Market Beats | Larry Ellison Backs Revised Paramount Bid for Warner Bros.; Alphabet to Acquire Intersect Power for $4.75 Billion to Secure Energy for AI Data Centers; Strategy Inc. Boosts Cash Reserves and Pauses Bitcoin Buys; FanDuel Launches Prediction Market to Compete with DraftKings; JPMorgan Explores Crypto Trading for Institutional Clients Amid Regulatory Shift; Trump Administration Offers $3,000 Stipend for Voluntary “Self-Deportation” by Year-End; Gold and Silver Hit Record Highs Amid Surging Geopolitical Risks

—— Larry Ellison Backs Revised Paramount Bid for Warner Bros.; Alphabet to Acquire Intersect Power for $4.75 Billion to Secure Energy for AI Data Centers; Strategy Inc. Boosts Cash Reserves and Pauses Bitcoin Buys; FanDuel Launches Prediction Market to Compete with DraftKings; JPMorgan Explores Crypto Trading for Institutional Clients Amid Regulatory Shift; Trump Administration Offers $3,000 Stipend for Voluntary “Self-Deportation” by Year-End; Gold and Silver Hit Record Highs Amid Surging Geopolitical Risks

1. Larry Ellison Backs Revised Paramount Bid for Warner Bros.

In a high-stakes move to outmaneuver a rival bid from Netflix Inc., Paramount Skydance Corp. on Monday amended its proposal for Warner Bros. Discovery Inc., featuring a massive personal financial guarantee from Oracle Corp. Chairman Larry Ellison.

The elder Ellison, one of the world’s wealthiest individuals, has agreed to provide an irrevocable personal guarantee of $40,400,000,000 in equity financing to support Paramount’s $108,400,000,000 offer. This financial backing is particularly significant as Ellison’s son, David Ellison, serves as the chief executive officer of Paramount. As part of the arrangement, Larry Ellison has committed not to revoke the Ellison family trust or adversely transfer its assets while the transaction is pending. Paramount confirmed that the family trust holds approximately 1,160,000,000 shares of Oracle common stock and noted that all material liabilities have been publicly disclosed.

While Paramount has maintained its $30-per-share offer price, the revised agreement introduces several strategic enhancements aimed at securing board approval. Paramount offered to increase its regulatory reverse termination fee to $5,800,000,000, up from $5,000,000,000, as a sign of confidence in navigating antitrust hurdles. Furthermore, the company addressed Warner Bros.’s expressed need for “flexibility” in interim operations by improving terms related to debt refinancing transactions, representations, and interim operating covenants.

In its statement, Paramount emphasized that these revisions are designed to provide Warner Bros. with the financial certainty and operational latitude required during the merger process. By putting the weight of the Ellison fortune directly behind the deal, Paramount is making a definitive push to end the bidding war and secure its position as the preferred suitor for the media giant.

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2. Alphabet to Acquire Intersect Power for $4.75 Billion to Secure Energy for AI Data Centers

Alphabet Inc. has agreed to buy clean energy developer Intersect Power LLC for $4.75 billion in cash, plus its existing debt, marking one of the largest deals by the tech giant in its push to dramatically expand its data center footprint to power AI.

The acquisition, announced Monday, is intended to give Alphabet’s Google access to more power generation for its data centers as aging US grids struggle to meet power demand that’s booming for the first time in decades thanks to artificial intelligence, new factories, and overall electrification of the economy. Google took a minority stake in the energy provider last year by entering a partnership with Intersect to build big energy plants next to data center campuses. “Intersect will help us expand capacity, operate more nimbly in building new power generation in lockstep with new data center load, and reimagine energy solutions to drive US innovation and leadership,” said Sundar Pichai, CEO of Google and Alphabet, in a statement.

Intersect is a clean-energy developer backed by private equity firm TPG Inc. The company has been in close touch with hyperscalers this year marketing enormous data center sites in Texas, which Intersect’s CEO Sheldon Kimber has called “the Disneyland of energy” for its abundant wind and solar resources.

According to its website, the company has $15 billion of energy assets in operation or under construction in the US.

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3. Strategy Inc. Boosts Cash Reserves and Pauses Bitcoin Buys

Michael Saylor’s Strategy Inc. has increased its cash reserves to $2.19 billion and halted Bitcoin purchases over the past week, signaling a defensive shift as the crypto market cools.

According to a SEC filing on Monday, the firm raised $748 million through stock sales in the week ended Dec. 21. This pause follows a $2 billion buying spree earlier this month that brought its total Bitcoin holdings to approximately $60 billion. To address fears of forced liquidations, Strategy recently established a $1.4 billion reserve to cover its annual $824 million in interest and dividend obligations.

With Bitcoin down 30% from its October high and Strategy shares falling over 50%, the company’s mNAV premium has eroded to 1.1.

Analysts remain concerned as the firm’s core software business lacks the cash flow to cover debt costs, and its massive Bitcoin treasury provides no yield.

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4. FanDuel Launches Prediction Market to Compete with DraftKings

FanDuel, the US gambling arm of Flutter Entertainment, has launched its own prediction market product, “FanDuel Predicts,” in five states. The move comes just days after its primary rival, DraftKings, rolled out a similar offering.

The new platform allows users to wager on sports, cultural events, and financial indicators through an exchange, supplementing FanDuel’s traditional sportsbook. Prediction markets have surged in popularity, providing a federally regulated pathway for online betting in states where traditional online gambling remains illegal. The app is initially available in Alabama, Alaska, South Carolina, North Dakota, and South Dakota, with a national rollout planned for 2026.

FanDuel is launching the product in partnership with CME Group, the same derivatives exchange operator currently used by DraftKings. Major gambling firms are rushing into this nascent space to fend off competition from specialized startups like Kalshi and Polymarket.

Regulated by the CFTC, FanDuel plans to offer contracts on economic data and stock indexes in all 50 states. However, sports-related contracts will be restricted to states where traditional online sports betting has not yet been legalized.

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5. JPMorgan Explores Crypto Trading for Institutional Clients Amid Regulatory Shift

JPMorgan Chase & Co. is considering offering cryptocurrency trading to its institutional clients as global banks deepen their involvement in the digital asset class.

The Wall Street giant is currently assessing potential products and services within its markets division, including spot and derivatives trading, according to people familiar with the matter. These early-stage efforts are a direct response to surging client interest following significant changes in the US regulatory environment.

The move marks a notable pivot for the bank, whose CEO Jamie Dimon once dismissed Bitcoin as a “pet rock.” Following Donald Trump’s return to the White House, the administration has appointed crypto-friendly regulators and advanced new stablecoin legislation. Earlier this month, the Office of the Comptroller of the Currency (OCC) issued guidance clarifying that US banks may act as crypto intermediaries. Dimon has adopted a more pragmatic stance recently, stating in May, “I defend your right to buy Bitcoin.”

On the operational front, JPMorgan recently facilitated the issuance and settlement of a $50 million short-term bond for Galaxy Digital on the Solana public blockchain. The bank also plans to allow institutional clients to use their holdings of Bitcoin and Ether as collateral for loans.

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6. Trump Administration Offers $3,000 Stipend for Voluntary “Self-Deportation” by Year-End

The Trump administration is offering undocumented migrants $3,000 and paid travel if they agree to leave the US voluntarily before the end of the year, its latest effort to escalate mass deportations and slash enforcement costs.

According to the Department of Homeland Security (DHS), undocumented migrants who self-deport using the “CBP Home” app will have their travel arranged and paid for by the government. They will also qualify for the forgiveness of civil fines or penalties related to failing to depart earlier. The $3,000 stipend is triple the $1,000 payout the department unveiled in May. The policy is part of a holiday-season campaign aimed at speeding up removals.

“Illegal aliens should take advantage of this gift and self-deport because if they don’t, we will find them, we will arrest them, and they will never return,” Homeland Security Secretary Kristi Noem said in a statement.

Noem claimed that since January 2025, 1.9 million undocumented migrants have voluntarily self-deported, with tens of thousands utilizing the CBP Home program. The app, originally created by the Biden administration to schedule asylum interviews, was rebranded and repurposed by President Trump’s team. Officials have promoted the program as a more efficient alternative to costly arrests and removals, given that the average cost to arrest, detain, and remove a migrant is estimated at roughly $17,000 per person.

However, immigration lawyers and activists expressed skepticism regarding claims that those who leave voluntarily may be able to return legally. Reports suggest that individuals who have lived in the US without legal status often face automatic multi-year bans, for which waivers are rarely granted.

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7. Gold and Silver Hit Record Highs Amid Surging Geopolitical Risks

Sony Group is taking a majority stake in the brand behind Snoopy and Charlie Brown, acquiring an additional 41% of Peanuts Holding from Canada’s WildBrain for C$630 million (US$460 million). The deal increases Sony’s total ownership to 80%, turning the beloved American cartoon franchise into a Sony subsidiary.

The Schulz family, descendants of creator Charles Schulz, will retain the remaining 20% stake. Sony first began investing in the Peanuts brand in 2018, and this latest move aligns with the group’s broader strategy to prioritize entertainment and original content creation. Shunsuke Muramatsu, CEO of Sony Music Entertainment, stated that the group aims to elevate the brand’s value by leveraging Sony’s vast global network.

The acquisition is part of Sony’s effort to bridge its gaming, anime, film, and music divisions to build powerful global franchises. The company has seen recent success with adaptations like the TV series “The Last of Us” and the animated blockbuster “Demon Slayer.”

Snoopy has a deep historical connection with Japan and was notably one of the inspirations for Sanrio’s Hello Kitty. By taking full control of Peanuts, Sony looks to further monetize the iconic comic strip—which debuted in 1950—across various platforms including toys, films, and theme park attractions.

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