Business
Paramount Global and Skydance Media Announce $28 Billion Merger Deal
Paramount Global, one of Hollywood’s most storied companies, has agreed to merge with independent film studio Skydance Media. This merger, valued at approximately $28 billion (£21.9 billion), involves Shari Redstone, Paramount’s non-executive chair, selling her family’s controlling stake in the company.
The End of an Era for the Redstone Family
This deal signifies the end of an era for the Redstone family, with the late Sumner Redstone having transformed a chain of drive-in cinemas into a vast media empire. Paramount’s assets include iconic television networks such as CBS, Comedy Central, Nickelodeon, and MTV.
“Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment,” said Shari Redstone.
Merging Historic and Modern Cinematic Powerhouses
Paramount, known for classics like “Chinatown” and “Breakfast at Tiffany’s,” will merge with Skydance, its financial partner on recent blockbusters such as “Top Gun: Maverick” and “Star Trek Into Darkness.” Skydance plans to invest $8 billion in Paramount, including $2.4 billion to acquire National Amusements, which controls the group. While National Amusements owns only 10% of Paramount’s shares, it holds nearly 80% of the voting rights.
Strategic Timing and Future Plans
The deal, expected to close by next summer, comes after eight months of negotiations, including talks with other potential partners like Sony and Apollo. Paramount Global’s shares have struggled, falling over 75% in the past five years, underscoring the challenges faced by the entertainment giant in the evolving media landscape.
David Ellison, owner of Skydance and son of Oracle founder Larry Ellison, leads Skydance in this strategic merger. The transaction marks a significant shift in the global entertainment industry, driven by the rise of video streaming and new content consumption trends.
Business
South Korea’s Incheon airport becomes world’s busiest for global traffic
South Korea’s Incheon International Airport has become the world’s busiest airport for international passenger traffic for the first time, according to preliminary figures from the Airports Council International (ACI).
Incheon handled 38.4 million international passengers during the first six months of the year, narrowly ahead of London Heathrow, which recorded 37.79 million. Singapore’s Changi Airport ranked third with 34.53 million passengers.
The airport attributed its rise partly to changes in global travel patterns following the conflict between the United States and Iran, which diverted some passengers away from major aviation hubs in the Middle East.
Dubai International Airport, which ranked second globally in both 2024 and 2025 based on full-year figures, is expected to drop out of the top five in the latest rankings.
Incheon was ranked 12th in 2024 and 13th in 2025, while Heathrow was fifth and seventh respectively.
The number of transfer passengers at Incheon increased by 18% compared with the same period last year. The airport corporation said passengers who would previously have connected through Dubai on journeys to Europe were increasingly choosing Incheon instead.
Transfer passengers travelling onward to Europe rose 63.2% to 210,000, according to the corporation.
Infrastructure expansion has also helped Incheon accommodate increased passenger numbers. The airport, which opened in 2001, currently serves 158 international destinations.
By comparison, Hong Kong International Airport serves 139 international destinations, Shanghai Pudong 92 and Tokyo Narita 86.
“We’re grateful for the government’s support, the public’s encouragement and the hard work of everyone stationed at the airport in making Incheon the world’s No. 1 airport,” said Kim Beom-ho, acting president of the Incheon Airport Corporation.
Kim said the corporation would continue to improve the airport’s competitiveness by placing greater emphasis on passenger convenience.
Business
EU Fines Google €890m in First Major Digital Markets Act Ruling
Google has been fined €890 million (£759 million) by the European Union after regulators found the tech giant unfairly favoured its own apps and services over those of competitors.
The penalty marks the first major enforcement action against Google under the EU’s Digital Markets Act (DMA), legislation designed to curb the market power of the world’s largest technology companies and promote fairer competition.
The European Commission said Google’s practices restricted consumer choice by giving preferential treatment to its own services in search results and app distribution.
The total fine consists of two separate breaches of the DMA. Regulators imposed a €460 million penalty after concluding Google prioritised its own flight and hotel booking services over rival platforms in search results.
A further €430 million fine was issued over Google Play Store rules, with the Commission finding the company prevented users from being shown cheaper offers available outside its own marketplace.
Google criticised the ruling, warning the changes required to comply with the DMA could reduce the quality of services available to European users.
Kent Walker, Google’s president of global affairs, said: “To comply, we are having to strip away real-time Search features Europeans love – like instant pricing and direct availability for hotels, flights and restaurants – and dismantle safety protections on Google Play.
“This isn’t fair competition.”
EU officials rejected that argument, insisting the measures are necessary to ensure dominant digital platforms cannot use their market position to disadvantage rival businesses.
Business
Mistimonta Nigeria Enterprise Owner Sosinmi Olajide Eludes N4m Court-Ordered Refund
A Lagos businessman is facing an uphill battle to recover his money despite securing a legal victory against an elusive car dealer who has refused to honor a court order. The case, Mistimonta Nigeria Enterprise Owner Sosinmi Olajide Eludes N4m Court-Ordered Refund, highlights the challenges some judgment creditors face even after obtaining a favorable court ruling. Despite the court’s order directing a ₦4 million refund, the businessman says he has yet to recover his money, raising fresh concerns about the enforcement of civil judgments in Nigeria.
One month after the Lagos Small Claims Court ordered Soyombo Sosinmi Olajide, an Ogun-based vehicle dealer, to refund N4 million, the businessman, Oscar Josiah, reveals that he has yet to receive a single kobo.
The judgment, passed down on June 9, 2026, mandated Olajide; the owner of Mistimonta Nigeria Enterprise—to immediately return the N4 million balance, pay a 10% annual interest until the debt is fully settled, and cover N100,000 in legal costs.
However, enforcement has hit a brick wall. Josiah explained that because he does not know Olajide’s precise residential address or current business location in Iperu, Ogun State, court bailiffs have been unable to execute the judgment.
A Broken Trust
The transaction began under the guise of an established, multi-year business relationship. Josiah had successfully purchased a car through Olajide between 2020 and 2021 following a recommendation from a mutual friend.
The trouble started in late 2025 when Josiah sought another vehicle upgrade—a Nigerian-used 2011 Toyota Venza valued at N8 million. The deal was structured as a trade-in: Josiah’s current vehicle was valued at N4 million, leaving a cash balance of N4 million to be paid in installments.
Before the deal could be finalized, Olajide suddenly went unreachable. Josiah eventually tracked him down through family members, discovering that the car dealer had been detained over an unrelated dispute. Believing he was acting in good faith, Josiah even transferred N200,000 to help secure Olajide’s bail so they could finish the car transaction.
Between December 2025 and January 2026, Josiah transferred the remaining balance in chunks of N1.8 million, N500,000, and N1.5 million. But the Toyota Venza was never delivered, with Olajide repeatedly blaming the vehicle’s original owner for withholding it. When the deal officially collapsed, Olajide agreed to a refund deadline of February 15, 2026, but missed it entirely.

“Winning in Court Should Not Mean the End of Justice”
After months of broken promises, Josiah took the matter to the Lagos Small Claims Court. Olajide consistently failed to appear at the hearings, and a defense attorney who showed up once to request an adjournment for an out-of-court settlement never followed through.
Despite the legal victory, Josiah expressed profound frustration over the reality of trying to enforce the court’s decision while watching the dealer continue business as usual.
“I still see him regularly posting vehicles for sale to prospective buyers [on social media] while refusing to either deliver the vehicle I paid for or comply with the court’s judgment,” Josiah said, adding that he has spent an additional N500,000 strictly on legal fees. “Winning in court should not mean the end of justice if the successful party still cannot recover what the court has ordered.”
When contacted by investigative journalists from FIJ, Olajide briefly answered the phone, asking for time to call back.
“The case is with Small Claims Court. Can you give me some time? Let me call you back,” Olajide stated. As of publication, he has neither called back nor responded to follow-up messages.
For the full, detailed investigation on this case, read the original report by the Foundation for Investigative Journalism: FIJ: Court Ordered Ogun Car Dealer Sosinmi Olajide to Refund Customer’s N4m. He’s Not Done So 1 Month Later
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