US Files Antitrust Suit Against Apple, Advance Makes Nearly $2 Billion on Reddit IPO and Apollo’s $11 Billion Paramount Bid Ignites Bidding War

Plus: Former directors back Peltz in Disney proxy fight, Netflix’s ‘3 Body Problem’ is a big bet and Max to launch in Europe in May [Apple Inc. logo on a window somewhere]( [US Files Antitrust Suit Against Apple, Accuses Tech Giant of iPhone Monopoly]( By Eileen AJ Connelly The Justice Department sued Apple Thursday, accusing the tech giant of violating antitrust laws by maintaining a “chokehold” over competitors that prevents them from offering options like digital wallets and other apps that could reduce dependence on the iPhone maker’s products, hurting its customers and smaller companies that would otherwise compete with it. “Consumers should not have to pay higher prices because companies break the law,” Attorney General Merrick Garland said during a press conference announcing the federal suit. [Read More]( --------------------------------------------------------------- [Reddit IPO]( [Condé Nast Owner Advance Makes Nearly $2 Billion on Reddit IPO]( By Natalie Korach Advance Publications, owned by the Newhouse family which also owns Condé Nast, made a stunning windfall of nearly $2 billion as Reddit went public on the New York Stock Exchange on Thursday. As of Thursday, Advance’s investment of $10 million for a major stake in the social media company in 2006, was worth $1.97 billion. But the massive win comes as Conde Nast has faced a staff revolt over layoffs at the legacy publishing company. [Read More]( --------------------------------------------------------------- [Apollo Global Management Paramount]( [Apollo's $11 Billion Bid for Paramount Ignites Bidding War | Analysis]( By Lucas Manfredi and Alexei Barrionuevo Apollo Global Management’s $11 billion bid to buy Paramount Global’s film and television assets on Wednesday is the most serious offer yet for the struggling entertainment conglomerate and has likely ignited a bidding war with David Ellison’s Skydance Media and any other possible suitors for the legendary Hollywood brand. The key now will be whether New York-based Apollo, one of the world’s largest private equity firms, is offering Paramount majority owner Shari Redstone enough to persuade her to sell off the film studio her family owns. The pressure shifts to Skydance, producer of “Mission: Impossible,” “Transformers” and other Hollywood tentpoles, and financial partner RedBird Capital, to finish due diligence and get a deal done on their own offer made in January for an undisclosed amount. [Read More]( --------------------------------------------------------------- [Activist Investor Nelson Peltz stands at a lectern.]( [Nelson Peltz Backed by Over a Dozen Current, Former Public Company Directors in Disney Proxy Fight]( [David Benioff, D.B. Weiss and Alexander Woo - 3 Body Problem]( [Inside Netflix's Big ‘3 Body Problem’ Bet: High Expectations, Heady Sci-Fi and a Beloved Book]( [The new logo for Max, Warner Bros. Discovery's replacement for HBO Max]( [Max to Launch in Europe in May Ahead of Olympics]( [Reddit logo]( [Reddit Debuts on New York Stock Exchange, Prices IPO at $34 Per Share]( --------------------------------------------------------------- [Wrap Pro logo] Discover why entertainment executives and professionals rely on the WrapPRO platform daily for exclusive coverage, analysis, deeper reporting, and access to VIP events & screenings throughout the year. [Subscribe Today]( --------------------------------------------------------------- [Facebook]( [Twitter]( [Instagram]( [YouTube]( TheWrap | 2034 Armacost Ave Los Angeles, CA 90025 [Preferences]( | [Unsubscribe]( [LiveIntent Logo]( [AdChoices Logo](