{"id":103160,"date":"2025-12-09T00:00:00","date_gmt":"2025-12-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/12\/09\/pif-is-backing-paramounts-hostile-takeover-of-wb\/"},"modified":"2025-12-09T00:00:00","modified_gmt":"2025-12-09T00:00:00","slug":"pif-is-backing-paramounts-hostile-takeover-of-wb","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/12\/09\/pif-is-backing-paramounts-hostile-takeover-of-wb\/","title":{"rendered":"PIF is backing Paramount\u2019s hostile takeover of WB"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning<\/strong>. Our GDP logged a 4.8% growth in the third quarter, Gastat\u2019s final figures showed, with oil recovery masking a slight softening in non-oil expansion. Meanwhile, Riyadh and Doha will be connected by a high-speed rail that \u2014 when finished in six years\u2019 time \u2014 will cut travel time to just two hours by land.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT FIRST- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/cgs.com.sa\/\" style=\"\" rel=\"noopener\">Consolidated<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/cgs.com.sa\/\" style=\"\" rel=\"noopener\">Gr\u00fcnenfelder Saady Holding<\/a><\/strong><strong> (CGS) will begin trading on Tadawul\u2019s main <\/strong><strong>market today<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/news-detail-wcm\/?newsId=9164&locale=en\" style=\"\" rel=\"noopener\">Tadawul statement<\/a>. The offering\u2019s institutional tranche saw a stellar demand, closing 61.1x oversubscribed, while the retail portion was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/9a43f7b0-deab-4c2f-8695-b7097b07290c\/\" style=\"\" rel=\"noopener\">undersubscribed<\/a>. The offer price \u2014 at SAR 10 per apiece \u2014 values the company at around SAR 1 bn at listing and will see selling shareholders raise roughly SAR 300 mn in gross proceeds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF NEW LISTINGS- Riyadh-based <\/strong><strong><a target=\"_blank\" href=\"https:\/\/en.efsim.sa\/\" style=\"\" rel=\"noopener\">EFSIM Facilities Management<\/a><\/strong><strong> pulled the <\/strong><strong>plug on <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8548438d-50d3-4188-9357-311265a10a32\/%253cmark%253eefsim%253c%2Fmark%253e%253cmark%253e-facilities%253c%2Fmark%253e-sets-ipo-price-range-at-sar-19-20\" style=\"\" rel=\"noopener\">its planned IPO<\/a><\/strong><strong> on Tadawul\u2019s main market<\/strong>, financial advisor EFG Hermes KSA said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=91956&anCat=1&cs=1022&locale=en\" style=\"\" rel=\"noopener\">filing to the bourse<\/a> yesterday. The facilities management provider says it still eyes other expansion paths, including reconsidering the IPO in the future.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Reasons were not specified, but the timing could be a factor<\/strong>: TASI is down 12% YTD, and headed for its worst year since 2015. The rough market conditions this year weighed down on a number of newly-listed stocks, with the majority trading below IPO price. We\u2019ll be watching CGS\u2019 first-day performance closely to see if that trend continues.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER<\/strong><strong>- Rainy weather is still upon us:<\/strong> Thunderstorms and heavy rain are still expected across the Kingdom with varying intensities, covering Asir, Al Baha, Makkah, Madinah, Tabuk, Hail, Qassim, Jazan, Al Jouf, the Northern Borders, Riyadh, and the Eastern Province. Some areas \u2014 among them Makkah and Tabuk \u2014 could see dust storms and hail, with flash floods likely in valleys and low-lying terrain.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u26a0\ufe0fPSA- In-person classes are suspended in a number of areas today to avoid the heavy rains<\/strong>, including Madinah, Jeddah, Rabigh and Al Baha. <\/p>\n<ul>\n<li>Riyadh: 26\u00b0C high \/ 17\u00b0C low,<\/li>\n<li>Jeddah: 32\u00b0C high \/ 26\u00b0C low<\/li>\n<li>Makkah: 31\u00b0C high \/ 25\u00b0C low<\/li>\n<li>Dammam: 29\u00b0C high \/ 19\u00b0C low.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt1\"><\/a>  #1- The Public Investment Fund is helping finance Paramount\u2019s USD 108.4 bn hostile <\/strong><strong>takeover bid for Warner Bros<\/strong>, which it launched a few days after Netflix agreed to acquire some of the company\u2019s assets, according to a <a target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1437107\/000119312525310708\/d92876dex99a1a.htm\" style=\"\" rel=\"noopener\">regulatory filing<\/a>. Paramount\u2019s bid aims to acquire all of Warner Bros, while Netflix\u2019s USD 82.7 bn acquisition targets only its Hollywood studios, as well as HBO and the streaming business.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The PIF, Abu Dhabi\u2019s new government-owned firm L\u2019imad, and the Qatar Investment Authority are providing USD 24 bn in financing to make the acquisition work, while US private equity firm RedBird Capital, Jared Kushner\u2019s Affinity Partners, and the Ellison family are also providing funds. They will, however, forgo any governance rights like board representation to ensure the bid does not require approval from the Committee on Foreign Investment in the US. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How do the offers compare?<\/strong> It\u2019s not completely clear, because Paramount\u2019s bid includes cable networks that WB plans to spin off anyway, though Paramount claims their bid is worth around USD 18 bn more than Netflix\u2019s, and that it\u2019s the clearly superior offer. Both takeovers are expected to face close examination from US and European regulators, with concerns ranging from competition in streaming to the concentration of media power.<\/p>\n<ul>\n<li><strong>Analysts said a merger with Paramount could give Warner the scale to rival Netflix and Disney<\/strong>, though the inclusion of CBS and CNN under one owner may spark political and industry debate.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> COO Andy Gordon reportedly said Paramount\u2019s tender offer will be open for 20 business days and could be extended on an investor call. Warner Bros. has 10 days to respond, he said, whereas the company said it will review Paramount\u2019s offer but has not withdrawn its support for Netflix\u2019s offer. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt2\"><\/a> #2- <\/strong><strong>Saudi\u2019s Regional Voluntary Carbon Market Company (VCM) is \u201cwell<\/strong><strong> positioned\u201d to <\/strong><strong>capture carbon credits demand from the global south<\/strong>, acting CEO Fadi Saadeh told <a target=\"_blank\" href=\"https:\/\/asia.nikkei.com\/business\/energy\/saudi-arabia-positions-itself-as-carbon-trading-hub-for-asia-global-south\" style=\"\" rel=\"noopener\">Nikkei Asia<\/a>. Asia\u2019s coal\u2011heavy energy mix and emerging registries for coal reduction create paths for credits tied to phasing it out, and VCM can leverage existing investments and relationships, like those of Aramco, to become a hub for carbon trading, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The registry has already traded some 10 mn credits<\/strong>, with a quarter sourced from projects in Bangladesh, Malaysia, Pakistan, and Vietnam, Saadeh said. There was also buyer participation from companies in Hong Kong and Singapore.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> VCM signed an MoU with Japan\u2019s Marubeni Corporation to cooperate on carbon-market activities, according to a <a target=\"_blank\" href=\"https:\/\/vcm.sa\/en\/media-detail\/vcm-expands-global-reach-and-regional-collaboration-in-asia-with-new-partnerships-and-exchange-entrants\/\" style=\"\" rel=\"noopener\">press release<\/a>. VCM also brought on Singapore-based Climate Bridge International as an advisory partner to expand carbon-project development in the Kingdom and across the global south.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt3\"><\/a> #3- <\/strong><strong>Samref refinery is getting an upgrade: <\/strong>Aramco, ExxonMobil, and Samref signed a venture framework agreement to assess a major upgrade of the Samref refinery in Yanbu and the potential build-out of an integrated petrochemicals complex, according to a <a target=\"_blank\" href=\"https:\/\/www.aramco.com\/en\/news-media\/news\/2025\/samref-refinery-upgrade\" style=\"\" rel=\"noopener\">press release<\/a>. The review will look at capital investments to upgrade and diversify production, shifting toward higher-value distillates with lower associated emissions while tightening overall energy efficiency. The partners have started preliminary front-end engineering and design work.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The refinery is operated by Samref<\/strong>, a 50\/50 JV between Aramco and Exxon\u2019s Mobil Yanbu Refining Company. Samref\u2019s refinery is currently capable of processing more than 400k bbl \/ d of crude, with output spanning propane, automotive diesel, marine heavy fuel oil, and sulfur.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt4\"><\/a> #4- Reports on easing alcohol ban are mounting: <\/strong>Non-Muslim foreign residents earning at least SAR 50k per month can reportedly purchase alcohol from the Kingdom\u2019s sole liquor store in Riyadh, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-08\/saudi-arabia-extends-alcohol-sales-to-higher-earning-residents\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing sources it says are familiar with the matter. Entry requires a salary certificate, and purchases follow a monthly point-based system. The store, previously limited to diplomats and premium residency holders, is expected to be joined by additional outlets under construction in two other cities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More stores on the way? <\/strong>There has been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f613a81e-3ee8-4e2b-9d43-f18e0ab68f61\/opec%2B-to-keep-oil-output-levels-unchanged-today%3F\" style=\"\" rel=\"noopener\">chatter<\/a> that the Kingdom is reportedly preparing to open two new alcohol stores in Jeddah and Dhahran, with one serving diplomats in Jeddah and the other catering to Aramco\u2019s non-Muslim staff in Dhahran.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We still wouldn\u2019t read into it:<\/strong> Saudi maintains a decades-long alcohol ban and has repeatedly downplayed speculation of wider legalization. Authorities also confirmed earlier this year that existing restrictions will <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ae8bb50b-2a1c-4f80-b43b-62759ee985ea\/a-saudi-champs-%25c3%2589lys%25c3%25a9es-in-the-works%3F-%2B-us,-russian-officials-to-convene-in-saudi-next-week-over-ukraine\" style=\"\" rel=\"noopener\">remain in place<\/a> for the 2034 Fifa World Cup.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Have you checked out EnterpriseAM MENA <> India? It's our newest briefing tracking one of the world's most dynamic trade, investment, and cultural corridors. Every Monday, Wednesday, and Friday, we'll track the transactions, trends, and market moves connecting these two dynamic regions. The flow of capital, talent, and trade between MENA and the Indian subcontinent is one of the most important economic stories in the world \u2014 and we\u2019re telling it as only we can.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">If you\u2019re investing, trading, or scouting for your next big move in MENA or India, subscribe to EnterpriseAM MENA <> India by tapping <strong><a target=\"_blank\" href=\"https:\/\/sub.ent.news\/mena-india\" style=\"\" rel=\"noopener\">here<\/a><\/strong> to get the strategic intelligence you need.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img decoding=\"async\" src=\"https:\/\/ent.news\/2025\/11\/1777.jpg https:\/\/sub.ent.news\/mena-india\/\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Kingdom\u2019s foreign reserve assets rose around 4.9% m-o-m to SAR 1.74 tn in<\/strong> <strong>N<\/strong><strong>ovember<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/www.sama.gov.sa\/en-US\/Indices\/pages\/reserve_assets.aspx\" style=\"\" rel=\"noopener\">preliminary data from Sama<\/a>. Foreign currency reserves \u2014 which accounted for about 94.5% of the Kingdom\u2019s total international assets \u2014 rose 5.1% m-o-m to SAR 1.64 tn during the month.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><strong>You\u2019re reading EnterpriseAM Saudi<\/strong>, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We\u2019re out Sunday through Thursday by 7am Riyadh time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM Saudi is available without charge <\/strong>thanks to the generous support of our friends at Tas\u2019heel and Hassan Allam Properties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\" rel=\"noopener\">saudi@enterpriseAM.com<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW <\/strong>that we also cover <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">the UAE<\/a>, the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics<\/a> industry, and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\" rel=\"noopener\">MENA <> India<\/a> corridor?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday.<br \/><strong>***<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The battle for Warner Bros is dominating the conversation in the global business press. <\/strong>EnterprisePM dove into the potential industry impacts of the Netflix bid here: <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f7b9b59-6356-4bd1-8d70-283a39c95345\/the-netflix-takeover,-pt.-1\" style=\"\" rel=\"noopener\">Part 1<\/a> | <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5abe80eb-cb55-4f31-9943-13bf29d935d8\/the-netflix-takeover,-pt.-2\" style=\"\" rel=\"noopener\">Part 2<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, US President Donald Trump is threatening to impose a 5% tariff on Mexico if <\/strong><strong>it fails to release more water to the US<\/strong>, accusing the country of violating a 1944 water-sharing treaty that requires Mexico to send 1.75 mn acre-feet of Rio Grande water every five years. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/americas\/trump-threatens-mexico-with-5-tariff-increase-over-water-dispute-2025-12-08\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/stock-market-today-dow-sp-500-nasdaq-12-08-2025\/card\/trump-threatens-mexico-with-tariffs-over-water-dispute-tMK534c9kr0LO5LAtjkV\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2025\/12\/08\/us\/politics\/trump-tariffs-mexico-water.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/12\/08\/trump-threatens-mexico-with-5percent-tariff-increase-over-water-dispute.html\" style=\"\" rel=\"noopener\">CNBC<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS: CGS begins trading on main market today<\/p>\n","protected":false},"author":1,"featured_media":103161,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[10,1151,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-103160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam-ksa","tag-public-investment-fund-pif","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"2afce5d0-7800-47a8-b2d0-c4cb1df8a6e9","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/5\/1742.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: PIF is backing Paramount\u2019s hostile takeover of WB","related_issue":[103158],"teaser":"PLUS: CGS begins trading on main market today","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/12\/.4f62786f-33de-4a10-8779-439c06093ecd.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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