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Paramount Skydance has completed its $111bn acquisition of Warner Bros. Discovery following a yearlong battle that included competition from Netflix and opposition from 12 state attorneys general. The combined company, renamed Skydance, brings together major assets including HBO, CNN, CBS, Comedy Central, Warner Bros., Paramount, and two major streaming services, and now trades on the New York Stock Exchange under the ticker SKYD. The company expects approximately $70bn in annual revenue but begins operations with more than $80bn in debt. Skydance plans to generate $6bn in cost savings over three years, primarily through technology, integration, procurement, marketing, and real estate efficiencies. Former Mattel chief executive Ynon Kreiz has been appointed to oversee the integration and day-to-day operations. The transaction included $47bn in new equity investment, with sovereign wealth funds linked to Saudi Arabia, Qatar, and Abu Dhabi contributing $24bn. Under a settlement with 12 states, Skydance must retain the Warner Bros. and Paramount studio lots for five years, release at least 30 films annually in theaters, and establish a five-member editorial panel designed to protect the independence of its CBS News and CNN journalists.

 

Financial Times

Los Angeles Times

Wall Street Journal

Boston Dynamics has appointed former Amazon executive Rohit Prasad as chief executive as the Hyundai-controlled robotics company moves toward greater commercialization of its robots. Prasad spent 12 years at Amazon helping develop and expand Alexa and previously spent 14 years at Raytheon BBN Technologies working on machine-learning research and applications for the U.S. government and commercial customers. The appointment comes as Hyundai expands its robotics ambitions, with plans to deploy Boston Dynamics’ Atlas humanoid robot at its Georgia plant beginning in 2028 and build capacity to produce as many as 30,000 humanoids annually. Atlas is expected to initially perform tasks such as welding and logistics before moving into more complex manufacturing processes, including component assembly, by 2030. Prasad succeeds Robert Playter, who stepped down earlier this year after six years as CEO.

 

Bloomberg

Reuters

JPMorgan Chase has appointed former Goldman Sachs and Sycamore executive Rob Sweeney as a global chair of investment banking, where he will advise major corporate clients, particularly in the consumer and retail sectors, work with senior bankers on key relationships, and help lead security and resilience initiatives. Sweeney’s appointment comes as JPMorgan expands its investment banking operations amid a recovery in dealmaking. The bank has hired more than 1,000 bankers globally this year and has added several senior executives, including Amy Lissauer as global head of shareholder activism and Michael Flynn as head of small-cap investment banking. JPMorgan’s investment banking fees increased 30% year over year in the second quarter, reaching their highest level since 2021. The bank has also forecast that third-quarter investment banking fees will rise by a mid-to-high teens percentage from a year earlier, supported by a strong deal pipeline and broad-based activity.

 

Reuters

Clients of Goldman Sachs’ wealth management division and Man Group are among those affected by a major data breach at EY, which stemmed from a vulnerability in Checkmarx software. EY said an unauthorized third party accessed the affected platform between March 28th and April 12th and downloaded documents containing information including names, addresses, tax identifiers, email addresses, and financial information. Investors linked to real estate developer Tishman Speyer may also have been affected. EY first disclosed the incident in July and has since been notifying affected individuals. Cybercriminal group ShinyHunters claimed responsibility for the attack, although the article does not state that this claim has been independently verified. EY said its broader enterprise systems were not affected, and that its investigation is nearing completion. Goldman Sachs and Man Group said their own systems were not compromised, with Goldman adding that client assets remain safe. Goldman is independently reviewing EY’s remediation measures, while EY is offering affected individuals credit monitoring and identity protection services.

 

Bloomberg

Financial Times

The U.S. trade deficit widened 13.7% in August to $105.6bn, the Commerce Department reported on Tuesday, its highest level in 17 months. Imports climbed 4.3% from July to a record $420.8bn, driven by petroleum, gold, and semiconductors used for artificial intelligence, while exports rose 1.4% to $315.2bn. The AI infrastructure boom has contributed significantly to import growth, with U.S. semiconductor imports exceeding $90bn during the first eight months of 2026, almost double the year-earlier level. Since President Trump returned to office, the monthly trade deficit has averaged $74.5bn, compared with $73.8bn during the final year of the Biden administration. Economists said continued AI-related imports, inventory restocking, and weaker support from oil exports could make trade a significant drag on third-quarter economic growth.

 

Bloomberg

New York Times

Reuters

McDonald’s U.S. franchisees are raising concerns about the cost of the fast-food chain’s multiyear “Next” plan, which aims to improve food quality, service, restaurant design, and operational efficiency. The upgrades are expected to cost operators about $800,000 per location, on top of scheduled remodels costing at least $400,000, potentially bringing total investment to roughly $1.2m per restaurant. Franchisees are concerned about taking on additional debt and are seeking more information about the sales increases they can expect from the investment. Guggenheim Securities expects operators could seek to negotiate the cost of the program down by roughly 20%-40%. McDonald’s has committed about $8.5bn in cash and rent relief to help offset franchisees’ costs, with support varying by operator. The company  expects initiatives including automated order-taking to generate approximately $100,000 of annual cash flow savings for operators and is targeting investment returns of at least 20%. The company has established task forces with franchisees to review the financial details and remains confident that the “Next” strategy can help it gain market share, improve restaurant efficiency, and strengthen its customer proposition.

 

Bloomberg

Warren Buffett filed his first federal tax return in 1944 at age 14, paying just $7 on $592.50 of income earned from delivering newspapers, interest, and dividends. Eight decades later, Berkshire Hathaway paid $26.8bn in federal corporate income taxes for 2024, which Buffett said was the largest-ever annual payment by a U.S. company to the federal government at the time. Despite his wealth, estimated at $142bn, Buffett has long argued that wealthy Americans should pay more in taxes, noting that his effective tax rate has historically been lower than that of his secretary. His stance helped inspire former President Barack Obama’s proposed “Buffett Rule,” which sought a minimum 30% tax rate for people earning more than $1m annually but failed to advance in 2012. Buffett, who stepped down as Berkshire Hathaway’s CEO in late 2025, has also said higher corporate taxes are likely as the U.S. government seeks to address its fiscal deficit.

 

Fortune

Andersen Group has completed its acquisition of Andersen Tax Limited in the UK, bringing the business into the publicly traded company and strengthening its tax capabilities in a key international market. The company said the deal will enhance its ability to serve multinational clients across Europe and other global markets, while creating additional opportunities across tax, consulting, and advisory services. Andersen plans further UK investment through hiring, expanded capabilities, and potential acquisitions. The transaction forms part of a broader expansion strategy, with Andersen having signed 16 transactions in 2026 representing approximately $134m in annualized revenue, while its remaining announced deals are expected to close during the fourth quarter.

 

Citybiz

Frasers Group has acquired an 8.8% stake in U.S. sportswear group Under Armour, extending its strategy of investing in underperforming brands and marking a renewed push into the US retail market. The Sports Direct owner holds around 16.6m Under Armour shares, worth approximately $80.1m based on Tuesday’s closing price. The investment follows Frasers’ recent acquisition of an almost 6% stake in Puma and its takeover of Nordic sporting-goods retailer XXL last year. Under Armour is undergoing a turnaround after its shares fell around 90% from their peak more than a decade ago, with the company cutting its product range and reducing discounts after lowering its outlook in August amid challenging consumer demand.

 

Bloomberg

Financial Times

The Trump administration has asked a federal judge to allow the Equal Employment Opportunity Commission (EEOC) to withhold a significant amount of information related to its investigation into diversity, equity, and inclusion practices at major U.S. law firms. The request comes in response to lawsuits seeking records concerning the EEOC’s inquiries into DEI-related employment programs at 20 of the country’s largest law firms. The EEOC argues that federal law protects information about whether employers have faced formal discrimination charges, as well as confidential communications, workforce data, settlement discussions, and tips submitted about law firms’ DEI practices. The agency has also invoked presidential communications privilege to withhold relevant emails involving senior White House advisers. The investigation began in March 2025, when acting EEOC Chair Andrea Lucas requested information from 20 firms about employment practices she said could violate federal anti-discrimination law. Four firms — Kirkland & Ellis, Latham & Watkins, Simpson Thacher, and A&O Shearman — subsequently reached agreements with the EEOC, although the terms were not disclosed in the agency’s court filing.

 

Reuters

President Donald Trump has said he is considering temporarily suspending the federal gasoline tax as his administration looks for ways to reduce energy costs ahead of November’s midterm elections. The federal tax is 18.4 cents per gallon, but suspending it would require congressional approval, which is considered unlikely before the elections because lawmakers have already left Washington to campaign. Research from the Bipartisan Policy Center estimates that suspending the tax could reduce gasoline prices by between 10 and 16 cents per gallon, compared with a national average of $4.37 per gallon as of Monday. Trump has also signed an order easing restrictions on a tax-exempt form of diesel as his administration responds to rising fuel costs. A gas tax suspension would cost the federal government billions of dollars in revenue each month. The tax, which has not increased since the early 1990s, helps fund highways, bridges, and mass transit, meaning Congress would either need to find alternative funding or accept reduced infrastructure spending.

 

Bloomberg

CPA Practice Advisor

Reuters

Tax Notes

The IRS Criminal Investigation (CI) division diverted significant resources from tax and financial crime investigations to support Immigration and Customs Enforcement and two other federal task forces, according to a TIGTA report. From May 2025 through March 2026, IRS-CI agents spent more than 353,000 hours on the assignments, equivalent to about 170 full-time agents and $37m in labor costs. Including travel, the work cost approximately $40m, and TIGTA estimated the diverted hours could have been used to initiate and complete 313 tax-related investigations. Despite the resource shift, TIGTA did not identify a notable impact on the overall number of investigations initiated. The watchdog also identified policy gaps involving body-worn cameras, masks, and documentation of task force enforcement actions, and recommended changes to IRS-CI procedures. IRS-CI agreed to review its body-camera policy but disagreed with recommendations for additional guidance on mask use and documenting task force work.

 

Accounting Today

The International Federation of Accountants (IFAC) has introduced six global principles aimed at fostering healthy and sustainable professional environments for accountants. These principles emphasize the importance of supportive leadership, sustainable work practices, and opportunities for growth, recognizing that "organizations thrive when their people thrive," as stated by IFAC chief executive Lee White. The principles encourage a shared responsibility among organizations, leaders, and individuals to create conditions that promote wellbeing and professional development. Developed in collaboration with various stakeholders, the Thriving Together principles offer a flexible framework for assessing and improving workplace environments. IFAC has also launched a digital hub to provide resources that support the implementation of these principles, ultimately aiming to enhance career fulfillment and resilience within the accounting profession.

 

Accounting Today

The European Commission is considering reshaping a proposed EU-wide corporate levy to raise more revenue from large US technology groups such as Apple, Meta and Google without specifically targeting the digital sector and risking retaliation from the Trump administration. The existing Corporate Resource for Europe proposal would require companies operating in the EU with annual revenue above €100m to make a lump-sum contribution, but officials are considering raising the threshold and contributions so the levy focuses on the largest corporations. The changes could increase the amount collected from Big Tech while addressing concerns that the existing proposal would disproportionately affect medium-sized European companies. The levy would apply across industries rather than exclusively to technology businesses and forms part of five proposed new EU revenue sources intended collectively to raise about €60bn annually for the bloc’s common budget from 2028. Any changes would require unanimous approval from all 27 EU member states. Brussels is seeking alternatives after international efforts to reform the taxation of multinational companies stalled and amid concerns that a dedicated digital services tax could trigger US trade retaliation.

 

Financial Times

Reuters