Paramount emerged victorious in a fierce bidding war for Warner Bros. Discovery, securing a $31-per-share offer that values the studio at over $40 billion. This deal, finalized after Netflix withdrew its rival bid, positions Paramount to control iconic franchises like 'Harry Potter' and 'Game of Thrones', alongside cable networks CNN and TBS.

The acquisition sent Paramount shares soaring in extended trading, while Warner Bros. shares dipped. Concurrently, Block, the payment processing giant, announced plans to cut roughly 4,000 jobs (about 14% of its workforce) as part of a $500 million restructuring to adapt to AI-driven efficiency gains. Block CEO Jack Dorsey framed the layoffs as a necessary shift towards leveraging intelligence tools for greater productivity, though analysts warn they could signal broader industry concerns about AI's impact on employment.

Market reaction saw U.S. stock futures decline, weighed down by Nvidia's 5% drop following mixed earnings and concerns over competition and demand sustainability. Salesforce shares gained despite a weak forecast, highlighting a tech sector rotation away from chip stocks towards software solutions. Oil prices also rose slightly, buoyed by renewed Iran nuclear talks easing near-term supply fears.