang leader, Larry Hoover, on Wednesday. Hoover has been serving multiple life sentences following both state and federal convictions over the past five decades.
For his federal conviction, Hoover is currently being held at the ADX Florence prison, a federal prison formally known as the United States Penitentiary Administrative Maximum Facility, in Florence, Colorado.
Commuting a sentence means reducing its length or severity, or ending it entirely. The US president has the power to commute federal sentences, but not state sentences.
Here is what we know.
Who is Larry Hoover and why was his sentence commuted?
Hoover, 74, is the cofounder of Gangster Disciples, one of Chicago’s most powerful gangs.
In a two-page order issued on Wednesday, the Trump administration commuted his federal sentence, considering it served “with no further fines, restitution, probation or other conditions” and ordering his immediate release, according to a copy of the document from Hoover’s legal team seen by The Chicago Tribune.
Hoover’s lawyers said the order was a vindication of their attempts to have their client’s sentence reduced.
Lawyers Jennifer Bonjean and Justin Moore said in a statement: “The Courts have demonstrated a complete unwillingness to consider Mr Hoover’s considerable growth and complete rehabilitation. Despite the Court’s unwillingness to do the right thing, Mr Hoover has been able to keep his voice alive through the incredible work of many advocates and supporters. Thankfully, Mr Hoover’s pleas were heard by President Trump who took action to deliver justice for Mr Hoover.”
Lobbying for Hoover’s pardon has mounted since Trump appointed Alice Johnson as his “pardon tsar” in February this year. Johnson was a non-violent drug offender and was sentenced to life in prison in a drug conspiracy case, but was pardoned by Trump in 2020.
What was Hoover convicted of?
Hoover has been convicted on both state charges and federal charges. A federal crime is a violation of the US Constitution, possibly spanning multiple states, while a state crime is one that breaks a state law.
He was convicted in 1973 on state charges in Illinois for the murder of 19-year-old drug dealer William “Pooky” Young and sentenced to 200 years in prison.
Online state prison records show that Hoover was an inmate at Dixon Correctional Center in western Illinois from 1974. He was accused of continuing to direct the Gangster Disciples from behind bars.
In 1997, Hoover was convicted on federal charges of extortion, federal drug conspiracy and continuing to engage in a criminal enterprise. Hoover has spent nearly three decades in solitary confinement at ADX Florence, a maximum security prison in Colorado, according to his lawyers.
What crimes has the Gangster Disciples gang been involved in?
According to court documents, Hoover was one of the leaders of the gang between 1970 and 1995. The documents state that under Hoover, the Gangster Disciples sold “great quantities of cocaine, heroin, and other drugs in Chicago”.
As of 1995, the gang was believed to have 30,000 members in Chicago and had spread to at least 35 other states, according to an article published by the US Department of Justice that year.
However, little is publicly known about the activities of the Gangster Disciples in recent years.
What are the conditions in the ADX Florence prison?
ADX Florence in Colorado is a super-max prison, or an administrative maximum (ADX) prison, a control unit prison with the highest level of security.
The prison opened in 1994. Prisoners are held in solitary confinement in 12-by-7ft (3.6-by-2 metre) cells with thick concrete walls, and cannot see each other. Inmates sleep on a thin mattress atop a concrete slab. The cells also have a sink, toilet and automated shower.
Prisoners may have access to televisions, books or arts-and-crafts materials. Human interaction is very limited in ADX prisons.
A patrol vehicle is seen along the fencing at the Federal Correctional Complex, including the Administrative Maximum Penitentiary or ‘Supermax’ prison, in Florence, Colorado, on February 21, 2007 [File: Rick Wilking/Reuters]
Is Larry Hoover free to leave prison now?
No, Hoover is still serving his 200-year state sentence following the 1973 Illinois murder conviction.
It is not known if or when Hoover might be moved to another prison – such as the Dixon Correctional Center, a medium-security prison in Illinois that opened in 1983 – now that his federal conviction has been commuted, to serve out his state convictions. In the past, Illinois Department of Corrections officials have suggested that Hoover complete his state sentence in federal prison, citing security concerns.
Is Hoover eligible for parole?
The online records at Dixon Correctional Center say that Hoover will not be eligible for parole until October 2062, when he will be 111 years old. It is not clear whether his parole date can be advanced.
Presidential clemency is reserved for federal crimes, and not state crimes, according to the US Congress website, so Trump cannot intervene. The power to commute state crimes rests in the hands of the governor of the state. The governor of Illinois is Democrat JB Pritzker, who has so far not spoken about Hoover, nor of any plans to grant him clemency.
What role have public figures played in this case?
Performer Ye, formerly known as Kanye West, has long advocated for the pardon of Hoover. In 2018, during Trump’s first term, Ye requested Trump pardon Hoover. On Ye’s 2021 album, Donda, a track called “Jesus Lord” features a vocal snippet from Hoover’s son, Larry Hoover Jr, thanking Ye for bringing up his father’s case in the Oval Office. “Free my father, Mr Larry Hoover Sr,” the junior Hoover is heard saying.
Rapper Drake also advocated for Hoover’s freedom. In 2021, Ye and Drake set personal tensions aside and collaborated on a “Free Hoover” concert in Los Angeles.
“WORDS CAN’T EXPRESS MY GRATITUDE FOR OUR DEVOTED ENDURING PRESIDENT DONALD TRUMP FOR FREEING LARRY HOOVER,” Ye posted on X after the commutation order.
WORDS CAN’T EXPRESS MY GRATITUDE FOR OUR DEVOTED ENDURING PRESIDENT DONALD TRUMP FOR FREEING LARRY HOOVER
The exact reasoning for Hoover’s commutation is unclear. However, it comes amid a spree of commutations and pardons granted by Trump.
On Wednesday, Trump issued a pardon for former Republican Congressman Michael Grimm, who was convicted of tax fraud in 2015 and sentenced to several months in prison.
On Tuesday, the president pardoned reality television couple Todd and Julie Chrisley, who were convicted of tax evasion and defrauding banks of at least $30m in 2022. Todd Chrisley received a 12-year prison sentence, while his wife was sentenced to seven years.
